MERAX vs. GTSGX

Last updated Jun 4, 2026

MERAX (Madison Mid Cap A) and GTSGX (Madison Mid Cap Fund) are both Mid Cap Blend Equities funds from Madison Funds. Over the past 10 years, MERAX returned 9.94%/yr vs 10.41%/yr for GTSGX. Their correlation of 0.92 suggests significant overlap in exposure. MERAX charges 1.39%/yr vs 0.95%/yr for GTSGX.

Performance

MERAX vs. GTSGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Mid Cap A (MERAX) and Madison Mid Cap Fund (GTSGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MERAX achieves a -1.77% return, which is significantly lower than GTSGX's -1.68% return. Both investments have delivered pretty close results over the past 10 years, with MERAX having a 9.94% annualized return and GTSGX not far ahead at 10.41%.

MERAX

• 1D: -0.34%
• 1M: 1.69%
• YTD: -1.77%
• 6M: -1.49%
• 1Y: -0.64%
• 3Y*: 9.32%
• 5Y*: 6.10%
• 10Y*: 9.94%

GTSGX

• 1D: -0.38%
• 1M: 1.74%
• YTD: -1.68%
• 6M: -1.41%
• 1Y: -0.33%
• 3Y*: 9.74%
• 5Y*: 6.54%
• 10Y*: 10.41%

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

MERAX vs. GTSGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MERAX Madison Mid Cap A	-1.77%	1.21%	9.80%	25.84%	-13.94%	25.72%	9.00%	32.91%	-2.02%	15.18%
GTSGX Madison Mid Cap Fund	-1.68%	1.62%	10.24%	26.51%	-13.60%	26.31%	9.45%	33.53%	-1.60%	15.65%

Correlation

The correlation between MERAX and GTSGX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Mar 21, 2000	0.92

The correlation between MERAX and GTSGX has been stable across timeframes, ranging from 0.92 to 1.00 - a consistent structural relationship.

Return for Risk

MERAX vs. GTSGX — Risk / Return Rank

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

MERAX

MERAX Risk / Return Rank: 3
MERAX Sharpe Ratio Rank: 3
MERAX Sortino Ratio Rank: 3
MERAX Omega Ratio Rank: 3
MERAX Calmar Ratio Rank: 3
MERAX Martin Ratio Rank: 3

GTSGX

GTSGX Risk / Return Rank: 3
GTSGX Sharpe Ratio Rank: 3
GTSGX Sortino Ratio Rank: 3
GTSGX Omega Ratio Rank: 3
GTSGX Calmar Ratio Rank: 3
GTSGX Martin Ratio Rank: 3

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.

MERAX vs. GTSGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Mid Cap A (MERAX) and Madison Mid Cap Fund (GTSGX). 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.

	MERAX	GTSGX	Difference
Sharpe ratio: Return per unit of total volatility	0.04	0.06	-0.02
Sortino ratio: Return per unit of downside risk	0.17	0.20	-0.03
Omega ratio: Gain probability vs. loss probability	1.02	1.02	0.00
Calmar ratio: Return relative to maximum drawdown	0.05	0.08	-0.02
Martin ratio: Return relative to average drawdown	0.13	0.19	-0.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MERAX vs. GTSGX - Sharpe Ratio Comparison

The current MERAX Sharpe Ratio is 0.04, which is comparable to the GTSGX Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of MERAX and GTSGX, 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

	MERAX	GTSGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.04	0.06	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.38	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.58	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.15	+0.04

Drawdowns

MERAX vs. GTSGX - Drawdown Comparison

The maximum MERAX drawdown since its inception was -73.13%, roughly equal to the maximum GTSGX drawdown of -73.82%. Use the drawdown chart below to compare losses from any high point for MERAX and GTSGX.

Drawdown Indicators

	MERAX	GTSGX	Difference
Max Drawdown Largest peak-to-trough decline	-73.13%	-73.82%	+0.69%
Max Drawdown (1Y) Largest decline over 1 year	-12.02%	-11.99%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-19.78%	-19.63%	-0.15%
Max Drawdown (5Y) Largest decline over 5 years	-22.10%	-21.94%	-0.16%
Max Drawdown (10Y) Largest decline over 10 years	-38.26%	-38.25%	-0.01%
Current Drawdown Current decline from peak	-7.58%	-7.49%	-0.09%
Average Drawdown Average peak-to-trough decline	-25.38%	-29.69%	+4.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.86%	4.83%	+0.03%

Volatility

MERAX vs. GTSGX - Volatility Comparison

Madison Mid Cap A (MERAX) and Madison Mid Cap Fund (GTSGX) have volatilities of 4.05% and 4.05%, 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

	MERAX	GTSGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	4.05%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	10.16%	10.12%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	14.74%	14.70%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.41%	17.43%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	18.07%	-0.04%

MERAX vs. GTSGX - Expense Ratio Comparison

MERAX has a 1.39% expense ratio, which is higher than GTSGX's 0.95% expense ratio.

Dividends

MERAX vs. GTSGX - Dividend Comparison

MERAX's dividend yield for the trailing twelve months is around 3.46%, which matches GTSGX's 3.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTSGX Madison Mid Cap Fund	3.43%	3.37%	5.76%	1.25%	1.96%	4.38%	3.43%	3.74%	7.57%	3.58%	4.34%	6.09%
MERAX Madison Mid Cap A	3.46%	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

Can I hold both MERAX and GTSGX in my portfolio?

With a correlation of 1.00, MERAX and GTSGX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MERAX or GTSGX?

GTSGX has higher volatility (4.05%) compared to MERAX (4.05%). In terms of maximum drawdown, MERAX dropped -73.13% vs GTSGX's -73.82%.

Which has better risk-adjusted returns?

GTSGX currently has the higher Sharpe Ratio (0.06 vs 0.04), 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.