MERAX vs. MBOAX
MERAX (Madison Mid Cap A) and MBOAX (Madison Core Bond Fund) are both mutual funds - MERAX is a Mid Cap Blend Equities fund managed by Madison Funds, while MBOAX is a Intermediate Core Bond fund managed by Madison Funds. Over the past 10 years, MERAX returned 10.26%/yr vs 1.61%/yr for MBOAX. At a correlation of -0.15, they often move in opposite directions. MERAX charges 1.39%/yr vs 0.85%/yr for MBOAX.
Performance
MERAX vs. MBOAX - Performance Comparison
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Returns By Period
In the year-to-date period, MERAX achieves a -0.48% return, which is significantly lower than MBOAX's 0.34% return. Over the past 10 years, MERAX has outperformed MBOAX with an annualized return of 10.26%, while MBOAX has yielded a comparatively lower 1.61% annualized return.
MERAX
- 1D
- 0.96%
- 1M
- 2.66%
- YTD
- -0.48%
- 6M
- -1.88%
- 1Y
- 3.21%
- 3Y*
- 8.45%
- 5Y*
- 6.93%
- 10Y*
- 10.26%
MBOAX
- 1D
- 0.11%
- 1M
- 0.95%
- YTD
- 0.34%
- 6M
- 0.57%
- 1Y
- 4.43%
- 3Y*
- 4.00%
- 5Y*
- -0.07%
- 10Y*
- 1.61%
MERAX vs. MBOAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MERAX Madison Mid Cap A | -0.48% | 1.21% | 9.80% | 25.84% | -13.94% | 25.72% | 9.00% | 32.91% | -2.02% | 15.18% |
MBOAX Madison Core Bond Fund | 0.34% | 6.96% | 1.14% | 5.63% | -12.82% | -1.85% | 9.22% | 8.31% | -0.98% | 3.02% |
Correlation
The correlation between MERAX and MBOAX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Mar 20, 2000 | -0.15 |
The correlation between MERAX and MBOAX shifts across timeframes, from -0.15 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MERAX vs. MBOAX — Risk / Return Rank
MERAX
MBOAX
MERAX vs. MBOAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Madison Mid Cap A (MERAX) and Madison Core Bond Fund (MBOAX). 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 | MBOAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.22 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.29 | 1.56 | -1.27 |
| Martin ratioReturn relative to average drawdown | 0.69 | 4.48 | -3.79 |
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Drawdowns
MERAX vs. MBOAX - Drawdown Comparison
The maximum MERAX drawdown since its inception was -73.13%, which is greater than MBOAX's maximum drawdown of -17.78%. Use the drawdown chart below to compare losses from any high point for MERAX and MBOAX.
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Drawdown Indicators
| MERAX | MBOAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.13% | -17.78% | -55.35% |
Max Drawdown (1Y)Largest decline over 1 year | -12.02% | -2.93% | -9.09% |
Max Drawdown (3Y)Largest decline over 3 years | -19.78% | -6.10% | -13.68% |
Max Drawdown (5Y)Largest decline over 5 years | -22.10% | -17.55% | -4.55% |
Max Drawdown (10Y)Largest decline over 10 years | -38.26% | -17.78% | -20.48% |
Current DrawdownCurrent decline from peak | -6.36% | -1.89% | -4.47% |
Average DrawdownAverage peak-to-trough decline | -25.34% | -2.36% | -22.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.07% | 1.02% | +4.05% |
Volatility
MERAX vs. MBOAX - Volatility Comparison
Madison Mid Cap A (MERAX) has a higher volatility of 4.15% compared to Madison Core Bond Fund (MBOAX) at 1.00%. This indicates that MERAX's price experiences larger fluctuations and is considered to be riskier than MBOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MERAX | MBOAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.15% | 1.00% | +3.15% |
Volatility (6M)Calculated over the trailing 6-month period | 10.44% | 2.76% | +7.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.84% | 3.70% | +11.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.45% | 5.61% | +11.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.05% | 4.65% | +13.40% |
MERAX vs. MBOAX - Expense Ratio Comparison
MERAX has a 1.39% expense ratio, which is higher than MBOAX's 0.85% expense ratio.
Dividends
MERAX vs. MBOAX - Dividend Comparison
MERAX's dividend yield for the trailing twelve months is around 3.41%, less than MBOAX's 3.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MBOAX Madison Core Bond Fund | 3.48% | 3.39% | 3.27% | 2.73% | 1.88% | 1.85% | 3.77% | 2.42% | 2.48% | 2.28% | 2.72% | 4.60% |
MERAX Madison Mid Cap A | 3.41% | 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 MBOAX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MERAX has higher volatility (4.15%) compared to MBOAX (1.00%). In terms of maximum drawdown, MERAX dropped -73.13% vs MBOAX's -17.78%.
MBOAX currently has the higher Sharpe Ratio (1.23 vs 0.24), 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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