MSTB vs SPDN

Comparison between LHA MARKET STATE TACTICAL BETA ETF (MSTB, ETF) and DIREXION DAILY S&P 500 (R) BEAR 1X SHARES (SPDN, ETF).

5-Year PerformanceMSTB has outperformed SPDN, delivering a return of +8.4% compared to -8.8%

MSTB vs SPDN - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	MSTB(ETF)	SPDN(ETF)
Net Assets	$197M	$198M
Expense Ratio	1.38%	0.48%
Max Drawdown	26.34%	79.61%
Sharpe Ratio	1.22	-1.51
5Y Beta	0.58	-0.97
5Y Dividends CAGR	0.26%	89.77%

Net Assets

MSTB

$197M

Winner

SPDN

$198M

Expense Ratio

MSTB

1.38%

Winner

SPDN

0.48%

Max Drawdown

Winner

MSTB

26.34%

SPDN

79.61%

Sharpe Ratio

Winner

MSTB

1.22

SPDN

-1.51

5Y Beta

MSTB

0.58

Winner

SPDN

-0.97

5Y Dividends CAGR

MSTB

0.26%

Winner

SPDN

89.77%

MSTB vs SPDN - Historical Returns

Returns include dividend reinvestment.

Period	MSTB	SPDN
1 month	+0.70%	-1.59%
3 months	+9.83%	-10.46%
6 months	+8.54%	-7.84%
1 year	+19.25%	-16.06%
5 years(CAGR)	+8.35%	-8.77%
10 years(CAGR)	N/A	-12.69%
Max(CAGR)	+11.23%	-12.48%

Winner

MSTB

+0.70%

SPDN

-1.59%

Winner

MSTB

+9.83%

SPDN

-10.46%

Winner

MSTB

+8.54%

SPDN

-7.84%

Winner

MSTB

+19.25%

SPDN

-16.06%

5Y(CAGR)

Winner

MSTB

+8.35%

SPDN

-8.77%

10Y(CAGR)

MSTB

N/A

SPDN

-12.69%

Max(CAGR)

Winner

MSTB

+11.23%

SPDN

-12.48%

MSTB vs SPDN - Annual Returns (2016 - 2026)

Returns include dividend reinvestment.

Year	MSTB	SPDN
2026	+8.11%	-7.70%
2025	+18.86%	-11.32%
2024	+19.29%	-13.44%
2023	+16.84%	-15.40%
2022	-23.20%	+19.39%
2021	+22.88%	-24.71%
2020	+9.44%	-23.87%
2019	N/A	-21.99%
2018	N/A	+6.21%
2017	N/A	-16.49%
2016	N/A	-6.92%

MSTB vs SPDN Drawdown Comparison

The maximum drawdown for MSTB was -25.64%, occurring on Sep 30, 2022. Recovery took 613 trading sessions.

The maximum drawdown for SPDN was -75.30%, occurring on Jun 2, 2026. This drawdown has not yet recovered.

The current MSTB drawdown is -1.19%. The current SPDN drawdown is -75.13%.

Rank	MSTB	SPDN
#1	-25.64% Jan 3, 2022 - Jun 12, 2024	-75.30% Jun 27, 2016 - Jun 2, 2026
#2	-10.81% Jan 23, 2025 - May 12, 2025	-2.37% Jun 16, 2016 - Jun 24, 2016
#3	-8.31% Oct 29, 2025 - Apr 16, 2026	N/A
#4	-6.18% Aug 30, 2021 - Nov 3, 2021	N/A
#5	-5.83% Nov 18, 2021 - Dec 23, 2021	N/A
#6	-5.60% Jul 16, 2024 - Sep 19, 2024	N/A
#7	-5.16% Oct 12, 2020 - Nov 9, 2020	N/A
#8	-5.03% Feb 12, 2021 - Apr 1, 2021	N/A
#9	-4.26% Dec 6, 2024 - Jan 23, 2025	N/A
#10	-4.09% Jun 2, 2026 - Jun 10, 2026	N/A
#11	-3.39% Jul 12, 2021 - Jul 23, 2021	N/A
#12	-3.20% May 7, 2021 - Jun 30, 2021	N/A
#13	-2.88% Oct 18, 2024 - Nov 7, 2024	N/A
#14	-2.80% Oct 8, 2025 - Oct 21, 2025	N/A
#15	-2.62% May 19, 2025 - Jun 3, 2025	N/A

Correlation

Correlation between MSTB and SPDN is -0.90 which considered as a very strong negative correlation - the stocks move almost identically in opposite directions.

-0.90

-101