MCNAX vs. LQD
Compare and contrast key facts about Madison Conservative Allocation Fund (MCNAX) and iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD).
MCNAX is managed by Madison Funds. It was launched on Jun 29, 2006. LQD is a passively managed fund by iShares that tracks the performance of the iBoxx $ Liquid Investment Grade Index. It was launched on Jul 26, 2002.
Performance
MCNAX vs. LQD - Performance Comparison
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MCNAX vs. LQD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MCNAX Madison Conservative Allocation Fund | -0.98% | 9.31% | 4.55% | 7.96% | -13.79% | 2.97% | 9.16% | 12.44% | -2.98% | 9.68% |
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | -0.27% | 7.90% | 0.86% | 9.40% | -17.92% | -1.84% | 10.97% | 17.37% | -3.79% | 7.06% |
Returns By Period
In the year-to-date period, MCNAX achieves a -0.98% return, which is significantly lower than LQD's -0.27% return. Over the past 10 years, MCNAX has outperformed LQD with an annualized return of 3.78%, while LQD has yielded a comparatively lower 2.63% annualized return.
MCNAX
- 1D
- 0.80%
- 1M
- -3.61%
- YTD
- -0.98%
- 6M
- 0.45%
- 1Y
- 6.69%
- 3Y*
- 5.72%
- 5Y*
- 1.76%
- 10Y*
- 3.78%
LQD
- 1D
- 0.11%
- 1M
- -1.63%
- YTD
- -0.27%
- 6M
- -0.34%
- 1Y
- 4.61%
- 3Y*
- 4.30%
- 5Y*
- 0.11%
- 10Y*
- 2.63%
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MCNAX vs. LQD - Expense Ratio Comparison
MCNAX has a 0.71% expense ratio, which is higher than LQD's 0.15% expense ratio.
Return for Risk
MCNAX vs. LQD — Risk / Return Rank
MCNAX
LQD
MCNAX vs. LQD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Madison Conservative Allocation Fund (MCNAX) and iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD). 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.
| MCNAX | LQD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.03 | 0.70 | +0.33 |
Sortino ratioReturn per unit of downside risk | 1.47 | 0.99 | +0.48 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.13 | +0.08 |
Calmar ratioReturn relative to maximum drawdown | 1.40 | 1.48 | -0.08 |
Martin ratioReturn relative to average drawdown | 5.49 | 4.06 | +1.43 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MCNAX | LQD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.03 | 0.70 | +0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | 0.01 | +0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.30 | +0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.54 | +0.01 |
Correlation
The correlation between MCNAX and LQD is 0.41, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
MCNAX vs. LQD - Dividend Comparison
MCNAX's dividend yield for the trailing twelve months is around 2.37%, less than LQD's 4.56% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MCNAX Madison Conservative Allocation Fund | 2.37% | 2.63% | 2.81% | 2.40% | 1.49% | 6.65% | 7.32% | 3.75% | 5.24% | 4.24% | 3.43% | 4.51% |
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.56% | 4.48% | 4.45% | 3.99% | 3.30% | 2.30% | 2.66% | 3.29% | 3.67% | 3.10% | 3.34% | 3.47% |
Drawdowns
MCNAX vs. LQD - Drawdown Comparison
The maximum MCNAX drawdown since its inception was -27.65%, which is greater than LQD's maximum drawdown of -24.95%. Use the drawdown chart below to compare losses from any high point for MCNAX and LQD.
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Drawdown Indicators
| MCNAX | LQD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.65% | -24.95% | -2.70% |
Max Drawdown (1Y)Largest decline over 1 year | -5.10% | -3.38% | -1.72% |
Max Drawdown (5Y)Largest decline over 5 years | -22.20% | -24.95% | +2.75% |
Max Drawdown (10Y)Largest decline over 10 years | -22.20% | -24.95% | +2.75% |
Current DrawdownCurrent decline from peak | -4.16% | -4.42% | +0.26% |
Average DrawdownAverage peak-to-trough decline | -4.45% | -3.99% | -0.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 1.23% | +0.07% |
Volatility
MCNAX vs. LQD - Volatility Comparison
Madison Conservative Allocation Fund (MCNAX) has a higher volatility of 2.84% compared to iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) at 2.66%. This indicates that MCNAX's price experiences larger fluctuations and is considered to be riskier than LQD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MCNAX | LQD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.84% | 2.66% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 4.21% | 3.76% | +0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.74% | 6.60% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.57% | 8.65% | -1.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.79% | 8.67% | -1.88% |