RFLR vs. MSTB

Last updated Jun 24, 2026

RFLR (Innovator U.S. Small Cap Managed Floor ETF) and MSTB (LHA Market State Tactical Beta ETF) are both Equity Hedged funds. RFLR is actively managed, while MSTB is passively managed. Over the past year, RFLR returned 28.39% vs 17.06% for MSTB. A 0.67 correlation means they provide meaningful diversification when combined. RFLR charges 0.89%/yr vs 1.40%/yr for MSTB.

Performance

RFLR vs. MSTB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Managed Floor ETF (RFLR) 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, RFLR achieves a 11.52% return, which is significantly higher than MSTB's 5.84% return.

RFLR

• 1D: 0.23%
• 1M: 3.93%
• YTD: 11.52%
• 6M: 9.76%
• 1Y: 28.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTB

• 1D: -1.22%
• 1M: -1.58%
• YTD: 5.84%
• 6M: 4.97%
• 1Y: 17.06%
• 3Y*: 17.08%
• 5Y*: 7.95%
• 10Y*: —

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

RFLR vs. MSTB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RFLR Innovator U.S. Small Cap Managed Floor ETF	11.52%	11.81%	1.78%
MSTB LHA Market State Tactical Beta ETF	5.84%	18.57%	2.29%

Correlation

The correlation between RFLR and MSTB is 0.64, 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	0.64
Correlation (All Time) Calculated using the full available price history since Sep 17, 2024	0.67

The correlation between RFLR and MSTB has been stable across timeframes, ranging from 0.64 to 0.67 - a consistent structural relationship.

RFLR vs. MSTB - Sectors Allocation Comparison

Sectors	RFLR	MSTB
Technology	16.7%	39.0%
Healthcare	13.4%	8.3%
Financial Services	13.1%	11.1%
Industrials	12.8%	7.8%
Consumer Cyclical	6.0%	9.9%
Energy	3.0%	3.1%
Real Estate	3.0%	1.8%
Communication Services	2.5%	10.6%
Basic Materials	2.1%	1.7%
Utilities	1.7%	2.1%
Consumer Defensive	1.4%	4.5%

Return for Risk

RFLR vs. MSTB — Risk / Return Rank

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

RFLR

RFLR Risk / Return Rank: 83
RFLR Sharpe Ratio Rank: 79
RFLR Sortino Ratio Rank: 81
RFLR Omega Ratio Rank: 76
RFLR Calmar Ratio Rank: 89
RFLR Martin Ratio Rank: 88

MSTB

MSTB Risk / Return Rank: 48
MSTB Sharpe Ratio Rank: 49
MSTB Sortino Ratio Rank: 48
MSTB Omega Ratio Rank: 49
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.

RFLR vs. MSTB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Managed Floor ETF (RFLR) 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.

	RFLR	MSTB	Difference
Sharpe ratio: Return per unit of total volatility	2.28	1.61	+0.67
Sortino ratio: Return per unit of downside risk	3.25	2.20	+1.06
Omega ratio: Gain probability vs. loss probability	1.41	1.29	+0.11
Calmar ratio: Return relative to maximum drawdown	4.93	2.06	+2.87
Martin ratio: Return relative to average drawdown	17.37	7.62	+9.75

RFLR vs. MSTB - Sharpe Ratio Comparison

The current RFLR Sharpe Ratio is 2.28, which is higher than the MSTB Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of RFLR 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

RFLR vs. MSTB - Drawdown Comparison

The maximum RFLR drawdown since its inception was -15.48%, smaller than the maximum MSTB drawdown of -25.64%. Use the drawdown chart below to compare losses from any high point for RFLR and MSTB.

Drawdown Indicators

	RFLR	MSTB	Difference
Max Drawdown Largest peak-to-trough decline	-15.48%	-25.64%	+10.16%
Max Drawdown (1Y) Largest decline over 1 year	-5.79%	-8.31%	+2.52%
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	0.00%	-3.22%	+3.22%
Average Drawdown Average peak-to-trough decline	-3.74%	-7.13%	+3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	2.24%	-0.60%

Volatility

RFLR vs. MSTB - Volatility Comparison

Innovator U.S. Small Cap Managed Floor ETF (RFLR) and LHA Market State Tactical Beta ETF (MSTB) have volatilities of 3.75% and 3.90%, 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

	RFLR	MSTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	3.90%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	8.76%	7.99%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	12.52%	10.67%	+1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.27%	14.03%	-1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.27%	13.86%	-1.59%

RFLR vs. MSTB - Expense Ratio Comparison

RFLR has a 0.89% expense ratio, which is lower than MSTB's 1.40% expense ratio.

Dividends

RFLR vs. MSTB - Dividend Comparison

RFLR's dividend yield for the trailing twelve months is around 0.60%, more than MSTB's 0.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
MSTB LHA Market State Tactical Beta ETF	0.39%	0.41%	0.95%	0.16%	1.34%	2.20%	1.78%
RFLR Innovator U.S. Small Cap Managed Floor ETF	0.60%	0.67%	0.26%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RFLR and MSTB in my portfolio?

RFLR and MSTB have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFLR or MSTB?

MSTB has higher volatility (3.90%) compared to RFLR (3.75%). In terms of maximum drawdown, RFLR dropped -15.48% vs MSTB's -25.64%.

Which ETF is better, RFLR or MSTB?

On 1-year performance, RFLR leads with 28.39% vs 17.06% for MSTB. On fees, RFLR is cheaper at 0.89% per year. On volatility, RFLR has been the lower-risk option at 3.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RFLR or MSTB?

Over the 1-year period, RFLR has performed better with a 28.39% return vs 17.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RFLR or MSTB?

RFLR is cheaper with a 0.89% expense ratio, compared with 1.40% for MSTB.

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

RFLR has the higher dividend yield at 0.60%, compared with 0.39% for MSTB.

What is the main difference between RFLR and MSTB?

They also come from different issuers: Innovator and Little Harbor Advisors. Their fees differ too: 0.89% for RFLR and 1.40% for MSTB.

Which has better risk-adjusted returns?

RFLR currently has the higher Sharpe Ratio (2.28 vs 1.61), 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.