XJUL vs. MSTQ

Last updated Aug 1, 2026

XJUL (FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - July) and MSTQ (LHA Market State Tactical Q ETF) are both Options Trading funds. Both are actively managed. Over the past 3 years, XJUL returned 9.89%/yr vs 17.63%/yr for MSTQ. Their 0.75 correlation means they have sometimes moved together and sometimes differently. XJUL charges 0.85%/yr vs 1.59%/yr for MSTQ.

Performance

XJUL vs. MSTQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - July (XJUL) 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, XJUL achieves a 4.97% return, which is significantly lower than MSTQ's 7.56% return.

XJUL

• 1D: 0.34%
• 1M: 0.72%
• 6M: 4.40%
• YTD: 4.97%
• 1Y: 10.17%
• 3Y*: 9.89%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.93%

MSTQ

• 1D: 0.46%
• 1M: -3.77%
• 6M: 7.22%
• YTD: 7.56%
• 1Y: 16.79%
• 3Y*: 17.63%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.52%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSTQ LHA Market State Tactical Q ETF	$208.12K	$115.43K	$85.76K
XJUL FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - July	$231.21K	$142.92K	$603.44K

XJUL vs. MSTQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XJUL FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - July	4.97%	10.19%	10.58%	4.05%
MSTQ LHA Market State Tactical Q ETF	7.56%	20.57%	19.58%	6.91%

Correlation

The correlation between XJUL and MSTQ is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (All Time) Calculated using the full available price history since Jul 24, 2023	0.75

The correlation between XJUL and MSTQ has been stable across timeframes, ranging from 0.75 to 0.75 - a consistent structural relationship.

Return for Risk

XJUL vs. MSTQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XJUL

XJUL Risk / Return Rank: 91
XJUL Sharpe Ratio Rank: 89
XJUL Sortino Ratio Rank: 91
XJUL Omega Ratio Rank: 93
XJUL Calmar Ratio Rank: 87
XJUL Martin Ratio Rank: 94

MSTQ

MSTQ Risk / Return Rank: 33
MSTQ Sharpe Ratio Rank: 33
MSTQ Sortino Ratio Rank: 32
MSTQ Omega Ratio Rank: 31
MSTQ Calmar Ratio Rank: 34
MSTQ Martin Ratio Rank: 33

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XJUL vs. MSTQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - July (XJUL) 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.

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.

	XJUL	MSTQ	Difference
Sharpe ratio: Return per unit of total volatility	2.23	0.82	+1.40
Sortino ratio: Return per unit of downside risk	3.32	1.22	+2.10
Omega ratio: Gain probability vs. loss probability	1.49	1.15	+0.34
Calmar ratio: Return relative to maximum drawdown	3.47	1.17	+2.30
Martin ratio: Return relative to average drawdown	18.85	3.18	+15.67

XJUL vs. MSTQ - Sharpe Ratio Comparison

The current XJUL Sharpe Ratio is 2.23, which is higher than the MSTQ Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of XJUL 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.

Drawdowns

XJUL vs. MSTQ - Drawdown Comparison

The maximum XJUL drawdown since its inception was -9.10%, smaller than the maximum MSTQ drawdown of -31.05%. Use the drawdown chart below to compare losses from any high point for XJUL and MSTQ.

Drawdown Indicators

	XJUL	MSTQ	Difference
Max Drawdown Largest peak-to-trough decline	-9.10%	-31.05%	+21.95%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-12.39%	+9.63%
Max Drawdown (3Y) Largest decline over 3 years	-9.10%	-15.22%	+6.12%
Current Drawdown Current decline from peak	0.00%	-8.57%	+8.57%
Average Drawdown Average peak-to-trough decline	-0.55%	-8.48%	+7.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	4.56%	-4.05%

Volatility

XJUL vs. MSTQ - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - July (XJUL) is 1.25%, while LHA Market State Tactical Q ETF (MSTQ) has a volatility of 7.23%. This indicates that XJUL experiences smaller price fluctuations and is considered to be less risky than MSTQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XJUL	MSTQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	7.23%	-5.98%
Volatility (6M) Calculated over the trailing 6-month period	3.27%	14.26%	-10.99%
Volatility (1Y) Calculated over the trailing 1-year period	4.29%	17.60%	-13.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.84%	19.21%	-12.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.84%	19.21%	-12.37%

XJUL vs. MSTQ - Expense Ratio Comparison

XJUL has a 0.85% expense ratio, which is lower than MSTQ's 1.59% expense ratio.

Dividends

XJUL vs. MSTQ - Dividend Comparison

XJUL has not paid dividends to shareholders, while MSTQ's dividend yield for the trailing twelve months is around 12.98%.

Position	TTM	2025	2024	2023
MSTQ LHA Market State Tactical Q ETF	12.98%	13.97%	3.72%	0.77%
XJUL FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - July	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XJUL and MSTQ in my portfolio?

XJUL and MSTQ have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XJUL or MSTQ?

MSTQ has higher volatility (7.23%) compared to XJUL (1.25%). In terms of maximum drawdown, XJUL dropped -9.10% vs MSTQ's -31.05%.

Which ETF is better, XJUL or MSTQ?

On 3-year performance, MSTQ leads with 17.63% vs 9.89% for XJUL. On fees, XJUL is cheaper at 0.85% per year. On volatility, XJUL has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XJUL or MSTQ?

Over the 3-year period, MSTQ has performed better with a 17.63% return vs 9.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XJUL or MSTQ?

XJUL is cheaper with a 0.85% expense ratio, compared with 1.59% for MSTQ.

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

MSTQ has the higher dividend yield at 12.98%, compared with 0.00% for XJUL.

What is the main difference between XJUL and MSTQ?

They also come from different issuers: FT Vest and Little Harbor Advisors. Their fees differ too: 0.85% for XJUL and 1.59% for MSTQ.

Which has better risk-adjusted returns?

XJUL currently has the higher Sharpe Ratio (2.23 vs 0.82), 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.