MMDAX vs. BHBFX

Last updated Jun 23, 2026

MMDAX (Madison Moderate Allocation Fund) and BHBFX (Madison Dividend Income Fund) are both mutual funds - MMDAX is a Diversified Portfolio fund managed by Madison Funds, while BHBFX is a Large Cap Value Equities fund managed by Madison Funds. Over the past 10 years, MMDAX returned 6.39%/yr vs 9.97%/yr for BHBFX. Their correlation of 0.85 suggests significant overlap in exposure. MMDAX charges 0.71%/yr vs 0.91%/yr for BHBFX.

Performance

MMDAX vs. BHBFX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with MMDAX having a 8.63% return and BHBFX slightly lower at 8.61%. Over the past 10 years, MMDAX has underperformed BHBFX with an annualized return of 6.39%, while BHBFX has yielded a comparatively higher 9.97% annualized return.

MMDAX

• 1D: 0.74%
• 1M: 2.01%
• YTD: 8.63%
• 6M: 8.30%
• 1Y: 17.54%
• 3Y*: 10.56%
• 5Y*: 4.74%
• 10Y*: 6.39%

BHBFX

• 1D: 0.34%
• 1M: -0.49%
• YTD: 8.61%
• 6M: 8.10%
• 1Y: 14.14%
• 3Y*: 10.37%
• 5Y*: 6.07%
• 10Y*: 9.97%

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

MMDAX vs. BHBFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMDAX Madison Moderate Allocation Fund	8.63%	11.13%	6.97%	10.32%	-14.49%	6.79%	9.77%	15.99%	-4.80%	14.29%
BHBFX Madison Dividend Income Fund	8.61%	8.19%	7.62%	1.76%	-5.50%	22.82%	6.34%	25.17%	-0.81%	19.94%

Correlation

The correlation between MMDAX and BHBFX is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jul 3, 2006	0.85

Over the past year, the correlation between MMDAX and BHBFX has dropped to 0.60 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

Return for Risk

MMDAX vs. BHBFX — Risk / Return Rank

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

MMDAX

MMDAX Risk / Return Rank: 51
MMDAX Sharpe Ratio Rank: 51
MMDAX Sortino Ratio Rank: 52
MMDAX Omega Ratio Rank: 50
MMDAX Calmar Ratio Rank: 46
MMDAX Martin Ratio Rank: 55

BHBFX

BHBFX Risk / Return Rank: 32
BHBFX Sharpe Ratio Rank: 30
BHBFX Sortino Ratio Rank: 32
BHBFX Omega Ratio Rank: 27
BHBFX Calmar Ratio Rank: 41
BHBFX Martin Ratio Rank: 30

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.

MMDAX vs. BHBFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Moderate Allocation Fund (MMDAX) 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.

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.

	MMDAX	BHBFX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.45	+0.49
Sortino ratio: Return per unit of downside risk	2.79	2.17	+0.62
Omega ratio: Gain probability vs. loss probability	1.36	1.25	+0.10
Calmar ratio: Return relative to maximum drawdown	2.47	2.32	+0.15
Martin ratio: Return relative to average drawdown	10.37	6.48	+3.89

MMDAX vs. BHBFX - Sharpe Ratio Comparison

The current MMDAX Sharpe Ratio is 1.94, which is higher than the BHBFX Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of MMDAX 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.

Drawdowns

MMDAX vs. BHBFX - Drawdown Comparison

The maximum MMDAX drawdown since its inception was -43.12%, which is greater than BHBFX's maximum drawdown of -34.07%. Use the drawdown chart below to compare losses from any high point for MMDAX and BHBFX.

Drawdown Indicators

	MMDAX	BHBFX	Difference
Max Drawdown Largest peak-to-trough decline	-43.12%	-34.07%	-9.05%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	-6.39%	-0.66%
Max Drawdown (3Y) Largest decline over 3 years	-10.02%	-14.32%	+4.30%
Max Drawdown (5Y) Largest decline over 5 years	-25.36%	-23.80%	-1.56%
Max Drawdown (10Y) Largest decline over 10 years	-25.36%	-32.34%	+6.98%
Current Drawdown Current decline from peak	-0.25%	-1.79%	+1.54%
Average Drawdown Average peak-to-trough decline	-7.36%	-3.70%	-3.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	2.28%	-0.61%

Volatility

MMDAX vs. BHBFX - Volatility Comparison

Madison Moderate Allocation Fund (MMDAX) has a higher volatility of 3.59% compared to Madison Dividend Income Fund (BHBFX) at 3.04%. This indicates that MMDAX's price experiences larger fluctuations and is considered to be riskier than BHBFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMDAX	BHBFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.59%	3.04%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	7.58%	7.45%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	8.96%	10.25%	-1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.83%	15.57%	-4.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.74%	17.36%	-6.62%

MMDAX vs. BHBFX - Expense Ratio Comparison

MMDAX has a 0.71% expense ratio, which is lower than BHBFX's 0.91% expense ratio.

Dividends

MMDAX vs. BHBFX - Dividend Comparison

MMDAX's dividend yield for the trailing twelve months is around 5.64%, less than BHBFX's 11.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BHBFX Madison Dividend Income Fund	11.55%	12.41%	14.14%	6.01%	9.39%	11.53%	1.53%	3.95%	12.73%	3.89%	3.76%	6.06%
MMDAX Madison Moderate Allocation Fund	5.64%	6.12%	3.70%	2.15%	1.39%	8.46%	9.24%	3.95%	9.05%	5.13%	4.36%	7.00%

Frequently Asked Questions

Can I hold both MMDAX and BHBFX in my portfolio?

MMDAX and BHBFX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMDAX or BHBFX?

MMDAX has higher volatility (3.59%) compared to BHBFX (3.04%). In terms of maximum drawdown, MMDAX dropped -43.12% vs BHBFX's -34.07%.

Which has better risk-adjusted returns?

MMDAX currently has the higher Sharpe Ratio (1.94 vs 1.45), 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.