BVAOX vs. SWSSX

Last updated Apr 1, 2026

Compare and contrast key facts about Madison Small Cap Fund (BVAOX) and Schwab Small-Cap Index Fund-Select Shares (SWSSX).

BVAOX is managed by Madison Funds. It was launched on Dec 16, 1996. SWSSX is a passively managed fund by Charles Schwab that tracks the performance of the Russell 2000 Index. It was launched on May 19, 1997.

Performance

BVAOX vs. SWSSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Small Cap Fund (BVAOX) and Schwab Small-Cap Index Fund-Select Shares (SWSSX). The values are adjusted to include any dividend payments, if applicable.

BVAOX vs. SWSSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BVAOX Madison Small Cap Fund	-2.62%	-7.16%	21.83%	16.06%	-24.38%	20.38%	23.06%	-49.49%	-12.21%	-2.21%
SWSSX Schwab Small-Cap Index Fund-Select Shares	-2.49%	12.88%	11.57%	17.07%	-20.43%	14.77%	20.12%	25.63%	-11.19%	14.76%

Returns By Period

The year-to-date returns for both investments are quite close, with BVAOX having a -2.62% return and SWSSX slightly higher at -2.49%. Over the past 10 years, BVAOX has underperformed SWSSX with an annualized return of -3.00%, while SWSSX has yielded a comparatively higher 9.50% annualized return.

BVAOX

• 1D: -0.64%
• 1M: -9.35%
• YTD: -2.62%
• 6M: -3.17%
• 1Y: -0.63%
• 3Y*: 6.55%
• 5Y*: 0.46%
• 10Y*: -3.00%

SWSSX

• 1D: -1.45%
• 1M: -8.18%
• YTD: -2.49%
• 6M: -0.36%
• 1Y: 21.55%
• 3Y*: 11.83%
• 5Y*: 3.10%
• 10Y*: 9.50%

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

BVAOX vs. SWSSX - Expense Ratio Comparison

BVAOX has a 1.10% expense ratio, which is higher than SWSSX's 0.04% expense ratio.

BVAOX

Madison Small Cap Fund

SWSSX

Schwab Small-Cap Index Fund-Select Shares

Return for Risk

BVAOX vs. SWSSX — Risk / Return Rank

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

BVAOX

BVAOX Risk / Return Rank: 4
BVAOX Sharpe Ratio Rank: 5
BVAOX Sortino Ratio Rank: 5
BVAOX Omega Ratio Rank: 5
BVAOX Calmar Ratio Rank: 4
BVAOX Martin Ratio Rank: 3

SWSSX

SWSSX Risk / Return Rank: 50
SWSSX Sharpe Ratio Rank: 47
SWSSX Sortino Ratio Rank: 52
SWSSX Omega Ratio Rank: 41
SWSSX Calmar Ratio Rank: 58
SWSSX Martin Ratio Rank: 52

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. SWSSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Small Cap Fund (BVAOX) and Schwab Small-Cap Index Fund-Select Shares (SWSSX). 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.

	BVAOX	SWSSX	Difference
Sharpe ratio Return per unit of total volatility	-0.04	0.91	-0.95
Sortino ratio Return per unit of downside risk	0.11	1.40	-1.29
Omega ratio Gain probability vs. loss probability	1.01	1.18	-0.16
Calmar ratio Return relative to maximum drawdown	-0.22	1.33	-1.55
Martin ratio Return relative to average drawdown	-0.65	5.02	-5.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BVAOX vs. SWSSX - Sharpe Ratio Comparison

The current BVAOX Sharpe Ratio is -0.04, which is lower than the SWSSX Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of BVAOX and SWSSX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BVAOX	SWSSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.04	0.91	-0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	0.14	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.11	0.40	-0.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.33	-0.09

Correlation

The correlation between BVAOX and SWSSX is 0.94, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BVAOX vs. SWSSX - Dividend Comparison

BVAOX's dividend yield for the trailing twelve months is around 10.33%, more than SWSSX's 1.32% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BVAOX Madison Small Cap Fund	10.33%	10.06%	9.63%	0.29%	5.51%	28.31%	6.63%	19.91%	25.09%	0.00%	4.73%	9.18%
SWSSX Schwab Small-Cap Index Fund-Select Shares	1.32%	1.29%	1.66%	1.49%	1.32%	8.88%	2.55%	6.12%	10.45%	5.22%	4.10%	6.92%

Drawdowns

BVAOX vs. SWSSX - Drawdown Comparison

The maximum BVAOX drawdown since its inception was -75.76%, which is greater than SWSSX's maximum drawdown of -60.34%. Use the drawdown chart below to compare losses from any high point for BVAOX and SWSSX.

Drawdown Indicators

	BVAOX	SWSSX	Difference
Max Drawdown Largest peak-to-trough decline	-75.76%	-60.34%	-15.42%
Max Drawdown (1Y) Largest decline over 1 year	-13.90%	-13.90%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-32.32%	-31.93%	-0.39%
Max Drawdown (10Y) Largest decline over 10 years	-75.76%	-41.81%	-33.95%
Current Drawdown Current decline from peak	-43.44%	-11.00%	-32.44%
Average Drawdown Average peak-to-trough decline	-20.70%	-10.78%	-9.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.73%	3.68%	+1.05%

Volatility

BVAOX vs. SWSSX - Volatility Comparison

The current volatility for Madison Small Cap Fund (BVAOX) is 5.77%, while Schwab Small-Cap Index Fund-Select Shares (SWSSX) has a volatility of 6.59%. This indicates that BVAOX experiences smaller price fluctuations and is considered to be less risky than SWSSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BVAOX	SWSSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.77%	6.59%	-0.82%
Volatility (6M) Calculated over the trailing 6-month period	12.85%	14.12%	-1.27%
Volatility (1Y) Calculated over the trailing 1-year period	22.92%	23.11%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.41%	22.57%	-2.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.21%	24.03%	+4.18%