MSTI vs. BTC-USD

Last updated Apr 2, 2026

Compare and contrast key facts about Madison Short-Term Strategic Income ETF (MSTI) and Bitcoin (BTC-USD).

MSTI is an actively managed fund by Madison. It was launched on Sep 5, 2023.

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.

MSTI vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MSTI Madison Short-Term Strategic Income ETF	0.25%	6.33%	4.84%	4.14%
BTC-USD Bitcoin	-21.63%	-6.27%	120.76%	64.24%

Returns By Period

In the year-to-date period, MSTI achieves a 0.25% return, which is significantly higher than BTC-USD's -21.63% return.

MSTI

• 1D: 0.01%
• 1M: -0.50%
• YTD: 0.25%
• 6M: 1.35%
• 1Y: 4.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTC-USD

• 1D: 0.51%
• 1M: -0.38%
• YTD: -21.63%
• 6M: -42.21%
• 1Y: -19.49%
• 3Y*: 34.49%
• 5Y*: 3.06%
• 10Y*: 66.45%

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

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: 88
MSTI Sharpe Ratio Rank: 83
MSTI Sortino Ratio Rank: 87
MSTI Omega Ratio Rank: 83
MSTI Calmar Ratio Rank: 92
MSTI Martin Ratio Rank: 92

BTC-USD

BTC-USD Risk / Return Rank: 43
BTC-USD Sharpe Ratio Rank: 61
BTC-USD Sortino Ratio Rank: 55
BTC-USD Omega Ratio Rank: 51
BTC-USD Calmar Ratio Rank: 43
BTC-USD Martin Ratio Rank: 4

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.

	MSTI	BTC-USD	Difference
Sharpe ratio Return per unit of total volatility	1.69	-0.44	+2.13
Sortino ratio Return per unit of downside risk	2.50	-0.38	+2.88
Omega ratio Gain probability vs. loss probability	1.34	0.96	+0.38
Calmar ratio Return relative to maximum drawdown	3.62	-1.11	+4.72
Martin ratio Return relative to average drawdown	14.13	-1.99	+16.12
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. BTC-USD - Sharpe Ratio Comparison

The current MSTI Sharpe Ratio is 1.69, which is higher than the BTC-USD Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of MSTI and BTC-USD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MSTI	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	-0.44	+2.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.05	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.24	1.19	+1.05

Correlation

The correlation between MSTI and BTC-USD is 0.07, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

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%	-49.65%	+48.33%
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	-0.68%	-45.02%	+44.34%
Average Drawdown Average peak-to-trough decline	-0.29%	-41.99%	+41.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	27.60%	-27.26%

Volatility

MSTI vs. BTC-USD - Volatility Comparison

The current volatility for Madison Short-Term Strategic Income ETF (MSTI) is 0.92%, while Bitcoin (BTC-USD) has a volatility of 13.58%. 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	0.92%	13.58%	-12.66%
Volatility (6M) Calculated over the trailing 6-month period	1.75%	35.98%	-34.23%
Volatility (1Y) Calculated over the trailing 1-year period	2.76%	36.76%	-34.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.73%	46.90%	-44.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.73%	56.70%	-53.97%