BDGS vs. MDST

Last updated Jun 24, 2026

BDGS (Bridges Capital Tactical ETF) and MDST (Westwood Salient Enhanced Midstream Income ETF) are both exchange-traded funds - BDGS is a Large Cap Blend Equities fund actively managed by Bridges, while MDST is a Energy Equities fund actively managed by Westwood. Both are actively managed. Over the past year, BDGS returned 11.63% vs 20.94% for MDST. At a 0.17 correlation, their price movements are largely independent. BDGS charges 0.87%/yr vs 0.80%/yr for MDST.

Performance

BDGS vs. MDST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bridges Capital Tactical ETF (BDGS) and Westwood Salient Enhanced Midstream Income ETF (MDST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDGS achieves a 4.21% return, which is significantly lower than MDST's 16.53% return.

BDGS

• 1D: -0.33%
• 1M: -1.13%
• YTD: 4.21%
• 6M: 3.97%
• 1Y: 11.63%
• 3Y*: 13.42%
• 5Y*: —
• 10Y*: —

MDST

• 1D: 1.73%
• 1M: -1.91%
• YTD: 16.53%
• 6M: 16.66%
• 1Y: 20.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BDGS vs. MDST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BDGS Bridges Capital Tactical ETF	4.21%	10.61%	16.52%
MDST Westwood Salient Enhanced Midstream Income ETF	16.53%	7.09%	17.03%

Correlation

The correlation between BDGS and MDST is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Apr 9, 2024	0.17

The correlation between BDGS and MDST shifts across timeframes, from -0.14 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

BDGS vs. MDST - Sectors Allocation Comparison

Sectors	BDGS	MDST
Technology	37.4%	-
Communication Services	16.6%	-
Consumer Cyclical	10.9%	-
Financial Services	9.3%	-
Healthcare	7.5%	-
Industrials	6.6%	-
Consumer Defensive	4.1%	-
Energy	2.6%	100.0%
Utilities	1.9%	-
Real Estate	1.5%	-
Basic Materials	1.5%	-

Return for Risk

BDGS vs. MDST — Risk / Return Rank

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

BDGS

BDGS Risk / Return Rank: 62
BDGS Sharpe Ratio Rank: 56
BDGS Sortino Ratio Rank: 61
BDGS Omega Ratio Rank: 64
BDGS Calmar Ratio Rank: 61
BDGS Martin Ratio Rank: 71

MDST

MDST Risk / Return Rank: 55
MDST Sharpe Ratio Rank: 53
MDST Sortino Ratio Rank: 54
MDST Omega Ratio Rank: 52
MDST Calmar Ratio Rank: 67
MDST Martin Ratio Rank: 52

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.

BDGS vs. MDST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bridges Capital Tactical ETF (BDGS) and Westwood Salient Enhanced Midstream Income ETF (MDST). 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.

	BDGS	MDST	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.69	+0.15
Sortino ratio: Return per unit of downside risk	2.75	2.42	+0.33
Omega ratio: Gain probability vs. loss probability	1.37	1.30	+0.07
Calmar ratio: Return relative to maximum drawdown	2.90	3.12	-0.22
Martin ratio: Return relative to average drawdown	12.72	8.43	+4.29

BDGS vs. MDST - Sharpe Ratio Comparison

The current BDGS Sharpe Ratio is 1.84, which is comparable to the MDST Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of BDGS and MDST, 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

BDGS vs. MDST - Drawdown Comparison

The maximum BDGS drawdown since its inception was -9.12%, smaller than the maximum MDST drawdown of -14.19%. Use the drawdown chart below to compare losses from any high point for BDGS and MDST.

Drawdown Indicators

	BDGS	MDST	Difference
Max Drawdown Largest peak-to-trough decline	-9.12%	-14.19%	+5.07%
Max Drawdown (1Y) Largest decline over 1 year	-4.03%	-6.74%	+2.71%
Max Drawdown (3Y) Largest decline over 3 years	-9.12%	—	—
Current Drawdown Current decline from peak	-2.17%	-2.20%	+0.03%
Average Drawdown Average peak-to-trough decline	-0.66%	-2.20%	+1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	2.49%	-1.57%

Volatility

BDGS vs. MDST - Volatility Comparison

The current volatility for Bridges Capital Tactical ETF (BDGS) is 2.30%, while Westwood Salient Enhanced Midstream Income ETF (MDST) has a volatility of 4.87%. This indicates that BDGS experiences smaller price fluctuations and is considered to be less risky than MDST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDGS	MDST	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.30%	4.87%	-2.57%
Volatility (6M) Calculated over the trailing 6-month period	5.17%	8.71%	-3.54%
Volatility (1Y) Calculated over the trailing 1-year period	6.38%	12.45%	-6.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.22%	16.11%	-7.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.22%	16.11%	-7.89%

BDGS vs. MDST - Expense Ratio Comparison

BDGS has a 0.87% expense ratio, which is higher than MDST's 0.80% expense ratio.

Dividends

BDGS vs. MDST - Dividend Comparison

BDGS's dividend yield for the trailing twelve months is around 0.53%, less than MDST's 9.20% yield.

Position	TTM	2025	2024	2023
BDGS Bridges Capital Tactical ETF	0.53%	0.55%	1.81%	0.84%
MDST Westwood Salient Enhanced Midstream Income ETF	9.20%	10.22%	6.60%	0.00%

Frequently Asked Questions

Can I hold both BDGS and MDST in my portfolio?

BDGS and MDST have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BDGS or MDST?

MDST has higher volatility (4.87%) compared to BDGS (2.30%). In terms of maximum drawdown, BDGS dropped -9.12% vs MDST's -14.19%.

Which ETF is better, BDGS or MDST?

On 1-year performance, MDST leads with 20.94% vs 11.63% for BDGS. On fees, MDST is cheaper at 0.80% per year. On volatility, BDGS has been the lower-risk option at 2.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDGS or MDST?

Over the 1-year period, MDST has performed better with a 20.94% return vs 11.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDGS or MDST?

MDST is cheaper with a 0.80% expense ratio, compared with 0.87% for BDGS.

Which ETF pays a higher dividend yield, BDGS or MDST?

MDST has the higher dividend yield at 9.20%, compared with 0.53% for BDGS.

What is the main difference between BDGS and MDST?

BDGS is categorized as Large Cap Blend Equities, while MDST is Energy Equities. They also come from different issuers: Bridges and Westwood. Their fees differ too: 0.87% for BDGS and 0.80% for MDST.

Which has better risk-adjusted returns?

BDGS currently has the higher Sharpe Ratio (1.84 vs 1.69), 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.