MSTI vs. VGSH
MSTI (Madison Short-Term Strategic Income ETF) and VGSH (Vanguard Short-Term Treasury ETF) are both exchange-traded funds - MSTI is a Short-Term Bond fund actively managed by Madison, while VGSH is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. MSTI is actively managed, while VGSH is passively managed. Over the past year, MSTI returned 2.90% vs 2.65% for VGSH. Their 0.69 correlation means they have sometimes moved together and sometimes differently. MSTI charges 0.40%/yr vs 0.03%/yr for VGSH.
Performance
MSTI vs. VGSH - Performance Comparison
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Returns By Period
In the year-to-date period, MSTI achieves a 0.73% return, which is significantly lower than VGSH's 0.85% return.
MSTI
- 1D
- 0.07%
- 1M
- -0.19%
- 6M
- 0.52%
- YTD
- 0.73%
- 1Y
- 2.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.53%
VGSH
- 1D
- 0.07%
- 1M
- 0.11%
- 6M
- 0.67%
- YTD
- 0.85%
- 1Y
- 2.65%
- 3Y*
- 4.22%
- 5Y*
- 1.88%
- 10Y*
- 1.75%
- ALL TIME*
- 1.41%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $18.44K | $19.64K | $49.42K | |
| $149.43M | $165.20M | $192.79M |
MSTI vs. VGSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MSTI Madison Short-Term Strategic Income ETF | 0.73% | 6.33% | 4.84% | 4.13% |
VGSH Vanguard Short-Term Treasury ETF | 0.85% | 5.07% | 4.00% | 2.67% |
Correlation
The correlation between MSTI and VGSH is 0.66, 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. | 0.66 |
Correlation (All Time) Calculated using the full available price history since Sep 6, 2023 | 0.69 |
The correlation between MSTI and VGSH has been stable across timeframes, ranging from 0.66 to 0.69 - a consistent structural relationship.
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Return for Risk
MSTI vs. VGSH — Risk / Return Rank
MSTI
VGSH
MSTI vs. VGSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Madison Short-Term Strategic Income ETF (MSTI) and Vanguard Short-Term Treasury ETF (VGSH). 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 | VGSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.42 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 3.01 | -0.80 |
| Martin ratioReturn relative to average drawdown | 8.78 | 11.57 | -2.79 |
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Drawdowns
MSTI vs. VGSH - Drawdown Comparison
The maximum MSTI drawdown since its inception was -1.48%, smaller than the maximum VGSH drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for MSTI and VGSH.
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Drawdown Indicators
| MSTI | VGSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.48% | -5.70% | +4.22% |
Max Drawdown (1Y)Largest decline over 1 year | -1.32% | -0.88% | -0.44% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.97% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.62% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -5.70% | — |
Current DrawdownCurrent decline from peak | -0.32% | 0.00% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -0.29% | -0.59% | +0.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.33% | 0.23% | +0.10% |
Volatility
MSTI vs. VGSH - Volatility Comparison
Madison Short-Term Strategic Income ETF (MSTI) has a higher volatility of 0.55% compared to Vanguard Short-Term Treasury ETF (VGSH) at 0.35%. This indicates that MSTI's price experiences larger fluctuations and is considered to be riskier than VGSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSTI | VGSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.55% | 0.35% | +0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 1.61% | 1.01% | +0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.35% | 1.23% | +1.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.67% | 1.98% | +0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.67% | 1.58% | +1.09% |
MSTI vs. VGSH - Expense Ratio Comparison
MSTI has a 0.40% expense ratio, which is higher than VGSH's 0.03% expense ratio.
Dividends
MSTI vs. VGSH - Dividend Comparison
MSTI's dividend yield for the trailing twelve months is around 5.44%, more than VGSH's 3.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MSTI Madison Short-Term Strategic Income ETF | 5.44% | 5.40% | 5.48% | 1.55% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VGSH Vanguard Short-Term Treasury ETF | 3.82% | 4.00% | 4.18% | 3.31% | 1.15% | 0.66% | 1.74% | 2.28% | 1.79% | 1.10% | 0.84% | 0.69% |
Frequently Asked Questions
MSTI and VGSH have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTI has higher volatility (0.55%) compared to VGSH (0.35%). In terms of maximum drawdown, MSTI dropped -1.48% vs VGSH's -5.70%.
On 1-year performance, MSTI leads with 2.90% vs 2.65% for VGSH. On fees, VGSH is cheaper at 0.03% per year. On volatility, VGSH has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MSTI has performed better with a 2.90% return vs 2.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGSH is cheaper with a 0.03% expense ratio, compared with 0.40% for MSTI.
MSTI has the higher dividend yield at 5.44%, compared with 3.82% for VGSH.
MSTI is categorized as Short-Term Bond, while VGSH is Government Bonds. They also come from different issuers: Madison and Vanguard. Their fees differ too: 0.40% for MSTI and 0.03% for VGSH.
VGSH currently has the higher Sharpe Ratio (2.17 vs 1.24), 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.
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