BVAOX vs. MAGSX

Last updated Jun 23, 2026

BVAOX (Madison Small Cap Fund) and MAGSX (Madison Aggressive Allocation Fund) are both mutual funds - BVAOX is a Small Cap Blend Equities fund managed by Madison Funds, while MAGSX is a Diversified Portfolio fund managed by Madison Funds. Over the past 10 years, BVAOX returned -2.37%/yr vs 7.69%/yr for MAGSX. Their correlation of 0.87 suggests significant overlap in exposure. BVAOX charges 1.10%/yr vs 0.71%/yr for MAGSX.

Performance

BVAOX vs. MAGSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Small Cap Fund (BVAOX) 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, BVAOX achieves a 9.00% return, which is significantly lower than MAGSX's 11.47% return. Over the past 10 years, BVAOX has underperformed MAGSX with an annualized return of -2.37%, while MAGSX has yielded a comparatively higher 7.69% annualized return.

BVAOX

• 1D: 2.16%
• 1M: 4.51%
• YTD: 9.00%
• 6M: 6.76%
• 1Y: 10.36%
• 3Y*: 9.49%
• 5Y*: 2.11%
• 10Y*: -2.37%

MAGSX

• 1D: 1.06%
• 1M: 2.37%
• YTD: 11.47%
• 6M: 10.83%
• 1Y: 22.15%
• 3Y*: 12.04%
• 5Y*: 5.78%
• 10Y*: 7.69%

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

BVAOX vs. MAGSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BVAOX Madison Small Cap Fund	9.00%	-7.16%	21.83%	16.06%	-24.38%	20.38%	23.06%	-49.49%	-12.21%	-2.21%
MAGSX Madison Aggressive Allocation Fund	11.47%	12.48%	6.46%	12.32%	-15.38%	9.50%	9.65%	19.21%	-6.59%	18.04%

Correlation

The correlation between BVAOX and MAGSX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jul 3, 2006	0.87

The correlation between BVAOX and MAGSX has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

Return for Risk

BVAOX vs. MAGSX — Risk / Return Rank

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

BVAOX

BVAOX Risk / Return Rank: 8
BVAOX Sharpe Ratio Rank: 7
BVAOX Sortino Ratio Rank: 8
BVAOX Omega Ratio Rank: 7
BVAOX Calmar Ratio Rank: 10
BVAOX Martin Ratio Rank: 9

MAGSX

MAGSX Risk / Return Rank: 52
MAGSX Sharpe Ratio Rank: 52
MAGSX Sortino Ratio Rank: 52
MAGSX Omega Ratio Rank: 49
MAGSX Calmar Ratio Rank: 48
MAGSX Martin Ratio Rank: 56

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.

BVAOX vs. MAGSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Small Cap Fund (BVAOX) 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.

	BVAOX	MAGSX	Difference
Sharpe ratio: Return per unit of total volatility	0.58	1.96	-1.38
Sortino ratio: Return per unit of downside risk	0.94	2.79	-1.84
Omega ratio: Gain probability vs. loss probability	1.11	1.35	-0.25
Calmar ratio: Return relative to maximum drawdown	0.94	2.54	-1.60
Martin ratio: Return relative to average drawdown	2.35	10.65	-8.30

BVAOX vs. MAGSX - Sharpe Ratio Comparison

The current BVAOX Sharpe Ratio is 0.58, which is lower than the MAGSX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of BVAOX 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

BVAOX vs. MAGSX - Drawdown Comparison

The maximum BVAOX drawdown since its inception was -75.76%, which is greater than MAGSX's maximum drawdown of -56.06%. Use the drawdown chart below to compare losses from any high point for BVAOX and MAGSX.

Drawdown Indicators

	BVAOX	MAGSX	Difference
Max Drawdown Largest peak-to-trough decline	-75.76%	-56.06%	-19.70%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-8.63%	-2.51%
Max Drawdown (3Y) Largest decline over 3 years	-25.10%	-15.35%	-9.75%
Max Drawdown (5Y) Largest decline over 5 years	-32.32%	-21.13%	-11.19%
Max Drawdown (10Y) Largest decline over 10 years	-75.76%	-23.20%	-52.56%
Current Drawdown Current decline from peak	-36.70%	-0.30%	-36.40%
Average Drawdown Average peak-to-trough decline	-20.83%	-9.45%	-11.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.47%	2.06%	+2.41%

Volatility

BVAOX vs. MAGSX - Volatility Comparison

Madison Small Cap Fund (BVAOX) has a higher volatility of 5.48% compared to Madison Aggressive Allocation Fund (MAGSX) at 4.48%. This indicates that BVAOX's price experiences larger fluctuations and is considered to be riskier than MAGSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BVAOX	MAGSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.48%	4.48%	+1.00%
Volatility (6M) Calculated over the trailing 6-month period	13.02%	9.31%	+3.71%
Volatility (1Y) Calculated over the trailing 1-year period	18.23%	11.19%	+7.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.50%	12.28%	+8.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.27%	13.12%	+15.15%

BVAOX vs. MAGSX - Expense Ratio Comparison

BVAOX has a 1.10% expense ratio, which is higher than MAGSX's 0.71% expense ratio.

Dividends

BVAOX vs. MAGSX - Dividend Comparison

BVAOX's dividend yield for the trailing twelve months is around 9.23%, more than MAGSX's 5.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BVAOX Madison Small Cap Fund	9.23%	10.06%	9.63%	0.29%	5.51%	28.31%	6.63%	19.91%	25.09%	0.00%	4.73%	9.18%
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 BVAOX and MAGSX in my portfolio?

BVAOX and MAGSX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BVAOX or MAGSX?

BVAOX has higher volatility (5.48%) compared to MAGSX (4.48%). In terms of maximum drawdown, BVAOX dropped -75.76% vs MAGSX's -56.06%.

Which has better risk-adjusted returns?

MAGSX currently has the higher Sharpe Ratio (1.96 vs 0.58), 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.