XCLR vs. MSTB

Last updated Apr 1, 2026

Compare and contrast key facts about Global X S&P 500 Collar 95-110 ETF (XCLR) and LHA Market State Tactical Beta ETF (MSTB).

XCLR and MSTB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XCLR is a passively managed fund by Global X that tracks the performance of the Cboe S&P 500 3-Month Collar 95-110 Index. It was launched on Aug 25, 2021. MSTB is a passively managed fund by Little Harbor Advisors that tracks the performance of the S&P 500® Index. It was launched on Sep 29, 2020. Both XCLR and MSTB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XCLR vs. MSTB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Collar 95-110 ETF (XCLR) and LHA Market State Tactical Beta ETF (MSTB). The values are adjusted to include any dividend payments, if applicable.

XCLR vs. MSTB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XCLR Global X S&P 500 Collar 95-110 ETF	-5.35%	10.25%	20.67%	15.64%	-12.93%	3.44%
MSTB LHA Market State Tactical Beta ETF	-4.06%	18.57%	18.82%	16.94%	-22.72%	3.90%

Returns By Period

In the year-to-date period, XCLR achieves a -5.35% return, which is significantly lower than MSTB's -4.06% return.

XCLR

• 1D: 1.50%
• 1M: -5.30%
• YTD: -5.35%
• 6M: -3.90%
• 1Y: 10.04%
• 3Y*: 12.02%
• 5Y*: —
• 10Y*: —

MSTB

• 1D: 2.06%
• 1M: -4.32%
• YTD: -4.06%
• 6M: -3.31%
• 1Y: 19.00%
• 3Y*: 14.50%
• 5Y*: 6.74%
• 10Y*: —

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

XCLR vs. MSTB - Expense Ratio Comparison

XCLR has a 0.25% expense ratio, which is lower than MSTB's 1.40% expense ratio.

MSTB

LHA Market State Tactical Beta ETF

XCLR

Global X S&P 500 Collar 95-110 ETF

Return for Risk

XCLR vs. MSTB — Risk / Return Rank

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

XCLR

XCLR Risk / Return Rank: 53
XCLR Sharpe Ratio Rank: 55
XCLR Sortino Ratio Rank: 54
XCLR Omega Ratio Rank: 48
XCLR Calmar Ratio Rank: 51
XCLR Martin Ratio Rank: 56

MSTB

MSTB Risk / Return Rank: 82
MSTB Sharpe Ratio Rank: 81
MSTB Sortino Ratio Rank: 84
MSTB Omega Ratio Rank: 79
MSTB Calmar Ratio Rank: 82
MSTB Martin Ratio Rank: 83

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.

XCLR vs. MSTB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Collar 95-110 ETF (XCLR) 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.

	XCLR	MSTB	Difference
Sharpe ratio Return per unit of total volatility	0.96	1.57	-0.61
Sortino ratio Return per unit of downside risk	1.39	2.22	-0.83
Omega ratio Gain probability vs. loss probability	1.18	1.30	-0.12
Calmar ratio Return relative to maximum drawdown	1.27	2.36	-1.09
Martin ratio Return relative to average drawdown	5.31	9.27	-3.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XCLR vs. MSTB - Sharpe Ratio Comparison

The current XCLR Sharpe Ratio is 0.96, which is lower than the MSTB Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of XCLR and MSTB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XCLR	MSTB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.96	1.57	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.67	-0.09

Correlation

The correlation between XCLR and MSTB is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

XCLR vs. MSTB - Dividend Comparison

XCLR's dividend yield for the trailing twelve months is around 13.90%, more than MSTB's 0.43% yield.

	TTM	2025	2024	2023	2022	2021	2020
XCLR Global X S&P 500 Collar 95-110 ETF	13.90%	13.15%	18.76%	1.40%	1.01%	1.70%	0.00%
MSTB LHA Market State Tactical Beta ETF	0.43%	0.41%	0.95%	0.16%	1.34%	2.20%	1.78%

Drawdowns

XCLR vs. MSTB - Drawdown Comparison

The maximum XCLR drawdown since its inception was -14.63%, smaller than the maximum MSTB drawdown of -25.64%. Use the drawdown chart below to compare losses from any high point for XCLR and MSTB.

Drawdown Indicators

	XCLR	MSTB	Difference
Max Drawdown Largest peak-to-trough decline	-14.63%	-25.64%	+11.01%
Max Drawdown (1Y) Largest decline over 1 year	-8.29%	-8.31%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.64%	—
Current Drawdown Current decline from peak	-6.91%	-6.43%	-0.48%
Average Drawdown Average peak-to-trough decline	-4.82%	-7.38%	+2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	2.12%	-0.14%

Volatility

XCLR vs. MSTB - Volatility Comparison

The current volatility for Global X S&P 500 Collar 95-110 ETF (XCLR) is 3.39%, while LHA Market State Tactical Beta ETF (MSTB) has a volatility of 3.58%. This indicates that XCLR 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

	XCLR	MSTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	3.58%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	7.15%	8.00%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	10.52%	12.19%	-1.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.58%	14.00%	-3.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.58%	13.94%	-3.36%