XUSP vs. MSTQ

Last updated Jun 4, 2026

XUSP (Innovator Uncapped Accelerated U.S. Equity ETF) and MSTQ (LHA Market State Tactical Q ETF) are both Options Trading funds. Both are actively managed. Over the past 3 years, XUSP returned 25.24%/yr vs 24.11%/yr for MSTQ. Their correlation of 0.89 suggests significant overlap in exposure. XUSP charges 0.79%/yr vs 1.59%/yr for MSTQ.

Performance

XUSP vs. MSTQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) 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, XUSP achieves a 12.67% return, which is significantly lower than MSTQ's 17.40% return.

XUSP

• 1D: -0.86%
• 1M: 7.03%
• YTD: 12.67%
• 6M: 12.12%
• 1Y: 33.74%
• 3Y*: 25.24%
• 5Y*: —
• 10Y*: —

MSTQ

• 1D: -0.21%
• 1M: 9.02%
• YTD: 17.40%
• 6M: 15.69%
• 1Y: 31.81%
• 3Y*: 24.11%
• 5Y*: —
• 10Y*: —

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

XUSP vs. MSTQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XUSP Innovator Uncapped Accelerated U.S. Equity ETF	12.67%	18.27%	30.60%	26.46%	-9.24%
MSTQ LHA Market State Tactical Q ETF	17.40%	20.57%	19.58%	43.10%	-17.36%

Correlation

The correlation between XUSP and MSTQ is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 12, 2022	0.89

The correlation between XUSP and MSTQ has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

XUSP vs. MSTQ - Sectors Allocation Comparison

Sectors	XUSP	MSTQ
Technology	36.2%	54.0%
Financial Services	11.9%	0.2%
Communication Services	10.9%	15.6%
Consumer Cyclical	10.1%	12.2%
Healthcare	8.4%	4.2%
Industrials	8.1%	2.9%
Consumer Defensive	4.9%	7.6%
Energy	3.5%	0.6%
Utilities	2.3%	1.4%
Real Estate	1.9%	0.1%
Basic Materials	1.8%	1.1%

Return for Risk

XUSP vs. MSTQ — Risk / Return Rank

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

XUSP

XUSP Risk / Return Rank: 62
XUSP Sharpe Ratio Rank: 64
XUSP Sortino Ratio Rank: 61
XUSP Omega Ratio Rank: 61
XUSP Calmar Ratio Rank: 57
XUSP Martin Ratio Rank: 65

MSTQ

MSTQ Risk / Return Rank: 59
MSTQ Sharpe Ratio Rank: 68
MSTQ Sortino Ratio Rank: 64
MSTQ Omega Ratio Rank: 64
MSTQ Calmar Ratio Rank: 52
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.

XUSP vs. MSTQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) 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.

	XUSP	MSTQ	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.23	-0.10
Sortino ratio: Return per unit of downside risk	2.87	2.97	-0.10
Omega ratio: Gain probability vs. loss probability	1.37	1.39	-0.02
Calmar ratio: Return relative to maximum drawdown	2.80	2.58	+0.22
Martin ratio: Return relative to average drawdown	11.82	8.04	+3.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XUSP vs. MSTQ - Sharpe Ratio Comparison

The current XUSP Sharpe Ratio is 2.13, which is comparable to the MSTQ Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of XUSP 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

	XUSP	MSTQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.23	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	0.87	+0.17

Drawdowns

XUSP vs. MSTQ - Drawdown Comparison

The maximum XUSP drawdown since its inception was -22.59%, smaller than the maximum MSTQ drawdown of -31.05%. Use the drawdown chart below to compare losses from any high point for XUSP and MSTQ.

Drawdown Indicators

	XUSP	MSTQ	Difference
Max Drawdown Largest peak-to-trough decline	-22.59%	-31.05%	+8.46%
Max Drawdown (1Y) Largest decline over 1 year	-12.13%	-12.39%	+0.26%
Max Drawdown (3Y) Largest decline over 3 years	-22.59%	-15.22%	-7.37%
Current Drawdown Current decline from peak	-0.86%	-0.21%	-0.65%
Average Drawdown Average peak-to-trough decline	-4.42%	-8.62%	+4.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	3.97%	-1.11%

Volatility

XUSP vs. MSTQ - Volatility Comparison

Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) and LHA Market State Tactical Q ETF (MSTQ) have volatilities of 4.13% and 4.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XUSP	MSTQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	4.25%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	11.89%	10.58%	+1.31%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	14.35%	+1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.21%	18.85%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.21%	18.85%	+0.36%

XUSP vs. MSTQ - Expense Ratio Comparison

XUSP has a 0.79% expense ratio, which is lower than MSTQ's 1.59% expense ratio.

Dividends

XUSP vs. MSTQ - Dividend Comparison

XUSP has not paid dividends to shareholders, while MSTQ's dividend yield for the trailing twelve months is around 11.90%.

Position	TTM	2025	2024	2023
MSTQ LHA Market State Tactical Q ETF	11.90%	13.97%	3.72%	0.77%
XUSP Innovator Uncapped Accelerated U.S. Equity ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XUSP and MSTQ in my portfolio?

XUSP and MSTQ have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XUSP or MSTQ?

MSTQ has higher volatility (4.25%) compared to XUSP (4.13%). In terms of maximum drawdown, XUSP dropped -22.59% vs MSTQ's -31.05%.

Which ETF is better, XUSP or MSTQ?

On 3-year performance, XUSP leads with 25.24% vs 24.11% for MSTQ. On fees, XUSP is cheaper at 0.79% per year. On volatility, XUSP has been the lower-risk option at 4.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XUSP or MSTQ?

Over the 3-year period, XUSP has performed better with a 25.24% return vs 24.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XUSP or MSTQ?

XUSP is cheaper with a 0.79% expense ratio, compared with 1.59% for MSTQ.

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

MSTQ has the higher dividend yield at 11.90%, compared with 0.00% for XUSP.

What is the main difference between XUSP and MSTQ?

They also come from different issuers: Innovator and Little Harbor Advisors. Their fees differ too: 0.79% for XUSP and 1.59% for MSTQ.

Which has better risk-adjusted returns?

MSTQ currently has the higher Sharpe Ratio (2.23 vs 2.13), 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.