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BMDSX vs. BMQIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BMDSX vs. BMQIX

Last updated Jun 23, 2026

BMDSX (Baird Mid Cap Growth Fund) and BMQIX (Baird Municipal Bond Fund Institutional Class) are both mutual funds - BMDSX is a Mid Cap Growth Equities fund managed by Baird, while BMQIX is a Municipal Bonds fund actively managed by Baird. Over the past 5 years, BMDSX returned -0.83%/yr vs 1.79%/yr for BMQIX. At a 0.10 correlation, their price movements are largely independent. BMDSX charges 1.05%/yr vs 0.30%/yr for BMQIX.

Performance

BMDSX vs. BMQIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baird Mid Cap Growth Fund (BMDSX) and Baird Municipal Bond Fund Institutional Class (BMQIX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BMDSX achieves a 7.40% return, which is significantly higher than BMQIX's 1.74% return.

BMDSX

1D
1.06%
1M
4.37%
YTD
7.40%
6M
4.79%
1Y
2.75%
3Y*
0.44%
5Y*
-0.83%
10Y*
8.95%

BMQIX

1D
0.00%
1M
1.44%
YTD
1.74%
6M
1.88%
1Y
6.80%
3Y*
4.46%
5Y*
1.79%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

BMDSX vs. BMQIX - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
BMDSX
Baird Mid Cap Growth Fund		7.40%-9.55%-1.16%19.91%-27.86%21.81%34.56%3.33%
BMQIX
Baird Municipal Bond Fund Institutional Class		1.74%4.66%2.73%7.14%-7.73%3.46%9.96%1.19%

Correlation

The correlation between BMDSX and BMQIX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.20

Correlation (3Y)
Calculated over the trailing 3-year period

0.14

Correlation (5Y)
Calculated over the trailing 5-year period

0.13

Correlation (All Time)
Calculated using the full available price history since Nov 15, 2019

0.10

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Baird Mid Cap Growth Fund

Baird Municipal Bond Fund Institutional Class

Often compared with BMDSX:
BMDSX vs. MXXIXBMDSX vs. ^GSPCBMDSX vs. MMGPXBMDSX vs. IMCGBMDSX vs. VBRBMDSX vs. BFGIXBMDSX vs. CTIGX
Often compared with BMQIX:
BMQIX vs. BATVXBMQIX vs. BSNIXBMQIX vs. NWXHXBMQIX vs. FHMIXBMQIX vs. USMSXBMQIX vs. APUSXBMQIX vs. ATOIX

Return for Risk

BMDSX vs. BMQIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BMDSX
BMDSX Risk / Return Rank: 44
Overall Rank
BMDSX Sharpe Ratio Rank: 44
Sharpe Ratio Rank
BMDSX Sortino Ratio Rank: 44
Sortino Ratio Rank
BMDSX Omega Ratio Rank: 44
Omega Ratio Rank
BMDSX Calmar Ratio Rank: 44
Calmar Ratio Rank
BMDSX Martin Ratio Rank: 44
Martin Ratio Rank
BMQIX
BMQIX Risk / Return Rank: 7575
Overall Rank
BMQIX Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
BMQIX Sortino Ratio Rank: 9393
Sortino Ratio Rank
BMQIX Omega Ratio Rank: 9696
Omega Ratio Rank
BMQIX Calmar Ratio Rank: 4646
Calmar Ratio Rank
BMQIX Martin Ratio Rank: 4545
Martin Ratio Rank
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.

BMDSX vs. BMQIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baird Mid Cap Growth Fund (BMDSX) and Baird Municipal Bond Fund Institutional Class (BMQIX). 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.

BMDSXBMQIXDifference
Sharpe ratioReturn per unit of total volatility
0.18
3.08

-2.90

Sortino ratioReturn per unit of downside risk
0.36
4.46

-4.10

Omega ratioGain probability vs. loss probability

1.04

1.78

-0.74

Calmar ratioReturn relative to maximum drawdown

0.19

2.48

-2.30

Martin ratioReturn relative to average drawdown

0.40

8.88

-8.48

BMDSX vs. BMQIX - Sharpe Ratio Comparison

The current BMDSX Sharpe Ratio is 0.18, which is lower than the BMQIX Sharpe Ratio of 3.08. The chart below compares the historical Sharpe Ratios of BMDSX and BMQIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

BMDSX vs. BMQIX - Drawdown Comparison

The maximum BMDSX drawdown since its inception was -53.96%, which is greater than BMQIX's maximum drawdown of -12.71%. Use the drawdown chart below to compare losses from any high point for BMDSX and BMQIX.

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Drawdown Indicators

BMDSXBMQIXDifference

Max Drawdown

Largest peak-to-trough decline

-53.96%

-12.71%

-41.25%

Max Drawdown (1Y)

Largest decline over 1 year

-14.54%

-2.75%

-11.79%

Max Drawdown (3Y)

Largest decline over 3 years

-25.04%

-5.01%

-20.03%

Max Drawdown (5Y)

Largest decline over 5 years

-36.24%

-12.71%

-23.53%

Max Drawdown (10Y)

Largest decline over 10 years

-36.24%

—

—

Current Drawdown

Current decline from peak

-20.10%

-0.36%

-19.74%

Average Drawdown

Average peak-to-trough decline

-10.96%

-2.47%

-8.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.80%

0.77%

+6.03%

Volatility

BMDSX vs. BMQIX - Volatility Comparison

Baird Mid Cap Growth Fund (BMDSX) has a higher volatility of 4.56% compared to Baird Municipal Bond Fund Institutional Class (BMQIX) at 0.57%. This indicates that BMDSX's price experiences larger fluctuations and is considered to be riskier than BMQIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BMDSXBMQIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.56%

0.57%

+3.99%

Volatility (6M)

Calculated over the trailing 6-month period

12.03%

1.76%

+10.27%

Volatility (1Y)

Calculated over the trailing 1-year period

15.46%

2.22%

+13.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.08%

3.62%

+17.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.81%

4.47%

+16.34%

BMDSX vs. BMQIX - Expense Ratio Comparison

BMDSX has a 1.05% expense ratio, which is higher than BMQIX's 0.30% expense ratio.

Dividends

BMDSX vs. BMQIX - Dividend Comparison

BMDSX's dividend yield for the trailing twelve months is around 12.93%, more than BMQIX's 3.42% yield.

PositionTTM20252024202320222021202020192018201720162015
BMDSX
Baird Mid Cap Growth Fund		12.93%13.88%4.57%2.44%1.79%17.82%10.09%5.77%6.62%4.87%0.00%0.15%
BMQIX
Baird Municipal Bond Fund Institutional Class		3.42%3.40%3.72%3.45%2.56%2.57%3.98%0.19%0.00%0.00%0.00%0.00%

Frequently Asked Questions

BMDSX and BMQIX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BMDSX has higher volatility (4.56%) compared to BMQIX (0.57%). In terms of maximum drawdown, BMDSX dropped -53.96% vs BMQIX's -12.71%.

BMQIX currently has the higher Sharpe Ratio (3.08 vs 0.18), 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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