DBA vs. MSTI
DBA (Invesco DB Agriculture Fund) and MSTI (Madison Short-Term Strategic Income ETF) are both exchange-traded funds - DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index TR, while MSTI is a Short-Term Bond fund actively managed by Madison. DBA is passively managed, while MSTI is actively managed. Over the past year, DBA returned 2.80% vs 4.10% for MSTI. At a correlation of -0.03, they often move in opposite directions. DBA charges 0.94%/yr vs 0.40%/yr for MSTI.
Performance
DBA vs. MSTI - Performance Comparison
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Returns By Period
In the year-to-date period, DBA achieves a 4.58% return, which is significantly higher than MSTI's 0.70% return.
DBA
- 1D
- -0.63%
- 1M
- -5.92%
- YTD
- 4.58%
- 6M
- 4.51%
- 1Y
- 2.80%
- 3Y*
- 13.02%
- 5Y*
- 9.73%
- 10Y*
- 3.35%
MSTI
- 1D
- 0.07%
- 1M
- 0.14%
- YTD
- 0.70%
- 6M
- 1.09%
- 1Y
- 4.10%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DBA vs. MSTI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 4.58% | -0.56% | 33.45% | -1.15% |
MSTI Madison Short-Term Strategic Income ETF | 0.70% | 6.33% | 4.84% | 4.14% |
Correlation
The correlation between DBA and MSTI is -0.17, 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 | -0.17 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2023 | -0.03 |
The correlation between DBA and MSTI shifts across timeframes, from -0.17 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DBA vs. MSTI — Risk / Return Rank
DBA
MSTI
DBA vs. MSTI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) and Madison Short-Term Strategic Income ETF (MSTI). 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.
| DBA | MSTI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.42 | ||
| Sortino ratioReturn per unit of downside risk | -2.08 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.34 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.35 | 3.12 | -2.77 |
| Martin ratioReturn relative to average drawdown | 0.69 | 12.92 | -12.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DBA | MSTI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.26 | 1.68 | -1.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 2.18 | -2.10 |
Drawdowns
DBA vs. MSTI - Drawdown Comparison
The maximum DBA drawdown since its inception was -67.97%, which is greater than MSTI's maximum drawdown of -1.48%. Use the drawdown chart below to compare losses from any high point for DBA and MSTI.
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Drawdown Indicators
| DBA | MSTI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.97% | -1.48% | -66.49% |
Max Drawdown (1Y)Largest decline over 1 year | -7.99% | -1.32% | -6.67% |
Max Drawdown (3Y)Largest decline over 3 years | -12.36% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.94% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.16% | — | — |
Current DrawdownCurrent decline from peak | -26.37% | -0.25% | -26.12% |
Average DrawdownAverage peak-to-trough decline | -41.10% | -0.29% | -40.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.09% | 0.32% | +3.77% |
Volatility
DBA vs. MSTI - Volatility Comparison
Invesco DB Agriculture Fund (DBA) has a higher volatility of 4.15% compared to Madison Short-Term Strategic Income ETF (MSTI) at 0.58%. This indicates that DBA's price experiences larger fluctuations and is considered to be riskier than MSTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBA | MSTI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.15% | 0.58% | +3.57% |
Volatility (6M)Calculated over the trailing 6-month period | 6.48% | 1.61% | +4.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.78% | 2.46% | +8.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.08% | 2.71% | +11.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.09% | 2.71% | +10.38% |
DBA vs. MSTI - Expense Ratio Comparison
DBA has a 0.94% expense ratio, which is higher than MSTI's 0.40% expense ratio.
Dividends
DBA vs. MSTI - Dividend Comparison
DBA's dividend yield for the trailing twelve months is around 3.42%, less than MSTI's 5.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 3.42% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% |
MSTI Madison Short-Term Strategic Income ETF | 5.33% | 5.40% | 5.48% | 1.55% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DBA and MSTI have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBA has higher volatility (4.15%) compared to MSTI (0.58%). In terms of maximum drawdown, DBA dropped -67.97% vs MSTI's -1.48%.
On 1-year performance, MSTI leads with 4.10% vs 2.80% for DBA. On fees, MSTI is cheaper at 0.40% per year. On volatility, MSTI has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MSTI has performed better with a 4.10% return vs 2.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MSTI is cheaper with a 0.40% expense ratio, compared with 0.94% for DBA.
MSTI has the higher dividend yield at 5.33%, compared with 3.42% for DBA.
DBA is categorized as Agricultural Commodities, while MSTI is Short-Term Bond. They also come from different issuers: Invesco and Madison. Their fees differ too: 0.94% for DBA and 0.40% for MSTI.
MSTI currently has the higher Sharpe Ratio (1.68 vs 0.26), 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.
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