MBOAX vs. MAGSX

Last updated Jun 4, 2026

MBOAX (Madison Core Bond Fund) and MAGSX (Madison Aggressive Allocation Fund) are both mutual funds - MBOAX is a Intermediate Core Bond fund managed by Madison Funds, while MAGSX is a Diversified Portfolio fund managed by Madison Funds. Over the past 10 years, MBOAX returned 1.61%/yr vs 7.69%/yr for MAGSX. At a correlation of -0.10, they often move in opposite directions. MBOAX charges 0.85%/yr vs 0.71%/yr for MAGSX.

Performance

MBOAX vs. MAGSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Core Bond Fund (MBOAX) and Madison Aggressive Allocation Fund (MAGSX). 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 lower than MAGSX's 11.80% return. Over the past 10 years, MBOAX has underperformed MAGSX with an annualized return of 1.61%, while MAGSX has yielded a comparatively higher 7.69% 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%

MAGSX

• 1D: 0.45%
• 1M: 5.24%
• YTD: 11.80%
• 6M: 12.39%
• 1Y: 22.10%
• 3Y*: 12.80%
• 5Y*: 5.44%
• 10Y*: 7.69%

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

MBOAX vs. MAGSX - 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%
MAGSX Madison Aggressive Allocation Fund	11.80%	12.48%	6.46%	12.32%	-15.38%	9.50%	9.65%	19.21%	-6.59%	18.04%

Correlation

The correlation between MBOAX and MAGSX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jul 5, 2006	-0.10

The correlation between MBOAX and MAGSX shifts across timeframes, from -0.10 (all time) to 0.39 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MBOAX vs. MAGSX — 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

MAGSX

MAGSX Risk / Return Rank: 52
MAGSX Sharpe Ratio Rank: 53
MAGSX Sortino Ratio Rank: 53
MAGSX Omega Ratio Rank: 50
MAGSX Calmar Ratio Rank: 48
MAGSX Martin Ratio Rank: 56

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. MAGSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Core Bond Fund (MBOAX) and Madison Aggressive Allocation Fund (MAGSX). 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	MAGSX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	2.15	-0.79
Sortino ratio: Return per unit of downside risk	2.01	3.08	-1.07
Omega ratio: Gain probability vs. loss probability	1.25	1.39	-0.14
Calmar ratio: Return relative to maximum drawdown	1.76	2.64	-0.88
Martin ratio: Return relative to average drawdown	5.40	11.23	-5.83
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. MAGSX - Sharpe Ratio Comparison

The current MBOAX Sharpe Ratio is 1.35, which is lower than the MAGSX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of MBOAX and MAGSX, 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	MAGSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	2.15	-0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	0.45	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.59	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.36	+0.37

Drawdowns

MBOAX vs. MAGSX - Drawdown Comparison

The maximum MBOAX drawdown since its inception was -17.78%, smaller than the maximum MAGSX drawdown of -56.06%. Use the drawdown chart below to compare losses from any high point for MBOAX and MAGSX.

Drawdown Indicators

	MBOAX	MAGSX	Difference
Max Drawdown Largest peak-to-trough decline	-17.78%	-56.06%	+38.28%
Max Drawdown (1Y) Largest decline over 1 year	-2.93%	-8.63%	+5.70%
Max Drawdown (3Y) Largest decline over 3 years	-6.10%	-15.35%	+9.25%
Max Drawdown (5Y) Largest decline over 5 years	-17.55%	-21.13%	+3.58%
Max Drawdown (10Y) Largest decline over 10 years	-17.78%	-23.20%	+5.42%
Current Drawdown Current decline from peak	-2.11%	0.00%	-2.11%
Average Drawdown Average peak-to-trough decline	-2.36%	-9.47%	+7.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	2.03%	-1.08%

Volatility

MBOAX vs. MAGSX - Volatility Comparison

The current volatility for Madison Core Bond Fund (MBOAX) is 1.45%, while Madison Aggressive Allocation Fund (MAGSX) has a volatility of 3.32%. This indicates that MBOAX experiences smaller price fluctuations and is considered to be less risky than MAGSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBOAX	MAGSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	3.32%	-1.87%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	8.57%	-5.79%
Volatility (1Y) Calculated over the trailing 1-year period	3.81%	10.62%	-6.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.61%	12.18%	-6.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.65%	13.07%	-8.42%

MBOAX vs. MAGSX - Expense Ratio Comparison

MBOAX has a 0.85% expense ratio, which is higher than MAGSX's 0.71% expense ratio.

Dividends

MBOAX vs. MAGSX - Dividend Comparison

MBOAX's dividend yield for the trailing twelve months is around 3.49%, less than MAGSX's 5.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MAGSX Madison Aggressive Allocation Fund	5.52%	6.17%	2.02%	1.89%	1.26%	9.97%	8.66%	5.42%	10.79%	5.89%	3.82%	9.57%
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 MAGSX in my portfolio?

MBOAX and MAGSX have a correlation of 0.39, 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 MAGSX?

MAGSX has higher volatility (3.32%) compared to MBOAX (1.45%). In terms of maximum drawdown, MBOAX dropped -17.78% vs MAGSX's -56.06%.

Which has better risk-adjusted returns?

MAGSX currently has the higher Sharpe Ratio (2.15 vs 1.35), 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.