LHA Market State Tactical Beta ETF (MSTB) Performance
MSTB total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +9.3% since Dec 31, 2025
- 1 year
- +8.8% total return
- 5 years
- +7.7% a year
- Since first price
- +10.7% a year since 2020
MSTB trailing returns vs SPY, QQQ, AGG
| Period | MSTB total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.3% | −1.3% | −1.0% | −5.0% | +0.9% |
| 3 months | +3.1% | +3.1% | +3.2% | +1.9% | −0.4% |
| 6 months | +5.8% | +5.8% | +7.8% | +8.4% | −1.5% |
| YTD | +9.3% | +9.3% | +12.3% | +15.1% | −1.0% |
| 1 year | +8.8% | +8.4% | +14.4% | +15.9% | −1.1% |
| 3 years | +72.2%+19.9%/yr | +69.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +45.2%+7.7%/yr | +38.1% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionSep 30, 2020 | +85.5%+10.7%/yr | +73.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: MSTB vs SPY
From Sep 30, 2020: MSTB grew to $18,554, SPY to $24,605.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
MSTB returns by calendar year
4 of 5 full years positive. Best 2021 (+21.9%), worst 2022 (−22.7%). 2026 is year to date.
MSTB annual returns table
| Year | MSTB | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +9.3% | −7.8% | +12.3% | +15.1% | −1.0% |
| 2025 | +18.6% | −10.8% | +17.7% | +20.8% | +7.2% |
| 2024 | +18.8% | −5.8% | +24.9% | +25.6% | +1.3% |
| 2023 | +16.9% | −9.9% | +26.2% | +54.9% | +5.7% |
| 2022 | −22.7% | −25.6% | −18.2% | −32.6% | −13.0% |
| 2021 | +21.9% | −6.2% | +28.7% | +27.4% | −1.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
MSTB largest drawdowns
Now 2.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 3, 2022 | −25.6% | Sep 30, 2022 | Jun 12, 2024 | 9 months | 2.4 years |
| Jan 23, 2025 | −10.8% | Apr 7, 2025 | May 12, 2025 | 2 months | 4 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
MSTB risk statistics
| Statistic | 3 years | 5 years | Since 2020 |
|---|---|---|---|
| Annualized return | +19.5% | +8.8% | +11.0% |
| Volatility (annualized) | 12.0% | 14.5% | 14.1% |
| Sharpe ratio | 1.19 | 0.41 | 0.60 |
| Sortino ratio | 2.22 | 0.61 | 0.92 |
| Best month | +9.2% | +9.2% | +9.2% |
| Worst month | −5.6% | −8.5% | −8.5% |
| Best 12 months | +32.7% | +32.7% | +32.8% |
| Worst 12 months | +3.1% | −22.7% | −22.7% |
| Positive months | 67% | 60% | 62% |
| Beta vs S&P 500 | 0.90 | 0.89 | — |
| Correlation with S&P 500 | 0.93 | 0.96 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
MSTB rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 62 | −22.7% | +15.0% | +32.8% | 77% |
| 3-year (a year) | 38 | +1.0% | +7.1% | +20.4% | 100% |
| 5-year (a year) | 14 | +7.0% | +8.6% | +12.1% | 100% |
Every holding period starting at a month-end since 2020. Returns for 3 years and longer are annualized.
MSTB performance overview
LHA Market State Tactical Beta ETF (MSTB) returned +8.8% over the past year and +7.7% a year over five years, with distributions reinvested. Since its first recorded price in 2020 it has returned +10.7% a year, turning $10,000 into about $18,554. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −25.6%, from Jan 3, 2022 to Sep 30, 2022, and it took 1.7 years to get back to the old high. MSTB finished 4 of its 5 full calendar years with a gain; the best year was 2021 (+21.9%) and the worst 2022 (−22.7%). Volatility has been 14.1% a year.
Related: MSTB chart, MSTB dividends. See the MSTB overview for the latest quote and fund facts.
MSTB performance FAQ
What is the MSTB return over the past year?
MSTB returned +8.8% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 8.4%.
What is the average annual return of MSTB?
MSTB has returned +7.7% a year over 5 years, +10.7% a year since September 30, 2020 (total return, distributions reinvested).
How much would $10,000 invested in MSTB be worth?
$10,000 invested in MSTB at its first recorded close on September 30, 2020 would be worth about $18,554 on October 23, 2026 with distributions reinvested.
What was the worst year for MSTB?
The worst calendar year was 2022, with a total return of −22.7%. The best was 2021 at +21.9%.
What is the biggest drawdown of MSTB?
The largest peak-to-trough decline was −25.6% between January 3, 2022 and September 30, 2022. It recovered to the old high on June 12, 2024, 1.7 years after the bottom.
How volatile is MSTB?
Over the past 3 years MSTB had an annualized volatility of 12.0% and a Sharpe ratio of 1.19 (excess return over 1–3 month T-bills per unit of risk).