GTSGX vs. BHBFX

Last updated Jun 4, 2026

GTSGX (Madison Mid Cap Fund) and BHBFX (Madison Dividend Income Fund) are both mutual funds - GTSGX is a Mid Cap Blend Equities fund managed by Madison Funds, while BHBFX is a Large Cap Value Equities fund managed by Madison Funds. Over the past 10 years, GTSGX returned 10.41%/yr vs 9.77%/yr for BHBFX. Their correlation of 0.80 suggests significant overlap in exposure. GTSGX charges 0.95%/yr vs 0.91%/yr for BHBFX.

Performance

GTSGX vs. BHBFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Mid Cap Fund (GTSGX) 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, GTSGX achieves a -1.68% return, which is significantly lower than BHBFX's 7.70% return. Over the past 10 years, GTSGX has outperformed BHBFX with an annualized return of 10.41%, while BHBFX has yielded a comparatively lower 9.77% annualized return.

GTSGX

• 1D: -0.38%
• 1M: 1.74%
• YTD: -1.68%
• 6M: -1.41%
• 1Y: -0.33%
• 3Y*: 9.74%
• 5Y*: 6.54%
• 10Y*: 10.41%

BHBFX

• 1D: 0.97%
• 1M: 0.77%
• YTD: 7.70%
• 6M: 6.57%
• 1Y: 13.54%
• 3Y*: 10.17%
• 5Y*: 5.20%
• 10Y*: 9.77%

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

GTSGX vs. BHBFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GTSGX Madison Mid Cap Fund	-1.68%	1.62%	10.24%	26.51%	-13.60%	26.31%	9.45%	33.53%	-1.60%	15.65%
BHBFX Madison Dividend Income Fund	7.70%	8.19%	7.62%	1.76%	-5.50%	22.82%	6.34%	25.17%	-0.81%	19.94%

Correlation

The correlation between GTSGX and BHBFX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jan 3, 1990	0.80

The correlation between GTSGX and BHBFX shifts across timeframes, from 0.68 (1 year) to 0.81 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

GTSGX vs. BHBFX — Risk / Return Rank

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

GTSGX

GTSGX Risk / Return Rank: 3
GTSGX Sharpe Ratio Rank: 3
GTSGX Sortino Ratio Rank: 3
GTSGX Omega Ratio Rank: 3
GTSGX Calmar Ratio Rank: 3
GTSGX Martin Ratio Rank: 3

BHBFX

BHBFX Risk / Return Rank: 27
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.

GTSGX vs. BHBFX - Risk-Adjusted Trends Comparison

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

	GTSGX	BHBFX	Difference
Sharpe ratio: Return per unit of total volatility	0.06	1.41	-1.35
Sortino ratio: Return per unit of downside risk	0.20	2.11	-1.91
Omega ratio: Gain probability vs. loss probability	1.02	1.25	-0.22
Calmar ratio: Return relative to maximum drawdown	0.08	2.23	-2.16
Martin ratio: Return relative to average drawdown	0.19	6.34	-6.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GTSGX vs. BHBFX - Sharpe Ratio Comparison

The current GTSGX Sharpe Ratio is 0.06, which is lower than the BHBFX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of GTSGX 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

	GTSGX	BHBFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.06	1.41	-1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.34	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.57	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.77	-0.62

Drawdowns

GTSGX vs. BHBFX - Drawdown Comparison

The maximum GTSGX drawdown since its inception was -73.82%, which is greater than BHBFX's maximum drawdown of -34.07%. Use the drawdown chart below to compare losses from any high point for GTSGX and BHBFX.

Drawdown Indicators

	GTSGX	BHBFX	Difference
Max Drawdown Largest peak-to-trough decline	-73.82%	-34.07%	-39.75%
Max Drawdown (1Y) Largest decline over 1 year	-11.99%	-6.39%	-5.60%
Max Drawdown (3Y) Largest decline over 3 years	-19.63%	-14.32%	-5.31%
Max Drawdown (5Y) Largest decline over 5 years	-21.94%	-23.80%	+1.86%
Max Drawdown (10Y) Largest decline over 10 years	-38.25%	-32.34%	-5.91%
Current Drawdown Current decline from peak	-7.49%	-2.61%	-4.88%
Average Drawdown Average peak-to-trough decline	-29.69%	-3.70%	-25.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.83%	2.25%	+2.58%

Volatility

GTSGX vs. BHBFX - Volatility Comparison

Madison Mid Cap Fund (GTSGX) has a higher volatility of 4.05% compared to Madison Dividend Income Fund (BHBFX) at 2.86%. This indicates that GTSGX'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

	GTSGX	BHBFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	2.86%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	10.12%	7.59%	+2.53%
Volatility (1Y) Calculated over the trailing 1-year period	14.70%	10.13%	+4.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.43%	15.59%	+1.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	17.35%	+0.72%

GTSGX vs. BHBFX - Expense Ratio Comparison

GTSGX has a 0.95% expense ratio, which is higher than BHBFX's 0.91% expense ratio.

Dividends

GTSGX vs. BHBFX - Dividend Comparison

GTSGX's dividend yield for the trailing twelve months is around 3.43%, less than BHBFX's 11.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BHBFX Madison Dividend Income Fund	11.65%	12.41%	14.14%	6.01%	9.39%	11.53%	1.53%	3.95%	12.73%	3.89%	3.76%	6.06%
GTSGX Madison Mid Cap Fund	3.43%	3.37%	5.76%	1.25%	1.96%	4.38%	3.43%	3.74%	7.57%	3.58%	4.34%	6.09%

Frequently Asked Questions

Can I hold both GTSGX and BHBFX in my portfolio?

GTSGX and BHBFX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GTSGX or BHBFX?

GTSGX has higher volatility (4.05%) compared to BHBFX (2.86%). In terms of maximum drawdown, GTSGX dropped -73.82% vs BHBFX's -34.07%.

Which has better risk-adjusted returns?

BHBFX currently has the higher Sharpe Ratio (1.41 vs 0.06), 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.