BAGIX vs. GNMA
BAGIX (Baird Aggregate Bond Fund Class I) and GNMA (iShares GNMA Bond ETF) are both funds - BAGIX is a Total Bond Market fund managed by Baird, while GNMA is a Mortgage Backed Securities fund tracking the Barclays Capital GNMA Index. Over the past 10 years, BAGIX returned 1.99%/yr vs 1.23%/yr for GNMA. A 0.65 correlation means they provide meaningful diversification when combined. BAGIX charges 0.30%/yr vs 0.15%/yr for GNMA.
Performance
BAGIX vs. GNMA - Performance Comparison
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Returns By Period
In the year-to-date period, BAGIX achieves a 0.42% return, which is significantly lower than GNMA's 0.56% return. Over the past 10 years, BAGIX has outperformed GNMA with an annualized return of 1.99%, while GNMA has yielded a comparatively lower 1.23% annualized return.
BAGIX
- 1D
- 0.00%
- 1M
- 0.57%
- YTD
- 0.42%
- 6M
- 0.37%
- 1Y
- 5.47%
- 3Y*
- 4.52%
- 5Y*
- 0.45%
- 10Y*
- 1.99%
GNMA
- 1D
- -0.19%
- 1M
- -0.07%
- YTD
- 0.56%
- 6M
- 0.81%
- 1Y
- 6.56%
- 3Y*
- 4.20%
- 5Y*
- 0.53%
- 10Y*
- 1.23%
BAGIX vs. GNMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BAGIX Baird Aggregate Bond Fund Class I | 0.42% | 7.37% | 1.85% | 6.42% | -13.35% | -1.46% | 8.63% | 9.48% | -0.31% | 4.20% |
GNMA iShares GNMA Bond ETF | 0.56% | 8.25% | 1.07% | 5.34% | -10.83% | -1.86% | 3.51% | 5.85% | 0.85% | 1.74% |
Correlation
The correlation between BAGIX and GNMA is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2012 | 0.65 |
The correlation between BAGIX and GNMA shifts across timeframes, from 0.65 (all time) to 0.88 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BAGIX vs. GNMA — Risk / Return Rank
BAGIX
GNMA
BAGIX vs. GNMA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Baird Aggregate Bond Fund Class I (BAGIX) and iShares GNMA Bond ETF (GNMA). 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.
| BAGIX | GNMA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.27 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | 2.52 | -0.50 |
| Martin ratioReturn relative to average drawdown | 6.02 | 8.05 | -2.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BAGIX | GNMA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.45 | 1.53 | -0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | 0.08 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | 0.24 | +0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.97 | 0.25 | +0.73 |
Drawdowns
BAGIX vs. GNMA - Drawdown Comparison
The maximum BAGIX drawdown since its inception was -18.62%, which is greater than GNMA's maximum drawdown of -17.09%. Use the drawdown chart below to compare losses from any high point for BAGIX and GNMA.
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Drawdown Indicators
| BAGIX | GNMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.62% | -17.09% | -1.53% |
Max Drawdown (1Y)Largest decline over 1 year | -2.72% | -2.61% | -0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -6.05% | -7.13% | +1.08% |
Max Drawdown (5Y)Largest decline over 5 years | -18.60% | -15.83% | -2.77% |
Max Drawdown (10Y)Largest decline over 10 years | -18.62% | -17.09% | -1.53% |
Current DrawdownCurrent decline from peak | -1.36% | -1.41% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -2.35% | -3.66% | +1.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 0.82% | +0.09% |
Volatility
BAGIX vs. GNMA - Volatility Comparison
The current volatility for Baird Aggregate Bond Fund Class I (BAGIX) is 1.26%, while iShares GNMA Bond ETF (GNMA) has a volatility of 1.54%. This indicates that BAGIX experiences smaller price fluctuations and is considered to be less risky than GNMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BAGIX | GNMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 1.54% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 2.63% | 3.14% | -0.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.80% | 4.30% | -0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.92% | 6.61% | -0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.89% | 5.13% | -0.24% |
BAGIX vs. GNMA - Expense Ratio Comparison
BAGIX has a 0.30% expense ratio, which is higher than GNMA's 0.15% expense ratio.
Dividends
BAGIX vs. GNMA - Dividend Comparison
BAGIX's dividend yield for the trailing twelve months is around 4.24%, which matches GNMA's 4.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BAGIX Baird Aggregate Bond Fund Class I | 4.24% | 4.12% | 4.03% | 3.47% | 2.70% | 2.00% | 3.39% | 2.75% | 2.87% | 2.54% | 2.25% | 2.46% |
GNMA iShares GNMA Bond ETF | 4.24% | 4.19% | 4.15% | 3.43% | 2.01% | 0.64% | 1.89% | 2.61% | 2.41% | 2.15% | 1.89% | 1.50% |
Frequently Asked Questions
BAGIX and GNMA have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GNMA has higher volatility (1.54%) compared to BAGIX (1.26%). In terms of maximum drawdown, BAGIX dropped -18.62% vs GNMA's -17.09%.
GNMA currently has the higher Sharpe Ratio (1.53 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.
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