DIVL vs. MSTI

Last updated Jun 23, 2026

DIVL (Madison Dividend Value ETF) and MSTI (Madison Short-Term Strategic Income ETF) are both exchange-traded funds - DIVL is a Large Cap Value Equities fund actively managed by Madison, while MSTI is a Short-Term Bond fund actively managed by Madison. Both are actively managed. Over the past year, DIVL returned 14.51% vs 3.84% for MSTI. At a 0.24 correlation, their price movements are largely independent. DIVL charges 0.65%/yr vs 0.40%/yr for MSTI.

Performance

DIVL vs. MSTI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Dividend Value ETF (DIVL) and Madison Short-Term Strategic Income ETF (MSTI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DIVL achieves a 7.97% return, which is significantly higher than MSTI's 0.63% return.

DIVL

• 1D: 0.65%
• 1M: -1.26%
• YTD: 7.97%
• 6M: 7.23%
• 1Y: 14.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTI

• 1D: -0.12%
• 1M: 0.24%
• YTD: 0.63%
• 6M: 1.19%
• 1Y: 3.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DIVL vs. MSTI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DIVL Madison Dividend Value ETF	7.97%	9.83%	8.81%	2.28%
MSTI Madison Short-Term Strategic Income ETF	0.63%	6.33%	4.84%	4.13%

Correlation

The correlation between DIVL and MSTI is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Sep 6, 2023	0.24

Return for Risk

DIVL vs. MSTI — Risk / Return Rank

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

DIVL

DIVL Risk / Return Rank: 40
DIVL Sharpe Ratio Rank: 40
DIVL Sortino Ratio Rank: 40
DIVL Omega Ratio Rank: 37
DIVL Calmar Ratio Rank: 44
DIVL Martin Ratio Rank: 40

MSTI

MSTI Risk / Return Rank: 55
MSTI Sharpe Ratio Rank: 47
MSTI Sortino Ratio Rank: 49
MSTI Omega Ratio Rank: 51
MSTI Calmar Ratio Rank: 61
MSTI Martin Ratio Rank: 67

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.

DIVL vs. MSTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Dividend Value ETF (DIVL) 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.

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.

	DIVL	MSTI	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.58	-0.21
Sortino ratio: Return per unit of downside risk	1.99	2.36	-0.37
Omega ratio: Gain probability vs. loss probability	1.24	1.31	-0.07
Calmar ratio: Return relative to maximum drawdown	2.10	2.93	-0.83
Martin ratio: Return relative to average drawdown	6.07	11.87	-5.79

DIVL vs. MSTI - Sharpe Ratio Comparison

The current DIVL Sharpe Ratio is 1.36, which is comparable to the MSTI Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of DIVL and MSTI, 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

DIVL vs. MSTI - Drawdown Comparison

The maximum DIVL drawdown since its inception was -14.06%, which is greater than MSTI's maximum drawdown of -1.48%. Use the drawdown chart below to compare losses from any high point for DIVL and MSTI.

Drawdown Indicators

	DIVL	MSTI	Difference
Max Drawdown Largest peak-to-trough decline	-14.06%	-1.48%	-12.58%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-1.32%	-5.61%
Current Drawdown Current decline from peak	-3.51%	-0.33%	-3.18%
Average Drawdown Average peak-to-trough decline	-2.58%	-0.29%	-2.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	0.32%	+2.08%

Volatility

DIVL vs. MSTI - Volatility Comparison

Madison Dividend Value ETF (DIVL) has a higher volatility of 3.01% compared to Madison Short-Term Strategic Income ETF (MSTI) at 0.49%. This indicates that DIVL'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.

Volatility by Period

	DIVL	MSTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	0.49%	+2.52%
Volatility (6M) Calculated over the trailing 6-month period	7.92%	1.64%	+6.28%
Volatility (1Y) Calculated over the trailing 1-year period	10.71%	2.45%	+8.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.36%	2.70%	+9.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.36%	2.70%	+9.66%

DIVL vs. MSTI - Expense Ratio Comparison

DIVL has a 0.65% expense ratio, which is higher than MSTI's 0.40% expense ratio.

Dividends

DIVL vs. MSTI - Dividend Comparison

DIVL's dividend yield for the trailing twelve months is around 1.77%, less than MSTI's 5.34% yield.

Position	TTM	2025	2024	2023
DIVL Madison Dividend Value ETF	1.77%	1.80%	2.19%	1.01%
MSTI Madison Short-Term Strategic Income ETF	5.34%	5.40%	5.48%	1.55%

Frequently Asked Questions

Can I hold both DIVL and MSTI in my portfolio?

DIVL and MSTI have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIVL or MSTI?

DIVL has higher volatility (3.01%) compared to MSTI (0.49%). In terms of maximum drawdown, DIVL dropped -14.06% vs MSTI's -1.48%.

Which ETF is better, DIVL or MSTI?

On 1-year performance, DIVL leads with 14.51% vs 3.84% for MSTI. On fees, MSTI is cheaper at 0.40% per year. On volatility, MSTI has been the lower-risk option at 0.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIVL or MSTI?

Over the 1-year period, DIVL has performed better with a 14.51% return vs 3.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVL or MSTI?

MSTI is cheaper with a 0.40% expense ratio, compared with 0.65% for DIVL.

Which ETF pays a higher dividend yield, DIVL or MSTI?

MSTI has the higher dividend yield at 5.34%, compared with 1.77% for DIVL.

What is the main difference between DIVL and MSTI?

DIVL is categorized as Large Cap Value Equities, while MSTI is Short-Term Bond. Their fees differ too: 0.65% for DIVL and 0.40% for MSTI.

Which has better risk-adjusted returns?

MSTI currently has the higher Sharpe Ratio (1.58 vs 1.36), 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.