SETM vs. MDST

Last updated Jun 4, 2026

SETM (Sprott Energy Transition Materials ETF) and MDST (Westwood Salient Enhanced Midstream Income ETF) are both Energy Equities funds. SETM is passively managed, while MDST is actively managed. Over the past year, SETM returned 144.21% vs 17.62% for MDST. At a 0.20 correlation, their price movements are largely independent. SETM charges 0.65%/yr vs 0.80%/yr for MDST.

Performance

SETM vs. MDST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Energy Transition Materials ETF (SETM) and Westwood Salient Enhanced Midstream Income ETF (MDST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SETM achieves a 27.22% return, which is significantly higher than MDST's 14.94% return.

SETM

• 1D: -4.09%
• 1M: 2.39%
• YTD: 27.22%
• 6M: 33.66%
• 1Y: 144.21%
• 3Y*: 30.90%
• 5Y*: —
• 10Y*: —

MDST

• 1D: 0.14%
• 1M: -0.74%
• YTD: 14.94%
• 6M: 14.77%
• 1Y: 17.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SETM vs. MDST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SETM Sprott Energy Transition Materials ETF	27.22%	95.27%	-17.40%
MDST Westwood Salient Enhanced Midstream Income ETF	14.94%	7.09%	17.29%

Correlation

The correlation between SETM and MDST is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Apr 10, 2024	0.20

The correlation between SETM and MDST shifts across timeframes, from -0.02 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

SETM vs. MDST - Sectors Allocation Comparison

Sectors	SETM	MDST
Basic Materials	73.2%	-
Energy	25.8%	100.0%
Industrials	0.9%	-
Technology	0.1%	-
Consumer Defensive	0.1%	-
Communication Services	-	-
Consumer Cyclical	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

SETM vs. MDST — Risk / Return Rank

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

SETM

SETM Risk / Return Rank: 82
SETM Sharpe Ratio Rank: 91
SETM Sortino Ratio Rank: 71
SETM Omega Ratio Rank: 72
SETM Calmar Ratio Rank: 90
SETM Martin Ratio Rank: 84

MDST

MDST Risk / Return Rank: 44
MDST Sharpe Ratio Rank: 41
MDST Sortino Ratio Rank: 42
MDST Omega Ratio Rank: 41
MDST Calmar Ratio Rank: 53
MDST Martin Ratio Rank: 45

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.

SETM vs. MDST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Energy Transition Materials ETF (SETM) and Westwood Salient Enhanced Midstream Income ETF (MDST). 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.

	SETM	MDST	Difference
Sharpe ratio Return per unit of total volatility	3.25	1.47	+1.78
Sortino ratio Return per unit of downside risk	3.29	2.13	+1.16
Omega ratio Gain probability vs. loss probability	1.44	1.27	+0.18
Calmar ratio Return relative to maximum drawdown	5.61	2.63	+2.99
Martin ratio Return relative to average drawdown	17.42	7.46	+9.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SETM vs. MDST - Sharpe Ratio Comparison

The current SETM Sharpe Ratio is 3.25, which is higher than the MDST Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of SETM and MDST, 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

	SETM	MDST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.25	1.47	+1.78
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	1.16	-0.57

Drawdowns

SETM vs. MDST - Drawdown Comparison

The maximum SETM drawdown since its inception was -42.81%, which is greater than MDST's maximum drawdown of -14.19%. Use the drawdown chart below to compare losses from any high point for SETM and MDST.

Drawdown Indicators

	SETM	MDST	Difference
Max Drawdown Largest peak-to-trough decline	-42.81%	-14.19%	-28.62%
Max Drawdown (1Y) Largest decline over 1 year	-25.85%	-6.74%	-19.11%
Max Drawdown (3Y) Largest decline over 3 years	-42.81%	—	—
Current Drawdown Current decline from peak	-7.30%	-3.53%	-3.77%
Average Drawdown Average peak-to-trough decline	-14.26%	-2.17%	-12.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.31%	2.37%	+5.94%

Volatility

SETM vs. MDST - Volatility Comparison

Sprott Energy Transition Materials ETF (SETM) has a higher volatility of 13.58% compared to Westwood Salient Enhanced Midstream Income ETF (MDST) at 4.87%. This indicates that SETM's price experiences larger fluctuations and is considered to be riskier than MDST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SETM	MDST	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.58%	4.87%	+8.71%
Volatility (6M) Calculated over the trailing 6-month period	34.49%	8.36%	+26.13%
Volatility (1Y) Calculated over the trailing 1-year period	44.71%	12.12%	+32.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.57%	16.11%	+20.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.57%	16.11%	+20.46%

SETM vs. MDST - Expense Ratio Comparison

SETM has a 0.65% expense ratio, which is lower than MDST's 0.80% expense ratio.

Dividends

SETM vs. MDST - Dividend Comparison

SETM's dividend yield for the trailing twelve months is around 1.23%, less than MDST's 9.33% yield.

Position	TTM	2025	2024	2023
MDST Westwood Salient Enhanced Midstream Income ETF	9.33%	10.22%	6.60%	0.00%
SETM Sprott Energy Transition Materials ETF	1.23%	1.56%	2.07%	2.47%

Frequently Asked Questions

Can I hold both SETM and MDST in my portfolio?

SETM and MDST have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SETM or MDST?

SETM has higher volatility (13.58%) compared to MDST (4.87%). In terms of maximum drawdown, SETM dropped -42.81% vs MDST's -14.19%.

Which ETF is better, SETM or MDST?

On 1-year performance, SETM leads with 144.21% vs 17.62% for MDST. On fees, SETM is cheaper at 0.65% per year. On volatility, MDST has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SETM or MDST?

Over the 1-year period, SETM has performed better with a 144.21% return vs 17.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SETM or MDST?

SETM is cheaper with a 0.65% expense ratio, compared with 0.80% for MDST.

Which ETF pays a higher dividend yield, SETM or MDST?

MDST has the higher dividend yield at 9.33%, compared with 1.23% for SETM.

What is the main difference between SETM and MDST?

They also come from different issuers: Sprott and Westwood. Their fees differ too: 0.65% for SETM and 0.80% for MDST.

Which has better risk-adjusted returns?

SETM currently has the higher Sharpe Ratio (3.25 vs 1.47), 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.