MBOAX vs. PNIIX

Last updated Jun 4, 2026

MBOAX (Madison Core Bond Fund) and PNIIX (Principal Bond Market Index Fund) are both Intermediate Core Bond funds. Over the past 10 years, MBOAX returned 1.61%/yr vs 1.45%/yr for PNIIX. Their correlation of 0.93 suggests significant overlap in exposure. MBOAX charges 0.85%/yr vs 0.15%/yr for PNIIX.

Performance

MBOAX vs. PNIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Core Bond Fund (MBOAX) and Principal Bond Market Index Fund (PNIIX). 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 PNIIX's 0.47% return. Over the past 10 years, MBOAX has outperformed PNIIX with an annualized return of 1.61%, while PNIIX has yielded a comparatively lower 1.45% 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%

PNIIX

• 1D: 0.00%
• 1M: 0.47%
• YTD: 0.47%
• 6M: 0.26%
• 1Y: 5.36%
• 3Y*: 3.89%
• 5Y*: 0.07%
• 10Y*: 1.45%

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

MBOAX vs. PNIIX - 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%
PNIIX Principal Bond Market Index Fund	0.47%	7.01%	1.17%	5.55%	-13.26%	-1.68%	7.28%	8.47%	-0.20%	3.31%

Correlation

The correlation between MBOAX and PNIIX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010	0.93

The correlation between MBOAX and PNIIX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

Return for Risk

MBOAX vs. PNIIX — 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

PNIIX

PNIIX Risk / Return Rank: 25
PNIIX Sharpe Ratio Rank: 23
PNIIX Sortino Ratio Rank: 25
PNIIX Omega Ratio Rank: 23
PNIIX Calmar Ratio Rank: 28
PNIIX Martin Ratio Rank: 24

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. PNIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Core Bond Fund (MBOAX) and Principal Bond Market Index Fund (PNIIX). 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	PNIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.39	-0.03
Sortino ratio: Return per unit of downside risk	2.01	2.11	-0.11
Omega ratio: Gain probability vs. loss probability	1.25	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	1.76	1.95	-0.19
Martin ratio: Return relative to average drawdown	5.40	5.98	-0.58
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. PNIIX - Sharpe Ratio Comparison

The current MBOAX Sharpe Ratio is 1.35, which is comparable to the PNIIX Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of MBOAX and PNIIX, 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	PNIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	1.39	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	0.01	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.29	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.54	+0.20

Drawdowns

MBOAX vs. PNIIX - Drawdown Comparison

The maximum MBOAX drawdown since its inception was -17.78%, smaller than the maximum PNIIX drawdown of -18.76%. Use the drawdown chart below to compare losses from any high point for MBOAX and PNIIX.

Drawdown Indicators

	MBOAX	PNIIX	Difference
Max Drawdown Largest peak-to-trough decline	-17.78%	-18.76%	+0.98%
Max Drawdown (1Y) Largest decline over 1 year	-2.93%	-2.76%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-6.10%	-6.25%	+0.15%
Max Drawdown (5Y) Largest decline over 5 years	-17.55%	-18.14%	+0.59%
Max Drawdown (10Y) Largest decline over 10 years	-17.78%	-18.76%	+0.98%
Current Drawdown Current decline from peak	-2.11%	-2.65%	+0.54%
Average Drawdown Average peak-to-trough decline	-2.36%	-3.45%	+1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.90%	+0.05%

Volatility

MBOAX vs. PNIIX - Volatility Comparison

Madison Core Bond Fund (MBOAX) has a higher volatility of 1.45% compared to Principal Bond Market Index Fund (PNIIX) at 1.32%. This indicates that MBOAX's price experiences larger fluctuations and is considered to be riskier than PNIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBOAX	PNIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	1.32%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	2.71%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	3.81%	3.89%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.61%	6.31%	-0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.65%	5.08%	-0.43%

MBOAX vs. PNIIX - Expense Ratio Comparison

MBOAX has a 0.85% expense ratio, which is higher than PNIIX's 0.15% expense ratio.

Dividends

MBOAX vs. PNIIX - Dividend Comparison

MBOAX's dividend yield for the trailing twelve months is around 3.49%, less than PNIIX's 3.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PNIIX Principal Bond Market Index Fund	3.99%	4.01%	3.60%	4.18%	1.66%	2.03%	18.60%	2.40%	2.51%	2.35%	1.78%	2.10%

Frequently Asked Questions

Can I hold both MBOAX and PNIIX in my portfolio?

MBOAX and PNIIX have a correlation of 0.89, 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 PNIIX?

MBOAX has higher volatility (1.45%) compared to PNIIX (1.32%). In terms of maximum drawdown, MBOAX dropped -17.78% vs PNIIX's -18.76%.

Which has better risk-adjusted returns?

PNIIX currently has the higher Sharpe Ratio (1.39 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.