PIFI vs. MAGG

Last updated Jun 23, 2026

PIFI (ClearShares Piton Intermediate Fixed Income ETF) and MAGG (Madison Aggregate Bond ETF) are both Intermediate Core Bond funds. Both are actively managed. Over the past year, PIFI returned 2.97% vs 4.71% for MAGG. Their correlation of 0.85 suggests significant overlap in exposure. PIFI charges 0.45%/yr vs 0.40%/yr for MAGG.

Performance

PIFI vs. MAGG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearShares Piton Intermediate Fixed Income ETF (PIFI) 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, PIFI achieves a -0.18% return, which is significantly lower than MAGG's 0.25% return.

PIFI

• 1D: -0.21%
• 1M: 0.12%
• YTD: -0.18%
• 6M: -0.04%
• 1Y: 2.97%
• 3Y*: 3.79%
• 5Y*: 1.05%
• 10Y*: —

MAGG

• 1D: -0.39%
• 1M: 0.71%
• YTD: 0.25%
• 6M: 0.51%
• 1Y: 4.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PIFI vs. MAGG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PIFI ClearShares Piton Intermediate Fixed Income ETF	-0.18%	6.29%	2.52%	3.58%
MAGG Madison Aggregate Bond ETF	0.25%	7.28%	1.81%	4.39%

Correlation

The correlation between PIFI and MAGG is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (All Time) Calculated using the full available price history since Aug 29, 2023	0.85

The correlation between PIFI and MAGG shifts across timeframes, from 0.72 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PIFI vs. MAGG — Risk / Return Rank

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

PIFI

PIFI Risk / Return Rank: 32
PIFI Sharpe Ratio Rank: 33
PIFI Sortino Ratio Rank: 34
PIFI Omega Ratio Rank: 30
PIFI Calmar Ratio Rank: 32
PIFI Martin Ratio Rank: 30

MAGG

MAGG Risk / Return Rank: 34
MAGG Sharpe Ratio Rank: 34
MAGG Sortino Ratio Rank: 36
MAGG Omega Ratio Rank: 34
MAGG Calmar Ratio Rank: 34
MAGG Martin Ratio Rank: 34

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.

PIFI vs. MAGG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearShares Piton Intermediate Fixed Income ETF (PIFI) 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.

	PIFI	MAGG	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.20	-0.06
Sortino ratio: Return per unit of downside risk	1.73	1.84	-0.12
Omega ratio: Gain probability vs. loss probability	1.20	1.22	-0.02
Calmar ratio: Return relative to maximum drawdown	1.55	1.65	-0.10
Martin ratio: Return relative to average drawdown	4.11	4.83	-0.72

PIFI vs. MAGG - Sharpe Ratio Comparison

The current PIFI Sharpe Ratio is 1.14, which is comparable to the MAGG Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of PIFI 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

PIFI vs. MAGG - Drawdown Comparison

The maximum PIFI drawdown since its inception was -10.59%, which is greater than MAGG's maximum drawdown of -4.56%. Use the drawdown chart below to compare losses from any high point for PIFI and MAGG.

Drawdown Indicators

	PIFI	MAGG	Difference
Max Drawdown Largest peak-to-trough decline	-10.59%	-4.56%	-6.03%
Max Drawdown (1Y) Largest decline over 1 year	-1.93%	-2.86%	+0.93%
Max Drawdown (3Y) Largest decline over 3 years	-2.75%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.41%	—	—
Current Drawdown Current decline from peak	-1.49%	-1.43%	-0.06%
Average Drawdown Average peak-to-trough decline	-3.21%	-1.25%	-1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.98%	-0.25%

Volatility

PIFI vs. MAGG - Volatility Comparison

The current volatility for ClearShares Piton Intermediate Fixed Income ETF (PIFI) is 0.82%, while Madison Aggregate Bond ETF (MAGG) has a volatility of 0.87%. This indicates that PIFI 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

	PIFI	MAGG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.82%	0.87%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	1.93%	2.66%	-0.73%
Volatility (1Y) Calculated over the trailing 1-year period	2.62%	3.95%	-1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.68%	4.73%	-1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.48%	4.73%	-1.25%

PIFI vs. MAGG - Expense Ratio Comparison

PIFI has a 0.45% expense ratio, which is higher than MAGG's 0.40% expense ratio.

Dividends

PIFI vs. MAGG - Dividend Comparison

PIFI's dividend yield for the trailing twelve months is around 3.76%, less than MAGG's 4.73% yield.

Position	TTM	2025	2024	2023	2022	2021
MAGG Madison Aggregate Bond ETF	4.73%	4.80%	5.13%	1.49%	0.00%	0.00%
PIFI ClearShares Piton Intermediate Fixed Income ETF	3.76%	3.16%	2.92%	2.29%	1.22%	0.25%

Frequently Asked Questions

Can I hold both PIFI and MAGG in my portfolio?

PIFI and MAGG have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIFI or MAGG?

MAGG has higher volatility (0.87%) compared to PIFI (0.82%). In terms of maximum drawdown, PIFI dropped -10.59% vs MAGG's -4.56%.

Which ETF is better, PIFI or MAGG?

On 1-year performance, MAGG leads with 4.71% vs 2.97% for PIFI. On fees, MAGG is cheaper at 0.40% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIFI or MAGG?

Over the 1-year period, MAGG has performed better with a 4.71% return vs 2.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIFI or MAGG?

MAGG is cheaper with a 0.40% expense ratio, compared with 0.45% for PIFI.

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

MAGG has the higher dividend yield at 4.73%, compared with 3.76% for PIFI.

What is the main difference between PIFI and MAGG?

They also come from different issuers: ClearShares and Madison. Their fees differ too: 0.45% for PIFI and 0.40% for MAGG.

Which has better risk-adjusted returns?

MAGG currently has the higher Sharpe Ratio (1.20 vs 1.14), 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.