MAGG vs. MSTI

Last updated Jun 4, 2026

MAGG (Madison Aggregate Bond ETF) and MSTI (Madison Short-Term Strategic Income ETF) are both exchange-traded funds - MAGG is a Intermediate Core Bond 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, MAGG returned 5.46% vs 4.30% for MSTI. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.40% expense ratio.

Performance

MAGG vs. MSTI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Aggregate Bond ETF (MAGG) 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, MAGG achieves a 0.15% return, which is significantly lower than MSTI's 0.63% return.

MAGG

• 1D: -0.02%
• 1M: 0.24%
• YTD: 0.15%
• 6M: 0.22%
• 1Y: 5.46%
• 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)

MAGG vs. MSTI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MAGG Madison Aggregate Bond ETF	0.15%	7.28%	1.81%	5.26%
MSTI Madison Short-Term Strategic Income ETF	0.63%	6.33%	4.84%	4.14%

Correlation

The correlation between MAGG and MSTI is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (All Time) Calculated using the full available price history since Sep 7, 2023	0.75

The correlation between MAGG and MSTI has been stable across timeframes, ranging from 0.67 to 0.75 - a consistent structural relationship.

Return for Risk

MAGG vs. MSTI — Risk / Return Rank

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

MAGG

MAGG Risk / Return Rank: 40
MAGG Sharpe Ratio Rank: 39
MAGG Sortino Ratio Rank: 42
MAGG Omega Ratio Rank: 40
MAGG Calmar Ratio Rank: 40
MAGG Martin Ratio Rank: 38

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.

MAGG vs. MSTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Aggregate Bond ETF (MAGG) 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.

	MAGG	MSTI	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.76	-0.38
Sortino ratio: Return per unit of downside risk	2.11	2.64	-0.53
Omega ratio: Gain probability vs. loss probability	1.25	1.35	-0.10
Calmar ratio: Return relative to maximum drawdown	1.92	3.28	-1.36
Martin ratio: Return relative to average drawdown	5.88	13.50	-7.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAGG vs. MSTI - Sharpe Ratio Comparison

The current MAGG Sharpe Ratio is 1.37, which is comparable to the MSTI Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of MAGG 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.

Sharpe Ratios by Period

	MAGG	MSTI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	1.76	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	2.17	-1.12

Drawdowns

MAGG vs. MSTI - Drawdown Comparison

The maximum MAGG drawdown since its inception was -4.56%, which is greater than MSTI's maximum drawdown of -1.48%. Use the drawdown chart below to compare losses from any high point for MAGG and MSTI.

Drawdown Indicators

	MAGG	MSTI	Difference
Max Drawdown Largest peak-to-trough decline	-4.56%	-1.48%	-3.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.86%	-1.32%	-1.54%
Current Drawdown Current decline from peak	-1.52%	-0.33%	-1.19%
Average Drawdown Average peak-to-trough decline	-1.25%	-0.29%	-0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.32%	+0.61%

Volatility

MAGG vs. MSTI - Volatility Comparison

Madison Aggregate Bond ETF (MAGG) has a higher volatility of 1.17% compared to Madison Short-Term Strategic Income ETF (MSTI) at 0.58%. This indicates that MAGG'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

	MAGG	MSTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	0.58%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	2.58%	1.61%	+0.97%
Volatility (1Y) Calculated over the trailing 1-year period	3.99%	2.45%	+1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.75%	2.71%	+2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.75%	2.71%	+2.04%

MAGG vs. MSTI - Expense Ratio Comparison

Both MAGG and MSTI have an expense ratio of 0.40%.

Dividends

MAGG vs. MSTI - Dividend Comparison

MAGG's dividend yield for the trailing twelve months is around 4.74%, less than MSTI's 5.34% yield.

Position	TTM	2025	2024	2023
MAGG Madison Aggregate Bond ETF	4.74%	4.80%	5.13%	1.49%
MSTI Madison Short-Term Strategic Income ETF	5.34%	5.40%	5.48%	1.55%

Frequently Asked Questions

Can I hold both MAGG and MSTI in my portfolio?

MAGG and MSTI have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAGG or MSTI?

MAGG has higher volatility (1.17%) compared to MSTI (0.58%). In terms of maximum drawdown, MAGG dropped -4.56% vs MSTI's -1.48%.

Which ETF is better, MAGG or MSTI?

On 1-year performance, MAGG leads with 5.46% vs 4.30% for MSTI. Both ETFs have the same 0.40% expense ratio. 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.

Which ETF has performed better, MAGG or MSTI?

Over the 1-year period, MAGG has performed better with a 5.46% return vs 4.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAGG or MSTI?

MAGG and MSTI have the same expense ratio: 0.40% per year.

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

MSTI has the higher dividend yield at 5.34%, compared with 4.74% for MAGG.

What is the main difference between MAGG and MSTI?

MAGG is categorized as Intermediate Core Bond, while MSTI is Short-Term Bond.

Which has better risk-adjusted returns?

MSTI currently has the higher Sharpe Ratio (1.76 vs 1.37), 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.