BMDSX vs. VBR

Last updated Jun 4, 2026

BMDSX (Baird Mid Cap Growth Fund) and VBR (Vanguard Small-Cap Value ETF) are both funds - BMDSX is a Mid Cap Growth Equities fund managed by Baird, while VBR is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index. Over the past 10 years, BMDSX returned 8.67%/yr vs 10.53%/yr for VBR. Their correlation of 0.85 suggests significant overlap in exposure. BMDSX charges 1.05%/yr vs 0.05%/yr for VBR.

Performance

BMDSX vs. VBR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baird Mid Cap Growth Fund (BMDSX) and Vanguard Small-Cap Value ETF (VBR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BMDSX achieves a 6.27% return, which is significantly lower than VBR's 11.67% return. Over the past 10 years, BMDSX has underperformed VBR with an annualized return of 8.67%, while VBR has yielded a comparatively higher 10.53% annualized return.

BMDSX

• 1D: 0.17%
• 1M: 2.80%
• YTD: 6.27%
• 6M: 4.43%
• 1Y: 0.97%
• 3Y*: 0.84%
• 5Y*: -0.61%
• 10Y*: 8.67%

VBR

• 1D: -0.39%
• 1M: 2.39%
• YTD: 11.67%
• 6M: 11.95%
• 1Y: 25.78%
• 3Y*: 16.44%
• 5Y*: 7.95%
• 10Y*: 10.53%

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

BMDSX vs. VBR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BMDSX Baird Mid Cap Growth Fund	6.27%	-9.55%	-1.16%	19.91%	-27.86%	21.81%	34.56%	35.94%	-1.52%	26.61%
VBR Vanguard Small-Cap Value ETF	11.67%	9.09%	12.40%	16.00%	-9.38%	28.08%	5.90%	22.78%	-12.28%	11.81%

Correlation

The correlation between BMDSX and VBR is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Feb 2, 2004	0.85

The correlation between BMDSX and VBR has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

Return for Risk

BMDSX vs. VBR — Risk / Return Rank

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

BMDSX

BMDSX Risk / Return Rank: 3
BMDSX Sharpe Ratio Rank: 3
BMDSX Sortino Ratio Rank: 3
BMDSX Omega Ratio Rank: 3
BMDSX Calmar Ratio Rank: 3
BMDSX Martin Ratio Rank: 3

VBR

VBR Risk / Return Rank: 52
VBR Sharpe Ratio Rank: 49
VBR Sortino Ratio Rank: 50
VBR Omega Ratio Rank: 46
VBR Calmar Ratio Rank: 58
VBR Martin Ratio Rank: 58

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. VBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baird Mid Cap Growth Fund (BMDSX) and Vanguard Small-Cap Value ETF (VBR). 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.

	BMDSX	VBR	Difference
Sharpe ratio Return per unit of total volatility	0.15	1.71	-1.56
Sortino ratio Return per unit of downside risk	0.33	2.52	-2.19
Omega ratio Gain probability vs. loss probability	1.04	1.30	-0.26
Calmar ratio Return relative to maximum drawdown	0.16	2.93	-2.76
Martin ratio Return relative to average drawdown	0.35	10.32	-9.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BMDSX vs. VBR - Sharpe Ratio Comparison

The current BMDSX Sharpe Ratio is 0.15, which is lower than the VBR Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of BMDSX and VBR, 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

	BMDSX	VBR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.15	1.71	-1.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.40	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.49	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.42	-0.08

Drawdowns

BMDSX vs. VBR - Drawdown Comparison

The maximum BMDSX drawdown since its inception was -53.96%, smaller than the maximum VBR drawdown of -61.98%. Use the drawdown chart below to compare losses from any high point for BMDSX and VBR.

Drawdown Indicators

	BMDSX	VBR	Difference
Max Drawdown Largest peak-to-trough decline	-53.96%	-61.98%	+8.02%
Max Drawdown (1Y) Largest decline over 1 year	-14.54%	-8.85%	-5.69%
Max Drawdown (3Y) Largest decline over 3 years	-25.04%	-24.19%	-0.85%
Max Drawdown (5Y) Largest decline over 5 years	-36.24%	-24.19%	-12.05%
Max Drawdown (10Y) Largest decline over 10 years	-36.24%	-45.28%	+9.04%
Current Drawdown Current decline from peak	-20.93%	-0.39%	-20.54%
Average Drawdown Average peak-to-trough decline	-10.95%	-8.27%	-2.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.75%	2.50%	+4.25%

Volatility

BMDSX vs. VBR - Volatility Comparison

Baird Mid Cap Growth Fund (BMDSX) and Vanguard Small-Cap Value ETF (VBR) have volatilities of 3.87% and 3.96%, 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.

Volatility by Period

	BMDSX	VBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	3.96%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	11.62%	10.46%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	15.22%	15.17%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.03%	19.77%	+1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.79%	21.73%	-0.94%

BMDSX vs. VBR - Expense Ratio Comparison

BMDSX has a 1.05% expense ratio, which is higher than VBR's 0.05% expense ratio.

Dividends

BMDSX vs. VBR - Dividend Comparison

BMDSX's dividend yield for the trailing twelve months is around 13.06%, more than VBR's 1.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BMDSX Baird Mid Cap Growth Fund	13.06%	13.88%	4.57%	2.44%	1.79%	17.82%	10.09%	5.77%	6.62%	4.87%	0.00%	0.15%
VBR Vanguard Small-Cap Value ETF	1.76%	1.95%	1.98%	2.12%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

Can I hold both BMDSX and VBR in my portfolio?

BMDSX and VBR have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BMDSX or VBR?

VBR has higher volatility (3.96%) compared to BMDSX (3.87%). In terms of maximum drawdown, BMDSX dropped -53.96% vs VBR's -61.98%.

Which has better risk-adjusted returns?

VBR currently has the higher Sharpe Ratio (1.71 vs 0.15), 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.