MERAX vs. QCGDX

Last updated Aug 4, 2026

MERAX (Madison Mid Cap A) and QCGDX (Quantified Common Ground Fund) are both Mid Cap Blend Equities funds. Over the past 5 years, MERAX returned 7.32%/yr vs 7.30%/yr for QCGDX. Their 0.73 correlation means they have sometimes moved together and sometimes differently. MERAX charges 1.39%/yr vs 1.68%/yr for QCGDX.

Performance

MERAX vs. QCGDX - Performance Comparison

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

Returns By Period

In the year-to-date period, MERAX achieves a 7.34% return, which is significantly lower than QCGDX's 10.25% 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%

QCGDX

• 1D: -0.30%
• 1M: -0.90%
• 6M: 6.84%
• YTD: 10.25%
• 1Y: 14.52%
• 3Y*: 8.56%
• 5Y*: 7.30%
• 10Y*: —
• ALL TIME*: 9.97%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MERAX Madison Mid Cap A	$0.00	$0.00	$0.00
QCGDX Quantified Common Ground Fund	$0.00	$0.00	$0.00

MERAX vs. QCGDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MERAX Madison Mid Cap A	7.34%	1.21%	9.80%	25.84%	-13.94%	25.72%	9.00%	0.28%
QCGDX Quantified Common Ground Fund	10.25%	1.02%	9.87%	14.74%	-12.23%	32.19%	14.65%	0.10%

Correlation

The correlation between MERAX and QCGDX is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.74
Correlation (All Time) Calculated using the full available price history since Dec 30, 2019	0.73

Over the past year, the correlation between MERAX and QCGDX has dropped to 0.49 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

MERAX vs. QCGDX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MERAX

MERAX Risk / Return Rank: 16
MERAX Sharpe Ratio Rank: 17
MERAX Sortino Ratio Rank: 19
MERAX Omega Ratio Rank: 17
MERAX Calmar Ratio Rank: 16
MERAX Martin Ratio Rank: 14

QCGDX

QCGDX Risk / Return Rank: 30
QCGDX Sharpe Ratio Rank: 26
QCGDX Sortino Ratio Rank: 26
QCGDX Omega Ratio Rank: 27
QCGDX Calmar Ratio Rank: 34
QCGDX Martin Ratio Rank: 37

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MERAX vs. QCGDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Mid Cap A (MERAX) and Quantified Common Ground Fund (QCGDX). 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	QCGDX	Difference
Sharpe ratio: Return per unit of total volatility	0.69	0.98	-0.28
Sortino ratio: Return per unit of downside risk	1.13	1.43	-0.30
Omega ratio: Gain probability vs. loss probability	1.13	1.19	-0.06
Calmar ratio: Return relative to maximum drawdown	0.84	1.59	-0.74
Martin ratio: Return relative to average drawdown	2.00	5.83	-3.83

MERAX vs. QCGDX - Sharpe Ratio Comparison

The current MERAX Sharpe Ratio is 0.69, which is comparable to the QCGDX Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of MERAX and QCGDX, 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

MERAX vs. QCGDX - Drawdown Comparison

The maximum MERAX drawdown since its inception was -73.13%, which is greater than QCGDX's maximum drawdown of -22.37%. Use the drawdown chart below to compare losses from any high point for MERAX and QCGDX.

Drawdown Indicators

	MERAX	QCGDX	Difference
Max Drawdown Largest peak-to-trough decline	-73.13%	-22.37%	-50.76%
Max Drawdown (1Y) Largest decline over 1 year	-12.02%	-9.38%	-2.64%
Max Drawdown (3Y) Largest decline over 3 years	-19.78%	-16.10%	-3.68%
Max Drawdown (5Y) Largest decline over 5 years	-22.10%	-20.18%	-1.92%
Max Drawdown (10Y) Largest decline over 10 years	-38.26%	—	—
Current Drawdown Current decline from peak	-1.00%	-6.97%	+5.97%
Average Drawdown Average peak-to-trough decline	-25.24%	-6.09%	-19.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.07%	2.55%	+2.52%

Volatility

MERAX vs. QCGDX - Volatility Comparison

The current volatility for Madison Mid Cap A (MERAX) is 4.03%, while Quantified Common Ground Fund (QCGDX) has a volatility of 6.18%. This indicates that MERAX experiences smaller price fluctuations and is considered to be less risky than QCGDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MERAX	QCGDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	6.18%	-2.15%
Volatility (6M) Calculated over the trailing 6-month period	10.51%	13.27%	-2.76%
Volatility (1Y) Calculated over the trailing 1-year period	14.75%	15.29%	-0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.46%	15.16%	+2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	16.72%	+1.31%

MERAX vs. QCGDX - Expense Ratio Comparison

MERAX has a 1.39% expense ratio, which is lower than QCGDX's 1.68% expense ratio.

Dividends

MERAX vs. QCGDX - Dividend Comparison

MERAX's dividend yield for the trailing twelve months is around 3.16%, more than QCGDX's 0.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QCGDX Quantified Common Ground Fund	0.63%	0.69%	4.42%	0.22%	0.00%	5.44%	1.65%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MERAX and QCGDX in my portfolio?

MERAX and QCGDX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MERAX or QCGDX?

QCGDX has higher volatility (6.18%) compared to MERAX (4.03%). In terms of maximum drawdown, MERAX dropped -73.13% vs QCGDX's -22.37%.

Which has better risk-adjusted returns?

QCGDX currently has the higher Sharpe Ratio (0.98 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.