MBOAX vs. GTSGX

Last updated Jun 4, 2026

MBOAX (Madison Core Bond Fund) and GTSGX (Madison Mid Cap Fund) are both mutual funds - MBOAX is a Intermediate Core Bond fund managed by Madison Funds, while GTSGX is a Mid Cap Blend Equities fund managed by Madison Funds. Over the past 10 years, MBOAX returned 1.61%/yr vs 10.41%/yr for GTSGX. At a correlation of -0.14, they often move in opposite directions. MBOAX charges 0.85%/yr vs 0.95%/yr for GTSGX.

Performance

MBOAX vs. GTSGX - Performance Comparison

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

Returns By Period

In the year-to-date period, MBOAX achieves a 0.12% return, which is significantly higher than GTSGX's -1.68% return. Over the past 10 years, MBOAX has underperformed GTSGX with an annualized return of 1.61%, while GTSGX has yielded a comparatively higher 10.41% annualized return.

MBOAX

• 1D: 0.11%
• 1M: 0.51%
• YTD: 0.12%
• 6M: 0.02%
• 1Y: 5.02%
• 3Y*: 3.92%
• 5Y*: 0.05%
• 10Y*: 1.61%

GTSGX

• 1D: -0.38%
• 1M: 1.74%
• YTD: -1.68%
• 6M: -1.41%
• 1Y: -0.33%
• 3Y*: 9.74%
• 5Y*: 6.54%
• 10Y*: 10.41%

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

MBOAX vs. GTSGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MBOAX Madison Core Bond Fund	0.12%	6.96%	1.14%	5.63%	-12.82%	-1.85%	9.22%	8.31%	-0.98%	3.02%
GTSGX Madison Mid Cap Fund	-1.68%	1.62%	10.24%	26.51%	-13.60%	26.31%	9.45%	33.53%	-1.60%	15.65%

Correlation

The correlation between MBOAX and GTSGX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since Dec 30, 1997	-0.14

The correlation between MBOAX and GTSGX shifts across timeframes, from -0.14 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MBOAX vs. GTSGX — Risk / Return Rank

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

MBOAX

MBOAX Risk / Return Rank: 22
MBOAX Sharpe Ratio Rank: 22
MBOAX Sortino Ratio Rank: 23
MBOAX Omega Ratio Rank: 23
MBOAX Calmar Ratio Rank: 22
MBOAX Martin Ratio Rank: 20

GTSGX

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

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.

MBOAX vs. GTSGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Core Bond Fund (MBOAX) and Madison Mid Cap Fund (GTSGX). 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.

	MBOAX	GTSGX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	0.06	+1.29
Sortino ratio: Return per unit of downside risk	2.01	0.20	+1.81
Omega ratio: Gain probability vs. loss probability	1.25	1.02	+0.23
Calmar ratio: Return relative to maximum drawdown	1.76	0.08	+1.68
Martin ratio: Return relative to average drawdown	5.40	0.19	+5.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MBOAX vs. GTSGX - Sharpe Ratio Comparison

The current MBOAX Sharpe Ratio is 1.35, which is higher than the GTSGX Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of MBOAX and GTSGX, 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

	MBOAX	GTSGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	0.06	+1.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	0.38	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.58	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.15	+0.59

Drawdowns

MBOAX vs. GTSGX - Drawdown Comparison

The maximum MBOAX drawdown since its inception was -17.78%, smaller than the maximum GTSGX drawdown of -73.82%. Use the drawdown chart below to compare losses from any high point for MBOAX and GTSGX.

Drawdown Indicators

	MBOAX	GTSGX	Difference
Max Drawdown Largest peak-to-trough decline	-17.78%	-73.82%	+56.04%
Max Drawdown (1Y) Largest decline over 1 year	-2.93%	-11.99%	+9.06%
Max Drawdown (3Y) Largest decline over 3 years	-6.10%	-19.63%	+13.53%
Max Drawdown (5Y) Largest decline over 5 years	-17.55%	-21.94%	+4.39%
Max Drawdown (10Y) Largest decline over 10 years	-17.78%	-38.25%	+20.47%
Current Drawdown Current decline from peak	-2.11%	-7.49%	+5.38%
Average Drawdown Average peak-to-trough decline	-2.36%	-29.69%	+27.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	4.83%	-3.88%

Volatility

MBOAX vs. GTSGX - Volatility Comparison

The current volatility for Madison Core Bond Fund (MBOAX) is 1.45%, while Madison Mid Cap Fund (GTSGX) has a volatility of 4.05%. This indicates that MBOAX experiences smaller price fluctuations and is considered to be less risky than GTSGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBOAX	GTSGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	4.05%	-2.60%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	10.12%	-7.34%
Volatility (1Y) Calculated over the trailing 1-year period	3.81%	14.70%	-10.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.61%	17.43%	-11.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.65%	18.07%	-13.42%

MBOAX vs. GTSGX - Expense Ratio Comparison

MBOAX has a 0.85% expense ratio, which is lower than GTSGX's 0.95% expense ratio.

Dividends

MBOAX vs. GTSGX - Dividend Comparison

MBOAX's dividend yield for the trailing twelve months is around 3.49%, more than GTSGX's 3.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTSGX Madison Mid Cap Fund	3.43%	3.37%	5.76%	1.25%	1.96%	4.38%	3.43%	3.74%	7.57%	3.58%	4.34%	6.09%
MBOAX Madison Core Bond Fund	3.49%	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

Can I hold both MBOAX and GTSGX in my portfolio?

MBOAX and GTSGX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MBOAX or GTSGX?

GTSGX has higher volatility (4.05%) compared to MBOAX (1.45%). In terms of maximum drawdown, MBOAX dropped -17.78% vs GTSGX's -73.82%.

Which has better risk-adjusted returns?

MBOAX currently has the higher Sharpe Ratio (1.35 vs 0.06), 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.