BHBFX vs. MAGSX

Last updated Jun 24, 2026

BHBFX (Madison Dividend Income Fund) and MAGSX (Madison Aggressive Allocation Fund) are both mutual funds - BHBFX is a Large Cap Value Equities fund managed by Madison Funds, while MAGSX is a Diversified Portfolio fund managed by Madison Funds. Over the past 10 years, BHBFX returned 9.97%/yr vs 7.94%/yr for MAGSX. Their correlation of 0.86 suggests significant overlap in exposure. BHBFX charges 0.91%/yr vs 0.71%/yr for MAGSX.

Performance

BHBFX vs. MAGSX - Performance Comparison

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

Returns By Period

In the year-to-date period, BHBFX achieves a 8.61% return, which is significantly lower than MAGSX's 11.55% return. Over the past 10 years, BHBFX has outperformed MAGSX with an annualized return of 9.97%, while MAGSX has yielded a comparatively lower 7.94% annualized return.

BHBFX

• 1D: 0.34%
• 1M: -0.49%
• YTD: 8.61%
• 6M: 8.10%
• 1Y: 14.14%
• 3Y*: 10.37%
• 5Y*: 6.07%
• 10Y*: 9.97%

MAGSX

• 1D: 0.07%
• 1M: 2.44%
• YTD: 11.55%
• 6M: 10.83%
• 1Y: 21.30%
• 3Y*: 12.68%
• 5Y*: 5.61%
• 10Y*: 7.94%

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

BHBFX vs. MAGSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BHBFX Madison Dividend Income Fund	8.61%	8.19%	7.62%	1.76%	-5.50%	22.82%	6.34%	25.17%	-0.81%	19.94%
MAGSX Madison Aggressive Allocation Fund	11.55%	12.48%	6.46%	12.32%	-15.38%	9.50%	9.65%	19.21%	-6.59%	18.04%

Correlation

The correlation between BHBFX and MAGSX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jul 3, 2006	0.86

Over the past year, the correlation between BHBFX and MAGSX has dropped to 0.61 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.

Return for Risk

BHBFX vs. MAGSX — Risk / Return Rank

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

BHBFX

BHBFX Risk / Return Rank: 32
BHBFX Sharpe Ratio Rank: 30
BHBFX Sortino Ratio Rank: 32
BHBFX Omega Ratio Rank: 27
BHBFX Calmar Ratio Rank: 41
BHBFX Martin Ratio Rank: 30

MAGSX

MAGSX Risk / Return Rank: 53
MAGSX Sharpe Ratio Rank: 54
MAGSX Sortino Ratio Rank: 54
MAGSX Omega Ratio Rank: 51
MAGSX Calmar Ratio Rank: 50
MAGSX Martin Ratio Rank: 57

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.

BHBFX vs. MAGSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Dividend Income Fund (BHBFX) and Madison Aggressive Allocation Fund (MAGSX). 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	MAGSX	Difference
Sharpe ratio: Return per unit of total volatility	1.45	2.00	-0.55
Sortino ratio: Return per unit of downside risk	2.17	2.83	-0.66
Omega ratio: Gain probability vs. loss probability	1.25	1.36	-0.11
Calmar ratio: Return relative to maximum drawdown	2.32	2.59	-0.27
Martin ratio: Return relative to average drawdown	6.48	10.85	-4.37

BHBFX vs. MAGSX - Sharpe Ratio Comparison

The current BHBFX Sharpe Ratio is 1.45, which is comparable to the MAGSX Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of BHBFX and MAGSX, 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. MAGSX - Drawdown Comparison

The maximum BHBFX drawdown since its inception was -34.07%, smaller than the maximum MAGSX drawdown of -56.06%. Use the drawdown chart below to compare losses from any high point for BHBFX and MAGSX.

Drawdown Indicators

	BHBFX	MAGSX	Difference
Max Drawdown Largest peak-to-trough decline	-34.07%	-56.06%	+21.99%
Max Drawdown (1Y) Largest decline over 1 year	-6.39%	-8.63%	+2.24%
Max Drawdown (3Y) Largest decline over 3 years	-14.32%	-15.35%	+1.03%
Max Drawdown (5Y) Largest decline over 5 years	-23.80%	-21.13%	-2.67%
Max Drawdown (10Y) Largest decline over 10 years	-32.34%	-23.20%	-9.14%
Current Drawdown Current decline from peak	-1.79%	-0.22%	-1.57%
Average Drawdown Average peak-to-trough decline	-3.70%	-9.45%	+5.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	2.06%	+0.22%

Volatility

BHBFX vs. MAGSX - Volatility Comparison

The current volatility for Madison Dividend Income Fund (BHBFX) is 3.04%, while Madison Aggressive Allocation Fund (MAGSX) has a volatility of 4.35%. This indicates that BHBFX experiences smaller price fluctuations and is considered to be less risky than MAGSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BHBFX	MAGSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.04%	4.35%	-1.31%
Volatility (6M) Calculated over the trailing 6-month period	7.45%	9.29%	-1.84%
Volatility (1Y) Calculated over the trailing 1-year period	10.25%	11.20%	-0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.57%	12.28%	+3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.36%	13.12%	+4.24%

BHBFX vs. MAGSX - Expense Ratio Comparison

BHBFX has a 0.91% expense ratio, which is higher than MAGSX's 0.71% expense ratio.

Dividends

BHBFX vs. MAGSX - Dividend Comparison

BHBFX's dividend yield for the trailing twelve months is around 11.55%, more than MAGSX's 5.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BHBFX Madison Dividend Income Fund	11.55%	12.41%	14.14%	6.01%	9.39%	11.53%	1.53%	3.95%	12.73%	3.89%	3.76%	6.06%
MAGSX Madison Aggressive Allocation Fund	5.53%	6.17%	2.02%	1.89%	1.26%	9.97%	8.66%	5.42%	10.79%	5.89%	3.82%	9.57%

Frequently Asked Questions

Can I hold both BHBFX and MAGSX in my portfolio?

BHBFX and MAGSX have a correlation of 0.61, 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 MAGSX?

MAGSX has higher volatility (4.35%) compared to BHBFX (3.04%). In terms of maximum drawdown, BHBFX dropped -34.07% vs MAGSX's -56.06%.

Which has better risk-adjusted returns?

MAGSX currently has the higher Sharpe Ratio (2.00 vs 1.45), 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.