BMI vs. VOO

Last updated Jun 23, 2026

BMI (Badger Meter, Inc.) is a stock, while VOO (Vanguard S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, BMI returned 15.61%/yr vs 15.77%/yr for VOO. A 0.59 correlation means they provide meaningful diversification when combined.

Performance

BMI vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Badger Meter, Inc. (BMI) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BMI achieves a -22.24% return, which is significantly lower than VOO's 9.75% return. Both investments have delivered pretty close results over the past 10 years, with BMI having a 15.61% annualized return and VOO not far ahead at 15.77%.

BMI

• 1D: -0.50%
• 1M: 7.14%
• YTD: -22.24%
• 6M: -25.95%
• 1Y: -44.07%
• 3Y*: -1.33%
• 5Y*: 8.12%
• 10Y*: 15.61%

VOO

• 1D: -0.29%
• 1M: 0.08%
• YTD: 9.75%
• 6M: 9.30%
• 1Y: 26.77%
• 3Y*: 21.36%
• 5Y*: 13.58%
• 10Y*: 15.77%

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

BMI vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BMI Badger Meter, Inc.	-22.24%	-17.15%	38.28%	42.58%	3.23%	14.11%	46.37%	33.46%	4.09%	30.91%
VOO Vanguard S&P 500 ETF	9.75%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between BMI and VOO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.59

The correlation between BMI and VOO shifts across timeframes, from 0.42 (1 year) to 0.59 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BMI vs. VOO — Risk / Return Rank

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

BMI

BMI Risk / Return Rank: 8
BMI Sharpe Ratio Rank: 5
BMI Sortino Ratio Rank: 9
BMI Omega Ratio Rank: 6
BMI Calmar Ratio Rank: 10
BMI Martin Ratio Rank: 11

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 70
VOO Sortino Ratio Rank: 67
VOO Omega Ratio Rank: 69
VOO Calmar Ratio Rank: 63
VOO Martin Ratio Rank: 74

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.

BMI vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Badger Meter, Inc. (BMI) and Vanguard S&P 500 ETF (VOO). 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.

	BMI	VOO	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	2.17	-3.17
Sortino ratio: Return per unit of downside risk	-1.24	2.93	-4.18
Omega ratio: Gain probability vs. loss probability	0.80	1.39	-0.59
Calmar ratio: Return relative to maximum drawdown	-0.82	3.02	-3.84
Martin ratio: Return relative to average drawdown	-1.31	13.58	-14.89

BMI vs. VOO - Sharpe Ratio Comparison

The current BMI Sharpe Ratio is -1.00, which is lower than the VOO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of BMI and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BMI vs. VOO - Drawdown Comparison

The maximum BMI drawdown since its inception was -68.22%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for BMI and VOO.

Drawdown Indicators

	BMI	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-68.22%	-33.99%	-34.23%
Max Drawdown (1Y) Largest decline over 1 year	-53.79%	-8.90%	-44.89%
Max Drawdown (3Y) Largest decline over 3 years	-55.06%	-18.69%	-36.37%
Max Drawdown (5Y) Largest decline over 5 years	-55.06%	-24.52%	-30.54%
Max Drawdown (10Y) Largest decline over 10 years	-55.06%	-33.99%	-21.07%
Current Drawdown Current decline from peak	-46.40%	-1.74%	-44.66%
Average Drawdown Average peak-to-trough decline	-19.04%	-3.68%	-15.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.64%	1.98%	+31.66%

Volatility

BMI vs. VOO - Volatility Comparison

Badger Meter, Inc. (BMI) has a higher volatility of 8.19% compared to Vanguard S&P 500 ETF (VOO) at 4.60%. This indicates that BMI's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BMI	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.19%	4.60%	+3.59%
Volatility (6M) Calculated over the trailing 6-month period	38.59%	9.73%	+28.86%
Volatility (1Y) Calculated over the trailing 1-year period	44.32%	12.39%	+31.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.86%	16.90%	+16.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.68%	18.05%	+15.63%

Dividends

BMI vs. VOO - Dividend Comparison

BMI's dividend yield for the trailing twelve months is around 1.19%, more than VOO's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BMI Badger Meter, Inc.	1.19%	0.85%	0.58%	0.64%	0.78%	0.71%	0.74%	0.99%	1.14%	1.03%	1.16%	1.33%
VOO Vanguard S&P 500 ETF	1.04%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both BMI and VOO in my portfolio?

BMI and VOO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BMI or VOO?

BMI has higher volatility (8.19%) compared to VOO (4.60%). In terms of maximum drawdown, BMI dropped -68.22% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.17 vs -1.00), 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.