KNG vs. BHBFX

Last updated Jun 4, 2026

KNG (FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF) and BHBFX (Madison Dividend Income Fund) are both funds - KNG is a Dividend fund tracking the Cboe S&P 500 Dividend Aristocrats Target Income Index Monthly Series, while BHBFX is a Large Cap Value Equities fund managed by Madison Funds. Over the past 5 years, KNG returned 4.31%/yr vs 5.20%/yr for BHBFX. Their correlation of 0.89 suggests significant overlap in exposure. KNG charges 0.75%/yr vs 0.91%/yr for BHBFX.

Performance

KNG vs. BHBFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG) 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, KNG achieves a 2.20% return, which is significantly lower than BHBFX's 7.70% return.

KNG

• 1D: -0.04%
• 1M: 0.89%
• YTD: 2.20%
• 6M: 2.33%
• 1Y: 7.44%
• 3Y*: 7.06%
• 5Y*: 4.31%
• 10Y*: —

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)

KNG vs. BHBFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
KNG FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF	2.20%	6.63%	5.99%	7.48%	-7.03%	24.78%	7.21%	26.64%	-0.84%
BHBFX Madison Dividend Income Fund	7.70%	8.19%	7.62%	1.76%	-5.50%	22.82%	6.34%	25.17%	3.21%

Correlation

The correlation between KNG and BHBFX 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	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Mar 28, 2018	0.89

The correlation between KNG and BHBFX has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

Return for Risk

KNG vs. BHBFX — Risk / Return Rank

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

KNG

KNG Risk / Return Rank: 20
KNG Sharpe Ratio Rank: 21
KNG Sortino Ratio Rank: 21
KNG Omega Ratio Rank: 19
KNG Calmar Ratio Rank: 20
KNG Martin Ratio Rank: 19

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.

KNG vs. BHBFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG) 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.

	KNG	BHBFX	Difference
Sharpe ratio: Return per unit of total volatility	0.73	1.41	-0.67
Sortino ratio: Return per unit of downside risk	1.15	2.11	-0.97
Omega ratio: Gain probability vs. loss probability	1.13	1.25	-0.12
Calmar ratio: Return relative to maximum drawdown	0.87	2.23	-1.36
Martin ratio: Return relative to average drawdown	2.25	6.34	-4.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KNG vs. BHBFX - Sharpe Ratio Comparison

The current KNG Sharpe Ratio is 0.73, which is lower than the BHBFX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of KNG 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

	KNG	BHBFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.73	1.41	-0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.34	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.77	-0.27

Drawdowns

KNG vs. BHBFX - Drawdown Comparison

The maximum KNG drawdown since its inception was -35.12%, roughly equal to the maximum BHBFX drawdown of -34.07%. Use the drawdown chart below to compare losses from any high point for KNG and BHBFX.

Drawdown Indicators

	KNG	BHBFX	Difference
Max Drawdown Largest peak-to-trough decline	-35.12%	-34.07%	-1.05%
Max Drawdown (1Y) Largest decline over 1 year	-8.61%	-6.39%	-2.22%
Max Drawdown (3Y) Largest decline over 3 years	-14.24%	-14.32%	+0.08%
Max Drawdown (5Y) Largest decline over 5 years	-18.20%	-23.80%	+5.60%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.34%	—
Current Drawdown Current decline from peak	-5.89%	-2.61%	-3.28%
Average Drawdown Average peak-to-trough decline	-4.13%	-3.70%	-0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	2.25%	+1.07%

Volatility

KNG vs. BHBFX - Volatility Comparison

The current volatility for FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG) is 2.29%, while Madison Dividend Income Fund (BHBFX) has a volatility of 2.86%. This indicates that KNG experiences smaller price fluctuations and is considered to be less risky than BHBFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KNG	BHBFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.29%	2.86%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	7.39%	7.59%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	10.19%	10.13%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.59%	15.59%	-2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.18%	17.35%	-0.17%

KNG vs. BHBFX - Expense Ratio Comparison

KNG has a 0.75% expense ratio, which is lower than BHBFX's 0.91% expense ratio.

Dividends

KNG vs. BHBFX - Dividend Comparison

KNG's dividend yield for the trailing twelve months is around 8.67%, 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%
KNG FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF	8.67%	8.61%	9.08%	5.91%	4.00%	3.45%	3.62%	4.09%	3.46%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KNG and BHBFX in my portfolio?

KNG and BHBFX 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, KNG or BHBFX?

BHBFX has higher volatility (2.86%) compared to KNG (2.29%). In terms of maximum drawdown, KNG dropped -35.12% vs BHBFX's -34.07%.

Which has better risk-adjusted returns?

BHBFX currently has the higher Sharpe Ratio (1.41 vs 0.73), 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.