MSTI vs. BTC-USD

Last updated Jul 14, 2026

MSTI (Madison Short-Term Strategic Income ETF) is Short-Term Bond fund actively managed by Madison, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past year, MSTI returned 3.51% vs -47.54% for BTC-USD. At a 0.09 correlation, their price movements are largely independent.

Performance

MSTI vs. BTC-USD - Performance Comparison

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

Returns By Period

In the year-to-date period, MSTI achieves a 0.60% return, which is significantly higher than BTC-USD's -28.58% return.

MSTI

• 1D: -0.17%
• 1M: -0.13%
• 6M: 0.53%
• YTD: 0.60%
• 1Y: 3.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTC-USD

• 1D: -1.96%
• 1M: -3.01%
• 6M: -31.47%
• YTD: -28.58%
• 1Y: -47.54%
• 3Y*: 27.25%
• 5Y*: 13.75%
• 10Y*: 57.45%

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

MSTI vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MSTI Madison Short-Term Strategic Income ETF	0.60%	6.33%	4.84%	4.13%
BTC-USD Bitcoin	-28.58%	-6.27%	120.76%	64.01%

Correlation

The correlation between MSTI and BTC-USD is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since Sep 6, 2023	0.09

Return for Risk

MSTI vs. BTC-USD — Risk / Return Rank

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

MSTI

MSTI Risk / Return Rank: 62
MSTI Sharpe Ratio Rank: 54
MSTI Sortino Ratio Rank: 56
MSTI Omega Ratio Rank: 59
MSTI Calmar Ratio Rank: 67
MSTI Martin Ratio Rank: 74

BTC-USD

BTC-USD Risk / Return Rank: 18
BTC-USD Sharpe Ratio Rank: 3
BTC-USD Sortino Ratio Rank: 26
BTC-USD Omega Ratio Rank: 22
BTC-USD Calmar Ratio Rank: 34
BTC-USD Martin Ratio Rank: 5

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. BTC-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Short-Term Strategic Income ETF (MSTI) and Bitcoin (BTC-USD). 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	BTC-USD	Difference
Sharpe ratio: Return per unit of total volatility	1.46	-1.11	+2.57
Sortino ratio: Return per unit of downside risk	2.16	-1.71	+3.87
Omega ratio: Gain probability vs. loss probability	1.29	0.83	+0.46
Calmar ratio: Return relative to maximum drawdown	2.67	-0.90	+3.57
Martin ratio: Return relative to average drawdown	10.93	-1.46	+12.38

MSTI vs. BTC-USD - Sharpe Ratio Comparison

The current MSTI Sharpe Ratio is 1.46, which is higher than the BTC-USD Sharpe Ratio of -1.11. The chart below compares the historical Sharpe Ratios of MSTI and BTC-USD, 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. BTC-USD - Drawdown Comparison

The maximum MSTI drawdown since its inception was -1.48%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for MSTI and BTC-USD.

Drawdown Indicators

	MSTI	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-1.48%	-85.30%	+83.82%
Max Drawdown (1Y) Largest decline over 1 year	-1.32%	-53.08%	+51.76%
Max Drawdown (3Y) Largest decline over 3 years	—	-53.08%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-76.67%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-83.80%	—
Current Drawdown Current decline from peak	-0.44%	-49.89%	+49.45%
Average Drawdown Average peak-to-trough decline	-0.29%	-42.55%	+42.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	28.99%	-28.67%

Volatility

MSTI vs. BTC-USD - Volatility Comparison

The current volatility for Madison Short-Term Strategic Income ETF (MSTI) is 0.52%, while Bitcoin (BTC-USD) has a volatility of 8.86%. This indicates that MSTI experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTI	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	8.86%	-8.34%
Volatility (6M) Calculated over the trailing 6-month period	1.58%	34.96%	-33.38%
Volatility (1Y) Calculated over the trailing 1-year period	2.42%	35.56%	-33.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.68%	43.94%	-41.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.68%	56.32%	-53.64%

Frequently Asked Questions

Can I hold both MSTI and BTC-USD in my portfolio?

MSTI and BTC-USD have a correlation of 0.16, 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 BTC-USD?

BTC-USD has higher volatility (8.86%) compared to MSTI (0.52%). In terms of maximum drawdown, MSTI dropped -1.48% vs BTC-USD's -85.30%.

Which has better risk-adjusted returns?

MSTI currently has the higher Sharpe Ratio (1.46 vs -1.11), 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.