- Issuer
- Madison
- Inception Date
- Sep 5, 2023
- Category
- Short-Term Bond
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $7M
Share Price Chart
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Performance
MSTI Performance Chart
Madison Short-Term Strategic Income ETF (MSTI) is up 0.6% since the beginning of the year. MSTI is currently trading at $20 per share.
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Returns By Period
Madison Short-Term Strategic Income ETF (MSTI) has returned 0.63% so far this year and 3.84% over the past 12 months.
Madison Short-Term Strategic Income ETF
- 1D
- -0.12%
- 1M
- 0.24%
- YTD
- 0.63%
- 6M
- 1.19%
- 1Y
- 3.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
MSTI Monthly Returns History
Based on dividend-adjusted daily data since Sep 6, 2023, MSTI's average daily return is +0.02%, while the average monthly return is +0.46%. At this rate, an investment would double in approximately 12.6 years.
Historically, 76% of months were positive and 24% were negative. The best month was Nov 2023 with a return of +2.7%, while the worst month was Oct 2024 at -0.9%. The longest winning streak lasted 14 consecutive months, and the longest losing streak was 2 months.
On a daily basis, MSTI closed higher 54% of trading days. The best single day was Dec 13, 2023 with a return of +0.8%, while the worst single day was Apr 10, 2025 at -0.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.28% | 0.65% | -0.68% | 0.37% | 0.13% | -0.12% | 0.63% | ||||||
| 2025 | 0.43% | 0.92% | 0.39% | 0.66% | 0.28% | 0.95% | 0.02% | 0.91% | 0.36% | 0.31% | 0.68% | 0.24% | 6.33% |
| 2024 | 0.25% | -0.33% | 0.64% | -0.64% | 0.98% | 0.65% | 1.32% | 1.18% | 0.89% | -0.90% | 0.83% | -0.11% | 4.84% |
| 2023 | -0.42% | -0.27% | 2.74% | 2.06% | 4.13% |
Benchmark Metrics
Madison Short-Term Strategic Income ETF has an annualized alpha of 4.67%, beta of 0.05, and R2 of 0.10 versus S&P 500 Index. Calculated based on daily prices since September 06, 2023.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (16.18%) than losses (1.13%) - typical of diversified or defensive assets.
- Beta of 0.05 may look defensive, but with R2 of 0.10 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.10 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 4.67%
- Beta
- 0.05
- R²
- 0.10
- Upside Capture
- 16.18%
- Downside Capture
- 1.13%
Expense Ratio
MSTI has an expense ratio of 0.40%, placing it in the medium range.
Return for Risk
Risk / Return Rank
MSTI ranks 55 for risk / return — on par with similar ETFs. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Madison Short-Term Strategic Income ETF (MSTI) and compare them to S&P 500 Index.
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.
| MSTI | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.37 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.93 | 2.78 | +0.14 |
| Martin ratioReturn relative to average drawdown | 11.87 | 12.44 | -0.57 |
Dividends
Dividend History
Madison Short-Term Strategic Income ETF provided a 5.34% dividend yield over the last twelve months, with an annual payout of $1.08 per share.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $1.08 | $1.11 | $1.11 | $0.32 |
Dividend yield | 5.34% | 5.40% | 5.48% | 1.55% |
Monthly Dividends
The table displays the monthly dividend distributions for Madison Short-Term Strategic Income ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.07 | $0.02 | $0.09 | $0.09 | $0.08 | $0.00 | $0.36 | ||||||
| 2025 | $0.08 | $0.04 | $0.09 | $0.09 | $0.09 | $0.08 | $0.08 | $0.08 | $0.08 | $0.09 | $0.08 | $0.22 | $1.11 |
| 2024 | $0.07 | $0.09 | $0.10 | $0.09 | $0.11 | $0.08 | $0.07 | $0.09 | $0.08 | $0.09 | $0.09 | $0.15 | $1.11 |
| 2023 | $0.02 | $0.09 | $0.09 | $0.12 | $0.32 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Madison Short-Term Strategic Income ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Madison Short-Term Strategic Income ETF was 1.48%, occurring on Oct 19, 2023. Recovery took 11 trading sessions.
The current Madison Short-Term Strategic Income ETF drawdown is 0.33%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 pullback2023 | -1.48%Oct 2023 | 1mo 4d | 15d | 1mo 19dSep 2023 - Nov 2023 |
2026 pullback2026 | -1.32%Mar 2026 | 1mo 1d | 1mo 6d | 2mo 7dFeb 2026 - May 2026 |
2024 pullback2024 | -1.22%Nov 2024 | 29d | 2mo 24d | 3mo 23dOct 2024 - Jan 2025 |
2025 selloff2025 | -1.07%Apr 2025 | 6d | 15d | 21dApr 2025 - Apr 2025 |
2024 pullback2024 | -1.07%Apr 2024 | 19d | 17d | 1mo 6dMar 2024 - May 2024 |
Drawdown Indicators
| MSTI | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.48% | -56.78% | +55.30% |
Max Drawdown (1Y)Largest decline over 1 year | -1.32% | -9.10% | +7.78% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.33% | -1.80% | +1.47% |
Average DrawdownAverage peak-to-trough decline | -0.29% | -10.71% | +10.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.32% | 2.03% | -1.71% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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