FCLO vs. MSTI

Last updated Jun 4, 2026

FCLO (Fidelity CLO ETF) and MSTI (Madison Short-Term Strategic Income ETF) are both exchange-traded funds - FCLO is a CLO fund actively managed by Fidelity, while MSTI is a Short-Term Bond fund actively managed by Madison. Both are actively managed. At a correlation of -0.14, they often move in opposite directions. FCLO charges 0.45%/yr vs 0.40%/yr for MSTI.

Performance

FCLO vs. MSTI - Performance Comparison

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

Returns By Period

FCLO

• 1D: 0.02%
• 1M: 0.50%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTI

• 1D: -0.12%
• 1M: 0.14%
• YTD: 0.63%
• 6M: 0.87%
• 1Y: 4.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FCLO vs. MSTI - Yearly Performance Comparison

	2026 (YTD)
FCLO Fidelity CLO ETF	1.70%
MSTI Madison Short-Term Strategic Income ETF	0.03%

Correlation

The correlation between FCLO and MSTI 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 (All Time) Calculated using the full available price history since Feb 13, 2026	-0.14

Return for Risk

FCLO vs. MSTI — Risk / Return Rank

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

MSTI

MSTI Risk / Return Rank: 60
MSTI Sharpe Ratio Rank: 51
MSTI Sortino Ratio Rank: 55
MSTI Omega Ratio Rank: 57
MSTI Calmar Ratio Rank: 66
MSTI Martin Ratio Rank: 72

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.

FCLO vs. MSTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity CLO ETF (FCLO) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FCLO	MSTI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.76	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.96	2.17	+1.79

Drawdowns

FCLO vs. MSTI - Drawdown Comparison

The maximum FCLO drawdown since its inception was -0.58%, smaller than the maximum MSTI drawdown of -1.48%. Use the drawdown chart below to compare losses from any high point for FCLO and MSTI.

Drawdown Indicators

	FCLO	MSTI	Difference
Max Drawdown Largest peak-to-trough decline	-0.58%	-1.48%	+0.90%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.32%	—
Current Drawdown Current decline from peak	0.00%	-0.33%	+0.33%
Average Drawdown Average peak-to-trough decline	-0.09%	-0.29%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.32%	—

Volatility

Volatility by Period

	FCLO	MSTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.58%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.61%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.46%	2.45%	-0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.46%	2.71%	-1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.46%	2.71%	-1.25%

FCLO vs. MSTI - Expense Ratio Comparison

FCLO has a 0.45% expense ratio, which is higher than MSTI's 0.40% expense ratio.

Dividends

FCLO vs. MSTI - Dividend Comparison

FCLO's dividend yield for the trailing twelve months is around 1.56%, less than MSTI's 5.34% yield.

Position	TTM	2025	2024	2023
FCLO Fidelity CLO ETF	1.56%	0.00%	0.00%	0.00%
MSTI Madison Short-Term Strategic Income ETF	5.34%	5.40%	5.48%	1.55%

Frequently Asked Questions

Can I hold both FCLO and MSTI in my portfolio?

FCLO and MSTI 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 ETF is better, FCLO or MSTI?

On fees, MSTI is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCLO or MSTI?

MSTI is cheaper with a 0.40% expense ratio, compared with 0.45% for FCLO.

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

MSTI has the higher dividend yield at 5.34%, compared with 1.56% for FCLO.

What is the main difference between FCLO and MSTI?

FCLO is categorized as CLO, while MSTI is Short-Term Bond. They also come from different issuers: Fidelity and Madison. Their fees differ too: 0.45% for FCLO and 0.40% for MSTI.