AITFX vs. BMNSX

Last updated Jun 24, 2026

AITFX (Invesco Limited Term Municipal Income Fund) and BMNSX (Baird Core Intermediate Municipal Bond Fund) are both Municipal Bonds funds. Over the past 10 years, AITFX returned 2.08%/yr vs 2.18%/yr for BMNSX. A 0.71 correlation means they provide meaningful diversification when combined. AITFX charges 0.33%/yr vs 0.55%/yr for BMNSX.

Performance

AITFX vs. BMNSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Limited Term Municipal Income Fund (AITFX) and Baird Core Intermediate Municipal Bond Fund (BMNSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AITFX achieves a 1.34% return, which is significantly lower than BMNSX's 1.45% return. Both investments have delivered pretty close results over the past 10 years, with AITFX having a 2.08% annualized return and BMNSX not far ahead at 2.18%.

AITFX

• 1D: -0.09%
• 1M: 0.76%
• YTD: 1.34%
• 6M: 1.74%
• 1Y: 4.85%
• 3Y*: 3.96%
• 5Y*: 2.13%
• 10Y*: 2.08%

BMNSX

• 1D: 0.00%
• 1M: 1.07%
• YTD: 1.45%
• 6M: 1.65%
• 1Y: 5.45%
• 3Y*: 3.87%
• 5Y*: 1.48%
• 10Y*: 2.18%

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

AITFX vs. BMNSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AITFX Invesco Limited Term Municipal Income Fund	1.34%	5.47%	2.88%	3.67%	-2.62%	0.57%	3.73%	4.35%	1.13%	2.69%
BMNSX Baird Core Intermediate Municipal Bond Fund	1.45%	4.63%	2.26%	5.28%	-6.40%	1.44%	5.02%	6.40%	1.05%	5.00%

Correlation

The correlation between AITFX and BMNSX is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Sep 2, 2015	0.71

The correlation between AITFX and BMNSX shifts across timeframes, from 0.67 (1 year) to 0.77 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

AITFX vs. BMNSX — Risk / Return Rank

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

AITFX

AITFX Risk / Return Rank: 84
AITFX Sharpe Ratio Rank: 94
AITFX Sortino Ratio Rank: 97
AITFX Omega Ratio Rank: 97
AITFX Calmar Ratio Rank: 68
AITFX Martin Ratio Rank: 61

BMNSX

BMNSX Risk / Return Rank: 78
BMNSX Sharpe Ratio Rank: 97
BMNSX Sortino Ratio Rank: 96
BMNSX Omega Ratio Rank: 97
BMNSX Calmar Ratio Rank: 53
BMNSX Martin Ratio Rank: 46

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.

AITFX vs. BMNSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Limited Term Municipal Income Fund (AITFX) and Baird Core Intermediate Municipal Bond Fund (BMNSX). 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.

	AITFX	BMNSX	Difference
Sharpe ratio: Return per unit of total volatility	2.98	3.33	-0.35
Sortino ratio: Return per unit of downside risk	5.62	5.06	+0.57
Omega ratio: Gain probability vs. loss probability	1.98	1.89	+0.09
Calmar ratio: Return relative to maximum drawdown	3.02	2.66	+0.35
Martin ratio: Return relative to average drawdown	11.42	9.23	+2.19

AITFX vs. BMNSX - Sharpe Ratio Comparison

The current AITFX Sharpe Ratio is 2.98, which is comparable to the BMNSX Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of AITFX and BMNSX, 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

AITFX vs. BMNSX - Drawdown Comparison

The maximum AITFX drawdown since its inception was -7.17%, smaller than the maximum BMNSX drawdown of -10.24%. Use the drawdown chart below to compare losses from any high point for AITFX and BMNSX.

Drawdown Indicators

	AITFX	BMNSX	Difference
Max Drawdown Largest peak-to-trough decline	-7.17%	-10.24%	+3.07%
Max Drawdown (1Y) Largest decline over 1 year	-1.62%	-2.09%	+0.47%
Max Drawdown (3Y) Largest decline over 3 years	-2.63%	-3.67%	+1.04%
Max Drawdown (5Y) Largest decline over 5 years	-5.62%	-10.24%	+4.62%
Max Drawdown (10Y) Largest decline over 10 years	-7.17%	-10.24%	+3.07%
Current Drawdown Current decline from peak	-0.18%	-0.31%	+0.13%
Average Drawdown Average peak-to-trough decline	-0.73%	-1.65%	+0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.43%	0.60%	-0.17%

Volatility

AITFX vs. BMNSX - Volatility Comparison

Invesco Limited Term Municipal Income Fund (AITFX) has a higher volatility of 0.49% compared to Baird Core Intermediate Municipal Bond Fund (BMNSX) at 0.43%. This indicates that AITFX's price experiences larger fluctuations and is considered to be riskier than BMNSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AITFX	BMNSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.49%	0.43%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	1.28%	1.34%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	1.64%	1.68%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.09%	2.69%	-0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.19%	3.01%	-0.82%

AITFX vs. BMNSX - Expense Ratio Comparison

AITFX has a 0.33% expense ratio, which is lower than BMNSX's 0.55% expense ratio.

Dividends

AITFX vs. BMNSX - Dividend Comparison

AITFX's dividend yield for the trailing twelve months is around 3.63%, more than BMNSX's 3.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AITFX Invesco Limited Term Municipal Income Fund	3.63%	4.82%	3.93%	2.67%	1.80%	1.44%	2.07%	2.48%	2.28%	1.95%	1.93%	2.51%
BMNSX Baird Core Intermediate Municipal Bond Fund	3.24%	3.22%	3.12%	2.74%	1.67%	1.34%	1.99%	2.15%	2.01%	1.71%	1.39%	0.59%

Frequently Asked Questions

Can I hold both AITFX and BMNSX in my portfolio?

AITFX and BMNSX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AITFX or BMNSX?

AITFX has higher volatility (0.49%) compared to BMNSX (0.43%). In terms of maximum drawdown, AITFX dropped -7.17% vs BMNSX's -10.24%.

Which has better risk-adjusted returns?

BMNSX currently has the higher Sharpe Ratio (3.33 vs 2.98), 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.