SPYA vs. MSTB

Last updated Jun 6, 2026

SPYA (Twin Oak Endure ETF) and MSTB (LHA Market State Tactical Beta ETF) are both Equity Hedged funds. SPYA is actively managed, while MSTB is passively managed. Over the past year, SPYA returned 17.32% vs 18.56% for MSTB. Their correlation of 0.88 suggests significant overlap in exposure. SPYA charges 0.49%/yr vs 1.40%/yr for MSTB.

Performance

SPYA vs. MSTB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Twin Oak Endure ETF (SPYA) 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, SPYA achieves a 5.79% return, which is significantly lower than MSTB's 6.56% return.

SPYA

• 1D: -2.44%
• 1M: 0.54%
• YTD: 5.79%
• 6M: 5.38%
• 1Y: 17.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTB

• 1D: -2.30%
• 1M: -0.28%
• YTD: 6.56%
• 6M: 6.29%
• 1Y: 18.56%
• 3Y*: 17.68%
• 5Y*: 8.12%
• 10Y*: —

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

SPYA vs. MSTB - Yearly Performance Comparison

	2026 (YTD)	2025
SPYA Twin Oak Endure ETF	5.79%	11.69%
MSTB LHA Market State Tactical Beta ETF	6.56%	10.69%

Correlation

The correlation between SPYA and MSTB is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025	0.88

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

Return for Risk

SPYA vs. MSTB — Risk / Return Rank

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

SPYA

SPYA Risk / Return Rank: 45
SPYA Sharpe Ratio Rank: 48
SPYA Sortino Ratio Rank: 46
SPYA Omega Ratio Rank: 47
SPYA Calmar Ratio Rank: 40
SPYA Martin Ratio Rank: 47

MSTB

MSTB Risk / Return Rank: 53
MSTB Sharpe Ratio Rank: 56
MSTB Sortino Ratio Rank: 54
MSTB Omega Ratio Rank: 57
MSTB Calmar Ratio Rank: 48
MSTB Martin Ratio Rank: 52

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.

SPYA vs. MSTB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Endure ETF (SPYA) 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.

	SPYA	MSTB	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.78	-0.25
Sortino ratio: Return per unit of downside risk	2.12	2.42	-0.30
Omega ratio: Gain probability vs. loss probability	1.27	1.33	-0.05
Calmar ratio: Return relative to maximum drawdown	1.83	2.24	-0.41
Martin ratio: Return relative to average drawdown	7.18	8.49	-1.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYA vs. MSTB - Sharpe Ratio Comparison

The current SPYA Sharpe Ratio is 1.53, which is comparable to the MSTB Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of SPYA 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.

Sharpe Ratios by Period

	SPYA	MSTB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.53	1.78	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.59	0.80	+0.79

Drawdowns

SPYA vs. MSTB - Drawdown Comparison

The maximum SPYA drawdown since its inception was -9.51%, smaller than the maximum MSTB drawdown of -25.64%. Use the drawdown chart below to compare losses from any high point for SPYA and MSTB.

Drawdown Indicators

	SPYA	MSTB	Difference
Max Drawdown Largest peak-to-trough decline	-9.51%	-25.64%	+16.13%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-8.31%	-1.20%
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	-2.74%	-2.57%	-0.17%
Average Drawdown Average peak-to-trough decline	-1.45%	-7.17%	+5.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	2.19%	+0.23%

Volatility

SPYA vs. MSTB - Volatility Comparison

Twin Oak Endure ETF (SPYA) has a higher volatility of 3.66% compared to LHA Market State Tactical Beta ETF (MSTB) at 3.25%. This indicates that SPYA'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

	SPYA	MSTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	3.25%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	8.88%	7.80%	+1.08%
Volatility (1Y) Calculated over the trailing 1-year period	11.38%	10.47%	+0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.39%	13.99%	-2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.39%	13.86%	-2.47%

SPYA vs. MSTB - Expense Ratio Comparison

SPYA has a 0.49% expense ratio, which is lower than MSTB's 1.40% expense ratio.

Dividends

SPYA vs. MSTB - Dividend Comparison

SPYA's dividend yield for the trailing twelve months is around 0.35%, less 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%
SPYA Twin Oak Endure ETF	0.35%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYA and MSTB in my portfolio?

SPYA and MSTB have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYA or MSTB?

SPYA has higher volatility (3.66%) compared to MSTB (3.25%). In terms of maximum drawdown, SPYA dropped -9.51% vs MSTB's -25.64%.

Which ETF is better, SPYA or MSTB?

On 1-year performance, MSTB leads with 18.56% vs 17.32% for SPYA. On fees, SPYA is cheaper at 0.49% per year. On volatility, MSTB has been the lower-risk option at 3.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYA or MSTB?

Over the 1-year period, MSTB has performed better with a 18.56% return vs 17.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYA or MSTB?

SPYA is cheaper with a 0.49% expense ratio, compared with 1.40% for MSTB.

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

MSTB has the higher dividend yield at 0.39%, compared with 0.35% for SPYA.

What is the main difference between SPYA and MSTB?

They also come from different issuers: Twin Oak and Little Harbor Advisors. Their fees differ too: 0.49% for SPYA and 1.40% for MSTB.

Which has better risk-adjusted returns?

MSTB currently has the higher Sharpe Ratio (1.78 vs 1.53), 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.