TSLY vs. MSTQ

Last updated Jun 5, 2026

TSLY (YieldMax TSLA Option Income Strategy ETF) and MSTQ (LHA Market State Tactical Q ETF) are both Options Trading funds. Both are actively managed. Over the past 3 years, TSLY returned 14.39%/yr vs 23.87%/yr for MSTQ. A 0.56 correlation means they provide meaningful diversification when combined. TSLY charges 1.07%/yr vs 1.59%/yr for MSTQ.

Performance

TSLY vs. MSTQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax TSLA Option Income Strategy ETF (TSLY) 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, TSLY achieves a -2.70% return, which is significantly lower than MSTQ's 16.86% return.

TSLY

• 1D: -1.05%
• 1M: 4.95%
• YTD: -2.70%
• 6M: -3.20%
• 1Y: 27.37%
• 3Y*: 14.39%
• 5Y*: —
• 10Y*: —

MSTQ

• 1D: -0.46%
• 1M: 7.24%
• YTD: 16.86%
• 6M: 15.37%
• 1Y: 30.89%
• 3Y*: 23.87%
• 5Y*: —
• 10Y*: —

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

TSLY vs. MSTQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLY YieldMax TSLA Option Income Strategy ETF	-2.70%	13.62%	27.83%	50.69%	-27.02%
MSTQ LHA Market State Tactical Q ETF	16.86%	20.57%	19.58%	43.10%	-7.83%

Correlation

The correlation between TSLY and MSTQ is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Nov 25, 2022	0.56

The correlation between TSLY and MSTQ has been stable across timeframes, ranging from 0.56 to 0.57 - a consistent structural relationship.

Return for Risk

TSLY vs. MSTQ — Risk / Return Rank

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

TSLY

TSLY Risk / Return Rank: 24
TSLY Sharpe Ratio Rank: 22
TSLY Sortino Ratio Rank: 22
TSLY Omega Ratio Rank: 23
TSLY Calmar Ratio Rank: 27
TSLY Martin Ratio Rank: 24

MSTQ

MSTQ Risk / Return Rank: 58
MSTQ Sharpe Ratio Rank: 66
MSTQ Sortino Ratio Rank: 63
MSTQ Omega Ratio Rank: 63
MSTQ Calmar Ratio Rank: 51
MSTQ Martin Ratio Rank: 48

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.

TSLY vs. MSTQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax TSLA Option Income Strategy ETF (TSLY) 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.

	TSLY	MSTQ	Difference
Sharpe ratio: Return per unit of total volatility	0.72	2.16	-1.44
Sortino ratio: Return per unit of downside risk	1.14	2.89	-1.75
Omega ratio: Gain probability vs. loss probability	1.15	1.37	-0.23
Calmar ratio: Return relative to maximum drawdown	1.27	2.50	-1.23
Martin ratio: Return relative to average drawdown	3.10	7.81	-4.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSLY vs. MSTQ - Sharpe Ratio Comparison

The current TSLY Sharpe Ratio is 0.72, which is lower than the MSTQ Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of TSLY 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.

Sharpe Ratios by Period

	TSLY	MSTQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	2.16	-1.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.87	-0.57

Drawdowns

TSLY vs. MSTQ - Drawdown Comparison

The maximum TSLY drawdown since its inception was -49.52%, which is greater than MSTQ's maximum drawdown of -31.05%. Use the drawdown chart below to compare losses from any high point for TSLY and MSTQ.

Drawdown Indicators

	TSLY	MSTQ	Difference
Max Drawdown Largest peak-to-trough decline	-49.52%	-31.05%	-18.47%
Max Drawdown (1Y) Largest decline over 1 year	-21.64%	-12.39%	-9.25%
Max Drawdown (3Y) Largest decline over 3 years	-49.52%	-15.22%	-34.30%
Current Drawdown Current decline from peak	-9.03%	-0.66%	-8.37%
Average Drawdown Average peak-to-trough decline	-19.99%	-8.61%	-11.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.95%	3.97%	+4.98%

Volatility

TSLY vs. MSTQ - Volatility Comparison

YieldMax TSLA Option Income Strategy ETF (TSLY) has a higher volatility of 10.02% compared to LHA Market State Tactical Q ETF (MSTQ) at 4.25%. This indicates that TSLY's price experiences larger fluctuations and is considered to be riskier than MSTQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLY	MSTQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.02%	4.25%	+5.77%
Volatility (6M) Calculated over the trailing 6-month period	22.40%	10.57%	+11.83%
Volatility (1Y) Calculated over the trailing 1-year period	38.20%	14.34%	+23.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.48%	18.84%	+26.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.48%	18.84%	+26.64%

TSLY vs. MSTQ - Expense Ratio Comparison

TSLY has a 1.07% expense ratio, which is lower than MSTQ's 1.59% expense ratio.

Dividends

TSLY vs. MSTQ - Dividend Comparison

TSLY's dividend yield for the trailing twelve months is around 86.88%, more than MSTQ's 11.95% yield.

Position	TTM	2025	2024	2023
MSTQ LHA Market State Tactical Q ETF	11.95%	13.97%	3.72%	0.77%
TSLY YieldMax TSLA Option Income Strategy ETF	86.88%	91.19%	82.30%	76.47%

Frequently Asked Questions

Can I hold both TSLY and MSTQ in my portfolio?

TSLY and MSTQ have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLY or MSTQ?

TSLY has higher volatility (10.02%) compared to MSTQ (4.25%). In terms of maximum drawdown, TSLY dropped -49.52% vs MSTQ's -31.05%.

Which ETF is better, TSLY or MSTQ?

On 3-year performance, MSTQ leads with 23.87% vs 14.39% for TSLY. On fees, TSLY is cheaper at 1.07% per year. On volatility, MSTQ has been the lower-risk option at 4.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLY or MSTQ?

Over the 3-year period, MSTQ has performed better with a 23.87% return vs 14.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLY or MSTQ?

TSLY is cheaper with a 1.07% expense ratio, compared with 1.59% for MSTQ.

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

TSLY has the higher dividend yield at 86.88%, compared with 11.95% for MSTQ.

What is the main difference between TSLY and MSTQ?

They also come from different issuers: YieldMax and Little Harbor Advisors. Their fees differ too: 1.07% for TSLY and 1.59% for MSTQ.

Which has better risk-adjusted returns?

MSTQ currently has the higher Sharpe Ratio (2.16 vs 0.72), 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.