MSTI vs. MAGG

Last updated Aug 4, 2026

MSTI (Madison Short-Term Strategic Income ETF) and MAGG (Madison Aggregate Bond ETF) are both exchange-traded funds - MSTI is a Short-Term Bond fund actively managed by Madison, while MAGG is a Intermediate Core Bond fund actively managed by Madison. Both are actively managed. Over the past year, MSTI returned 2.90% vs 2.42% for MAGG. Their 0.75 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.40% expense ratio.

Performance

MSTI vs. MAGG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Short-Term Strategic Income ETF (MSTI) and Madison Aggregate Bond ETF (MAGG). 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 higher than MAGG's -0.54% return.

MSTI

• 1D: 0.07%
• 1M: -0.19%
• 6M: 0.52%
• YTD: 0.73%
• 1Y: 2.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.53%

MAGG

• 1D: 0.08%
• 1M: -1.20%
• 6M: -1.23%
• YTD: -0.54%
• 1Y: 2.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.39%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MAGG Madison Aggregate Bond ETF	$24.47K	$43.99K	$116.37K
MSTI Madison Short-Term Strategic Income ETF	$18.44K	$19.64K	$49.42K

MSTI vs. MAGG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MSTI Madison Short-Term Strategic Income ETF	0.73%	6.33%	4.84%	4.13%
MAGG Madison Aggregate Bond ETF	-0.54%	7.28%	1.81%	5.05%

Correlation

The correlation between MSTI and MAGG is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.69
Correlation (All Time) Calculated using the full available price history since Sep 6, 2023	0.75

The correlation between MSTI and MAGG has been stable across timeframes, ranging from 0.69 to 0.75 - a consistent structural relationship.

Return for Risk

MSTI vs. MAGG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MSTI

MSTI Risk / Return Rank: 54
MSTI Sharpe Ratio Rank: 47
MSTI Sortino Ratio Rank: 47
MSTI Omega Ratio Rank: 50
MSTI Calmar Ratio Rank: 59
MSTI Martin Ratio Rank: 68

MAGG

MAGG Risk / Return Rank: 25
MAGG Sharpe Ratio Rank: 25
MAGG Sortino Ratio Rank: 25
MAGG Omega Ratio Rank: 24
MAGG Calmar Ratio Rank: 26
MAGG Martin Ratio Rank: 26

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MSTI vs. MAGG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Short-Term Strategic Income ETF (MSTI) and Madison Aggregate Bond ETF (MAGG). 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	MAGG	Difference
Sharpe ratio: Return per unit of total volatility	1.24	0.64	+0.61
Sortino ratio: Return per unit of downside risk	1.81	0.97	+0.84
Omega ratio: Gain probability vs. loss probability	1.24	1.11	+0.12
Calmar ratio: Return relative to maximum drawdown	2.21	0.85	+1.36
Martin ratio: Return relative to average drawdown	8.78	2.20	+6.57

MSTI vs. MAGG - Sharpe Ratio Comparison

The current MSTI Sharpe Ratio is 1.24, which is higher than the MAGG Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of MSTI and MAGG, 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. MAGG - Drawdown Comparison

The maximum MSTI drawdown since its inception was -1.48%, smaller than the maximum MAGG drawdown of -4.56%. Use the drawdown chart below to compare losses from any high point for MSTI and MAGG.

Drawdown Indicators

	MSTI	MAGG	Difference
Max Drawdown Largest peak-to-trough decline	-1.48%	-4.56%	+3.08%
Max Drawdown (1Y) Largest decline over 1 year	-1.32%	-2.86%	+1.54%
Current Drawdown Current decline from peak	-0.32%	-2.20%	+1.88%
Average Drawdown Average peak-to-trough decline	-0.29%	-1.26%	+0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	1.10%	-0.77%

Volatility

MSTI vs. MAGG - Volatility Comparison

The current volatility for Madison Short-Term Strategic Income ETF (MSTI) is 0.55%, while Madison Aggregate Bond ETF (MAGG) has a volatility of 0.83%. This indicates that MSTI experiences smaller price fluctuations and is considered to be less risky than MAGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTI	MAGG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.55%	0.83%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	1.61%	2.74%	-1.13%
Volatility (1Y) Calculated over the trailing 1-year period	2.35%	3.83%	-1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.67%	4.67%	-2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.67%	4.67%	-2.00%

MSTI vs. MAGG - Expense Ratio Comparison

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

Dividends

MSTI vs. MAGG - Dividend Comparison

MSTI's dividend yield for the trailing twelve months is around 5.44%, more than MAGG's 4.89% yield.

Position	TTM	2025	2024	2023
MAGG Madison Aggregate Bond ETF	4.89%	4.80%	5.13%	1.49%
MSTI Madison Short-Term Strategic Income ETF	5.44%	5.40%	5.48%	1.55%

Frequently Asked Questions

Can I hold both MSTI and MAGG in my portfolio?

MSTI and MAGG have a correlation of 0.69, 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 MAGG?

MAGG has higher volatility (0.83%) compared to MSTI (0.55%). In terms of maximum drawdown, MSTI dropped -1.48% vs MAGG's -4.56%.

Which ETF is better, MSTI or MAGG?

On 1-year performance, MSTI leads with 2.90% vs 2.42% for MAGG. Both ETFs have the same 0.40% expense ratio. On volatility, MSTI has been the lower-risk option at 0.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTI or MAGG?

Over the 1-year period, MSTI has performed better with a 2.90% return vs 2.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTI or MAGG?

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

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

MSTI has the higher dividend yield at 5.44%, compared with 4.89% for MAGG.

What is the main difference between MSTI and MAGG?

MSTI is categorized as Short-Term Bond, while MAGG is Intermediate Core Bond.

Which has better risk-adjusted returns?

MSTI currently has the higher Sharpe Ratio (1.24 vs 0.64), 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.