MBLAX vs. BHBFX

Last updated Jun 23, 2026

MBLAX (Madison Diversified Income Fund) and BHBFX (Madison Dividend Income Fund) are both mutual funds - MBLAX is a Diversified Portfolio fund managed by Madison Funds, while BHBFX is a Large Cap Value Equities fund managed by Madison Funds. Over the past 10 years, MBLAX returned 6.40%/yr vs 9.76%/yr for BHBFX. Their correlation of 0.92 suggests significant overlap in exposure. MBLAX charges 1.11%/yr vs 0.91%/yr for BHBFX.

Performance

MBLAX vs. BHBFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Diversified Income Fund (MBLAX) 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, MBLAX achieves a 2.92% return, which is significantly lower than BHBFX's 8.24% return. Over the past 10 years, MBLAX has underperformed BHBFX with an annualized return of 6.40%, while BHBFX has yielded a comparatively higher 9.76% annualized return.

MBLAX

• 1D: -0.08%
• 1M: -1.00%
• YTD: 2.92%
• 6M: 2.97%
• 1Y: 7.28%
• 3Y*: 6.23%
• 5Y*: 3.38%
• 10Y*: 6.40%

BHBFX

• 1D: 0.04%
• 1M: -0.83%
• YTD: 8.24%
• 6M: 7.61%
• 1Y: 14.37%
• 3Y*: 9.28%
• 5Y*: 6.28%
• 10Y*: 9.76%

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

MBLAX vs. BHBFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MBLAX Madison Diversified Income Fund	2.92%	6.70%	4.80%	3.38%	-7.99%	14.42%	7.57%	19.28%	-1.22%	12.84%
BHBFX Madison Dividend Income Fund	8.24%	8.19%	7.62%	1.76%	-5.50%	22.82%	6.34%	25.17%	-0.81%	19.94%

Correlation

The correlation between MBLAX and BHBFX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 29, 1997	0.92

The correlation between MBLAX and BHBFX has been stable across timeframes, ranging from 0.88 to 0.95 - a consistent structural relationship.

Return for Risk

MBLAX vs. BHBFX — Risk / Return Rank

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

MBLAX

MBLAX Risk / Return Rank: 35
MBLAX Sharpe Ratio Rank: 34
MBLAX Sortino Ratio Rank: 35
MBLAX Omega Ratio Rank: 34
MBLAX Calmar Ratio Rank: 36
MBLAX Martin Ratio Rank: 36

BHBFX

BHBFX Risk / Return Rank: 31
BHBFX Sharpe Ratio Rank: 28
BHBFX Sortino Ratio Rank: 30
BHBFX Omega Ratio Rank: 26
BHBFX Calmar Ratio Rank: 40
BHBFX Martin Ratio Rank: 30

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.

MBLAX vs. BHBFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Diversified Income Fund (MBLAX) 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.

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.

	MBLAX	BHBFX	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.42	+0.14
Sortino ratio: Return per unit of downside risk	2.29	2.14	+0.16
Omega ratio: Gain probability vs. loss probability	1.29	1.25	+0.04
Calmar ratio: Return relative to maximum drawdown	2.19	2.28	-0.09
Martin ratio: Return relative to average drawdown	7.53	6.37	+1.15

MBLAX vs. BHBFX - Sharpe Ratio Comparison

The current MBLAX Sharpe Ratio is 1.56, which is comparable to the BHBFX Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of MBLAX 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.

Drawdowns

MBLAX vs. BHBFX - Drawdown Comparison

The maximum MBLAX drawdown since its inception was -26.64%, smaller than the maximum BHBFX drawdown of -34.07%. Use the drawdown chart below to compare losses from any high point for MBLAX and BHBFX.

Drawdown Indicators

	MBLAX	BHBFX	Difference
Max Drawdown Largest peak-to-trough decline	-26.64%	-34.07%	+7.43%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-6.39%	+2.97%
Max Drawdown (3Y) Largest decline over 3 years	-7.37%	-14.32%	+6.95%
Max Drawdown (5Y) Largest decline over 5 years	-23.81%	-23.80%	-0.01%
Max Drawdown (10Y) Largest decline over 10 years	-23.81%	-32.34%	+8.53%
Current Drawdown Current decline from peak	-1.57%	-2.13%	+0.56%
Average Drawdown Average peak-to-trough decline	-4.74%	-3.70%	-1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	2.28%	-1.29%

Volatility

MBLAX vs. BHBFX - Volatility Comparison

The current volatility for Madison Diversified Income Fund (MBLAX) is 1.41%, while Madison Dividend Income Fund (BHBFX) has a volatility of 3.06%. This indicates that MBLAX 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

	MBLAX	BHBFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	3.06%	-1.65%
Volatility (6M) Calculated over the trailing 6-month period	3.50%	7.44%	-3.94%
Volatility (1Y) Calculated over the trailing 1-year period	4.79%	10.23%	-5.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.55%	15.58%	-5.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.94%	17.35%	-6.41%

MBLAX vs. BHBFX - Expense Ratio Comparison

MBLAX has a 1.11% expense ratio, which is higher than BHBFX's 0.91% expense ratio.

Dividends

MBLAX vs. BHBFX - Dividend Comparison

MBLAX's dividend yield for the trailing twelve months is around 4.45%, less than BHBFX's 11.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BHBFX Madison Dividend Income Fund	11.59%	12.41%	14.14%	6.01%	9.39%	11.53%	1.53%	3.95%	12.73%	3.89%	3.76%	6.06%
MBLAX Madison Diversified Income Fund	4.45%	4.92%	7.37%	15.29%	8.09%	12.04%	2.77%	6.69%	10.66%	3.14%	5.38%	4.00%

Frequently Asked Questions

Can I hold both MBLAX and BHBFX in my portfolio?

MBLAX and BHBFX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MBLAX or BHBFX?

BHBFX has higher volatility (3.06%) compared to MBLAX (1.41%). In terms of maximum drawdown, MBLAX dropped -26.64% vs BHBFX's -34.07%.

Which has better risk-adjusted returns?

MBLAX currently has the higher Sharpe Ratio (1.56 vs 1.42), 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.