MSTI vs. BSV

Last updated Jun 5, 2026

MSTI (Madison Short-Term Strategic Income ETF) and BSV (Vanguard Short-Term Bond Index Fund ETF Shares) are both Short-Term Bond funds. MSTI is actively managed, while BSV is passively managed. Over the past year, MSTI returned 4.10% vs 3.51% for BSV. A 0.75 correlation means they provide meaningful diversification when combined. MSTI charges 0.40%/yr vs 0.03%/yr for BSV.

Performance

MSTI vs. BSV - Performance Comparison

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

Returns By Period

In the year-to-date period, MSTI achieves a 0.70% return, which is significantly higher than BSV's 0.37% return.

MSTI

• 1D: 0.07%
• 1M: 0.14%
• YTD: 0.70%
• 6M: 1.09%
• 1Y: 4.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BSV

• 1D: 0.08%
• 1M: 0.09%
• YTD: 0.37%
• 6M: 0.68%
• 1Y: 3.51%
• 3Y*: 4.41%
• 5Y*: 1.63%
• 10Y*: 1.96%

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

MSTI vs. BSV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MSTI Madison Short-Term Strategic Income ETF	0.70%	6.33%	4.84%	4.14%
BSV Vanguard Short-Term Bond Index Fund ETF Shares	0.37%	6.00%	3.78%	3.49%

Correlation

The correlation between MSTI and BSV is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since Sep 7, 2023	0.75

The correlation between MSTI and BSV has been stable across timeframes, ranging from 0.70 to 0.75 - a consistent structural relationship.

Return for Risk

MSTI vs. BSV — Risk / Return Rank

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

MSTI

MSTI Risk / Return Rank: 58
MSTI Sharpe Ratio Rank: 50
MSTI Sortino Ratio Rank: 53
MSTI Omega Ratio Rank: 56
MSTI Calmar Ratio Rank: 64
MSTI Martin Ratio Rank: 70

BSV

BSV Risk / Return Rank: 61
BSV Sharpe Ratio Rank: 60
BSV Sortino Ratio Rank: 70
BSV Omega Ratio Rank: 63
BSV Calmar Ratio Rank: 56
BSV Martin Ratio Rank: 56

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. BSV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Short-Term Strategic Income ETF (MSTI) and Vanguard Short-Term Bond Index Fund ETF Shares (BSV). 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.

	MSTI	BSV	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.97	-0.28
Sortino ratio: Return per unit of downside risk	2.52	3.14	-0.62
Omega ratio: Gain probability vs. loss probability	1.34	1.37	-0.04
Calmar ratio: Return relative to maximum drawdown	3.12	2.74	+0.39
Martin ratio: Return relative to average drawdown	12.92	9.60	+3.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTI vs. BSV - Sharpe Ratio Comparison

The current MSTI Sharpe Ratio is 1.68, which is comparable to the BSV Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of MSTI and BSV, 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

	MSTI	BSV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	1.97	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.60	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.18	0.85	+1.32

Drawdowns

MSTI vs. BSV - Drawdown Comparison

The maximum MSTI drawdown since its inception was -1.48%, smaller than the maximum BSV drawdown of -8.54%. Use the drawdown chart below to compare losses from any high point for MSTI and BSV.

Drawdown Indicators

	MSTI	BSV	Difference
Max Drawdown Largest peak-to-trough decline	-1.48%	-8.54%	+7.06%
Max Drawdown (1Y) Largest decline over 1 year	-1.32%	-1.29%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	—	-1.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-8.54%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-8.54%	—
Current Drawdown Current decline from peak	-0.25%	-0.55%	+0.30%
Average Drawdown Average peak-to-trough decline	-0.29%	-0.97%	+0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	0.37%	-0.05%

Volatility

MSTI vs. BSV - Volatility Comparison

Madison Short-Term Strategic Income ETF (MSTI) has a higher volatility of 0.58% compared to Vanguard Short-Term Bond Index Fund ETF Shares (BSV) at 0.53%. This indicates that MSTI's price experiences larger fluctuations and is considered to be riskier than BSV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTI	BSV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	0.53%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	1.61%	1.26%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	2.46%	1.81%	+0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.71%	2.72%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.71%	2.37%	+0.34%

MSTI vs. BSV - Expense Ratio Comparison

MSTI has a 0.40% expense ratio, which is higher than BSV's 0.03% expense ratio.

Dividends

MSTI vs. BSV - Dividend Comparison

MSTI's dividend yield for the trailing twelve months is around 5.33%, more than BSV's 3.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSV Vanguard Short-Term Bond Index Fund ETF Shares	3.99%	3.83%	3.38%	2.46%	1.50%	1.45%	1.79%	2.29%	1.99%	1.65%	1.48%	1.40%
MSTI Madison Short-Term Strategic Income ETF	5.33%	5.40%	5.48%	1.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTI and BSV in my portfolio?

MSTI and BSV have a correlation of 0.70, 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 BSV?

MSTI has higher volatility (0.58%) compared to BSV (0.53%). In terms of maximum drawdown, MSTI dropped -1.48% vs BSV's -8.54%.

Which ETF is better, MSTI or BSV?

On 1-year performance, MSTI leads with 4.10% vs 3.51% for BSV. On fees, BSV is cheaper at 0.03% 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 BSV?

Over the 1-year period, MSTI has performed better with a 4.10% return vs 3.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTI or BSV?

BSV is cheaper with a 0.03% expense ratio, compared with 0.40% for MSTI.

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

MSTI has the higher dividend yield at 5.33%, compared with 3.99% for BSV.

What is the main difference between MSTI and BSV?

They also come from different issuers: Madison and Vanguard. Their fees differ too: 0.40% for MSTI and 0.03% for BSV.

Which has better risk-adjusted returns?

BSV currently has the higher Sharpe Ratio (1.97 vs 1.68), 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.