BHBFX vs. GTSGX

Last updated Aug 4, 2026

BHBFX (Madison Dividend Income Fund) and GTSGX (Madison Mid Cap Fund) are both mutual funds - BHBFX is a Large Cap Value Equities fund managed by Madison, while GTSGX is a Mid Cap Blend Equities fund managed by Madison. Over the past 10 years, BHBFX returned 9.77%/yr vs 11.29%/yr for GTSGX. Their correlation of 0.80 means they have usually moved in the same direction. BHBFX charges 0.91%/yr vs 0.95%/yr for GTSGX.

Performance

BHBFX vs. GTSGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Dividend Income Fund (BHBFX) and Madison Mid Cap Fund (GTSGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BHBFX achieves a 12.04% return, which is significantly higher than GTSGX's 7.52% return. Over the past 10 years, BHBFX has underperformed GTSGX with an annualized return of 9.77%, while GTSGX has yielded a comparatively higher 11.29% annualized return.

BHBFX

• 1D: 0.07%
• 1M: 1.39%
• 6M: 5.01%
• YTD: 12.04%
• 1Y: 16.83%
• 3Y*: 8.96%
• 5Y*: 6.05%
• 10Y*: 9.77%
• ALL TIME*: 10.03%

GTSGX

• 1D: -0.29%
• 1M: 2.13%
• 6M: 3.41%
• YTD: 7.52%
• 1Y: 11.37%
• 3Y*: 9.31%
• 5Y*: 7.77%
• 10Y*: 11.29%
• ALL TIME*: 2.98%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BHBFX Madison Dividend Income Fund	$0.00	$0.00	$0.00
GTSGX Madison Mid Cap Fund	$0.00	$0.00	$0.00

BHBFX vs. GTSGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BHBFX Madison Dividend Income Fund	12.04%	8.19%	7.62%	1.76%	-5.50%	22.82%	6.34%	25.17%	-0.81%	19.94%
GTSGX Madison Mid Cap Fund	7.52%	1.62%	10.24%	26.51%	-13.60%	26.31%	9.45%	33.53%	-1.60%	15.65%

Correlation

The correlation between BHBFX and GTSGX is 0.64, 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.	0.64
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.78
Correlation (10Y) Provides a long-term view across more market conditions.	0.80
Correlation (All Time) Calculated using the full available price history since Jan 2, 1990	0.80

The correlation between BHBFX and GTSGX shifts across timeframes, from 0.64 (1 year) to 0.80 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

BHBFX vs. GTSGX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BHBFX

BHBFX Risk / Return Rank: 58
BHBFX Sharpe Ratio Rank: 57
BHBFX Sortino Ratio Rank: 64
BHBFX Omega Ratio Rank: 50
BHBFX Calmar Ratio Rank: 73
BHBFX Martin Ratio Rank: 46

GTSGX

GTSGX Risk / Return Rank: 17
GTSGX Sharpe Ratio Rank: 17
GTSGX Sortino Ratio Rank: 19
GTSGX Omega Ratio Rank: 17
GTSGX Calmar Ratio Rank: 16
GTSGX Martin Ratio Rank: 14

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BHBFX vs. GTSGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Dividend Income Fund (BHBFX) and Madison Mid Cap Fund (GTSGX). 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.

	BHBFX	GTSGX	Difference
Sharpe ratio: Return per unit of total volatility	1.56	0.72	+0.83
Sortino ratio: Return per unit of downside risk	2.35	1.17	+1.18
Omega ratio: Gain probability vs. loss probability	1.27	1.13	+0.14
Calmar ratio: Return relative to maximum drawdown	2.49	0.88	+1.61
Martin ratio: Return relative to average drawdown	6.92	2.09	+4.84

BHBFX vs. GTSGX - Sharpe Ratio Comparison

The current BHBFX Sharpe Ratio is 1.56, which is higher than the GTSGX Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of BHBFX and GTSGX, 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

BHBFX vs. GTSGX - Drawdown Comparison

The maximum BHBFX drawdown since its inception was -34.07%, smaller than the maximum GTSGX drawdown of -73.82%. Use the drawdown chart below to compare losses from any high point for BHBFX and GTSGX.

Drawdown Indicators

	BHBFX	GTSGX	Difference
Max Drawdown Largest peak-to-trough decline	-34.07%	-73.82%	+39.75%
Max Drawdown (1Y) Largest decline over 1 year	-6.39%	-11.99%	+5.60%
Max Drawdown (3Y) Largest decline over 3 years	-14.32%	-19.63%	+5.31%
Max Drawdown (5Y) Largest decline over 5 years	-23.80%	-21.94%	-1.86%
Max Drawdown (10Y) Largest decline over 10 years	-32.34%	-38.25%	+5.91%
Current Drawdown Current decline from peak	-1.10%	-0.97%	-0.13%
Average Drawdown Average peak-to-trough decline	-3.69%	-29.57%	+25.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	5.03%	-2.74%

Volatility

BHBFX vs. GTSGX - Volatility Comparison

The current volatility for Madison Dividend Income Fund (BHBFX) is 3.04%, while Madison Mid Cap Fund (GTSGX) has a volatility of 4.00%. This indicates that BHBFX experiences smaller price fluctuations and is considered to be less risky than GTSGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BHBFX	GTSGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.04%	4.00%	-0.96%
Volatility (6M) Calculated over the trailing 6-month period	7.40%	10.48%	-3.08%
Volatility (1Y) Calculated over the trailing 1-year period	10.26%	14.70%	-4.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.53%	17.48%	-1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.32%	18.07%	-0.75%

BHBFX vs. GTSGX - Expense Ratio Comparison

BHBFX has a 0.91% expense ratio, which is lower than GTSGX's 0.95% expense ratio.

Dividends

BHBFX vs. GTSGX - Dividend Comparison

BHBFX's dividend yield for the trailing twelve months is around 11.18%, more than GTSGX's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BHBFX Madison Dividend Income Fund	11.18%	12.41%	14.14%	6.01%	9.39%	11.53%	1.53%	3.95%	12.73%	3.89%	3.76%	6.06%
GTSGX Madison Mid Cap Fund	3.13%	3.37%	5.76%	1.25%	1.96%	4.38%	3.43%	3.74%	7.57%	3.58%	4.34%	6.09%

Frequently Asked Questions

Can I hold both BHBFX and GTSGX in my portfolio?

BHBFX and GTSGX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BHBFX or GTSGX?

GTSGX has higher volatility (4.00%) compared to BHBFX (3.04%). In terms of maximum drawdown, BHBFX dropped -34.07% vs GTSGX's -73.82%.

Which has better risk-adjusted returns?

BHBFX currently has the higher Sharpe Ratio (1.56 vs 0.72), 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.