- ISIN
- US5574926425
- CUSIP
- 557492642
- Issuer
- Madison Funds
- Inception Date
- Jun 29, 2006
- Category
- Diversified Portfolio
- Min. Investment
- $1,000
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
MCNAX Performance Chart
Madison Conservative Allocation Fund (MCNAX) is up 5.2% since the beginning of the year. MCNAX is currently trading at $11 per share. Investors who bought $1,000 worth of MCNAX shares 5 years ago would now be looking at an investment worth $1,141.
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Returns By Period
Madison Conservative Allocation Fund (MCNAX) has returned 5.15% so far this year and 11.91% over the past 12 months. Over the last ten years, MCNAX has returned 4.27% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
Madison Conservative Allocation Fund
- 1D
- 0.47%
- 1M
- 1.61%
- YTD
- 5.15%
- 6M
- 5.11%
- 1Y
- 11.91%
- 3Y*
- 7.66%
- 5Y*
- 2.67%
- 10Y*
- 4.27%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.15%
- 1Y
- 24.03%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
MCNAX Monthly Returns History
Based on dividend-adjusted daily data since Jul 3, 2006, MCNAX's average daily return is +0.02%, while the average monthly return is +0.35%. At this rate, an investment would double in approximately 16.5 years.
Historically, 65% of months were positive and 35% were negative. The best month was Nov 2023 with a return of +5.1%, while the worst month was Oct 2008 at -10.5%. The longest winning streak lasted 14 consecutive months, and the longest losing streak was 6 months.
On a daily basis, MCNAX closed higher 48% of trading days. The best single day was Dec 30, 2021 with a return of +6.0%, while the worst single day was Dec 31, 2021 at -5.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.37% | 1.93% | -3.83% | 3.45% | 1.81% | 0.47% | 5.15% | ||||||
| 2025 | 1.46% | 1.02% | -1.23% | -0.10% | 1.13% | 2.20% | -0.30% | 1.81% | 1.26% | 0.49% | 0.78% | 0.46% | 9.31% |
| 2024 | 0.00% | 0.42% | 1.60% | -2.49% | 1.92% | 0.95% | 1.98% | 1.64% | 1.17% | -2.30% | 2.15% | -2.40% | 4.55% |
| 2023 | 3.56% | -2.47% | 2.38% | 0.65% | -1.51% | 1.36% | 1.19% | -1.07% | -2.77% | -1.90% | 5.13% | 3.51% | 7.96% |
| 2022 | -2.65% | -1.26% | -1.03% | -4.79% | 0.52% | -3.72% | 3.58% | -3.14% | -5.38% | 1.37% | 3.95% | -1.70% | -13.79% |
| 2021 | -0.64% | -0.55% | -0.07% | 1.76% | 0.91% | 0.30% | 0.90% | 0.18% | -2.02% | 1.46% | -0.54% | 1.30% | 2.97% |
Benchmark Metrics
Madison Conservative Allocation Fund has an annualized alpha of 1.01%, beta of 0.29, and R2 of 0.70 versus S&P 500 Index. Calculated based on daily prices since July 03, 2006.
- This fund participated in 41.91% of S&P 500 Index downside but only 34.55% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.29 indicates this fund moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 1.01%
- Beta
- 0.29
- R²
- 0.70
- Upside Capture
- 34.55%
- Downside Capture
- 41.91%
Expense Ratio
MCNAX has an expense ratio of 0.71%, placing it in the medium range.
Return for Risk
Risk / Return Rank
MCNAX ranks 50 for risk / return — on par with similar mutual funds. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Madison Conservative Allocation Fund (MCNAX) 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.
| MCNAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.37 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 2.78 | -0.44 |
| Martin ratioReturn relative to average drawdown | 9.83 | 12.44 | -2.61 |
Dividends
Dividend History
Madison Conservative Allocation Fund provided a 2.56% dividend yield over the last twelve months, with an annual payout of $0.27 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.27 | $0.27 | $0.27 | $0.23 | $0.13 | $0.70 | $0.80 | $0.40 | $0.52 | $0.46 | $0.35 | $0.46 |
Dividend yield | 2.56% | 2.63% | 2.81% | 2.40% | 1.49% | 6.65% | 7.32% | 3.75% | 5.24% | 4.24% | 3.43% | 4.51% |
Monthly Dividends
The table displays the monthly dividend distributions for Madison Conservative Allocation 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 | $0.03 | $0.00 | $0.00 | $0.00 | $0.03 | ||||||
| 2025 | $0.00 | $0.00 | $0.03 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $0.07 | $0.00 | $0.00 | $0.12 | $0.27 |
| 2024 | $0.00 | $0.00 | $0.03 | $0.00 | $0.00 | $0.07 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $0.11 | $0.27 |
| 2023 | $0.00 | $0.00 | $0.07 | $0.00 | $0.00 | $0.02 | $0.00 | $0.00 | $0.04 | $0.00 | $0.00 | $0.09 | $0.23 |
| 2022 | $0.00 | $0.00 | $0.03 | $0.00 | $0.00 | $0.02 | $0.00 | $0.00 | $0.02 | $0.00 | $0.00 | $0.06 | $0.13 |
| 2021 | $0.00 | $0.00 | $0.02 | $0.00 | $0.00 | $0.02 | $0.00 | $0.00 | $0.02 | $0.00 | $0.00 | $0.63 | $0.70 |
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.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Madison Conservative Allocation 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 Conservative Allocation Fund was 27.65%, occurring on Mar 9, 2009. Recovery took 420 trading sessions.
The current Madison Conservative Allocation Fund drawdown is 0.09%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -27.65%Mar 2009 | 9mo 23d | 1y 8mo | 2y 5moMay 2008 - Nov 2010 |
Bear market2022 | -22.20%Oct 2022 | 9mo 23d | 3y 8d | 3y 10moDec 2021 - Oct 2025 |
COVID crash2020 | -11.99%Mar 2020 | 25d | 2mo 15d | 3mo 10dFeb 2020 - Jun 2020 |
Rate-hike selloffLate 2018 | -6.61%Dec 2018 | 10mo 29d | 2mo 27d | 1y 1moJan 2018 - Mar 2019 |
2016 pullback2016 | -6.59%Jan 2016 | 9mo 8d | 5mo 12d | 1y 2moApr 2015 - Jun 2016 |
Drawdown Indicators
| MCNAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.65% | -56.78% | +29.13% |
Max Drawdown (1Y)Largest decline over 1 year | -5.10% | -9.10% | +4.00% |
Max Drawdown (3Y)Largest decline over 3 years | -6.06% | -18.90% | +12.84% |
Max Drawdown (5Y)Largest decline over 5 years | -22.20% | -25.43% | +3.23% |
Max Drawdown (10Y)Largest decline over 10 years | -22.20% | -33.92% | +11.72% |
Current DrawdownCurrent decline from peak | -0.09% | -1.80% | +1.71% |
Average DrawdownAverage peak-to-trough decline | -4.41% | -10.71% | +6.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 2.03% | -0.82% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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