MSTI vs. BBSB

Last updated Jun 24, 2026

MSTI (Madison Short-Term Strategic Income ETF) and BBSB (JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF) are both exchange-traded funds - MSTI is a Short-Term Bond fund actively managed by Madison, while BBSB is a Government Bonds fund tracking the ICE U.S. Treasury 1-3 Year Bond Index. MSTI is actively managed, while BBSB is passively managed. Over the past year, MSTI returned 3.63% vs 2.97% for BBSB. A 0.66 correlation means they provide meaningful diversification when combined. MSTI charges 0.40%/yr vs 0.04%/yr for BBSB.

Performance

MSTI vs. BBSB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Short-Term Strategic Income ETF (MSTI) and JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF (BBSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTI achieves a 0.73% return, which is significantly higher than BBSB's 0.46% return.

MSTI

• 1D: 0.10%
• 1M: 0.34%
• YTD: 0.73%
• 6M: 0.94%
• 1Y: 3.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BBSB

• 1D: 0.07%
• 1M: 0.16%
• YTD: 0.46%
• 6M: 0.63%
• 1Y: 2.97%
• 3Y*: 4.20%
• 5Y*: —
• 10Y*: —

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

MSTI vs. BBSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MSTI Madison Short-Term Strategic Income ETF	0.73%	6.33%	4.84%	4.13%
BBSB JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF	0.46%	5.12%	4.00%	2.65%

Correlation

The correlation between MSTI and BBSB is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since Sep 6, 2023	0.66

The correlation between MSTI and BBSB has been stable across timeframes, ranging from 0.60 to 0.66 - a consistent structural relationship.

Return for Risk

MSTI vs. BBSB — Risk / Return Rank

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

MSTI

MSTI Risk / Return Rank: 54
MSTI Sharpe Ratio Rank: 46
MSTI Sortino Ratio Rank: 48
MSTI Omega Ratio Rank: 50
MSTI Calmar Ratio Rank: 60
MSTI Martin Ratio Rank: 66

BBSB

BBSB Risk / Return Rank: 81
BBSB Sharpe Ratio Rank: 80
BBSB Sortino Ratio Rank: 90
BBSB Omega Ratio Rank: 85
BBSB Calmar Ratio Rank: 74
BBSB Martin Ratio Rank: 78

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.

MSTI vs. BBSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Short-Term Strategic Income ETF (MSTI) and JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF (BBSB). 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.

	MSTI	BBSB	Difference
Sharpe ratio: Return per unit of total volatility	1.50	2.34	-0.84
Sortino ratio: Return per unit of downside risk	2.24	3.89	-1.65
Omega ratio: Gain probability vs. loss probability	1.30	1.48	-0.18
Calmar ratio: Return relative to maximum drawdown	2.77	3.48	-0.72
Martin ratio: Return relative to average drawdown	11.20	13.90	-2.71

MSTI vs. BBSB - Sharpe Ratio Comparison

The current MSTI Sharpe Ratio is 1.50, which is lower than the BBSB Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of MSTI and BBSB, 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

MSTI vs. BBSB - Drawdown Comparison

The maximum MSTI drawdown since its inception was -1.48%, smaller than the maximum BBSB drawdown of -1.57%. Use the drawdown chart below to compare losses from any high point for MSTI and BBSB.

Drawdown Indicators

	MSTI	BBSB	Difference
Max Drawdown Largest peak-to-trough decline	-1.48%	-1.57%	+0.09%
Max Drawdown (1Y) Largest decline over 1 year	-1.32%	-0.86%	-0.46%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.96%	—
Current Drawdown Current decline from peak	-0.23%	-0.26%	+0.03%
Average Drawdown Average peak-to-trough decline	-0.29%	-0.31%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	0.21%	+0.11%

Volatility

MSTI vs. BBSB - Volatility Comparison

Madison Short-Term Strategic Income ETF (MSTI) has a higher volatility of 0.49% compared to JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF (BBSB) at 0.41%. This indicates that MSTI's price experiences larger fluctuations and is considered to be riskier than BBSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTI	BBSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.49%	0.41%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	1.64%	0.90%	+0.74%
Volatility (1Y) Calculated over the trailing 1-year period	2.45%	1.28%	+1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.70%	1.66%	+1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.70%	1.66%	+1.04%

MSTI vs. BBSB - Expense Ratio Comparison

MSTI has a 0.40% expense ratio, which is higher than BBSB's 0.04% expense ratio.

Dividends

MSTI vs. BBSB - Dividend Comparison

MSTI's dividend yield for the trailing twelve months is around 5.33%, more than BBSB's 3.81% yield.

Position	TTM	2025	2024	2023
BBSB JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF	3.81%	3.69%	4.84%	3.50%
MSTI Madison Short-Term Strategic Income ETF	5.33%	5.40%	5.48%	1.55%

Frequently Asked Questions

Can I hold both MSTI and BBSB in my portfolio?

MSTI and BBSB have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTI or BBSB?

MSTI has higher volatility (0.49%) compared to BBSB (0.41%). In terms of maximum drawdown, MSTI dropped -1.48% vs BBSB's -1.57%.

Which ETF is better, MSTI or BBSB?

On 1-year performance, MSTI leads with 3.63% vs 2.97% for BBSB. On fees, BBSB is cheaper at 0.04% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTI or BBSB?

Over the 1-year period, MSTI has performed better with a 3.63% return vs 2.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTI or BBSB?

BBSB is cheaper with a 0.04% expense ratio, compared with 0.40% for MSTI.

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

MSTI has the higher dividend yield at 5.33%, compared with 3.81% for BBSB.

What is the main difference between MSTI and BBSB?

MSTI is categorized as Short-Term Bond, while BBSB is Government Bonds. They also come from different issuers: Madison and JPMorgan. Their fees differ too: 0.40% for MSTI and 0.04% for BBSB.

Which has better risk-adjusted returns?

BBSB currently has the higher Sharpe Ratio (2.34 vs 1.50), 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.