MSTI vs. DCRE

Last updated Jun 4, 2026

MSTI (Madison Short-Term Strategic Income ETF) and DCRE (DoubleLine Commercial Real Estate ETF) are both Short-Term Bond funds. Both are actively managed. Over the past year, MSTI returned 4.30% vs 4.74% for DCRE. At a 0.44 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.

Performance

MSTI vs. DCRE - Performance Comparison

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

Returns By Period

In the year-to-date period, MSTI achieves a 0.63% return, which is significantly lower than DCRE's 1.39% return.

MSTI

• 1D: -0.12%
• 1M: 0.14%
• YTD: 0.63%
• 6M: 0.87%
• 1Y: 4.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DCRE

• 1D: -0.02%
• 1M: 0.11%
• YTD: 1.39%
• 6M: 1.51%
• 1Y: 4.74%
• 3Y*: 6.20%
• 5Y*: —
• 10Y*: —

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

MSTI vs. DCRE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MSTI Madison Short-Term Strategic Income ETF	0.63%	6.33%	4.84%	4.14%
DCRE DoubleLine Commercial Real Estate ETF	1.39%	5.86%	6.86%	2.71%

Correlation

The correlation between MSTI and DCRE is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since Sep 7, 2023	0.44

Return for Risk

MSTI vs. DCRE — Risk / Return Rank

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

MSTI

MSTI Risk / Return Rank: 60
MSTI Sharpe Ratio Rank: 51
MSTI Sortino Ratio Rank: 55
MSTI Omega Ratio Rank: 57
MSTI Calmar Ratio Rank: 66
MSTI Martin Ratio Rank: 72

DCRE

DCRE Risk / Return Rank: 96
DCRE Sharpe Ratio Rank: 96
DCRE Sortino Ratio Rank: 98
DCRE Omega Ratio Rank: 97
DCRE Calmar Ratio Rank: 93
DCRE Martin Ratio Rank: 94

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. DCRE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Short-Term Strategic Income ETF (MSTI) and DoubleLine Commercial Real Estate ETF (DCRE). 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	DCRE	Difference
Sharpe ratio: Return per unit of total volatility	1.76	4.16	-2.40
Sortino ratio: Return per unit of downside risk	2.64	7.17	-4.53
Omega ratio: Gain probability vs. loss probability	1.35	1.96	-0.60
Calmar ratio: Return relative to maximum drawdown	3.28	6.98	-3.71
Martin ratio: Return relative to average drawdown	13.50	25.78	-12.28
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. DCRE - Sharpe Ratio Comparison

The current MSTI Sharpe Ratio is 1.76, which is lower than the DCRE Sharpe Ratio of 4.16. The chart below compares the historical Sharpe Ratios of MSTI and DCRE, 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	DCRE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	4.16	-2.40
Sharpe Ratio (All Time) Calculated using the full available price history	2.17	3.90	-1.73

Drawdowns

MSTI vs. DCRE - Drawdown Comparison

The maximum MSTI drawdown since its inception was -1.48%, which is greater than DCRE's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for MSTI and DCRE.

Drawdown Indicators

	MSTI	DCRE	Difference
Max Drawdown Largest peak-to-trough decline	-1.48%	-0.84%	-0.64%
Max Drawdown (1Y) Largest decline over 1 year	-1.32%	-0.68%	-0.64%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.84%	—
Current Drawdown Current decline from peak	-0.33%	-0.20%	-0.13%
Average Drawdown Average peak-to-trough decline	-0.29%	-0.11%	-0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	0.18%	+0.14%

Volatility

MSTI vs. DCRE - Volatility Comparison

Madison Short-Term Strategic Income ETF (MSTI) has a higher volatility of 0.58% compared to DoubleLine Commercial Real Estate ETF (DCRE) at 0.47%. This indicates that MSTI's price experiences larger fluctuations and is considered to be riskier than DCRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTI	DCRE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	0.47%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	1.61%	0.88%	+0.73%
Volatility (1Y) Calculated over the trailing 1-year period	2.45%	1.14%	+1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.71%	1.58%	+1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.71%	1.58%	+1.13%

MSTI vs. DCRE - Expense Ratio Comparison

Both MSTI and DCRE have an expense ratio of 0.40%.

Dividends

MSTI vs. DCRE - Dividend Comparison

MSTI's dividend yield for the trailing twelve months is around 5.34%, more than DCRE's 4.75% yield.

Position	TTM	2025	2024	2023
DCRE DoubleLine Commercial Real Estate ETF	4.75%	4.84%	5.52%	3.47%
MSTI Madison Short-Term Strategic Income ETF	5.34%	5.40%	5.48%	1.55%

Frequently Asked Questions

Can I hold both MSTI and DCRE in my portfolio?

MSTI and DCRE have a correlation of 0.43, 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 DCRE?

MSTI has higher volatility (0.58%) compared to DCRE (0.47%). In terms of maximum drawdown, MSTI dropped -1.48% vs DCRE's -0.84%.

Which ETF is better, MSTI or DCRE?

On 1-year performance, DCRE leads with 4.74% vs 4.30% for MSTI. Both ETFs have the same 0.40% expense ratio. On volatility, DCRE has been the lower-risk option at 0.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTI or DCRE?

Over the 1-year period, DCRE has performed better with a 4.74% return vs 4.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTI or DCRE?

MSTI and DCRE have the same expense ratio: 0.40% per year.

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

MSTI has the higher dividend yield at 5.34%, compared with 4.75% for DCRE.

What is the main difference between MSTI and DCRE?

They also come from different issuers: Madison and DoubleLine.

Which has better risk-adjusted returns?

DCRE currently has the higher Sharpe Ratio (4.16 vs 1.76), 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.