MIIBX vs. MENYX
MIIBX (Madison High Quality Bond Fund) and MENYX (Madison Covered Call & Equity Income Fund) are both mutual funds - MIIBX is a Short-Term Bond fund managed by Madison Funds, while MENYX is a Derivative Income fund managed by Madison Funds. Over the past 10 years, MIIBX returned 1.35%/yr vs 7.91%/yr for MENYX. At a correlation of -0.15, they often move in opposite directions. MIIBX charges 0.50%/yr vs 1.01%/yr for MENYX.
Performance
MIIBX vs. MENYX - Performance Comparison
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Returns By Period
In the year-to-date period, MIIBX achieves a -0.11% return, which is significantly lower than MENYX's 1.48% return. Over the past 10 years, MIIBX has underperformed MENYX with an annualized return of 1.35%, while MENYX has yielded a comparatively higher 7.91% annualized return.
MIIBX
- 1D
- -0.19%
- 1M
- 0.19%
- YTD
- -0.11%
- 6M
- 0.02%
- 1Y
- 2.52%
- 3Y*
- 3.99%
- 5Y*
- 0.99%
- 10Y*
- 1.35%
MENYX
- 1D
- -0.11%
- 1M
- -5.35%
- YTD
- 1.48%
- 6M
- 1.84%
- 1Y
- 7.99%
- 3Y*
- 5.46%
- 5Y*
- 5.51%
- 10Y*
- 7.91%
MIIBX vs. MENYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MIIBX Madison High Quality Bond Fund | -0.11% | 6.21% | 2.74% | 4.55% | -7.13% | -1.76% | 4.50% | 4.54% | 0.91% | 1.14% |
MENYX Madison Covered Call & Equity Income Fund | 1.48% | 6.69% | 2.79% | 10.66% | 5.06% | 18.71% | 12.65% | 15.76% | -6.01% | 7.57% |
Correlation
The correlation between MIIBX and MENYX is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2009 | -0.15 |
The correlation between MIIBX and MENYX shifts across timeframes, from -0.15 (all time) to 0.13 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MIIBX vs. MENYX — Risk / Return Rank
MIIBX
MENYX
MIIBX vs. MENYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Madison High Quality Bond Fund (MIIBX) and Madison Covered Call & Equity Income Fund (MENYX). 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.
| MIIBX | MENYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.16 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.67 | 1.29 | +0.38 |
| Martin ratioReturn relative to average drawdown | 4.66 | 4.84 | -0.18 |
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Drawdowns
MIIBX vs. MENYX - Drawdown Comparison
The maximum MIIBX drawdown since its inception was -11.12%, smaller than the maximum MENYX drawdown of -28.38%. Use the drawdown chart below to compare losses from any high point for MIIBX and MENYX.
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Drawdown Indicators
| MIIBX | MENYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.12% | -28.38% | +17.26% |
Max Drawdown (1Y)Largest decline over 1 year | -1.70% | -6.31% | +4.61% |
Max Drawdown (3Y)Largest decline over 3 years | -2.33% | -16.14% | +13.81% |
Max Drawdown (5Y)Largest decline over 5 years | -10.69% | -16.14% | +5.45% |
Max Drawdown (10Y)Largest decline over 10 years | -11.12% | -28.38% | +17.26% |
Current DrawdownCurrent decline from peak | -1.23% | -6.31% | +5.08% |
Average DrawdownAverage peak-to-trough decline | -1.25% | -2.50% | +1.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 1.68% | -1.07% |
Volatility
MIIBX vs. MENYX - Volatility Comparison
The current volatility for Madison High Quality Bond Fund (MIIBX) is 0.65%, while Madison Covered Call & Equity Income Fund (MENYX) has a volatility of 2.64%. This indicates that MIIBX experiences smaller price fluctuations and is considered to be less risky than MENYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MIIBX | MENYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | 2.64% | -1.99% |
Volatility (6M)Calculated over the trailing 6-month period | 1.67% | 7.08% | -5.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.28% | 9.32% | -7.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.53% | 11.45% | -7.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.78% | 13.47% | -10.69% |
MIIBX vs. MENYX - Expense Ratio Comparison
MIIBX has a 0.50% expense ratio, which is lower than MENYX's 1.01% expense ratio.
Dividends
MIIBX vs. MENYX - Dividend Comparison
MIIBX's dividend yield for the trailing twelve months is around 3.47%, less than MENYX's 8.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MENYX Madison Covered Call & Equity Income Fund | 8.52% | 8.52% | 7.83% | 7.71% | 6.98% | 6.48% | 6.34% | 7.07% | 9.82% | 7.64% | 6.74% | 7.48% |
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
MIIBX and MENYX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MENYX has higher volatility (2.64%) compared to MIIBX (0.65%). In terms of maximum drawdown, MIIBX dropped -11.12% vs MENYX's -28.38%.
MIIBX currently has the higher Sharpe Ratio (1.24 vs 0.88), 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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