MSTQ vs. TLTW

Last updated Apr 1, 2026

Compare and contrast key facts about LHA Market State Tactical Q ETF (MSTQ) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW).

MSTQ and TLTW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MSTQ is an actively managed fund by Little Harbor Advisors. It was launched on Mar 14, 2022. TLTW is a passively managed fund by iShares that tracks the performance of the CBOE TLT 2% OTM Buywrite Index (USD). It was launched on Jun 18, 2022.

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.

MSTQ vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MSTQ LHA Market State Tactical Q ETF	-5.71%	20.57%	19.58%	43.10%	-15.02%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.44%	11.36%	-2.18%	0.73%	-11.09%

Returns By Period

In the year-to-date period, MSTQ achieves a -5.71% return, which is significantly lower than TLTW's 1.44% return.

MSTQ

• 1D: 2.40%
• 1M: -4.26%
• YTD: -5.71%
• 6M: -4.78%
• 1Y: 23.75%
• 3Y*: 18.23%
• 5Y*: —
• 10Y*: —

TLTW

• 1D: 0.22%
• 1M: -2.98%
• YTD: 1.44%
• 6M: 2.22%
• 1Y: 7.46%
• 3Y*: 0.70%
• 5Y*: —
• 10Y*: —

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

MSTQ vs. TLTW - Expense Ratio Comparison

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

MSTQ

LHA Market State Tactical Q ETF

TLTW

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF

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: 74
MSTQ Sharpe Ratio Rank: 78
MSTQ Sortino Ratio Rank: 81
MSTQ Omega Ratio Rank: 73
MSTQ Calmar Ratio Rank: 73
MSTQ Martin Ratio Rank: 63

TLTW

TLTW Risk / Return Rank: 48
TLTW Sharpe Ratio Rank: 50
TLTW Sortino Ratio Rank: 45
TLTW Omega Ratio Rank: 42
TLTW Calmar Ratio Rank: 61
TLTW Martin Ratio Rank: 42

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	1.46	0.84	+0.62
Sortino ratio Return per unit of downside risk	2.12	1.17	+0.95
Omega ratio Gain probability vs. loss probability	1.28	1.15	+0.12
Calmar ratio Return relative to maximum drawdown	1.91	1.42	+0.49
Martin ratio Return relative to average drawdown	6.30	3.74	+2.56
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 1.46, which is higher than the TLTW Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of MSTQ and TLTW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MSTQ	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	0.84	+0.62
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	-0.03	+0.61

Correlation

The correlation between MSTQ and TLTW is 0.13, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MSTQ vs. TLTW - Dividend Comparison

MSTQ's dividend yield for the trailing twelve months is around 14.81%, more than TLTW's 13.66% yield.

	TTM	2025	2024	2023	2022
MSTQ LHA Market State Tactical Q ETF	14.81%	13.97%	3.72%	0.77%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	13.66%	14.82%	14.47%	19.59%	8.71%

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%	-5.80%	-6.59%
Current Drawdown Current decline from peak	-10.29%	-2.98%	-7.31%
Average Drawdown Average peak-to-trough decline	-8.91%	-8.49%	-0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	2.20%	+1.56%

Volatility

MSTQ vs. TLTW - Volatility Comparison

LHA Market State Tactical Q ETF (MSTQ) has a higher volatility of 4.51% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 3.46%. 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	4.51%	3.46%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	11.28%	5.80%	+5.48%
Volatility (1Y) Calculated over the trailing 1-year period	16.35%	8.91%	+7.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.98%	11.55%	+7.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.98%	11.55%	+7.43%