USDX vs. MSTI

Last updated Apr 2, 2026

Compare and contrast key facts about SGI Enhanced Core ETF (USDX) and Madison Short-Term Strategic Income ETF (MSTI).

USDX and MSTI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. USDX is an actively managed fund by Summit Global Investments. It was launched on Feb 28, 2024. MSTI is an actively managed fund by Madison. It was launched on Sep 5, 2023.

Performance

USDX vs. MSTI - Performance Comparison

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

USDX vs. MSTI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USDX SGI Enhanced Core ETF	1.28%	6.25%	6.87%
MSTI Madison Short-Term Strategic Income ETF	0.25%	6.33%	4.93%

Returns By Period

In the year-to-date period, USDX achieves a 1.28% return, which is significantly higher than MSTI's 0.25% return.

USDX

• 1D: 0.14%
• 1M: 0.84%
• YTD: 1.28%
• 6M: 3.10%
• 1Y: 5.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTI

• 1D: 0.01%
• 1M: -0.50%
• YTD: 0.25%
• 6M: 1.35%
• 1Y: 4.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USDX vs. MSTI - Expense Ratio Comparison

USDX has a 0.98% expense ratio, which is higher than MSTI's 0.40% expense ratio.

USDX

SGI Enhanced Core ETF

MSTI

Madison Short-Term Strategic Income ETF

Return for Risk

USDX vs. MSTI — Risk / Return Rank

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

USDX

USDX Risk / Return Rank: 98
USDX Sharpe Ratio Rank: 98
USDX Sortino Ratio Rank: 98
USDX Omega Ratio Rank: 98
USDX Calmar Ratio Rank: 98
USDX Martin Ratio Rank: 98

MSTI

MSTI Risk / Return Rank: 88
MSTI Sharpe Ratio Rank: 83
MSTI Sortino Ratio Rank: 87
MSTI Omega Ratio Rank: 83
MSTI Calmar Ratio Rank: 92
MSTI Martin Ratio Rank: 92

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.

USDX vs. MSTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SGI Enhanced Core ETF (USDX) and Madison Short-Term Strategic Income ETF (MSTI). 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.

	USDX	MSTI	Difference
Sharpe ratio Return per unit of total volatility	3.26	1.69	+1.57
Sortino ratio Return per unit of downside risk	5.09	2.50	+2.59
Omega ratio Gain probability vs. loss probability	1.83	1.34	+0.49
Calmar ratio Return relative to maximum drawdown	6.24	3.62	+2.62
Martin ratio Return relative to average drawdown	33.37	14.13	+19.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USDX vs. MSTI - Sharpe Ratio Comparison

The current USDX Sharpe Ratio is 3.26, which is higher than the MSTI Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of USDX and MSTI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	USDX	MSTI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.26	1.69	+1.57
Sharpe Ratio (All Time) Calculated using the full available price history	4.44	2.24	+2.19

Correlation

The correlation between USDX and MSTI is -0.04. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

USDX vs. MSTI - Dividend Comparison

USDX's dividend yield for the trailing twelve months is around 5.62%, more than MSTI's 5.32% yield.

	TTM	2025	2024	2023
USDX SGI Enhanced Core ETF	5.62%	5.88%	4.60%	0.00%
MSTI Madison Short-Term Strategic Income ETF	5.32%	5.40%	5.48%	1.55%

Drawdowns

USDX vs. MSTI - Drawdown Comparison

The maximum USDX drawdown since its inception was -0.94%, smaller than the maximum MSTI drawdown of -1.48%. Use the drawdown chart below to compare losses from any high point for USDX and MSTI.

Drawdown Indicators

	USDX	MSTI	Difference
Max Drawdown Largest peak-to-trough decline	-0.94%	-1.48%	+0.54%
Max Drawdown (1Y) Largest decline over 1 year	-0.94%	-1.32%	+0.38%
Current Drawdown Current decline from peak	0.00%	-0.68%	+0.68%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.29%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.18%	0.34%	-0.16%

Volatility

USDX vs. MSTI - Volatility Comparison

The current volatility for SGI Enhanced Core ETF (USDX) is 0.48%, while Madison Short-Term Strategic Income ETF (MSTI) has a volatility of 0.92%. This indicates that USDX experiences smaller price fluctuations and is considered to be less risky than MSTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USDX	MSTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	0.92%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	1.39%	1.75%	-0.36%
Volatility (1Y) Calculated over the trailing 1-year period	1.78%	2.76%	-0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.57%	2.73%	-1.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.57%	2.73%	-1.16%