GQHPX vs. BHBFX

Last updated Jun 5, 2026

GQHPX (GQG Partners US Quality Dividend Income Fund) and BHBFX (Madison Dividend Income Fund) are both Large Cap Value Equities funds. Over the past 3 years, GQHPX returned 12.04%/yr vs 10.28%/yr for BHBFX. A 0.75 correlation means they provide meaningful diversification when combined. GQHPX charges 0.57%/yr vs 0.91%/yr for BHBFX.

Performance

GQHPX vs. BHBFX - Performance Comparison

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

Returns By Period

In the year-to-date period, GQHPX achieves a 9.53% return, which is significantly higher than BHBFX's 8.03% return.

GQHPX

• 1D: -0.56%
• 1M: -1.73%
• YTD: 9.53%
• 6M: 10.43%
• 1Y: 12.47%
• 3Y*: 12.04%
• 5Y*: —
• 10Y*: —

BHBFX

• 1D: 0.31%
• 1M: 0.38%
• YTD: 8.03%
• 6M: 7.05%
• 1Y: 14.33%
• 3Y*: 10.28%
• 5Y*: 5.16%
• 10Y*: 9.80%

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

GQHPX vs. BHBFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GQHPX GQG Partners US Quality Dividend Income Fund	9.53%	7.53%	12.69%	3.94%	6.73%	10.34%
BHBFX Madison Dividend Income Fund	8.03%	8.19%	7.62%	1.76%	-5.50%	9.11%

Correlation

The correlation between GQHPX and BHBFX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.75

The correlation between GQHPX and BHBFX shifts across timeframes, from 0.57 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GQHPX vs. BHBFX — Risk / Return Rank

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

GQHPX

GQHPX Risk / Return Rank: 22
GQHPX Sharpe Ratio Rank: 17
GQHPX Sortino Ratio Rank: 18
GQHPX Omega Ratio Rank: 15
GQHPX Calmar Ratio Rank: 36
GQHPX Martin Ratio Rank: 23

BHBFX

BHBFX Risk / Return Rank: 26
BHBFX Sharpe Ratio Rank: 24
BHBFX Sortino Ratio Rank: 25
BHBFX Omega Ratio Rank: 22
BHBFX Calmar Ratio Rank: 35
BHBFX Martin Ratio Rank: 26

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.

GQHPX vs. BHBFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GQG Partners US Quality Dividend Income Fund (GQHPX) and Madison Dividend Income Fund (BHBFX). 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.

	GQHPX	BHBFX	Difference
Sharpe ratio: Return per unit of total volatility	1.15	1.38	-0.22
Sortino ratio: Return per unit of downside risk	1.77	2.07	-0.30
Omega ratio: Gain probability vs. loss probability	1.20	1.24	-0.05
Calmar ratio: Return relative to maximum drawdown	2.22	2.18	+0.04
Martin ratio: Return relative to average drawdown	5.51	6.19	-0.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GQHPX vs. BHBFX - Sharpe Ratio Comparison

The current GQHPX Sharpe Ratio is 1.15, which is comparable to the BHBFX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of GQHPX and BHBFX, 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

	GQHPX	BHBFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	1.38	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.33	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.77	+0.06

Drawdowns

GQHPX vs. BHBFX - Drawdown Comparison

The maximum GQHPX drawdown since its inception was -17.26%, smaller than the maximum BHBFX drawdown of -34.07%. Use the drawdown chart below to compare losses from any high point for GQHPX and BHBFX.

Drawdown Indicators

	GQHPX	BHBFX	Difference
Max Drawdown Largest peak-to-trough decline	-17.26%	-34.07%	+16.81%
Max Drawdown (1Y) Largest decline over 1 year	-5.08%	-6.39%	+1.31%
Max Drawdown (3Y) Largest decline over 3 years	-8.71%	-14.32%	+5.61%
Max Drawdown (5Y) Largest decline over 5 years	—	-23.80%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.34%	—
Current Drawdown Current decline from peak	-4.14%	-2.32%	-1.82%
Average Drawdown Average peak-to-trough decline	-3.35%	-3.70%	+0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	2.25%	-0.20%

Volatility

GQHPX vs. BHBFX - Volatility Comparison

GQG Partners US Quality Dividend Income Fund (GQHPX) has a higher volatility of 3.51% compared to Madison Dividend Income Fund (BHBFX) at 2.70%. This indicates that GQHPX's price experiences larger fluctuations and is considered to be riskier than BHBFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GQHPX	BHBFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	2.70%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	7.73%	7.58%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	9.79%	10.14%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.65%	15.59%	-2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.65%	17.34%	-4.69%

GQHPX vs. BHBFX - Expense Ratio Comparison

GQHPX has a 0.57% expense ratio, which is lower than BHBFX's 0.91% expense ratio.

Dividends

GQHPX vs. BHBFX - Dividend Comparison

GQHPX's dividend yield for the trailing twelve months is around 3.64%, less than BHBFX's 11.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BHBFX Madison Dividend Income Fund	11.62%	12.41%	14.14%	6.01%	9.39%	11.53%	1.53%	3.95%	12.73%	3.89%	3.76%	6.06%
GQHPX GQG Partners US Quality Dividend Income Fund	3.64%	2.98%	3.14%	2.64%	3.24%	0.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GQHPX and BHBFX in my portfolio?

GQHPX and BHBFX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GQHPX or BHBFX?

GQHPX has higher volatility (3.51%) compared to BHBFX (2.70%). In terms of maximum drawdown, GQHPX dropped -17.26% vs BHBFX's -34.07%.

Which has better risk-adjusted returns?

BHBFX currently has the higher Sharpe Ratio (1.38 vs 1.15), 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.