SPYH vs. MSTB

Last updated Jun 4, 2026

SPYH (NEOS S&P 500 Hedged Equity Income ETF) and MSTB (LHA Market State Tactical Beta ETF) are both Equity Hedged funds. SPYH is actively managed, while MSTB is passively managed. Over the past year, SPYH returned 18.78% vs 20.33% for MSTB. Their correlation of 0.88 suggests significant overlap in exposure. SPYH charges 0.68%/yr vs 1.40%/yr for MSTB.

Performance

SPYH vs. MSTB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 Hedged Equity Income ETF (SPYH) 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, SPYH achieves a 5.74% return, which is significantly lower than MSTB's 8.71% return.

SPYH

• 1D: -0.39%
• 1M: 3.32%
• YTD: 5.74%
• 6M: 6.16%
• 1Y: 18.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTB

• 1D: -0.60%
• 1M: 3.88%
• YTD: 8.71%
• 6M: 8.70%
• 1Y: 20.33%
• 3Y*: 18.51%
• 5Y*: 8.55%
• 10Y*: —

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

SPYH vs. MSTB - Yearly Performance Comparison

	2026 (YTD)	2025
SPYH NEOS S&P 500 Hedged Equity Income ETF	5.74%	21.09%
MSTB LHA Market State Tactical Beta ETF	8.71%	22.80%

Correlation

The correlation between SPYH and MSTB is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.88

The correlation between SPYH and MSTB has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

SPYH vs. MSTB - Sectors Allocation Comparison

Sectors	SPYH	MSTB
Technology	35.5%	36.1%
Financial Services	12.0%	11.9%
Communication Services	11.4%	10.9%
Consumer Cyclical	9.9%	10.1%
Healthcare	8.4%	8.4%
Industrials	7.8%	8.2%
Consumer Defensive	5.1%	4.9%
Energy	3.6%	3.5%
Utilities	2.5%	2.3%
Real Estate	2.0%	1.9%
Basic Materials	1.7%	1.8%

Return for Risk

SPYH vs. MSTB — Risk / Return Rank

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

SPYH

SPYH Risk / Return Rank: 73
SPYH Sharpe Ratio Rank: 74
SPYH Sortino Ratio Rank: 74
SPYH Omega Ratio Rank: 77
SPYH Calmar Ratio Rank: 64
SPYH Martin Ratio Rank: 78

MSTB

MSTB Risk / Return Rank: 56
MSTB Sharpe Ratio Rank: 59
MSTB Sortino Ratio Rank: 58
MSTB Omega Ratio Rank: 60
MSTB Calmar Ratio Rank: 50
MSTB Martin Ratio Rank: 55

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.

SPYH vs. MSTB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 Hedged Equity Income ETF (SPYH) 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.

	SPYH	MSTB	Difference
Sharpe ratio Return per unit of total volatility	2.42	2.00	+0.42
Sortino ratio Return per unit of downside risk	3.35	2.75	+0.59
Omega ratio Gain probability vs. loss probability	1.46	1.37	+0.10
Calmar ratio Return relative to maximum drawdown	3.13	2.46	+0.67
Martin ratio Return relative to average drawdown	15.14	9.32	+5.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYH vs. MSTB - Sharpe Ratio Comparison

The current SPYH Sharpe Ratio is 2.42, which is comparable to the MSTB Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of SPYH 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

	SPYH	MSTB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.00	+0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.93	0.83	+1.10

Drawdowns

SPYH vs. MSTB - Drawdown Comparison

The maximum SPYH drawdown since its inception was -6.39%, smaller than the maximum MSTB drawdown of -25.64%. Use the drawdown chart below to compare losses from any high point for SPYH and MSTB.

Drawdown Indicators

	SPYH	MSTB	Difference
Max Drawdown Largest peak-to-trough decline	-6.39%	-25.64%	+19.25%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	-8.31%	+2.29%
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	-0.39%	-0.60%	+0.21%
Average Drawdown Average peak-to-trough decline	-0.71%	-7.18%	+6.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	2.19%	-0.95%

Volatility

SPYH vs. MSTB - Volatility Comparison

The current volatility for NEOS S&P 500 Hedged Equity Income ETF (SPYH) is 1.55%, while LHA Market State Tactical Beta ETF (MSTB) has a volatility of 2.56%. This indicates that SPYH experiences smaller price fluctuations and is considered to be less risky than MSTB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYH	MSTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	2.56%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	5.78%	7.43%	-1.65%
Volatility (1Y) Calculated over the trailing 1-year period	7.80%	10.21%	-2.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.36%	13.97%	-1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.36%	13.84%	-1.48%

SPYH vs. MSTB - Expense Ratio Comparison

SPYH has a 0.68% expense ratio, which is lower than MSTB's 1.40% expense ratio.

Dividends

SPYH vs. MSTB - Dividend Comparison

SPYH's dividend yield for the trailing twelve months is around 7.54%, 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%
SPYH NEOS S&P 500 Hedged Equity Income ETF	7.54%	5.54%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYH and MSTB in my portfolio?

With a correlation of 0.92, SPYH and MSTB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPYH or MSTB?

MSTB has higher volatility (2.56%) compared to SPYH (1.55%). In terms of maximum drawdown, SPYH dropped -6.39% vs MSTB's -25.64%.

Which ETF is better, SPYH or MSTB?

On 1-year performance, MSTB leads with 20.33% vs 18.78% for SPYH. On fees, SPYH is cheaper at 0.68% per year. On volatility, SPYH has been the lower-risk option at 1.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYH or MSTB?

Over the 1-year period, MSTB has performed better with a 20.33% return vs 18.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYH or MSTB?

SPYH is cheaper with a 0.68% expense ratio, compared with 1.40% for MSTB.

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

SPYH has the higher dividend yield at 7.54%, compared with 0.38% for MSTB.

What is the main difference between SPYH and MSTB?

They also come from different issuers: NEOS and Little Harbor Advisors. Their fees differ too: 0.68% for SPYH and 1.40% for MSTB.

Which has better risk-adjusted returns?

SPYH currently has the higher Sharpe Ratio (2.42 vs 2.00), 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.