GTSGX vs. BVAOX

Last updated Jun 5, 2026

GTSGX (Madison Mid Cap Fund) and BVAOX (Madison Small Cap Fund) are both mutual funds - GTSGX is a Mid Cap Blend Equities fund managed by Madison Funds, while BVAOX is a Small Cap Blend Equities fund managed by Madison Funds. Over the past 10 years, GTSGX returned 10.36%/yr vs -2.54%/yr for BVAOX. Their correlation of 0.84 suggests significant overlap in exposure. GTSGX charges 0.95%/yr vs 1.10%/yr for BVAOX.

Performance

GTSGX vs. BVAOX - Performance Comparison

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

Returns By Period

In the year-to-date period, GTSGX achieves a -2.11% return, which is significantly lower than BVAOX's 7.01% return. Over the past 10 years, GTSGX has outperformed BVAOX with an annualized return of 10.36%, while BVAOX has yielded a comparatively lower -2.54% annualized return.

GTSGX

• 1D: -0.44%
• 1M: 0.25%
• YTD: -2.11%
• 6M: -1.67%
• 1Y: -0.59%
• 3Y*: 9.58%
• 5Y*: 6.30%
• 10Y*: 10.36%

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%

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

GTSGX vs. BVAOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GTSGX Madison Mid Cap Fund	-2.11%	1.62%	10.24%	26.51%	-13.60%	26.31%	9.45%	33.53%	-1.60%	15.65%
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%

Correlation

The correlation between GTSGX and BVAOX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 3, 1997	0.84

The correlation between GTSGX and BVAOX has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

Return for Risk

GTSGX vs. BVAOX — Risk / Return Rank

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

GTSGX

GTSGX Risk / Return Rank: 2
GTSGX Sharpe Ratio Rank: 3
GTSGX Sortino Ratio Rank: 2
GTSGX Omega Ratio Rank: 2
GTSGX Calmar Ratio Rank: 2
GTSGX Martin Ratio Rank: 2

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

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. BVAOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Mid Cap Fund (GTSGX) and Madison Small Cap Fund (BVAOX). 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	BVAOX	Difference
Sharpe ratio: Return per unit of total volatility	-0.05	0.40	-0.45
Sortino ratio: Return per unit of downside risk	0.03	0.68	-0.66
Omega ratio: Gain probability vs. loss probability	1.00	1.08	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.06	0.63	-0.70
Martin ratio: Return relative to average drawdown	-0.16	1.57	-1.73
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. BVAOX - Sharpe Ratio Comparison

The current GTSGX Sharpe Ratio is -0.05, which is lower than the BVAOX Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of GTSGX and BVAOX, 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	BVAOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.05	0.40	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.06	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	-0.09	+0.67
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.25	-0.11

Drawdowns

GTSGX vs. BVAOX - Drawdown Comparison

The maximum GTSGX drawdown since its inception was -73.82%, roughly equal to the maximum BVAOX drawdown of -75.76%. Use the drawdown chart below to compare losses from any high point for GTSGX and BVAOX.

Drawdown Indicators

	GTSGX	BVAOX	Difference
Max Drawdown Largest peak-to-trough decline	-73.82%	-75.76%	+1.94%
Max Drawdown (1Y) Largest decline over 1 year	-11.99%	-11.14%	-0.85%
Max Drawdown (3Y) Largest decline over 3 years	-19.63%	-25.10%	+5.47%
Max Drawdown (5Y) Largest decline over 5 years	-21.94%	-32.32%	+10.38%
Max Drawdown (10Y) Largest decline over 10 years	-38.25%	-75.76%	+37.51%
Current Drawdown Current decline from peak	-7.89%	-37.85%	+29.96%
Average Drawdown Average peak-to-trough decline	-29.69%	-20.81%	-8.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.86%	4.46%	+0.40%

Volatility

GTSGX vs. BVAOX - Volatility Comparison

The current volatility for Madison Mid Cap Fund (GTSGX) is 3.93%, while Madison Small Cap Fund (BVAOX) has a volatility of 4.59%. This indicates that GTSGX experiences smaller price fluctuations and is considered to be less risky than BVAOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GTSGX	BVAOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	4.59%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	10.11%	12.40%	-2.29%
Volatility (1Y) Calculated over the trailing 1-year period	14.70%	17.89%	-3.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.43%	20.44%	-3.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	28.25%	-10.18%

GTSGX vs. BVAOX - Expense Ratio Comparison

GTSGX has a 0.95% expense ratio, which is lower than BVAOX's 1.10% expense ratio.

Dividends

GTSGX vs. BVAOX - Dividend Comparison

GTSGX's dividend yield for the trailing twelve months is around 3.44%, less than BVAOX's 9.40% 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%
GTSGX Madison Mid Cap Fund	3.44%	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 BVAOX in my portfolio?

GTSGX and BVAOX have a correlation of 0.86, 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 BVAOX?

BVAOX has higher volatility (4.59%) compared to GTSGX (3.93%). In terms of maximum drawdown, GTSGX dropped -73.82% vs BVAOX's -75.76%.

Which has better risk-adjusted returns?

BVAOX currently has the higher Sharpe Ratio (0.40 vs -0.05), 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.