MSTQ vs. TLTW

Last updated Jun 4, 2026

MSTQ (LHA Market State Tactical Q ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both Options Trading funds. MSTQ is actively managed, while TLTW is passively managed. Over the past 3 years, MSTQ returned 24.11%/yr vs 0.74%/yr for TLTW. At a 0.15 correlation, their price movements are largely independent. MSTQ charges 1.59%/yr vs 0.35%/yr for TLTW.

Performance

MSTQ vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LHA Market State Tactical Q ETF (MSTQ) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). 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 TLTW's 1.21% return.

MSTQ

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

TLTW

• 1D: -0.23%
• 1M: 0.76%
• YTD: 1.21%
• 6M: -0.20%
• 1Y: 10.46%
• 3Y*: 0.74%
• 5Y*: —
• 10Y*: —

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

MSTQ vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MSTQ LHA Market State Tactical Q ETF	17.40%	20.57%	19.58%	43.10%	-15.02%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.21%	11.36%	-2.18%	0.73%	-11.09%

Correlation

The correlation between MSTQ and TLTW is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022	0.15

Return for Risk

MSTQ vs. TLTW — 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

TLTW

TLTW Risk / Return Rank: 36
TLTW Sharpe Ratio Rank: 37
TLTW Sortino Ratio Rank: 37
TLTW Omega Ratio Rank: 35
TLTW Calmar Ratio Rank: 35
TLTW Martin Ratio Rank: 34

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. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LHA Market State Tactical Q ETF (MSTQ) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). 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	TLTW	Difference
Sharpe ratio: Return per unit of total volatility	2.23	1.37	+0.87
Sortino ratio: Return per unit of downside risk	2.97	1.96	+1.01
Omega ratio: Gain probability vs. loss probability	1.39	1.24	+0.14
Calmar ratio: Return relative to maximum drawdown	2.58	1.76	+0.82
Martin ratio: Return relative to average drawdown	8.04	5.28	+2.77
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. TLTW - Sharpe Ratio Comparison

The current MSTQ Sharpe Ratio is 2.23, which is higher than the TLTW Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of MSTQ and TLTW, 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	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	1.37	+0.87
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	-0.03	+0.90

Drawdowns

MSTQ vs. TLTW - Drawdown Comparison

The maximum MSTQ drawdown since its inception was -31.05%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for MSTQ and TLTW.

Drawdown Indicators

	MSTQ	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-31.05%	-18.61%	-12.44%
Max Drawdown (1Y) Largest decline over 1 year	-12.39%	-5.97%	-6.42%
Max Drawdown (3Y) Largest decline over 3 years	-15.22%	-17.19%	+1.97%
Current Drawdown Current decline from peak	-0.21%	-3.20%	+2.99%
Average Drawdown Average peak-to-trough decline	-8.62%	-8.25%	-0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.97%	1.99%	+1.98%

Volatility

MSTQ vs. TLTW - Volatility Comparison

LHA Market State Tactical Q ETF (MSTQ) has a higher volatility of 4.25% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.48%. This indicates that MSTQ's price experiences larger fluctuations and is considered to be riskier than TLTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTQ	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.25%	2.48%	+1.77%
Volatility (6M) Calculated over the trailing 6-month period	10.58%	5.79%	+4.79%
Volatility (1Y) Calculated over the trailing 1-year period	14.35%	7.70%	+6.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.85%	11.39%	+7.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.85%	11.39%	+7.46%

MSTQ vs. TLTW - Expense Ratio Comparison

MSTQ has a 1.59% expense ratio, which is higher than TLTW's 0.35% expense ratio.

Dividends

MSTQ vs. TLTW - Dividend Comparison

MSTQ's dividend yield for the trailing twelve months is around 11.90%, more than TLTW's 11.76% yield.

Position	TTM	2025	2024	2023	2022
MSTQ LHA Market State Tactical Q ETF	11.90%	13.97%	3.72%	0.77%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.76%	14.82%	14.47%	19.59%	8.71%

Frequently Asked Questions

Can I hold both MSTQ and TLTW in my portfolio?

MSTQ and TLTW have a correlation of 0.20, 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 TLTW?

MSTQ has higher volatility (4.25%) compared to TLTW (2.48%). In terms of maximum drawdown, MSTQ dropped -31.05% vs TLTW's -18.61%.

Which ETF is better, MSTQ or TLTW?

On 3-year performance, MSTQ leads with 24.11% vs 0.74% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 2.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTQ or TLTW?

Over the 3-year period, MSTQ has performed better with a 24.11% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTQ or TLTW?

TLTW is cheaper with a 0.35% expense ratio, compared with 1.59% for MSTQ.

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

MSTQ has the higher dividend yield at 11.90%, compared with 11.76% for TLTW.

What is the main difference between MSTQ and TLTW?

They also come from different issuers: Little Harbor Advisors and iShares. Their fees differ too: 1.59% for MSTQ and 0.35% for TLTW.

Which has better risk-adjusted returns?

MSTQ currently has the higher Sharpe Ratio (2.23 vs 1.37), 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.