IAE vs. MENYX
IAE (Voya Asia Pacific High Dividend Equity Income Fund) and MENYX (Madison Covered Call & Equity Income Fund) are both Derivative Income funds. Over the past 10 years, IAE returned 10.31%/yr vs 7.84%/yr for MENYX. Their 0.48 correlation means their historical movements had little consistent relationship. IAE charges 0.02%/yr vs 1.01%/yr for MENYX.
Performance
IAE vs. MENYX - Performance Comparison
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Returns By Period
In the year-to-date period, IAE achieves a 23.01% return, which is significantly higher than MENYX's 5.41% return. Over the past 10 years, IAE has outperformed MENYX with an annualized return of 10.31%, while MENYX has yielded a comparatively lower 7.84% annualized return.
IAE
- 1D
- 1.67%
- 1M
- -2.18%
- 6M
- 9.61%
- YTD
- 23.01%
- 1Y
- 34.42%
- 3Y*
- 23.78%
- 5Y*
- 11.29%
- 10Y*
- 10.31%
- ALL TIME*
- 5.11%
MENYX
- 1D
- -0.11%
- 1M
- 2.84%
- 6M
- 2.08%
- YTD
- 5.41%
- 1Y
- 10.25%
- 3Y*
- 5.02%
- 5Y*
- 6.35%
- 10Y*
- 7.84%
- ALL TIME*
- 7.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $259.55K | $601.12K | $651.76K | |
| $0.00 | $0.00 | $0.00 |
IAE vs. MENYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAE Voya Asia Pacific High Dividend Equity Income Fund | 23.01% | 34.63% | 13.44% | 9.06% | -13.97% | 3.60% | 13.77% | 9.62% | -11.31% | 30.19% |
MENYX Madison Covered Call & Equity Income Fund | 5.41% | 6.69% | 2.79% | 10.66% | 5.06% | 18.71% | 12.65% | 15.76% | -6.01% | 7.57% |
Correlation
The correlation between IAE and MENYX is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.04 |
Correlation (3Y) Balances recent behavior with more history. | 0.29 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.41 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.39 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2009 | 0.48 |
Over the past year, the correlation between IAE and MENYX has dropped to 0.04 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.
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Return for Risk
IAE vs. MENYX — Risk / Return Rank
IAE
MENYX
IAE vs. MENYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Voya Asia Pacific High Dividend Equity Income Fund (IAE) and Madison Covered Call & Equity Income Fund (MENYX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| IAE | MENYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.17 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 1.16 | +1.31 |
| Martin ratioReturn relative to average drawdown | 7.03 | 3.75 | +3.28 |
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Drawdowns
IAE vs. MENYX - Drawdown Comparison
The maximum IAE drawdown since its inception was -60.72%, which is greater than MENYX's maximum drawdown of -28.38%. Use the drawdown chart below to compare losses from any high point for IAE and MENYX.
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Drawdown Indicators
| IAE | MENYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.72% | -28.38% | -32.34% |
Max Drawdown (1Y)Largest decline over 1 year | -12.86% | -7.55% | -5.31% |
Max Drawdown (3Y)Largest decline over 3 years | -16.19% | -16.14% | -0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -29.02% | -16.14% | -12.88% |
Max Drawdown (10Y)Largest decline over 10 years | -42.44% | -28.38% | -14.06% |
Current DrawdownCurrent decline from peak | -7.22% | -2.69% | -4.53% |
Average DrawdownAverage peak-to-trough decline | -13.67% | -2.52% | -11.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.52% | 2.34% | +2.18% |
Volatility
IAE vs. MENYX - Volatility Comparison
Voya Asia Pacific High Dividend Equity Income Fund (IAE) has a higher volatility of 5.07% compared to Madison Covered Call & Equity Income Fund (MENYX) at 2.43%. This indicates that IAE's price experiences larger fluctuations and is considered to be riskier than MENYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IAE | MENYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.07% | 2.43% | +2.64% |
Volatility (6M)Calculated over the trailing 6-month period | 18.40% | 7.10% | +11.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.49% | 9.52% | +12.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.26% | 11.46% | +6.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.54% | 13.44% | +6.10% |
IAE vs. MENYX - Expense Ratio Comparison
IAE has a 0.02% expense ratio, which is lower than MENYX's 1.01% expense ratio.
Dividends
IAE vs. MENYX - Dividend Comparison
IAE's dividend yield for the trailing twelve months is around 9.13%, more than MENYX's 8.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAE Voya Asia Pacific High Dividend Equity Income Fund | 8.37% | 10.71% | 12.29% | 10.65% | 14.03% | 10.60% | 9.97% | 9.88% | 9.61% | 7.82% | 11.14% | 12.74% |
MENYX Madison Covered Call & Equity Income Fund | 8.33% | 8.52% | 7.83% | 7.71% | 6.98% | 6.48% | 6.34% | 7.07% | 9.82% | 7.64% | 6.74% | 7.48% |
Frequently Asked Questions
IAE and MENYX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAE has higher volatility (5.07%) compared to MENYX (2.43%). In terms of maximum drawdown, IAE dropped -60.72% vs MENYX's -28.38%.
IAE currently has the higher Sharpe Ratio (1.42 vs 0.92), 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.
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