MBOAX vs. BHBFX
MBOAX (Madison Core Bond Fund) and BHBFX (Madison Dividend Income Fund) are both mutual funds - MBOAX is a Intermediate Core Bond fund managed by Madison Funds, while BHBFX is a Large Cap Value Equities fund managed by Madison Funds. Over the past 10 years, MBOAX returned 1.61%/yr vs 9.76%/yr for BHBFX. At a correlation of -0.11, they often move in opposite directions. MBOAX charges 0.85%/yr vs 0.91%/yr for BHBFX.
Performance
MBOAX vs. BHBFX - Performance Comparison
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Returns By Period
In the year-to-date period, MBOAX achieves a 0.34% return, which is significantly lower than BHBFX's 8.24% return. Over the past 10 years, MBOAX has underperformed BHBFX with an annualized return of 1.61%, while BHBFX has yielded a comparatively higher 9.76% annualized return.
MBOAX
- 1D
- 0.11%
- 1M
- 0.95%
- YTD
- 0.34%
- 6M
- 0.57%
- 1Y
- 4.43%
- 3Y*
- 4.00%
- 5Y*
- -0.07%
- 10Y*
- 1.61%
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%
MBOAX vs. BHBFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MBOAX Madison Core Bond Fund | 0.34% | 6.96% | 1.14% | 5.63% | -12.82% | -1.85% | 9.22% | 8.31% | -0.98% | 3.02% |
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 MBOAX and BHBFX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Dec 29, 1997 | -0.11 |
The correlation between MBOAX and BHBFX shifts across timeframes, from -0.11 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MBOAX vs. BHBFX — Risk / Return Rank
MBOAX
BHBFX
MBOAX vs. BHBFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Madison Core Bond Fund (MBOAX) 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.
| MBOAX | BHBFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.25 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 2.28 | -0.72 |
| Martin ratioReturn relative to average drawdown | 4.48 | 6.37 | -1.89 |
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Drawdowns
MBOAX vs. BHBFX - Drawdown Comparison
The maximum MBOAX drawdown since its inception was -17.78%, smaller than the maximum BHBFX drawdown of -34.07%. Use the drawdown chart below to compare losses from any high point for MBOAX and BHBFX.
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Drawdown Indicators
| MBOAX | BHBFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.78% | -34.07% | +16.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -6.39% | +3.46% |
Max Drawdown (3Y)Largest decline over 3 years | -6.10% | -14.32% | +8.22% |
Max Drawdown (5Y)Largest decline over 5 years | -17.55% | -23.80% | +6.25% |
Max Drawdown (10Y)Largest decline over 10 years | -17.78% | -32.34% | +14.56% |
Current DrawdownCurrent decline from peak | -1.89% | -2.13% | +0.24% |
Average DrawdownAverage peak-to-trough decline | -2.36% | -3.70% | +1.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 2.28% | -1.26% |
Volatility
MBOAX vs. BHBFX - Volatility Comparison
The current volatility for Madison Core Bond Fund (MBOAX) is 1.00%, while Madison Dividend Income Fund (BHBFX) has a volatility of 3.06%. This indicates that MBOAX 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.
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Volatility by Period
| MBOAX | BHBFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 3.06% | -2.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.76% | 7.44% | -4.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.70% | 10.23% | -6.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.61% | 15.58% | -9.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.65% | 17.35% | -12.70% |
MBOAX vs. BHBFX - Expense Ratio Comparison
MBOAX has a 0.85% expense ratio, which is lower than BHBFX's 0.91% expense ratio.
Dividends
MBOAX vs. BHBFX - Dividend Comparison
MBOAX's dividend yield for the trailing twelve months is around 3.48%, 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% |
MBOAX Madison Core Bond Fund | 3.48% | 3.39% | 3.27% | 2.73% | 1.88% | 1.85% | 3.77% | 2.42% | 2.48% | 2.28% | 2.72% | 4.60% |
Frequently Asked Questions
MBOAX and BHBFX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BHBFX has higher volatility (3.06%) compared to MBOAX (1.00%). In terms of maximum drawdown, MBOAX dropped -17.78% vs BHBFX's -34.07%.
BHBFX currently has the higher Sharpe Ratio (1.42 vs 1.23), 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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