MENYX vs. MAGSX

Last updated Jun 5, 2026

MENYX (Madison Covered Call & Equity Income Fund) and MAGSX (Madison Aggressive Allocation Fund) are both mutual funds - MENYX is a Derivative Income fund managed by Madison Funds, while MAGSX is a Diversified Portfolio fund managed by Madison Funds. Over the past 10 years, MENYX returned 8.10%/yr vs 7.63%/yr for MAGSX. Their correlation of 0.80 suggests significant overlap in exposure. MENYX charges 1.01%/yr vs 0.71%/yr for MAGSX.

Performance

MENYX vs. MAGSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Covered Call & Equity Income Fund (MENYX) 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, MENYX achieves a 5.45% return, which is significantly lower than MAGSX's 11.14% return. Over the past 10 years, MENYX has outperformed MAGSX with an annualized return of 8.10%, while MAGSX has yielded a comparatively lower 7.63% annualized return.

MENYX

• 1D: -0.42%
• 1M: -1.24%
• YTD: 5.45%
• 6M: 5.17%
• 1Y: 13.57%
• 3Y*: 6.71%
• 5Y*: 6.07%
• 10Y*: 8.10%

MAGSX

• 1D: -0.59%
• 1M: 3.56%
• YTD: 11.14%
• 6M: 11.81%
• 1Y: 21.06%
• 3Y*: 12.58%
• 5Y*: 5.15%
• 10Y*: 7.63%

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

MENYX vs. MAGSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MENYX Madison Covered Call & Equity Income Fund	5.45%	6.69%	2.79%	10.66%	5.06%	18.71%	12.65%	15.76%	-6.01%	7.57%
MAGSX Madison Aggressive Allocation Fund	11.14%	12.48%	6.46%	12.32%	-15.38%	9.50%	9.65%	19.21%	-6.59%	18.04%

Correlation

The correlation between MENYX and MAGSX is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Nov 9, 2009	0.80

Over the past year, the correlation between MENYX and MAGSX has dropped to 0.50 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

Return for Risk

MENYX vs. MAGSX — Risk / Return Rank

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

MENYX

MENYX Risk / Return Rank: 40
MENYX Sharpe Ratio Rank: 27
MENYX Sortino Ratio Rank: 27
MENYX Omega Ratio Rank: 27
MENYX Calmar Ratio Rank: 75
MENYX Martin Ratio Rank: 45

MAGSX

MAGSX Risk / Return Rank: 47
MAGSX Sharpe Ratio Rank: 47
MAGSX Sortino Ratio Rank: 47
MAGSX Omega Ratio Rank: 45
MAGSX Calmar Ratio Rank: 43
MAGSX Martin Ratio Rank: 52

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. MAGSX - Risk-Adjusted Trends Comparison

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

	MENYX	MAGSX	Difference
Sharpe ratio: Return per unit of total volatility	1.47	2.02	-0.55
Sortino ratio: Return per unit of downside risk	2.13	2.91	-0.78
Omega ratio: Gain probability vs. loss probability	1.27	1.36	-0.10
Calmar ratio: Return relative to maximum drawdown	3.32	2.49	+0.83
Martin ratio: Return relative to average drawdown	9.31	10.56	-1.25
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. MAGSX - Sharpe Ratio Comparison

The current MENYX Sharpe Ratio is 1.47, which is comparable to the MAGSX Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of MENYX 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

	MENYX	MAGSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	2.02	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.42	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.59	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.36	+0.24

Drawdowns

MENYX vs. MAGSX - Drawdown Comparison

The maximum MENYX drawdown since its inception was -28.38%, smaller than the maximum MAGSX drawdown of -56.06%. Use the drawdown chart below to compare losses from any high point for MENYX and MAGSX.

Drawdown Indicators

	MENYX	MAGSX	Difference
Max Drawdown Largest peak-to-trough decline	-28.38%	-56.06%	+27.68%
Max Drawdown (1Y) Largest decline over 1 year	-4.07%	-8.63%	+4.56%
Max Drawdown (3Y) Largest decline over 3 years	-16.14%	-15.35%	-0.79%
Max Drawdown (5Y) Largest decline over 5 years	-16.14%	-21.13%	+4.99%
Max Drawdown (10Y) Largest decline over 10 years	-28.38%	-23.20%	-5.18%
Current Drawdown Current decline from peak	-2.65%	-0.59%	-2.06%
Average Drawdown Average peak-to-trough decline	-2.50%	-9.47%	+6.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	2.03%	-0.58%

Volatility

MENYX vs. MAGSX - Volatility Comparison

The current volatility for Madison Covered Call & Equity Income Fund (MENYX) is 2.75%, while Madison Aggressive Allocation Fund (MAGSX) has a volatility of 3.34%. This indicates that MENYX 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

	MENYX	MAGSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.75%	3.34%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	6.87%	8.59%	-1.72%
Volatility (1Y) Calculated over the trailing 1-year period	9.27%	10.64%	-1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.43%	12.18%	-0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.46%	13.07%	+0.39%

MENYX vs. MAGSX - Expense Ratio Comparison

MENYX has a 1.01% expense ratio, which is higher than MAGSX's 0.71% expense ratio.

Dividends

MENYX vs. MAGSX - Dividend Comparison

MENYX's dividend yield for the trailing twelve months is around 8.20%, more than MAGSX's 5.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MAGSX Madison Aggressive Allocation Fund	5.55%	6.17%	2.02%	1.89%	1.26%	9.97%	8.66%	5.42%	10.79%	5.89%	3.82%	9.57%
MENYX Madison Covered Call & Equity Income Fund	8.20%	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 MAGSX in my portfolio?

MENYX and MAGSX have a correlation of 0.50, 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 MAGSX?

MAGSX has higher volatility (3.34%) compared to MENYX (2.75%). In terms of maximum drawdown, MENYX dropped -28.38% vs MAGSX's -56.06%.

Which has better risk-adjusted returns?

MAGSX currently has the higher Sharpe Ratio (2.02 vs 1.47), 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.