BIMIX vs. BTMSX

Last updated Jun 4, 2026

BIMIX (Baird Intermediate Bond Fund Class Institutional) and BTMSX (Baird Short-Term Municipal Bond Fund) are both mutual funds - BIMIX is a Intermediate Core Bond fund managed by Baird, while BTMSX is a Municipal Bonds fund managed by Baird. Over the past 10 years, BIMIX returned 2.15%/yr vs 1.83%/yr for BTMSX. At a 0.39 correlation, their price movements are largely independent. BIMIX charges 0.30%/yr vs 0.55%/yr for BTMSX.

Performance

BIMIX vs. BTMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baird Intermediate Bond Fund Class Institutional (BIMIX) and Baird Short-Term Municipal Bond Fund (BTMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIMIX achieves a -0.06% return, which is significantly lower than BTMSX's 0.97% return. Over the past 10 years, BIMIX has outperformed BTMSX with an annualized return of 2.15%, while BTMSX has yielded a comparatively lower 1.83% annualized return.

BIMIX

• 1D: 0.00%
• 1M: 0.17%
• YTD: -0.06%
• 6M: 0.06%
• 1Y: 3.94%
• 3Y*: 4.55%
• 5Y*: 1.21%
• 10Y*: 2.15%

BTMSX

• 1D: 0.00%
• 1M: 0.27%
• YTD: 0.97%
• 6M: 1.25%
• 1Y: 4.04%
• 3Y*: 3.82%
• 5Y*: 1.63%
• 10Y*: 1.83%

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

BIMIX vs. BTMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIMIX Baird Intermediate Bond Fund Class Institutional	-0.06%	6.69%	3.45%	5.78%	-8.64%	-1.41%	7.42%	7.05%	0.58%	2.74%
BTMSX Baird Short-Term Municipal Bond Fund	0.97%	4.46%	2.98%	3.90%	-4.01%	0.59%	2.90%	3.81%	1.34%	2.45%

Correlation

The correlation between BIMIX and BTMSX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.39

Return for Risk

BIMIX vs. BTMSX — Risk / Return Rank

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

BIMIX

BIMIX Risk / Return Rank: 29
BIMIX Sharpe Ratio Rank: 31
BIMIX Sortino Ratio Rank: 33
BIMIX Omega Ratio Rank: 33
BIMIX Calmar Ratio Rank: 26
BIMIX Martin Ratio Rank: 21

BTMSX

BTMSX Risk / Return Rank: 87
BTMSX Sharpe Ratio Rank: 97
BTMSX Sortino Ratio Rank: 97
BTMSX Omega Ratio Rank: 98
BTMSX Calmar Ratio Rank: 81
BTMSX Martin Ratio Rank: 63

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.

BIMIX vs. BTMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baird Intermediate Bond Fund Class Institutional (BIMIX) and Baird Short-Term Municipal Bond Fund (BTMSX). 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.

	BIMIX	BTMSX	Difference
Sharpe ratio: Return per unit of total volatility	1.59	3.69	-2.10
Sortino ratio: Return per unit of downside risk	2.37	6.00	-3.63
Omega ratio: Gain probability vs. loss probability	1.30	2.26	-0.96
Calmar ratio: Return relative to maximum drawdown	1.91	3.68	-1.77
Martin ratio: Return relative to average drawdown	5.57	12.35	-6.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIMIX vs. BTMSX - Sharpe Ratio Comparison

The current BIMIX Sharpe Ratio is 1.59, which is lower than the BTMSX Sharpe Ratio of 3.69. The chart below compares the historical Sharpe Ratios of BIMIX and BTMSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BIMIX	BTMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	3.69	-2.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.95	-0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	1.00	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	1.03	+0.14

Drawdowns

BIMIX vs. BTMSX - Drawdown Comparison

The maximum BIMIX drawdown since its inception was -12.76%, which is greater than BTMSX's maximum drawdown of -6.51%. Use the drawdown chart below to compare losses from any high point for BIMIX and BTMSX.

Drawdown Indicators

	BIMIX	BTMSX	Difference
Max Drawdown Largest peak-to-trough decline	-12.76%	-6.51%	-6.25%
Max Drawdown (1Y) Largest decline over 1 year	-2.07%	-1.10%	-0.97%
Max Drawdown (3Y) Largest decline over 3 years	-2.44%	-1.89%	-0.55%
Max Drawdown (5Y) Largest decline over 5 years	-12.76%	-6.51%	-6.25%
Max Drawdown (10Y) Largest decline over 10 years	-12.76%	-6.51%	-6.25%
Current Drawdown Current decline from peak	-1.32%	-0.30%	-1.02%
Average Drawdown Average peak-to-trough decline	-1.48%	-0.94%	-0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.33%	+0.38%

Volatility

BIMIX vs. BTMSX - Volatility Comparison

Baird Intermediate Bond Fund Class Institutional (BIMIX) has a higher volatility of 0.76% compared to Baird Short-Term Municipal Bond Fund (BTMSX) at 0.36%. This indicates that BIMIX's price experiences larger fluctuations and is considered to be riskier than BTMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIMIX	BTMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	0.36%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	1.72%	0.84%	+0.88%
Volatility (1Y) Calculated over the trailing 1-year period	2.49%	1.10%	+1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.88%	1.72%	+2.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.25%	1.84%	+1.41%

BIMIX vs. BTMSX - Expense Ratio Comparison

BIMIX has a 0.30% expense ratio, which is lower than BTMSX's 0.55% expense ratio.

Dividends

BIMIX vs. BTMSX - Dividend Comparison

BIMIX's dividend yield for the trailing twelve months is around 3.72%, more than BTMSX's 3.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIMIX Baird Intermediate Bond Fund Class Institutional	3.72%	3.67%	3.89%	3.21%	2.17%	2.27%	3.49%	2.52%	2.50%	2.35%	2.21%	2.57%
BTMSX Baird Short-Term Municipal Bond Fund	3.07%	3.05%	2.93%	2.48%	1.36%	0.88%	1.30%	1.66%	1.53%	1.43%	1.17%	0.00%

Frequently Asked Questions

Can I hold both BIMIX and BTMSX in my portfolio?

BIMIX and BTMSX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIMIX or BTMSX?

BIMIX has higher volatility (0.76%) compared to BTMSX (0.36%). In terms of maximum drawdown, BIMIX dropped -12.76% vs BTMSX's -6.51%.

Which has better risk-adjusted returns?

BTMSX currently has the higher Sharpe Ratio (3.69 vs 1.59), 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.