MSTQ vs. CTIF

Last updated Aug 4, 2026

MSTQ (LHA Market State Tactical Q ETF) and CTIF (Castellan Targeted Income ETF) are both exchange-traded funds - MSTQ is a Options Trading fund actively managed by Little Harbor Advisors, while CTIF is a Derivative Income fund actively managed by Castellan. Both are actively managed. Over the past year, MSTQ returned 19.01% vs 13.36% for CTIF. Their 0.54 correlation means they have sometimes moved together and sometimes differently. MSTQ charges 1.59%/yr vs 0.45%/yr for CTIF.

Performance

MSTQ vs. CTIF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LHA Market State Tactical Q ETF (MSTQ) and Castellan Targeted Income ETF (CTIF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MSTQ having a 9.61% return and CTIF slightly lower at 9.32%.

MSTQ

• 1D: 1.90%
• 1M: -1.94%
• 6M: 8.40%
• YTD: 9.61%
• 1Y: 19.01%
• 3Y*: 19.31%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.98%

CTIF

• 1D: 0.88%
• 1M: 4.08%
• 6M: 7.06%
• YTD: 9.32%
• 1Y: 13.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.28%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CTIF Castellan Targeted Income ETF	$185.99K	$160.92K	$255.19K
MSTQ LHA Market State Tactical Q ETF	$172.73K	$136.64K	$94.08K

MSTQ vs. CTIF - Yearly Performance Comparison

	2026 (YTD)	2025
MSTQ LHA Market State Tactical Q ETF	9.61%	11.13%
CTIF Castellan Targeted Income ETF	9.32%	3.87%

Correlation

The correlation between MSTQ and CTIF is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.54
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.54

The correlation between MSTQ and CTIF has been stable across timeframes, ranging from 0.54 to 0.54 - a consistent structural relationship.

Return for Risk

MSTQ vs. CTIF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MSTQ

MSTQ Risk / Return Rank: 40
MSTQ Sharpe Ratio Rank: 41
MSTQ Sortino Ratio Rank: 39
MSTQ Omega Ratio Rank: 38
MSTQ Calmar Ratio Rank: 41
MSTQ Martin Ratio Rank: 39

CTIF

CTIF Risk / Return Rank: 35
CTIF Sharpe Ratio Rank: 35
CTIF Sortino Ratio Rank: 34
CTIF Omega Ratio Rank: 32
CTIF Calmar Ratio Rank: 34
CTIF Martin Ratio Rank: 40

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MSTQ vs. CTIF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LHA Market State Tactical Q ETF (MSTQ) and Castellan Targeted Income ETF (CTIF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	MSTQ	CTIF	Difference
Sharpe ratio: Return per unit of total volatility	1.09	0.86	+0.22
Sortino ratio: Return per unit of downside risk	1.55	1.29	+0.26
Omega ratio: Gain probability vs. loss probability	1.19	1.15	+0.04
Calmar ratio: Return relative to maximum drawdown	1.54	1.17	+0.37
Martin ratio: Return relative to average drawdown	4.17	4.27	-0.10

MSTQ vs. CTIF - Sharpe Ratio Comparison

The current MSTQ Sharpe Ratio is 1.09, which is comparable to the CTIF Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of MSTQ and CTIF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MSTQ vs. CTIF - Drawdown Comparison

The maximum MSTQ drawdown since its inception was -31.05%, which is greater than CTIF's maximum drawdown of -9.43%. Use the drawdown chart below to compare losses from any high point for MSTQ and CTIF.

Drawdown Indicators

	MSTQ	CTIF	Difference
Max Drawdown Largest peak-to-trough decline	-31.05%	-9.43%	-21.62%
Max Drawdown (1Y) Largest decline over 1 year	-12.39%	-9.43%	-2.96%
Max Drawdown (3Y) Largest decline over 3 years	-15.22%	—	—
Current Drawdown Current decline from peak	-6.83%	-0.25%	-6.58%
Average Drawdown Average peak-to-trough decline	-8.48%	-1.76%	-6.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.57%	2.59%	+1.98%

Volatility

MSTQ vs. CTIF - Volatility Comparison

LHA Market State Tactical Q ETF (MSTQ) has a higher volatility of 7.35% compared to Castellan Targeted Income ETF (CTIF) at 3.85%. This indicates that MSTQ's price experiences larger fluctuations and is considered to be riskier than CTIF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTQ	CTIF	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	3.85%	+3.50%
Volatility (6M) Calculated over the trailing 6-month period	14.31%	9.76%	+4.55%
Volatility (1Y) Calculated over the trailing 1-year period	17.60%	12.83%	+4.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.23%	12.61%	+6.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.23%	12.61%	+6.62%

MSTQ vs. CTIF - Expense Ratio Comparison

MSTQ has a 1.59% expense ratio, which is higher than CTIF's 0.45% expense ratio.

Dividends

MSTQ vs. CTIF - Dividend Comparison

MSTQ's dividend yield for the trailing twelve months is around 12.74%, more than CTIF's 4.75% yield.

Position	TTM	2025	2024	2023
CTIF Castellan Targeted Income ETF	4.75%	2.55%	0.00%	0.00%
MSTQ LHA Market State Tactical Q ETF	12.74%	13.97%	3.72%	0.77%

Frequently Asked Questions

Can I hold both MSTQ and CTIF in my portfolio?

MSTQ and CTIF have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTQ or CTIF?

MSTQ has higher volatility (7.35%) compared to CTIF (3.85%). In terms of maximum drawdown, MSTQ dropped -31.05% vs CTIF's -9.43%.

Which ETF is better, MSTQ or CTIF?

On 1-year performance, MSTQ leads with 19.01% vs 13.36% for CTIF. On fees, CTIF is cheaper at 0.45% per year. On volatility, CTIF has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTQ or CTIF?

Over the 1-year period, MSTQ has performed better with a 19.01% return vs 13.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTQ or CTIF?

CTIF is cheaper with a 0.45% expense ratio, compared with 1.59% for MSTQ.

Which ETF pays a higher dividend yield, MSTQ or CTIF?

MSTQ has the higher dividend yield at 12.74%, compared with 4.75% for CTIF.

What is the main difference between MSTQ and CTIF?

MSTQ is categorized as Options Trading, while CTIF is Derivative Income. They also come from different issuers: Little Harbor Advisors and Castellan. Their fees differ too: 1.59% for MSTQ and 0.45% for CTIF.

Which has better risk-adjusted returns?

MSTQ currently has the higher Sharpe Ratio (1.09 vs 0.86), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.