BHBFX vs. MMDAX

Last updated Aug 1, 2026

BHBFX (Madison Dividend Income Fund) and MMDAX (Madison Moderate Allocation Fund) are both mutual funds - BHBFX is a Large Cap Value Equities fund managed by Madison, while MMDAX is a Diversified Portfolio fund managed by Madison. Over the past 10 years, BHBFX returned 9.71%/yr vs 6.12%/yr for MMDAX. Their correlation of 0.85 means they have usually moved in the same direction. BHBFX charges 0.91%/yr vs 0.71%/yr for MMDAX.

Performance

BHBFX vs. MMDAX - Performance Comparison

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

Returns By Period

In the year-to-date period, BHBFX achieves a 11.96% return, which is significantly higher than MMDAX's 8.45% return. Over the past 10 years, BHBFX has outperformed MMDAX with an annualized return of 9.71%, while MMDAX has yielded a comparatively lower 6.12% annualized return.

BHBFX

• 1D: -0.73%
• 1M: 1.31%
• 6M: 5.46%
• YTD: 11.96%
• 1Y: 16.74%
• 3Y*: 8.89%
• 5Y*: 6.03%
• 10Y*: 9.71%
• ALL TIME*: 10.03%

MMDAX

• 1D: 0.83%
• 1M: 0.08%
• 6M: 6.00%
• YTD: 8.45%
• 1Y: 15.36%
• 3Y*: 9.75%
• 5Y*: 4.31%
• 10Y*: 6.12%
• ALL TIME*: 4.91%

*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
MMDAX Madison Moderate Allocation Fund	$0.00	$0.00	$0.00

BHBFX vs. MMDAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BHBFX Madison Dividend Income Fund	11.96%	8.19%	7.62%	1.76%	-5.50%	22.82%	6.34%	25.17%	-0.81%	19.94%
MMDAX Madison Moderate Allocation Fund	8.45%	11.13%	6.97%	10.32%	-14.49%	6.79%	9.77%	15.99%	-4.80%	14.29%

Correlation

The correlation between BHBFX and MMDAX is 0.51, 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.	0.51
Correlation (3Y) Balances recent behavior with more history.	0.67
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (10Y) Provides a long-term view across more market conditions.	0.77
Correlation (All Time) Calculated using the full available price history since Jul 3, 2006	0.85

Over the past year, the correlation between BHBFX and MMDAX has dropped to 0.51 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

Return for Risk

BHBFX vs. MMDAX — Risk / Return Rank

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

BHBFX

BHBFX Risk / Return Rank: 56
BHBFX Sharpe Ratio Rank: 56
BHBFX Sortino Ratio Rank: 60
BHBFX Omega Ratio Rank: 49
BHBFX Calmar Ratio Rank: 69
BHBFX Martin Ratio Rank: 44

MMDAX

MMDAX Risk / Return Rank: 64
MMDAX Sharpe Ratio Rank: 66
MMDAX Sortino Ratio Rank: 66
MMDAX Omega Ratio Rank: 64
MMDAX Calmar Ratio Rank: 58
MMDAX Martin Ratio Rank: 68

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. MMDAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Dividend Income Fund (BHBFX) and Madison Moderate Allocation Fund (MMDAX). 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	MMDAX	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.59	-0.17
Sortino ratio: Return per unit of downside risk	2.16	2.30	-0.14
Omega ratio: Gain probability vs. loss probability	1.25	1.29	-0.04
Calmar ratio: Return relative to maximum drawdown	2.29	2.04	+0.24
Martin ratio: Return relative to average drawdown	6.37	8.56	-2.19

BHBFX vs. MMDAX - Sharpe Ratio Comparison

The current BHBFX Sharpe Ratio is 1.42, which is comparable to the MMDAX Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of BHBFX and MMDAX, 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. MMDAX - Drawdown Comparison

The maximum BHBFX drawdown since its inception was -34.07%, smaller than the maximum MMDAX drawdown of -43.12%. Use the drawdown chart below to compare losses from any high point for BHBFX and MMDAX.

Drawdown Indicators

	BHBFX	MMDAX	Difference
Max Drawdown Largest peak-to-trough decline	-34.07%	-43.12%	+9.05%
Max Drawdown (1Y) Largest decline over 1 year	-6.39%	-7.05%	+0.66%
Max Drawdown (3Y) Largest decline over 3 years	-14.32%	-10.02%	-4.30%
Max Drawdown (5Y) Largest decline over 5 years	-23.80%	-25.36%	+1.56%
Max Drawdown (10Y) Largest decline over 10 years	-32.34%	-25.36%	-6.98%
Current Drawdown Current decline from peak	-1.17%	-0.49%	-0.68%
Average Drawdown Average peak-to-trough decline	-3.69%	-7.32%	+3.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	1.68%	+0.61%

Volatility

BHBFX vs. MMDAX - Volatility Comparison

Madison Dividend Income Fund (BHBFX) has a higher volatility of 3.13% compared to Madison Moderate Allocation Fund (MMDAX) at 2.08%. This indicates that BHBFX's price experiences larger fluctuations and is considered to be riskier than MMDAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BHBFX	MMDAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	2.08%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	7.47%	7.67%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	10.28%	9.08%	+1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.54%	10.85%	+4.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.32%	10.71%	+6.61%

BHBFX vs. MMDAX - Expense Ratio Comparison

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

Dividends

BHBFX vs. MMDAX - Dividend Comparison

BHBFX's dividend yield for the trailing twelve months is around 11.19%, more than MMDAX's 5.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BHBFX Madison Dividend Income Fund	11.19%	12.41%	14.14%	6.01%	9.39%	11.53%	1.53%	3.95%	12.73%	3.89%	3.76%	6.06%
MMDAX Madison Moderate Allocation Fund	5.65%	6.12%	3.70%	2.15%	1.39%	8.46%	9.24%	3.95%	9.05%	5.13%	4.36%	7.00%

Frequently Asked Questions

Can I hold both BHBFX and MMDAX in my portfolio?

BHBFX and MMDAX have a correlation of 0.51, 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 MMDAX?

BHBFX has higher volatility (3.13%) compared to MMDAX (2.08%). In terms of maximum drawdown, BHBFX dropped -34.07% vs MMDAX's -43.12%.

Which has better risk-adjusted returns?

MMDAX currently has the higher Sharpe Ratio (1.59 vs 1.42), 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.