MERAX vs. BHBFX
MERAX (Madison Mid Cap A) and BHBFX (Madison Dividend Income Fund) are both mutual funds - MERAX is a Mid Cap Blend Equities fund managed by Madison, while BHBFX is a Large Cap Value Equities fund managed by Madison. Over the past 10 years, MERAX returned 10.82%/yr vs 9.77%/yr for BHBFX. Their correlation of 0.82 means they have usually moved in the same direction. MERAX charges 1.39%/yr vs 0.91%/yr for BHBFX.
Performance
MERAX vs. BHBFX - Performance Comparison
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Returns By Period
In the year-to-date period, MERAX achieves a 7.34% return, which is significantly lower than BHBFX's 12.04% return. Over the past 10 years, MERAX has outperformed BHBFX with an annualized return of 10.82%, while BHBFX has yielded a comparatively lower 9.77% annualized return.
MERAX
- 1D
- -0.32%
- 1M
- 2.13%
- 6M
- 3.27%
- YTD
- 7.34%
- 1Y
- 11.08%
- 3Y*
- 8.87%
- 5Y*
- 7.32%
- 10Y*
- 10.82%
- ALL TIME*
- 4.39%
BHBFX
- 1D
- 0.07%
- 1M
- 1.39%
- 6M
- 5.01%
- YTD
- 12.04%
- 1Y
- 16.83%
- 3Y*
- 8.96%
- 5Y*
- 6.05%
- 10Y*
- 9.77%
- ALL TIME*
- 10.03%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
MERAX Madison Mid Cap A | $0.00 | $0.00 | $0.00 |
MERAX vs. BHBFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MERAX Madison Mid Cap A | 7.34% | 1.21% | 9.80% | 25.84% | -13.94% | 25.72% | 9.00% | 32.91% | -2.02% | 15.18% |
BHBFX Madison Dividend Income Fund | 12.04% | 8.19% | 7.62% | 1.76% | -5.50% | 22.82% | 6.34% | 25.17% | -0.81% | 19.94% |
Correlation
The correlation between MERAX and BHBFX is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.64 |
Correlation (3Y) Balances recent behavior with more history. | 0.74 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.80 |
Correlation (All Time) Calculated using the full available price history since Mar 20, 2000 | 0.82 |
The correlation between MERAX and BHBFX shifts across timeframes, from 0.64 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MERAX vs. BHBFX — Risk / Return Rank
MERAX
BHBFX
MERAX vs. BHBFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Madison Mid Cap A (MERAX) 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.
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.
| MERAX | BHBFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.86 | ||
| Sortino ratioReturn per unit of downside risk | -1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.27 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | 2.49 | -1.64 |
| Martin ratioReturn relative to average drawdown | 2.00 | 6.92 | -4.92 |
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Drawdowns
MERAX vs. BHBFX - Drawdown Comparison
The maximum MERAX drawdown since its inception was -73.13%, which is greater than BHBFX's maximum drawdown of -34.07%. Use the drawdown chart below to compare losses from any high point for MERAX and BHBFX.
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Drawdown Indicators
| MERAX | BHBFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.13% | -34.07% | -39.06% |
Max Drawdown (1Y)Largest decline over 1 year | -12.02% | -6.39% | -5.63% |
Max Drawdown (3Y)Largest decline over 3 years | -19.78% | -14.32% | -5.46% |
Max Drawdown (5Y)Largest decline over 5 years | -22.10% | -23.80% | +1.70% |
Max Drawdown (10Y)Largest decline over 10 years | -38.26% | -32.34% | -5.92% |
Current DrawdownCurrent decline from peak | -1.00% | -1.10% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -25.24% | -3.69% | -21.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.07% | 2.29% | +2.78% |
Volatility
MERAX vs. BHBFX - Volatility Comparison
Madison Mid Cap A (MERAX) has a higher volatility of 4.03% compared to Madison Dividend Income Fund (BHBFX) at 3.04%. This indicates that MERAX's price experiences larger fluctuations and is considered to be riskier than BHBFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MERAX | BHBFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.03% | 3.04% | +0.99% |
Volatility (6M)Calculated over the trailing 6-month period | 10.51% | 7.40% | +3.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.75% | 10.26% | +4.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.46% | 15.53% | +1.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 17.32% | +0.71% |
MERAX vs. BHBFX - Expense Ratio Comparison
MERAX has a 1.39% expense ratio, which is higher than BHBFX's 0.91% expense ratio.
Dividends
MERAX vs. BHBFX - Dividend Comparison
MERAX's dividend yield for the trailing twelve months is around 3.16%, less than BHBFX's 11.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BHBFX Madison Dividend Income Fund | 11.18% | 12.41% | 14.14% | 6.01% | 9.39% | 11.53% | 1.53% | 3.95% | 12.73% | 3.89% | 3.76% | 6.06% |
MERAX Madison Mid Cap A | 3.16% | 3.39% | 5.74% | 1.21% | 2.11% | 4.66% | 3.65% | 3.96% | 7.92% | 3.73% | 4.50% | 6.29% |
Frequently Asked Questions
MERAX and BHBFX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MERAX has higher volatility (4.03%) compared to BHBFX (3.04%). In terms of maximum drawdown, MERAX dropped -73.13% vs BHBFX's -34.07%.
BHBFX currently has the higher Sharpe Ratio (1.56 vs 0.69), 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.
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