MSTQ vs. XUSP

Last updated Jun 4, 2026

MSTQ (LHA Market State Tactical Q ETF) and XUSP (Innovator Uncapped Accelerated U.S. Equity ETF) are both Options Trading funds. Both are actively managed. Over the past 3 years, MSTQ returned 24.11%/yr vs 25.24%/yr for XUSP. Their correlation of 0.89 suggests significant overlap in exposure. MSTQ charges 1.59%/yr vs 0.79%/yr for XUSP.

Performance

MSTQ vs. XUSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LHA Market State Tactical Q ETF (MSTQ) and Innovator Uncapped Accelerated U.S. Equity ETF (XUSP). 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 XUSP's 12.67% return.

MSTQ

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

XUSP

• 1D: -0.86%
• 1M: 7.03%
• YTD: 12.67%
• 6M: 12.12%
• 1Y: 33.74%
• 3Y*: 25.24%
• 5Y*: —
• 10Y*: —

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

MSTQ vs. XUSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MSTQ LHA Market State Tactical Q ETF	17.40%	20.57%	19.58%	43.10%	-17.36%
XUSP Innovator Uncapped Accelerated U.S. Equity ETF	12.67%	18.27%	30.60%	26.46%	-9.24%

Correlation

The correlation between MSTQ and XUSP is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 12, 2022	0.89

The correlation between MSTQ and XUSP has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

MSTQ vs. XUSP - Sectors Allocation Comparison

Sectors	MSTQ	XUSP
Technology	54.0%	36.2%
Communication Services	15.6%	10.9%
Consumer Cyclical	12.2%	10.1%
Consumer Defensive	7.6%	4.9%
Healthcare	4.2%	8.4%
Industrials	2.9%	8.1%
Utilities	1.4%	2.3%
Basic Materials	1.1%	1.8%
Energy	0.6%	3.5%
Financial Services	0.2%	11.9%
Real Estate	0.1%	1.9%

Return for Risk

MSTQ vs. XUSP — 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

XUSP

XUSP Risk / Return Rank: 62
XUSP Sharpe Ratio Rank: 64
XUSP Sortino Ratio Rank: 61
XUSP Omega Ratio Rank: 61
XUSP Calmar Ratio Rank: 57
XUSP Martin Ratio Rank: 65

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. XUSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LHA Market State Tactical Q ETF (MSTQ) and Innovator Uncapped Accelerated U.S. Equity ETF (XUSP). 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	XUSP	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.13	+0.10
Sortino ratio: Return per unit of downside risk	2.97	2.87	+0.10
Omega ratio: Gain probability vs. loss probability	1.39	1.37	+0.02
Calmar ratio: Return relative to maximum drawdown	2.58	2.80	-0.22
Martin ratio: Return relative to average drawdown	8.04	11.82	-3.78
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. XUSP - Sharpe Ratio Comparison

The current MSTQ Sharpe Ratio is 2.23, which is comparable to the XUSP Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of MSTQ and XUSP, 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	XUSP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	2.13	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.04	-0.17

Drawdowns

MSTQ vs. XUSP - Drawdown Comparison

The maximum MSTQ drawdown since its inception was -31.05%, which is greater than XUSP's maximum drawdown of -22.59%. Use the drawdown chart below to compare losses from any high point for MSTQ and XUSP.

Drawdown Indicators

	MSTQ	XUSP	Difference
Max Drawdown Largest peak-to-trough decline	-31.05%	-22.59%	-8.46%
Max Drawdown (1Y) Largest decline over 1 year	-12.39%	-12.13%	-0.26%
Max Drawdown (3Y) Largest decline over 3 years	-15.22%	-22.59%	+7.37%
Current Drawdown Current decline from peak	-0.21%	-0.86%	+0.65%
Average Drawdown Average peak-to-trough decline	-8.62%	-4.42%	-4.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.97%	2.86%	+1.11%

Volatility

MSTQ vs. XUSP - Volatility Comparison

LHA Market State Tactical Q ETF (MSTQ) and Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) have volatilities of 4.25% and 4.13%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTQ	XUSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.25%	4.13%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	10.58%	11.89%	-1.31%
Volatility (1Y) Calculated over the trailing 1-year period	14.35%	15.90%	-1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.85%	19.21%	-0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.85%	19.21%	-0.36%

MSTQ vs. XUSP - Expense Ratio Comparison

MSTQ has a 1.59% expense ratio, which is higher than XUSP's 0.79% expense ratio.

Dividends

MSTQ vs. XUSP - Dividend Comparison

MSTQ's dividend yield for the trailing twelve months is around 11.90%, while XUSP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
MSTQ LHA Market State Tactical Q ETF	11.90%	13.97%	3.72%	0.77%
XUSP Innovator Uncapped Accelerated U.S. Equity ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTQ and XUSP in my portfolio?

MSTQ and XUSP have a correlation of 0.90, 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 XUSP?

MSTQ has higher volatility (4.25%) compared to XUSP (4.13%). In terms of maximum drawdown, MSTQ dropped -31.05% vs XUSP's -22.59%.

Which ETF is better, MSTQ or XUSP?

On 3-year performance, XUSP leads with 25.24% vs 24.11% for MSTQ. On fees, XUSP is cheaper at 0.79% per year. On volatility, XUSP has been the lower-risk option at 4.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTQ or XUSP?

Over the 3-year period, XUSP has performed better with a 25.24% 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 XUSP?

XUSP is cheaper with a 0.79% expense ratio, compared with 1.59% for MSTQ.

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

MSTQ has the higher dividend yield at 11.90%, compared with 0.00% for XUSP.

What is the main difference between MSTQ and XUSP?

They also come from different issuers: Little Harbor Advisors and Innovator. Their fees differ too: 1.59% for MSTQ and 0.79% for XUSP.

Which has better risk-adjusted returns?

MSTQ currently has the higher Sharpe Ratio (2.23 vs 2.13), 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.