MENYX vs. TCBIX

Last updated Jun 24, 2026

MENYX (Madison Covered Call & Equity Income Fund) and TCBIX (The Covered Bridge Fund) are both Derivative Income funds. Over the past 10 years, MENYX returned 7.91%/yr vs 7.82%/yr for TCBIX. Their correlation of 0.83 suggests significant overlap in exposure. MENYX charges 1.01%/yr vs 1.40%/yr for TCBIX.

Performance

MENYX vs. TCBIX - Performance Comparison

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

Returns By Period

In the year-to-date period, MENYX achieves a 1.48% return, which is significantly lower than TCBIX's 7.52% return. Both investments have delivered pretty close results over the past 10 years, with MENYX having a 7.91% annualized return and TCBIX not far behind at 7.82%.

MENYX

• 1D: -0.11%
• 1M: -5.35%
• YTD: 1.48%
• 6M: 1.84%
• 1Y: 7.99%
• 3Y*: 5.46%
• 5Y*: 5.51%
• 10Y*: 7.91%

TCBIX

• 1D: -0.42%
• 1M: -1.96%
• YTD: 7.52%
• 6M: 7.64%
• 1Y: 16.39%
• 3Y*: 10.19%
• 5Y*: 6.36%
• 10Y*: 7.82%

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

MENYX vs. TCBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MENYX Madison Covered Call & Equity Income Fund	1.48%	6.69%	2.79%	10.66%	5.06%	18.71%	12.65%	15.76%	-6.01%	7.57%
TCBIX The Covered Bridge Fund	7.52%	12.61%	4.09%	4.09%	0.05%	18.21%	-1.71%	18.73%	-3.93%	9.66%

Correlation

The correlation between MENYX and TCBIX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013	0.83

The correlation between MENYX and TCBIX shifts across timeframes, from 0.73 (1 year) to 0.83 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MENYX vs. TCBIX — Risk / Return Rank

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

MENYX

MENYX Risk / Return Rank: 14
MENYX Sharpe Ratio Rank: 12
MENYX Sortino Ratio Rank: 12
MENYX Omega Ratio Rank: 12
MENYX Calmar Ratio Rank: 16
MENYX Martin Ratio Rank: 21

TCBIX

TCBIX Risk / Return Rank: 58
TCBIX Sharpe Ratio Rank: 51
TCBIX Sortino Ratio Rank: 57
TCBIX Omega Ratio Rank: 48
TCBIX Calmar Ratio Rank: 75
TCBIX Martin Ratio Rank: 57

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. TCBIX - Risk-Adjusted Trends Comparison

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

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	MENYX	TCBIX	Difference
Sharpe ratio: Return per unit of total volatility	0.88	1.94	-1.06
Sortino ratio: Return per unit of downside risk	1.28	2.91	-1.62
Omega ratio: Gain probability vs. loss probability	1.16	1.35	-0.19
Calmar ratio: Return relative to maximum drawdown	1.29	3.23	-1.94
Martin ratio: Return relative to average drawdown	4.84	10.84	-6.00

MENYX vs. TCBIX - Sharpe Ratio Comparison

The current MENYX Sharpe Ratio is 0.88, which is lower than the TCBIX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of MENYX and TCBIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MENYX vs. TCBIX - Drawdown Comparison

The maximum MENYX drawdown since its inception was -28.38%, roughly equal to the maximum TCBIX drawdown of -28.94%. Use the drawdown chart below to compare losses from any high point for MENYX and TCBIX.

Drawdown Indicators

	MENYX	TCBIX	Difference
Max Drawdown Largest peak-to-trough decline	-28.38%	-28.94%	+0.56%
Max Drawdown (1Y) Largest decline over 1 year	-6.31%	-5.26%	-1.05%
Max Drawdown (3Y) Largest decline over 3 years	-16.14%	-12.73%	-3.41%
Max Drawdown (5Y) Largest decline over 5 years	-16.14%	-17.07%	+0.93%
Max Drawdown (10Y) Largest decline over 10 years	-28.38%	-28.94%	+0.56%
Current Drawdown Current decline from peak	-6.31%	-3.17%	-3.14%
Average Drawdown Average peak-to-trough decline	-2.50%	-3.47%	+0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	1.56%	+0.12%

Volatility

MENYX vs. TCBIX - Volatility Comparison

Madison Covered Call & Equity Income Fund (MENYX) and The Covered Bridge Fund (TCBIX) have volatilities of 2.64% and 2.75%, 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	TCBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.64%	2.75%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	7.08%	6.13%	+0.95%
Volatility (1Y) Calculated over the trailing 1-year period	9.32%	8.77%	+0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.45%	12.18%	-0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.47%	13.56%	-0.09%

MENYX vs. TCBIX - Expense Ratio Comparison

MENYX has a 1.01% expense ratio, which is lower than TCBIX's 1.40% expense ratio.

Dividends

MENYX vs. TCBIX - Dividend Comparison

MENYX's dividend yield for the trailing twelve months is around 8.52%, more than TCBIX's 8.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MENYX Madison Covered Call & Equity Income Fund	8.52%	8.52%	7.83%	7.71%	6.98%	6.48%	6.34%	7.07%	9.82%	7.64%	6.74%	7.48%
TCBIX The Covered Bridge Fund	8.24%	8.24%	7.47%	7.34%	8.09%	6.00%	4.70%	6.77%	11.55%	7.32%	7.32%	5.36%

Frequently Asked Questions

Can I hold both MENYX and TCBIX in my portfolio?

MENYX and TCBIX have a correlation of 0.73, 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 TCBIX?

TCBIX has higher volatility (2.75%) compared to MENYX (2.64%). In terms of maximum drawdown, MENYX dropped -28.38% vs TCBIX's -28.94%.

Which has better risk-adjusted returns?

TCBIX currently has the higher Sharpe Ratio (1.94 vs 0.88), 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.