BVAOX vs. VSMAX

Last updated Jun 5, 2026

BVAOX (Madison Small Cap Fund) and VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) are both Small Cap Blend Equities funds. Over the past 10 years, BVAOX returned -2.54%/yr vs 11.29%/yr for VSMAX. With a 0.96 correlation, they move nearly in lockstep. BVAOX charges 1.10%/yr vs 0.05%/yr for VSMAX.

Performance

BVAOX vs. VSMAX - Performance Comparison

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

Returns By Period

In the year-to-date period, BVAOX achieves a 7.01% return, which is significantly lower than VSMAX's 14.16% return. Over the past 10 years, BVAOX has underperformed VSMAX with an annualized return of -2.54%, while VSMAX has yielded a comparatively higher 11.29% annualized return.

BVAOX

• 1D: -0.68%
• 1M: -0.39%
• YTD: 7.01%
• 6M: 7.11%
• 1Y: 6.50%
• 3Y*: 9.75%
• 5Y*: 1.19%
• 10Y*: -2.54%

VSMAX

• 1D: -0.68%
• 1M: 2.34%
• YTD: 14.16%
• 6M: 13.54%
• 1Y: 28.90%
• 3Y*: 17.04%
• 5Y*: 7.10%
• 10Y*: 11.29%

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

BVAOX vs. VSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BVAOX Madison Small Cap Fund	7.01%	-7.16%	21.83%	16.06%	-24.38%	20.38%	23.06%	-49.49%	-12.21%	-2.21%
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	14.16%	8.83%	14.23%	18.17%	-17.61%	17.74%	19.06%	27.36%	-9.33%	16.24%

Correlation

The correlation between BVAOX and VSMAX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Nov 14, 2000	0.96

The correlation between BVAOX and VSMAX has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

Return for Risk

BVAOX vs. VSMAX — Risk / Return Rank

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

BVAOX

BVAOX Risk / Return Rank: 6
BVAOX Sharpe Ratio Rank: 6
BVAOX Sortino Ratio Rank: 6
BVAOX Omega Ratio Rank: 5
BVAOX Calmar Ratio Rank: 7
BVAOX Martin Ratio Rank: 6

VSMAX

VSMAX Risk / Return Rank: 47
VSMAX Sharpe Ratio Rank: 37
VSMAX Sortino Ratio Rank: 37
VSMAX Omega Ratio Rank: 34
VSMAX Calmar Ratio Rank: 70
VSMAX Martin Ratio Rank: 60

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. VSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Small Cap Fund (BVAOX) and Vanguard Small-Cap Index Fund Admiral Shares (VSMAX). 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	VSMAX	Difference
Sharpe ratio: Return per unit of total volatility	0.40	1.78	-1.38
Sortino ratio: Return per unit of downside risk	0.68	2.55	-1.86
Omega ratio: Gain probability vs. loss probability	1.08	1.31	-0.23
Calmar ratio: Return relative to maximum drawdown	0.63	3.22	-2.59
Martin ratio: Return relative to average drawdown	1.57	11.89	-10.32
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. VSMAX - Sharpe Ratio Comparison

The current BVAOX Sharpe Ratio is 0.40, which is lower than the VSMAX Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of BVAOX and VSMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BVAOX	VSMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.40	1.78	-1.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.34	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.09	0.53	-0.62
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.39	-0.14

Drawdowns

BVAOX vs. VSMAX - Drawdown Comparison

The maximum BVAOX drawdown since its inception was -75.76%, which is greater than VSMAX's maximum drawdown of -59.68%. Use the drawdown chart below to compare losses from any high point for BVAOX and VSMAX.

Drawdown Indicators

	BVAOX	VSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-75.76%	-59.68%	-16.08%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-8.97%	-2.17%
Max Drawdown (3Y) Largest decline over 3 years	-25.10%	-25.25%	+0.15%
Max Drawdown (5Y) Largest decline over 5 years	-32.32%	-28.14%	-4.18%
Max Drawdown (10Y) Largest decline over 10 years	-75.76%	-41.82%	-33.94%
Current Drawdown Current decline from peak	-37.85%	-0.68%	-37.17%
Average Drawdown Average peak-to-trough decline	-20.81%	-9.69%	-11.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.46%	2.43%	+2.03%

Volatility

BVAOX vs. VSMAX - Volatility Comparison

Madison Small Cap Fund (BVAOX) and Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) have volatilities of 4.59% and 4.43%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BVAOX	VSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	4.43%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	12.40%	11.72%	+0.68%
Volatility (1Y) Calculated over the trailing 1-year period	17.89%	16.29%	+1.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.44%	20.71%	-0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.25%	21.56%	+6.69%

BVAOX vs. VSMAX - Expense Ratio Comparison

BVAOX has a 1.10% expense ratio, which is higher than VSMAX's 0.05% expense ratio.

Dividends

BVAOX vs. VSMAX - Dividend Comparison

BVAOX's dividend yield for the trailing twelve months is around 9.40%, more than VSMAX's 1.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BVAOX Madison Small Cap Fund	9.40%	10.06%	9.63%	0.29%	5.51%	28.31%	6.63%	19.91%	25.09%	0.00%	4.73%	9.18%
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	1.19%	1.33%	1.30%	1.56%	1.54%	1.24%	1.14%	1.39%	1.67%	1.35%	1.49%	1.48%

Frequently Asked Questions

Can I hold both BVAOX and VSMAX in my portfolio?

With a correlation of 0.91, BVAOX and VSMAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BVAOX or VSMAX?

BVAOX has higher volatility (4.59%) compared to VSMAX (4.43%). In terms of maximum drawdown, BVAOX dropped -75.76% vs VSMAX's -59.68%.

Which has better risk-adjusted returns?

VSMAX currently has the higher Sharpe Ratio (1.78 vs 0.40), 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.