MIIBX vs. BHBFX

Last updated Jun 5, 2026

MIIBX (Madison High Quality Bond Fund) and BHBFX (Madison Dividend Income Fund) are both mutual funds - MIIBX is a Short-Term Bond fund managed by Madison Funds, while BHBFX is a Large Cap Value Equities fund managed by Madison Funds. Over the past 10 years, MIIBX returned 1.39%/yr vs 9.80%/yr for BHBFX. At a correlation of -0.13, they often move in opposite directions. MIIBX charges 0.50%/yr vs 0.91%/yr for BHBFX.

Performance

MIIBX vs. BHBFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison High Quality Bond Fund (MIIBX) and Madison Dividend Income Fund (BHBFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MIIBX achieves a -0.01% return, which is significantly lower than BHBFX's 8.03% return. Over the past 10 years, MIIBX has underperformed BHBFX with an annualized return of 1.39%, while BHBFX has yielded a comparatively higher 9.80% annualized return.

MIIBX

• 1D: -0.10%
• 1M: -0.10%
• YTD: -0.01%
• 6M: 0.21%
• 1Y: 3.01%
• 3Y*: 3.96%
• 5Y*: 0.97%
• 10Y*: 1.39%

BHBFX

• 1D: 0.31%
• 1M: 0.38%
• YTD: 8.03%
• 6M: 7.05%
• 1Y: 14.33%
• 3Y*: 10.28%
• 5Y*: 5.16%
• 10Y*: 9.80%

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

MIIBX vs. BHBFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MIIBX Madison High Quality Bond Fund	-0.01%	6.21%	2.74%	4.55%	-7.13%	-1.76%	4.50%	4.54%	0.91%	1.14%
BHBFX Madison Dividend Income Fund	8.03%	8.19%	7.62%	1.76%	-5.50%	22.82%	6.34%	25.17%	-0.81%	19.94%

Correlation

The correlation between MIIBX and BHBFX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	-0.02
Correlation (All Time) Calculated using the full available price history since May 1, 2000	-0.13

The correlation between MIIBX and BHBFX shifts across timeframes, from -0.13 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MIIBX vs. BHBFX — Risk / Return Rank

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

MIIBX

MIIBX Risk / Return Rank: 29
MIIBX Sharpe Ratio Rank: 27
MIIBX Sortino Ratio Rank: 31
MIIBX Omega Ratio Rank: 30
MIIBX Calmar Ratio Rank: 29
MIIBX Martin Ratio Rank: 26

BHBFX

BHBFX Risk / Return Rank: 26
BHBFX Sharpe Ratio Rank: 24
BHBFX Sortino Ratio Rank: 25
BHBFX Omega Ratio Rank: 22
BHBFX Calmar Ratio Rank: 35
BHBFX Martin Ratio Rank: 26

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.

MIIBX vs. BHBFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison High Quality Bond Fund (MIIBX) 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.

	MIIBX	BHBFX	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.38	+0.07
Sortino ratio: Return per unit of downside risk	2.25	2.07	+0.18
Omega ratio: Gain probability vs. loss probability	1.28	1.24	+0.04
Calmar ratio: Return relative to maximum drawdown	1.95	2.18	-0.23
Martin ratio: Return relative to average drawdown	5.95	6.19	-0.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MIIBX vs. BHBFX - Sharpe Ratio Comparison

The current MIIBX Sharpe Ratio is 1.45, which is comparable to the BHBFX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of MIIBX and BHBFX, 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

	MIIBX	BHBFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	1.38	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.33	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.57	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	0.77	+0.20

Drawdowns

MIIBX vs. BHBFX - Drawdown Comparison

The maximum MIIBX drawdown since its inception was -11.12%, smaller than the maximum BHBFX drawdown of -34.07%. Use the drawdown chart below to compare losses from any high point for MIIBX and BHBFX.

Drawdown Indicators

	MIIBX	BHBFX	Difference
Max Drawdown Largest peak-to-trough decline	-11.12%	-34.07%	+22.95%
Max Drawdown (1Y) Largest decline over 1 year	-1.70%	-6.39%	+4.69%
Max Drawdown (3Y) Largest decline over 3 years	-2.33%	-14.32%	+11.99%
Max Drawdown (5Y) Largest decline over 5 years	-10.69%	-23.80%	+13.11%
Max Drawdown (10Y) Largest decline over 10 years	-11.12%	-32.34%	+21.22%
Current Drawdown Current decline from peak	-1.13%	-2.32%	+1.19%
Average Drawdown Average peak-to-trough decline	-1.25%	-3.70%	+2.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	2.25%	-1.69%

Volatility

MIIBX vs. BHBFX - Volatility Comparison

The current volatility for Madison High Quality Bond Fund (MIIBX) is 0.77%, while Madison Dividend Income Fund (BHBFX) has a volatility of 2.70%. This indicates that MIIBX experiences smaller price fluctuations and is considered to be less risky than BHBFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MIIBX	BHBFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	2.70%	-1.93%
Volatility (6M) Calculated over the trailing 6-month period	1.63%	7.58%	-5.95%
Volatility (1Y) Calculated over the trailing 1-year period	2.29%	10.14%	-7.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.53%	15.59%	-12.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.77%	17.34%	-14.57%

MIIBX vs. BHBFX - Expense Ratio Comparison

MIIBX has a 0.50% expense ratio, which is lower than BHBFX's 0.91% expense ratio.

Dividends

MIIBX vs. BHBFX - Dividend Comparison

MIIBX's dividend yield for the trailing twelve months is around 3.47%, less than BHBFX's 11.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BHBFX Madison Dividend Income Fund	11.62%	12.41%	14.14%	6.01%	9.39%	11.53%	1.53%	3.95%	12.73%	3.89%	3.76%	6.06%
MIIBX Madison High Quality Bond Fund	3.47%	3.34%	3.02%	2.17%	1.23%	1.54%	1.28%	1.87%	1.73%	1.41%	1.23%	1.35%

Frequently Asked Questions

Can I hold both MIIBX and BHBFX in my portfolio?

MIIBX and BHBFX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MIIBX or BHBFX?

BHBFX has higher volatility (2.70%) compared to MIIBX (0.77%). In terms of maximum drawdown, MIIBX dropped -11.12% vs BHBFX's -34.07%.

Which has better risk-adjusted returns?

MIIBX currently has the higher Sharpe Ratio (1.45 vs 1.38), 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.