XCLR vs. MSTB

Last updated Jun 25, 2026

XCLR (Global X S&P 500 Collar 95-110 ETF) and MSTB (LHA Market State Tactical Beta ETF) are both Equity Hedged funds - XCLR tracks the Cboe S&P 500 3-Month Collar 95-110 Index while MSTB tracks the S&P 500® Index. Both are passively managed. Over the past 3 years, XCLR returned 13.24%/yr vs 16.94%/yr for MSTB. Their correlation of 0.89 suggests significant overlap in exposure. XCLR charges 0.25%/yr vs 1.40%/yr for MSTB.

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.

Returns By Period

In the year-to-date period, XCLR achieves a 1.21% return, which is significantly lower than MSTB's 5.47% return.

XCLR

• 1D: -0.24%
• 1M: -0.70%
• YTD: 1.21%
• 6M: 0.21%
• 1Y: 10.55%
• 3Y*: 13.24%
• 5Y*: —
• 10Y*: —

MSTB

• 1D: -0.35%
• 1M: -1.93%
• YTD: 5.47%
• 6M: 4.21%
• 1Y: 15.92%
• 3Y*: 16.94%
• 5Y*: 7.77%
• 10Y*: —

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

XCLR vs. MSTB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XCLR Global X S&P 500 Collar 95-110 ETF	1.21%	10.25%	20.67%	15.64%	-12.93%	3.30%
MSTB LHA Market State Tactical Beta ETF	5.47%	18.57%	18.82%	16.94%	-22.72%	3.19%

Correlation

The correlation between XCLR and MSTB is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Aug 26, 2021	0.89

The correlation between XCLR and MSTB has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

XCLR vs. MSTB - Sectors Allocation Comparison

Sectors	XCLR	MSTB
Technology	39.0%	39.0%
Financial Services	11.1%	11.1%
Communication Services	10.6%	10.6%
Consumer Cyclical	9.9%	9.9%
Healthcare	8.3%	8.3%
Industrials	7.8%	7.8%
Consumer Defensive	4.5%	4.5%
Energy	3.2%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

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: 36
XCLR Sharpe Ratio Rank: 39
XCLR Sortino Ratio Rank: 37
XCLR Omega Ratio Rank: 38
XCLR Calmar Ratio Rank: 28
XCLR Martin Ratio Rank: 37

MSTB

MSTB Risk / Return Rank: 46
MSTB Sharpe Ratio Rank: 49
MSTB Sortino Ratio Rank: 46
MSTB Omega Ratio Rank: 48
MSTB Calmar Ratio Rank: 43
MSTB Martin Ratio Rank: 47

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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	XCLR	MSTB	Difference
Sharpe ratio: Return per unit of total volatility	1.27	1.50	-0.23
Sortino ratio: Return per unit of downside risk	1.77	2.06	-0.29
Omega ratio: Gain probability vs. loss probability	1.23	1.27	-0.04
Calmar ratio: Return relative to maximum drawdown	1.28	1.92	-0.64
Martin ratio: Return relative to average drawdown	5.14	7.07	-1.94

XCLR vs. MSTB - Sharpe Ratio Comparison

The current XCLR Sharpe Ratio is 1.27, which is comparable to the MSTB Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of XCLR 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.

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 (3Y) Largest decline over 3 years	-12.46%	-10.81%	-1.65%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.64%	—
Current Drawdown Current decline from peak	-1.56%	-3.56%	+2.00%
Average Drawdown Average peak-to-trough decline	-4.65%	-7.13%	+2.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	2.26%	-0.20%

Volatility

XCLR vs. MSTB - Volatility Comparison

The current volatility for Global X S&P 500 Collar 95-110 ETF (XCLR) is 1.31%, while LHA Market State Tactical Beta ETF (MSTB) has a volatility of 3.90%. 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	1.31%	3.90%	-2.59%
Volatility (6M) Calculated over the trailing 6-month period	5.95%	7.96%	-2.01%
Volatility (1Y) Calculated over the trailing 1-year period	8.37%	10.66%	-2.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.39%	14.03%	-3.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.39%	13.85%	-3.46%

XCLR vs. MSTB - Expense Ratio Comparison

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

Dividends

XCLR vs. MSTB - Dividend Comparison

XCLR's dividend yield for the trailing twelve months is around 13.00%, more 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%
XCLR Global X S&P 500 Collar 95-110 ETF	13.00%	13.15%	18.76%	1.40%	1.01%	1.70%	0.00%

Frequently Asked Questions

Can I hold both XCLR and MSTB in my portfolio?

XCLR and MSTB have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XCLR or MSTB?

MSTB has higher volatility (3.90%) compared to XCLR (1.31%). In terms of maximum drawdown, XCLR dropped -14.63% vs MSTB's -25.64%.

Which ETF is better, XCLR or MSTB?

On 3-year performance, MSTB leads with 16.94% vs 13.24% for XCLR. On fees, XCLR is cheaper at 0.25% per year. On volatility, XCLR has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XCLR or MSTB?

Over the 3-year period, MSTB has performed better with a 16.94% return vs 13.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XCLR or MSTB?

XCLR is cheaper with a 0.25% expense ratio, compared with 1.40% for MSTB.

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

XCLR has the higher dividend yield at 13.00%, compared with 0.39% for MSTB.

What is the main difference between XCLR and MSTB?

XCLR tracks Cboe S&P 500 3-Month Collar 95-110 Index, while MSTB tracks S&P 500® Index. They also come from different issuers: Global X and Little Harbor Advisors. Their fees differ too: 0.25% for XCLR and 1.40% for MSTB.

Which has better risk-adjusted returns?

MSTB currently has the higher Sharpe Ratio (1.50 vs 1.27), 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.