MSTI vs. BINC
MSTI (Madison Short-Term Strategic Income ETF) and BINC (iShares Flexible Income Active ETF) are both exchange-traded funds - MSTI is a Short-Term Bond fund actively managed by Madison, while BINC is a Multisector Bonds fund actively managed by iShares. Both are actively managed. Over the past year, MSTI returned 3.84% vs 5.64% for BINC. A 0.69 correlation means they provide meaningful diversification when combined. Both charge a 0.40% expense ratio.
Performance
MSTI vs. BINC - Performance Comparison
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Returns By Period
In the year-to-date period, MSTI achieves a 0.63% return, which is significantly lower than BINC's 1.23% return.
MSTI
- 1D
- -0.12%
- 1M
- 0.24%
- YTD
- 0.63%
- 6M
- 1.19%
- 1Y
- 3.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BINC
- 1D
- -0.02%
- 1M
- 0.63%
- YTD
- 1.23%
- 6M
- 1.46%
- 1Y
- 5.64%
- 3Y*
- 7.10%
- 5Y*
- —
- 10Y*
- —
MSTI vs. BINC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MSTI Madison Short-Term Strategic Income ETF | 0.63% | 6.33% | 4.84% | 4.13% |
BINC iShares Flexible Income Active ETF | 1.23% | 7.57% | 5.76% | 5.49% |
Correlation
The correlation between MSTI and BINC is 0.64, 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 | 0.64 |
Correlation (All Time) Calculated using the full available price history since Sep 6, 2023 | 0.69 |
The correlation between MSTI and BINC has been stable across timeframes, ranging from 0.64 to 0.69 - a consistent structural relationship.
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Return for Risk
MSTI vs. BINC — Risk / Return Rank
MSTI
BINC
MSTI vs. BINC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Madison Short-Term Strategic Income ETF (MSTI) and iShares Flexible Income Active ETF (BINC). 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 | BINC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.49 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.93 | 2.11 | +0.82 |
| Martin ratioReturn relative to average drawdown | 11.87 | 8.22 | +3.65 |
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Drawdowns
MSTI vs. BINC - Drawdown Comparison
The maximum MSTI drawdown since its inception was -1.48%, smaller than the maximum BINC drawdown of -2.69%. Use the drawdown chart below to compare losses from any high point for MSTI and BINC.
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Drawdown Indicators
| MSTI | BINC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.48% | -2.69% | +1.21% |
Max Drawdown (1Y)Largest decline over 1 year | -1.32% | -2.69% | +1.37% |
Max Drawdown (3Y)Largest decline over 3 years | — | -2.69% | — |
Current DrawdownCurrent decline from peak | -0.33% | -0.16% | -0.17% |
Average DrawdownAverage peak-to-trough decline | -0.29% | -0.36% | +0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.32% | 0.69% | -0.37% |
Volatility
MSTI vs. BINC - Volatility Comparison
The current volatility for Madison Short-Term Strategic Income ETF (MSTI) is 0.49%, while iShares Flexible Income Active ETF (BINC) has a volatility of 0.60%. This indicates that MSTI experiences smaller price fluctuations and is considered to be less risky than BINC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSTI | BINC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.49% | 0.60% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 1.64% | 1.88% | -0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.45% | 2.30% | +0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.70% | 2.99% | -0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.70% | 2.99% | -0.29% |
MSTI vs. BINC - Expense Ratio Comparison
Both MSTI and BINC have an expense ratio of 0.40%.
Dividends
MSTI vs. BINC - Dividend Comparison
MSTI's dividend yield for the trailing twelve months is around 5.34%, less than BINC's 5.85% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BINC iShares Flexible Income Active ETF | 5.85% | 5.86% | 6.14% | 3.13% |
MSTI Madison Short-Term Strategic Income ETF | 5.34% | 5.40% | 5.48% | 1.55% |
Frequently Asked Questions
MSTI and BINC have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BINC has higher volatility (0.60%) compared to MSTI (0.49%). In terms of maximum drawdown, MSTI dropped -1.48% vs BINC's -2.69%.
On 1-year performance, BINC leads with 5.64% vs 3.84% for MSTI. Both ETFs have the same 0.40% expense ratio. 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.
Over the 1-year period, BINC has performed better with a 5.64% return vs 3.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MSTI and BINC have the same expense ratio: 0.40% per year.
BINC has the higher dividend yield at 5.85%, compared with 5.34% for MSTI.
MSTI is categorized as Short-Term Bond, while BINC is Multisector Bonds. They also come from different issuers: Madison and iShares.
BINC currently has the higher Sharpe Ratio (2.46 vs 1.58), 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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