MSTQ vs. NVDY

Last updated Jun 4, 2026

MSTQ (LHA Market State Tactical Q ETF) and NVDY (YieldMax NVDA Option Income Strategy ETF) are both exchange-traded funds - MSTQ is a Options Trading fund actively managed by Little Harbor Advisors, while NVDY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past 3 years, MSTQ returned 24.11%/yr vs 54.54%/yr for NVDY. A 0.67 correlation means they provide meaningful diversification when combined. MSTQ charges 1.59%/yr vs 0.99%/yr for NVDY.

Performance

MSTQ vs. NVDY - Performance Comparison

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

Returns By Period

In the year-to-date period, MSTQ achieves a 17.40% return, which is significantly higher than NVDY's 13.06% return.

MSTQ

• 1D: -0.21%
• 1M: 9.02%
• YTD: 17.40%
• 6M: 15.69%
• 1Y: 31.81%
• 3Y*: 24.11%
• 5Y*: —
• 10Y*: —

NVDY

• 1D: -2.22%
• 1M: 5.54%
• YTD: 13.06%
• 6M: 17.67%
• 1Y: 46.64%
• 3Y*: 54.54%
• 5Y*: —
• 10Y*: —

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

MSTQ vs. NVDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MSTQ LHA Market State Tactical Q ETF	17.40%	20.57%	19.58%	21.56%
NVDY YieldMax NVDA Option Income Strategy ETF	13.06%	27.38%	114.23%	42.02%

Correlation

The correlation between MSTQ and NVDY is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (All Time) Calculated using the full available price history since May 12, 2023	0.67

The correlation between MSTQ and NVDY has been stable across timeframes, ranging from 0.62 to 0.67 - a consistent structural relationship.

Return for Risk

MSTQ vs. NVDY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MSTQ

MSTQ Risk / Return Rank: 59
MSTQ Sharpe Ratio Rank: 68
MSTQ Sortino Ratio Rank: 64
MSTQ Omega Ratio Rank: 64
MSTQ Calmar Ratio Rank: 52
MSTQ Martin Ratio Rank: 48

NVDY

NVDY Risk / Return Rank: 52
NVDY Sharpe Ratio Rank: 49
NVDY Sortino Ratio Rank: 45
NVDY Omega Ratio Rank: 44
NVDY Calmar Ratio Rank: 72
NVDY Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MSTQ vs. NVDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LHA Market State Tactical Q ETF (MSTQ) and YieldMax NVDA Option Income Strategy ETF (NVDY). 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.

	MSTQ	NVDY	Difference
Sharpe ratio: Return per unit of total volatility	2.23	1.72	+0.51
Sortino ratio: Return per unit of downside risk	2.97	2.29	+0.68
Omega ratio: Gain probability vs. loss probability	1.39	1.29	+0.10
Calmar ratio: Return relative to maximum drawdown	2.58	3.66	-1.08
Martin ratio: Return relative to average drawdown	8.04	9.00	-0.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTQ vs. NVDY - Sharpe Ratio Comparison

The current MSTQ Sharpe Ratio is 2.23, which is comparable to the NVDY Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of MSTQ and NVDY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MSTQ	NVDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	1.72	+0.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.64	-0.76

Drawdowns

MSTQ vs. NVDY - Drawdown Comparison

The maximum MSTQ drawdown since its inception was -31.05%, smaller than the maximum NVDY drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for MSTQ and NVDY.

Drawdown Indicators

	MSTQ	NVDY	Difference
Max Drawdown Largest peak-to-trough decline	-31.05%	-34.08%	+3.03%
Max Drawdown (1Y) Largest decline over 1 year	-12.39%	-12.81%	+0.42%
Max Drawdown (3Y) Largest decline over 3 years	-15.22%	-34.08%	+18.86%
Current Drawdown Current decline from peak	-0.21%	-6.66%	+6.45%
Average Drawdown Average peak-to-trough decline	-8.62%	-6.15%	-2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.97%	5.20%	-1.23%

Volatility

MSTQ vs. NVDY - Volatility Comparison

The current volatility for LHA Market State Tactical Q ETF (MSTQ) is 4.25%, while YieldMax NVDA Option Income Strategy ETF (NVDY) has a volatility of 9.46%. This indicates that MSTQ experiences smaller price fluctuations and is considered to be less risky than NVDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTQ	NVDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.25%	9.46%	-5.21%
Volatility (6M) Calculated over the trailing 6-month period	10.58%	20.68%	-10.10%
Volatility (1Y) Calculated over the trailing 1-year period	14.35%	27.35%	-13.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.85%	38.24%	-19.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.85%	38.24%	-19.39%

MSTQ vs. NVDY - Expense Ratio Comparison

MSTQ has a 1.59% expense ratio, which is higher than NVDY's 0.99% expense ratio.

Dividends

MSTQ vs. NVDY - Dividend Comparison

MSTQ's dividend yield for the trailing twelve months is around 11.90%, less than NVDY's 61.36% yield.

Position	TTM	2025	2024	2023
MSTQ LHA Market State Tactical Q ETF	11.90%	13.97%	3.72%	0.77%
NVDY YieldMax NVDA Option Income Strategy ETF	61.36%	83.10%	83.65%	22.32%

Frequently Asked Questions

Can I hold both MSTQ and NVDY in my portfolio?

MSTQ and NVDY have a correlation of 0.62, 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 NVDY?

NVDY has higher volatility (9.46%) compared to MSTQ (4.25%). In terms of maximum drawdown, MSTQ dropped -31.05% vs NVDY's -34.08%.

Which ETF is better, MSTQ or NVDY?

On 3-year performance, NVDY leads with 54.54% vs 24.11% for MSTQ. On fees, NVDY is cheaper at 0.99% per year. On volatility, MSTQ has been the lower-risk option at 4.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTQ or NVDY?

Over the 3-year period, NVDY has performed better with a 54.54% return vs 24.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTQ or NVDY?

NVDY is cheaper with a 0.99% expense ratio, compared with 1.59% for MSTQ.

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

NVDY has the higher dividend yield at 61.36%, compared with 11.90% for MSTQ.

What is the main difference between MSTQ and NVDY?

MSTQ is categorized as Options Trading, while NVDY is Derivative Income. They also come from different issuers: Little Harbor Advisors and YieldMax. Their fees differ too: 1.59% for MSTQ and 0.99% for NVDY.

Which has better risk-adjusted returns?

MSTQ currently has the higher Sharpe Ratio (2.23 vs 1.72), 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.