BMNSX vs. AITFX
BMNSX (Baird Core Intermediate Municipal Bond Fund) and AITFX (Invesco Limited Term Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, BMNSX returned 2.18%/yr vs 2.09%/yr for AITFX. A 0.70 correlation means they provide meaningful diversification when combined. BMNSX charges 0.55%/yr vs 0.33%/yr for AITFX.
Performance
BMNSX vs. AITFX - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both stocks are quite close, with BMNSX having a 1.45% return and AITFX slightly lower at 1.43%. Both investments have delivered pretty close results over the past 10 years, with BMNSX having a 2.18% annualized return and AITFX not far behind at 2.09%.
BMNSX
- 1D
- 0.00%
- 1M
- 0.78%
- YTD
- 1.45%
- 6M
- 1.65%
- 1Y
- 5.48%
- 3Y*
- 3.87%
- 5Y*
- 1.47%
- 10Y*
- 2.18%
AITFX
- 1D
- 0.09%
- 1M
- 0.67%
- YTD
- 1.43%
- 6M
- 1.83%
- 1Y
- 4.95%
- 3Y*
- 3.99%
- 5Y*
- 2.14%
- 10Y*
- 2.09%
BMNSX vs. AITFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BMNSX Baird Core Intermediate Municipal Bond Fund | 1.45% | 4.63% | 2.26% | 5.28% | -6.40% | 1.44% | 5.02% | 6.40% | 1.05% | 5.00% |
AITFX Invesco Limited Term Municipal Income Fund | 1.43% | 5.47% | 2.88% | 3.67% | -2.62% | 0.57% | 3.73% | 4.35% | 1.13% | 2.69% |
Correlation
The correlation between BMNSX and AITFX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Sep 2, 2015 | 0.71 |
The correlation between BMNSX and AITFX has been stable across timeframes, ranging from 0.67 to 0.77 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BMNSX vs. AITFX — Risk / Return Rank
BMNSX
AITFX
BMNSX vs. AITFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Baird Core Intermediate Municipal Bond Fund (BMNSX) and Invesco Limited Term Municipal Income Fund (AITFX). 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.
| BMNSX | AITFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.89 | 2.00 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 3.08 | -0.45 |
| Martin ratioReturn relative to average drawdown | 9.09 | 11.64 | -2.55 |
Loading charts...
Drawdowns
BMNSX vs. AITFX - Drawdown Comparison
The maximum BMNSX drawdown since its inception was -10.24%, which is greater than AITFX's maximum drawdown of -7.17%. Use the drawdown chart below to compare losses from any high point for BMNSX and AITFX.
Loading charts...
Drawdown Indicators
| BMNSX | AITFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.24% | -7.17% | -3.07% |
Max Drawdown (1Y)Largest decline over 1 year | -2.09% | -1.62% | -0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -3.67% | -2.63% | -1.04% |
Max Drawdown (5Y)Largest decline over 5 years | -10.24% | -5.62% | -4.62% |
Max Drawdown (10Y)Largest decline over 10 years | -10.24% | -7.17% | -3.07% |
Current DrawdownCurrent decline from peak | -0.31% | -0.09% | -0.22% |
Average DrawdownAverage peak-to-trough decline | -1.65% | -0.73% | -0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 0.43% | +0.17% |
Volatility
BMNSX vs. AITFX - Volatility Comparison
The current volatility for Baird Core Intermediate Municipal Bond Fund (BMNSX) is 0.44%, while Invesco Limited Term Municipal Income Fund (AITFX) has a volatility of 0.49%. This indicates that BMNSX experiences smaller price fluctuations and is considered to be less risky than AITFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BMNSX | AITFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.44% | 0.49% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 1.34% | 1.28% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.67% | 1.64% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.69% | 2.09% | +0.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.00% | 2.18% | +0.82% |
BMNSX vs. AITFX - Expense Ratio Comparison
BMNSX has a 0.55% expense ratio, which is higher than AITFX's 0.33% expense ratio.
Dividends
BMNSX vs. AITFX - Dividend Comparison
BMNSX's dividend yield for the trailing twelve months is around 2.98%, less than AITFX's 3.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AITFX Invesco Limited Term Municipal Income Fund | 3.63% | 4.82% | 3.93% | 2.67% | 1.80% | 1.44% | 2.07% | 2.48% | 2.28% | 1.95% | 1.93% | 2.51% |
BMNSX Baird Core Intermediate Municipal Bond Fund | 2.98% | 3.22% | 3.12% | 2.74% | 1.67% | 1.34% | 1.99% | 2.15% | 2.01% | 1.71% | 1.39% | 0.59% |
Frequently Asked Questions
BMNSX and AITFX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AITFX has higher volatility (0.49%) compared to BMNSX (0.44%). In terms of maximum drawdown, BMNSX dropped -10.24% vs AITFX's -7.17%.
BMNSX currently has the higher Sharpe Ratio (3.29 vs 3.04), 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.
Find the right allocation for BMNSX and AITFX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer