MSTI vs. CLOZ

Last updated Jun 24, 2026

MSTI (Madison Short-Term Strategic Income ETF) and CLOZ (Panagram BBB-B CLO ETF) are both exchange-traded funds - MSTI is a Short-Term Bond fund actively managed by Madison, while CLOZ is a CLO fund actively managed by Panagram. Both are actively managed. Over the past year, MSTI returned 3.63% vs 5.19% for CLOZ. At a 0.03 correlation, their price movements are largely independent. MSTI charges 0.40%/yr vs 0.50%/yr for CLOZ.

Performance

MSTI vs. CLOZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Short-Term Strategic Income ETF (MSTI) and Panagram BBB-B CLO ETF (CLOZ). 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 lower than CLOZ's 2.09% return.

MSTI

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

CLOZ

• 1D: -0.17%
• 1M: -0.35%
• YTD: 2.09%
• 6M: 2.33%
• 1Y: 5.19%
• 3Y*: 9.93%
• 5Y*: —
• 10Y*: —

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

MSTI vs. CLOZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MSTI Madison Short-Term Strategic Income ETF	0.73%	6.33%	4.84%	4.13%
CLOZ Panagram BBB-B CLO ETF	2.09%	5.99%	11.85%	4.81%

Correlation

The correlation between MSTI and CLOZ is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (All Time) Calculated using the full available price history since Sep 6, 2023	0.03

Return for Risk

MSTI vs. CLOZ — 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

CLOZ

CLOZ Risk / Return Rank: 41
CLOZ Sharpe Ratio Rank: 45
CLOZ Sortino Ratio Rank: 39
CLOZ Omega Ratio Rank: 64
CLOZ Calmar Ratio Rank: 28
CLOZ Martin Ratio Rank: 32

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. CLOZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Short-Term Strategic Income ETF (MSTI) and Panagram BBB-B CLO ETF (CLOZ). 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	CLOZ	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.50	0.00
Sortino ratio: Return per unit of downside risk	2.24	1.92	+0.31
Omega ratio: Gain probability vs. loss probability	1.30	1.37	-0.07
Calmar ratio: Return relative to maximum drawdown	2.77	1.34	+1.43
Martin ratio: Return relative to average drawdown	11.20	4.43	+6.77

MSTI vs. CLOZ - Sharpe Ratio Comparison

The current MSTI Sharpe Ratio is 1.50, which is comparable to the CLOZ Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of MSTI and CLOZ, 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. CLOZ - Drawdown Comparison

The maximum MSTI drawdown since its inception was -1.48%, smaller than the maximum CLOZ drawdown of -5.32%. Use the drawdown chart below to compare losses from any high point for MSTI and CLOZ.

Drawdown Indicators

	MSTI	CLOZ	Difference
Max Drawdown Largest peak-to-trough decline	-1.48%	-5.32%	+3.84%
Max Drawdown (1Y) Largest decline over 1 year	-1.32%	-3.90%	+2.58%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.32%	—
Current Drawdown Current decline from peak	-0.23%	-0.55%	+0.32%
Average Drawdown Average peak-to-trough decline	-0.29%	-0.38%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	1.17%	-0.85%

Volatility

MSTI vs. CLOZ - Volatility Comparison

The current volatility for Madison Short-Term Strategic Income ETF (MSTI) is 0.49%, while Panagram BBB-B CLO ETF (CLOZ) has a volatility of 0.67%. This indicates that MSTI experiences smaller price fluctuations and is considered to be less risky than CLOZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTI	CLOZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.49%	0.67%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	1.64%	3.18%	-1.54%
Volatility (1Y) Calculated over the trailing 1-year period	2.45%	3.47%	-1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.70%	3.79%	-1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.70%	3.79%	-1.09%

MSTI vs. CLOZ - Expense Ratio Comparison

MSTI has a 0.40% expense ratio, which is lower than CLOZ's 0.50% expense ratio.

Dividends

MSTI vs. CLOZ - Dividend Comparison

MSTI's dividend yield for the trailing twelve months is around 5.33%, less than CLOZ's 7.42% yield.

Position	TTM	2025	2024	2023
CLOZ Panagram BBB-B CLO ETF	7.42%	7.63%	9.09%	8.81%
MSTI Madison Short-Term Strategic Income ETF	5.33%	5.40%	5.48%	1.55%

Frequently Asked Questions

Can I hold both MSTI and CLOZ in my portfolio?

MSTI and CLOZ have a correlation of 0.07, 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 CLOZ?

CLOZ has higher volatility (0.67%) compared to MSTI (0.49%). In terms of maximum drawdown, MSTI dropped -1.48% vs CLOZ's -5.32%.

Which ETF is better, MSTI or CLOZ?

On 1-year performance, CLOZ leads with 5.19% vs 3.63% for MSTI. On fees, MSTI is cheaper at 0.40% per year. 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.

Which ETF has performed better, MSTI or CLOZ?

Over the 1-year period, CLOZ has performed better with a 5.19% return vs 3.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTI or CLOZ?

MSTI is cheaper with a 0.40% expense ratio, compared with 0.50% for CLOZ.

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

CLOZ has the higher dividend yield at 7.42%, compared with 5.33% for MSTI.

What is the main difference between MSTI and CLOZ?

MSTI is categorized as Short-Term Bond, while CLOZ is CLO. They also come from different issuers: Madison and Panagram. Their fees differ too: 0.40% for MSTI and 0.50% for CLOZ.

Which has better risk-adjusted returns?

CLOZ currently has the higher Sharpe Ratio (1.50 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.