SEPW vs. MSTQ

Last updated Jul 2, 2026

SEPW (AllianzIM U.S. Large Cap Buffer20 Sep ETF) and MSTQ (LHA Market State Tactical Q ETF) are both Options Trading funds. Both are actively managed. Over the past year, SEPW returned 10.83% vs 24.82% for MSTQ. A 0.79 correlation means they provide meaningful diversification when combined. SEPW charges 0.74%/yr vs 1.59%/yr for MSTQ.

Performance

SEPW vs. MSTQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Large Cap Buffer20 Sep ETF (SEPW) and LHA Market State Tactical Q ETF (MSTQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEPW achieves a 4.72% return, which is significantly lower than MSTQ's 13.80% return.

SEPW

• 1D: 0.10%
• 1M: 0.50%
• YTD: 4.72%
• 6M: 4.72%
• 1Y: 10.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTQ

• 1D: -1.63%
• 1M: -2.82%
• YTD: 13.80%
• 6M: 13.80%
• 1Y: 24.82%
• 3Y*: 21.21%
• 5Y*: —
• 10Y*: —

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

SEPW vs. MSTQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SEPW AllianzIM U.S. Large Cap Buffer20 Sep ETF	4.72%	10.42%	11.05%	3.50%
MSTQ LHA Market State Tactical Q ETF	13.80%	20.57%	19.58%	6.99%

Correlation

The correlation between SEPW and MSTQ is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Sep 1, 2023	0.79

The correlation between SEPW and MSTQ has been stable across timeframes, ranging from 0.79 to 0.80 - a consistent structural relationship.

Return for Risk

SEPW vs. MSTQ — Risk / Return Rank

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

SEPW

SEPW Risk / Return Rank: 87
SEPW Sharpe Ratio Rank: 86
SEPW Sortino Ratio Rank: 88
SEPW Omega Ratio Rank: 91
SEPW Calmar Ratio Rank: 78
SEPW Martin Ratio Rank: 90

MSTQ

MSTQ Risk / Return Rank: 48
MSTQ Sharpe Ratio Rank: 53
MSTQ Sortino Ratio Rank: 49
MSTQ Omega Ratio Rank: 50
MSTQ Calmar Ratio Rank: 47
MSTQ Martin Ratio Rank: 43

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.

SEPW vs. MSTQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Large Cap Buffer20 Sep ETF (SEPW) and LHA Market State Tactical Q ETF (MSTQ). 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.

	SEPW	MSTQ	Difference
Sharpe ratio: Return per unit of total volatility	2.37	1.54	+0.83
Sortino ratio: Return per unit of downside risk	3.41	2.09	+1.32
Omega ratio: Gain probability vs. loss probability	1.49	1.27	+0.22
Calmar ratio: Return relative to maximum drawdown	3.41	2.01	+1.40
Martin ratio: Return relative to average drawdown	17.57	6.09	+11.48

SEPW vs. MSTQ - Sharpe Ratio Comparison

The current SEPW Sharpe Ratio is 2.37, which is higher than the MSTQ Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of SEPW and MSTQ, 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

SEPW vs. MSTQ - Drawdown Comparison

The maximum SEPW drawdown since its inception was -8.43%, smaller than the maximum MSTQ drawdown of -31.05%. Use the drawdown chart below to compare losses from any high point for SEPW and MSTQ.

Drawdown Indicators

	SEPW	MSTQ	Difference
Max Drawdown Largest peak-to-trough decline	-8.43%	-31.05%	+22.62%
Max Drawdown (1Y) Largest decline over 1 year	-3.19%	-12.39%	+9.20%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.22%	—
Current Drawdown Current decline from peak	0.00%	-3.26%	+3.26%
Average Drawdown Average peak-to-trough decline	-0.65%	-8.52%	+7.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	4.08%	-3.46%

Volatility

SEPW vs. MSTQ - Volatility Comparison

The current volatility for AllianzIM U.S. Large Cap Buffer20 Sep ETF (SEPW) is 1.04%, while LHA Market State Tactical Q ETF (MSTQ) has a volatility of 8.33%. This indicates that SEPW experiences smaller price fluctuations and is considered to be less risky than MSTQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEPW	MSTQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	8.33%	-7.29%
Volatility (6M) Calculated over the trailing 6-month period	3.46%	12.80%	-9.34%
Volatility (1Y) Calculated over the trailing 1-year period	4.59%	16.18%	-11.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.39%	19.08%	-12.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.39%	19.08%	-12.69%

SEPW vs. MSTQ - Expense Ratio Comparison

SEPW has a 0.74% expense ratio, which is lower than MSTQ's 1.59% expense ratio.

Dividends

SEPW vs. MSTQ - Dividend Comparison

SEPW has not paid dividends to shareholders, while MSTQ's dividend yield for the trailing twelve months is around 12.27%.

Position	TTM	2025	2024	2023
MSTQ LHA Market State Tactical Q ETF	12.27%	13.97%	3.72%	0.77%
SEPW AllianzIM U.S. Large Cap Buffer20 Sep ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SEPW and MSTQ in my portfolio?

SEPW and MSTQ have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEPW or MSTQ?

MSTQ has higher volatility (8.33%) compared to SEPW (1.04%). In terms of maximum drawdown, SEPW dropped -8.43% vs MSTQ's -31.05%.

Which ETF is better, SEPW or MSTQ?

On 1-year performance, MSTQ leads with 24.82% vs 10.83% for SEPW. On fees, SEPW is cheaper at 0.74% per year. On volatility, SEPW has been the lower-risk option at 1.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEPW or MSTQ?

Over the 1-year period, MSTQ has performed better with a 24.82% return vs 10.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPW or MSTQ?

SEPW is cheaper with a 0.74% expense ratio, compared with 1.59% for MSTQ.

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

MSTQ has the higher dividend yield at 12.27%, compared with 0.00% for SEPW.

What is the main difference between SEPW and MSTQ?

They also come from different issuers: Allianz and Little Harbor Advisors. Their fees differ too: 0.74% for SEPW and 1.59% for MSTQ.

Which has better risk-adjusted returns?

SEPW currently has the higher Sharpe Ratio (2.37 vs 1.54), 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.