- ISIN
- US5574926839
- CUSIP
- 557492683
- Issuer
- Madison Funds
- Inception Date
- Dec 16, 1996
- Category
- Small Cap Blend Equities
- Min. Investment
- $1,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Small-Cap
- Asset Class Style
- Blend
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
BVAOX Performance Chart
Madison Small Cap Fund (BVAOX) is up 9.0% since the beginning of the year. BVAOX is currently trading at $10 per share. Investors who bought $1,000 worth of BVAOX shares 5 years ago would now be looking at an investment worth $1,110.
Loading charts...
Returns By Period
Madison Small Cap Fund (BVAOX) has returned 9.00% so far this year and 10.36% over the past 12 months. Over the last ten years, BVAOX has returned -2.37% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
Madison Small Cap Fund
- 1D
- 2.16%
- 1M
- 4.51%
- YTD
- 9.00%
- 6M
- 6.76%
- 1Y
- 10.36%
- 3Y*
- 9.49%
- 5Y*
- 2.11%
- 10Y*
- -2.37%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
BVAOX Monthly Returns History
Based on dividend-adjusted daily data since Jan 2, 1997, BVAOX's average daily return is +0.04%, while the average monthly return is +0.79%. At this rate, an investment would double in approximately 7.3 years.
Historically, 58% of months were positive and 42% were negative. The best month was Feb 2000 with a return of +19.2%, while the worst month was Sep 2019 at -58.4%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 6 months.
On a daily basis, BVAOX closed higher 53% of trading days. The best single day was Apr 9, 2025 with a return of +9.7%, while the worst single day was Sep 3, 2019 at -60.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 4.71% | 2.60% | -6.82% | 6.69% | 0.29% | 1.76% | 9.00% | ||||||
| 2025 | 3.45% | -4.87% | -7.55% | -2.72% | 3.50% | 3.57% | -2.05% | 1.71% | -1.22% | -0.19% | -0.76% | 0.38% | -7.16% |
| 2024 | -0.79% | 8.43% | 3.57% | -4.51% | 5.00% | -1.32% | 5.18% | -0.93% | 2.06% | 0.67% | 9.17% | -5.44% | 21.83% |
| 2023 | 11.62% | -1.43% | -3.93% | -2.16% | -1.10% | 8.57% | 3.69% | -4.55% | -5.08% | -4.91% | 5.97% | 10.40% | 16.06% |
| 2022 | -6.69% | -1.14% | 0.35% | -8.55% | -1.16% | -9.85% | 6.60% | -4.26% | -7.00% | 6.61% | 4.06% | -4.80% | -24.38% |
| 2021 | 4.06% | 6.19% | 2.91% | 3.64% | 2.15% | 0.38% | -1.33% | 0.96% | -4.33% | 4.46% | -4.02% | 4.23% | 20.38% |
Benchmark Metrics
Madison Small Cap Fund has an annualized alpha of 0.23%, beta of 0.95, and R2 of 0.56 versus S&P 500 Index. Calculated based on daily prices since January 02, 1997.
- This fund participated in 107.34% of S&P 500 Index downside but only 99.15% of its upside - more exposed to losses than it benefited from rallies.
- With beta of 0.95 and R2 of 0.56, this fund moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- 0.23%
- Beta
- 0.95
- R²
- 0.56
- Upside Capture
- 99.15%
- Downside Capture
- 107.34%
Expense Ratio
BVAOX has a high expense ratio of 1.10%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
BVAOX ranks 8 for risk / return — in the bottom 8% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Madison Small Cap Fund (BVAOX) and compare them to S&P 500 Index.
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.
| BVAOX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.45 | ||
| Sortino ratioReturn per unit of downside risk | -1.81 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.37 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.94 | 2.78 | -1.84 |
| Martin ratioReturn relative to average drawdown | 2.35 | 12.44 | -10.09 |
Dividends
Dividend History
Madison Small Cap Fund provided a 9.23% dividend yield over the last twelve months, with an annual payout of $0.96 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.96 | $0.96 | $1.09 | $0.03 | $0.48 | $3.47 | $0.86 | $2.25 | $6.25 | $0.00 | $1.67 | $2.87 |
Dividend yield | 9.23% | 10.06% | 9.63% | 0.29% | 5.51% | 28.31% | 6.63% | 19.91% | 25.09% | 0.00% | 4.73% | 9.18% |
Monthly Dividends
The table displays the monthly dividend distributions for Madison Small Cap Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.96 | $0.96 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.09 | $1.09 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.03 | $0.03 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.48 | $0.48 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.47 | $3.47 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
Loading charts...
Worst Drawdowns
The table below displays the maximum drawdowns of the Madison Small Cap Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Madison Small Cap Fund was 75.76%, occurring on Mar 23, 2020. The portfolio has not yet recovered.
The current Madison Small Cap Fund drawdown is 36.70%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -75.76%Mar 2020 | 1y 8mo | — | 7y 11moJul 2018 - now |
Financial crisis2007–2009 | -66.17%Mar 2009 | 1y 7mo | 3y 11mo | 5y 7moJul 2007 - Feb 2013 |
Dot-com crash2000–2002 | -44.10%Oct 2002 | 2y 1mo | 1y 2mo | 3y 3moSep 2000 - Dec 2003 |
2016 bear market2016 | -26.64%Feb 2016 | 7mo 22d | 9mo 15d | 1y 5moJun 2015 - Nov 2016 |
1998 bear market1998 | -23.96%Oct 1998 | 5mo 18d | 25d | 6mo 13dApr 1998 - Nov 1998 |
Drawdown Indicators
| BVAOX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.76% | -56.78% | -18.98% |
Max Drawdown (1Y)Largest decline over 1 year | -11.14% | -9.10% | -2.04% |
Max Drawdown (3Y)Largest decline over 3 years | -25.10% | -18.90% | -6.20% |
Max Drawdown (5Y)Largest decline over 5 years | -32.32% | -25.43% | -6.89% |
Max Drawdown (10Y)Largest decline over 10 years | -75.76% | -33.92% | -41.84% |
Current DrawdownCurrent decline from peak | -36.70% | -1.80% | -34.90% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -10.71% | -10.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.47% | 2.03% | +2.44% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with BVAOX
Add Madison Small Cap Fund to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with BVAOX