QGRD vs. MSTB

Last updated Jul 17, 2026

QGRD (Horizon NASDAQ-100 Defined Risk ETF) and MSTB (LHA Market State Tactical Beta ETF) are both Equity Hedged funds. QGRD is actively managed, while MSTB is passively managed. Over the past year, QGRD returned 19.20% vs 15.10% for MSTB. Their correlation of 0.86 suggests significant overlap in exposure. QGRD charges 0.85%/yr vs 1.40%/yr for MSTB.

Performance

QGRD vs. MSTB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon NASDAQ-100 Defined Risk ETF (QGRD) and LHA Market State Tactical Beta ETF (MSTB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QGRD achieves a 10.23% return, which is significantly higher than MSTB's 7.89% return.

QGRD

• 1D: -1.30%
• 1M: -2.77%
• 6M: 9.01%
• YTD: 10.23%
• 1Y: 19.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTB

• 1D: -0.47%
• 1M: 0.06%
• 6M: 6.54%
• YTD: 7.89%
• 1Y: 15.10%
• 3Y*: 16.34%
• 5Y*: 8.01%
• 10Y*: —

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

QGRD vs. MSTB - Yearly Performance Comparison

	2026 (YTD)	2025
QGRD Horizon NASDAQ-100 Defined Risk ETF	10.23%	8.15%
MSTB LHA Market State Tactical Beta ETF	7.89%	6.75%

Correlation

The correlation between QGRD and MSTB is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.86

The correlation between QGRD and MSTB has been stable across timeframes, ranging from 0.86 to 0.86 - a consistent structural relationship.

Return for Risk

QGRD vs. MSTB — Risk / Return Rank

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

QGRD

QGRD Risk / Return Rank: 45
QGRD Sharpe Ratio Rank: 45
QGRD Sortino Ratio Rank: 42
QGRD Omega Ratio Rank: 43
QGRD Calmar Ratio Rank: 50
QGRD Martin Ratio Rank: 47

MSTB

MSTB Risk / Return Rank: 48
MSTB Sharpe Ratio Rank: 51
MSTB Sortino Ratio Rank: 48
MSTB Omega Ratio Rank: 50
MSTB Calmar Ratio Rank: 44
MSTB Martin Ratio Rank: 49

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.

QGRD vs. MSTB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon NASDAQ-100 Defined Risk ETF (QGRD) and LHA Market State Tactical Beta ETF (MSTB). 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.

	QGRD	MSTB	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.41	-0.10
Sortino ratio: Return per unit of downside risk	1.79	1.96	-0.16
Omega ratio: Gain probability vs. loss probability	1.23	1.26	-0.02
Calmar ratio: Return relative to maximum drawdown	2.05	1.82	+0.23
Martin ratio: Return relative to average drawdown	6.18	6.56	-0.38

QGRD vs. MSTB - Sharpe Ratio Comparison

The current QGRD Sharpe Ratio is 1.31, which is comparable to the MSTB Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of QGRD and MSTB, 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

QGRD vs. MSTB - Drawdown Comparison

The maximum QGRD drawdown since its inception was -9.41%, smaller than the maximum MSTB drawdown of -25.64%. Use the drawdown chart below to compare losses from any high point for QGRD and MSTB.

Drawdown Indicators

	QGRD	MSTB	Difference
Max Drawdown Largest peak-to-trough decline	-9.41%	-25.64%	+16.23%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-8.31%	-1.10%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.64%	—
Current Drawdown Current decline from peak	-4.34%	-1.35%	-2.99%
Average Drawdown Average peak-to-trough decline	-2.25%	-7.07%	+4.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	2.31%	+0.80%

Volatility

QGRD vs. MSTB - Volatility Comparison

Horizon NASDAQ-100 Defined Risk ETF (QGRD) has a higher volatility of 5.86% compared to LHA Market State Tactical Beta ETF (MSTB) at 2.95%. This indicates that QGRD's price experiences larger fluctuations and is considered to be riskier than MSTB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QGRD	MSTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.86%	2.95%	+2.91%
Volatility (6M) Calculated over the trailing 6-month period	11.69%	8.06%	+3.63%
Volatility (1Y) Calculated over the trailing 1-year period	14.72%	10.74%	+3.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.61%	14.03%	+0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.61%	13.81%	+0.80%

QGRD vs. MSTB - Expense Ratio Comparison

QGRD has a 0.85% expense ratio, which is lower than MSTB's 1.40% expense ratio.

Dividends

QGRD vs. MSTB - Dividend Comparison

QGRD's dividend yield for the trailing twelve months is around 1.42%, more than MSTB's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
MSTB LHA Market State Tactical Beta ETF	0.38%	0.41%	0.95%	0.16%	1.34%	2.20%	1.78%
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.42%	1.57%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QGRD and MSTB in my portfolio?

QGRD and MSTB have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QGRD or MSTB?

QGRD has higher volatility (5.86%) compared to MSTB (2.95%). In terms of maximum drawdown, QGRD dropped -9.41% vs MSTB's -25.64%.

Which ETF is better, QGRD or MSTB?

On 1-year performance, QGRD leads with 19.20% vs 15.10% for MSTB. On fees, QGRD is cheaper at 0.85% per year. On volatility, MSTB has been the lower-risk option at 2.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QGRD or MSTB?

Over the 1-year period, QGRD has performed better with a 19.20% return vs 15.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QGRD or MSTB?

QGRD is cheaper with a 0.85% expense ratio, compared with 1.40% for MSTB.

Which ETF pays a higher dividend yield, QGRD or MSTB?

QGRD has the higher dividend yield at 1.42%, compared with 0.38% for MSTB.

What is the main difference between QGRD and MSTB?

They also come from different issuers: Horizon and Little Harbor Advisors. Their fees differ too: 0.85% for QGRD and 1.40% for MSTB.

Which has better risk-adjusted returns?

MSTB currently has the higher Sharpe Ratio (1.41 vs 1.31), 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.