BAGIX vs. BHYIX
BAGIX (Baird Aggregate Bond Fund Class I) and BHYIX (BlackRock High Yield Bond Portfolio Institutional Shares) are both mutual funds - BAGIX is a Total Bond Market fund managed by Baird, while BHYIX is a High Yield Bonds fund managed by BlackRock. Over the past 10 years, BAGIX returned 1.97%/yr vs 5.89%/yr for BHYIX. At a 0.09 correlation, their price movements are largely independent. BAGIX charges 0.30%/yr vs 0.59%/yr for BHYIX.
Performance
BAGIX vs. BHYIX - Performance Comparison
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Returns By Period
In the year-to-date period, BAGIX achieves a 0.63% return, which is significantly lower than BHYIX's 1.76% return. Over the past 10 years, BAGIX has underperformed BHYIX with an annualized return of 1.97%, while BHYIX has yielded a comparatively higher 5.89% annualized return.
BAGIX
- 1D
- 0.31%
- 1M
- 0.98%
- YTD
- 0.63%
- 6M
- 0.88%
- 1Y
- 4.93%
- 3Y*
- 4.56%
- 5Y*
- 0.28%
- 10Y*
- 1.97%
BHYIX
- 1D
- 0.00%
- 1M
- 0.70%
- YTD
- 1.76%
- 6M
- 2.48%
- 1Y
- 7.59%
- 3Y*
- 9.10%
- 5Y*
- 4.41%
- 10Y*
- 5.89%
BAGIX vs. BHYIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BAGIX Baird Aggregate Bond Fund Class I | 0.63% | 7.37% | 1.85% | 6.42% | -13.35% | -1.46% | 8.63% | 9.48% | -0.31% | 4.20% |
BHYIX BlackRock High Yield Bond Portfolio Institutional Shares | 1.76% | 9.18% | 8.55% | 13.19% | -11.24% | 5.53% | 5.87% | 15.35% | -2.81% | 8.23% |
Correlation
The correlation between BAGIX and BHYIX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2000 | 0.09 |
Over the past year, BAGIX and BHYIX have become more correlated (0.47) than their long-term average of 0.09, meaning their price movements have been converging.
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Return for Risk
BAGIX vs. BHYIX — Risk / Return Rank
BAGIX
BHYIX
BAGIX vs. BHYIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Baird Aggregate Bond Fund Class I (BAGIX) and BlackRock High Yield Bond Portfolio Institutional Shares (BHYIX). 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.
| BAGIX | BHYIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.51 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | 3.16 | -1.35 |
| Martin ratioReturn relative to average drawdown | 5.12 | 15.52 | -10.40 |
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Drawdowns
BAGIX vs. BHYIX - Drawdown Comparison
The maximum BAGIX drawdown since its inception was -18.62%, smaller than the maximum BHYIX drawdown of -34.82%. Use the drawdown chart below to compare losses from any high point for BAGIX and BHYIX.
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Drawdown Indicators
| BAGIX | BHYIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.62% | -34.82% | +16.20% |
Max Drawdown (1Y)Largest decline over 1 year | -2.72% | -2.41% | -0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -6.05% | -4.07% | -1.98% |
Max Drawdown (5Y)Largest decline over 5 years | -18.60% | -15.45% | -3.15% |
Max Drawdown (10Y)Largest decline over 10 years | -18.62% | -23.23% | +4.61% |
Current DrawdownCurrent decline from peak | -1.16% | -0.14% | -1.02% |
Average DrawdownAverage peak-to-trough decline | -2.35% | -2.75% | +0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.49% | +0.47% |
Volatility
BAGIX vs. BHYIX - Volatility Comparison
Baird Aggregate Bond Fund Class I (BAGIX) and BlackRock High Yield Bond Portfolio Institutional Shares (BHYIX) have volatilities of 1.14% and 1.09%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BAGIX | BHYIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.09% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.67% | 2.62% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.71% | 3.42% | +0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.92% | 5.25% | +0.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.89% | 5.92% | -1.03% |
BAGIX vs. BHYIX - Expense Ratio Comparison
BAGIX has a 0.30% expense ratio, which is lower than BHYIX's 0.59% expense ratio.
Dividends
BAGIX vs. BHYIX - Dividend Comparison
BAGIX's dividend yield for the trailing twelve months is around 4.23%, less than BHYIX's 7.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BAGIX Baird Aggregate Bond Fund Class I | 4.23% | 4.12% | 4.03% | 3.47% | 2.70% | 2.00% | 3.39% | 2.75% | 2.87% | 2.54% | 2.25% | 2.46% |
BHYIX BlackRock High Yield Bond Portfolio Institutional Shares | 7.06% | 7.05% | 7.46% | 6.15% | 4.91% | 4.73% | 5.12% | 5.70% | 6.33% | 5.82% | 5.96% | 6.33% |
Frequently Asked Questions
BAGIX and BHYIX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BAGIX has higher volatility (1.14%) compared to BHYIX (1.09%). In terms of maximum drawdown, BAGIX dropped -18.62% vs BHYIX's -34.82%.
BHYIX currently has the higher Sharpe Ratio (2.23 vs 1.33), 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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