MENYX vs. BHBFX

Last updated Jun 4, 2026

MENYX (Madison Covered Call & Equity Income Fund) and BHBFX (Madison Dividend Income Fund) are both mutual funds - MENYX is a Derivative Income fund managed by Madison Funds, while BHBFX is a Large Cap Value Equities fund managed by Madison Funds. Over the past 10 years, MENYX returned 8.15%/yr vs 9.77%/yr for BHBFX. A 0.80 correlation means they provide meaningful diversification when combined. MENYX charges 1.01%/yr vs 0.91%/yr for BHBFX.

Performance

MENYX vs. BHBFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Covered Call & Equity Income Fund (MENYX) and Madison Dividend Income Fund (BHBFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MENYX achieves a 5.89% return, which is significantly lower than BHBFX's 7.70% return. Over the past 10 years, MENYX has underperformed BHBFX with an annualized return of 8.15%, while BHBFX has yielded a comparatively higher 9.77% annualized return.

MENYX

• 1D: -0.52%
• 1M: -1.74%
• YTD: 5.89%
• 6M: 5.72%
• 1Y: 13.92%
• 3Y*: 6.86%
• 5Y*: 6.20%
• 10Y*: 8.15%

BHBFX

• 1D: 0.97%
• 1M: 0.77%
• YTD: 7.70%
• 6M: 6.57%
• 1Y: 13.54%
• 3Y*: 10.17%
• 5Y*: 5.20%
• 10Y*: 9.77%

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

MENYX vs. BHBFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MENYX Madison Covered Call & Equity Income Fund	5.89%	6.69%	2.79%	10.66%	5.06%	18.71%	12.65%	15.76%	-6.01%	7.57%
BHBFX Madison Dividend Income Fund	7.70%	8.19%	7.62%	1.76%	-5.50%	22.82%	6.34%	25.17%	-0.81%	19.94%

Correlation

The correlation between MENYX and BHBFX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Nov 9, 2009	0.80

The correlation between MENYX and BHBFX shifts across timeframes, from 0.68 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MENYX vs. BHBFX — Risk / Return Rank

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

MENYX

MENYX Risk / Return Rank: 46
MENYX Sharpe Ratio Rank: 32
MENYX Sortino Ratio Rank: 33
MENYX Omega Ratio Rank: 32
MENYX Calmar Ratio Rank: 81
MENYX Martin Ratio Rank: 52

BHBFX

BHBFX Risk / Return Rank: 27
BHBFX Sharpe Ratio Rank: 24
BHBFX Sortino Ratio Rank: 25
BHBFX Omega Ratio Rank: 22
BHBFX Calmar Ratio Rank: 35
BHBFX Martin Ratio Rank: 26

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.

MENYX vs. BHBFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Covered Call & Equity Income Fund (MENYX) 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.

	MENYX	BHBFX	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.41	+0.24
Sortino ratio: Return per unit of downside risk	2.38	2.11	+0.27
Omega ratio: Gain probability vs. loss probability	1.30	1.25	+0.05
Calmar ratio: Return relative to maximum drawdown	3.74	2.23	+1.51
Martin ratio: Return relative to average drawdown	10.57	6.34	+4.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MENYX vs. BHBFX - Sharpe Ratio Comparison

The current MENYX Sharpe Ratio is 1.65, which is comparable to the BHBFX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of MENYX and BHBFX, 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

	MENYX	BHBFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	1.41	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.34	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.57	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.77	-0.16

Drawdowns

MENYX vs. BHBFX - Drawdown Comparison

The maximum MENYX drawdown since its inception was -28.38%, smaller than the maximum BHBFX drawdown of -34.07%. Use the drawdown chart below to compare losses from any high point for MENYX and BHBFX.

Drawdown Indicators

	MENYX	BHBFX	Difference
Max Drawdown Largest peak-to-trough decline	-28.38%	-34.07%	+5.69%
Max Drawdown (1Y) Largest decline over 1 year	-4.07%	-6.39%	+2.32%
Max Drawdown (3Y) Largest decline over 3 years	-16.14%	-14.32%	-1.82%
Max Drawdown (5Y) Largest decline over 5 years	-16.14%	-23.80%	+7.66%
Max Drawdown (10Y) Largest decline over 10 years	-28.38%	-32.34%	+3.96%
Current Drawdown Current decline from peak	-2.24%	-2.61%	+0.37%
Average Drawdown Average peak-to-trough decline	-2.50%	-3.70%	+1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	2.25%	-0.81%

Volatility

MENYX vs. BHBFX - Volatility Comparison

Madison Covered Call & Equity Income Fund (MENYX) and Madison Dividend Income Fund (BHBFX) have volatilities of 2.73% and 2.86%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MENYX	BHBFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.73%	2.86%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	6.85%	7.59%	-0.74%
Volatility (1Y) Calculated over the trailing 1-year period	9.27%	10.13%	-0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.43%	15.59%	-4.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.46%	17.35%	-3.89%

MENYX vs. BHBFX - Expense Ratio Comparison

MENYX has a 1.01% expense ratio, which is higher than BHBFX's 0.91% expense ratio.

Dividends

MENYX vs. BHBFX - Dividend Comparison

MENYX's dividend yield for the trailing twelve months is around 8.17%, less than BHBFX's 11.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BHBFX Madison Dividend Income Fund	11.65%	12.41%	14.14%	6.01%	9.39%	11.53%	1.53%	3.95%	12.73%	3.89%	3.76%	6.06%
MENYX Madison Covered Call & Equity Income Fund	8.17%	8.52%	7.83%	7.71%	6.98%	6.48%	6.34%	7.07%	9.82%	7.64%	6.74%	7.48%

Frequently Asked Questions

Can I hold both MENYX and BHBFX in my portfolio?

MENYX and BHBFX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MENYX or BHBFX?

BHBFX has higher volatility (2.86%) compared to MENYX (2.73%). In terms of maximum drawdown, MENYX dropped -28.38% vs BHBFX's -34.07%.

Which has better risk-adjusted returns?

MENYX currently has the higher Sharpe Ratio (1.65 vs 1.41), 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.