BMNSX vs. BAGSX

Last updated Jun 4, 2026

BMNSX (Baird Core Intermediate Municipal Bond Fund) and BAGSX (Baird Aggregate Bond Fund) are both mutual funds - BMNSX is a Municipal Bonds fund managed by Baird, while BAGSX is a Intermediate Core Bond fund managed by Baird. Over the past 10 years, BMNSX returned 2.27%/yr vs 1.74%/yr for BAGSX. A 0.51 correlation means they provide meaningful diversification when combined. Both charge a 0.55% expense ratio.

Performance

BMNSX vs. BAGSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baird Core Intermediate Municipal Bond Fund (BMNSX) and Baird Aggregate Bond Fund (BAGSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BMNSX achieves a 1.26% return, which is significantly higher than BAGSX's 0.30% return. Over the past 10 years, BMNSX has outperformed BAGSX with an annualized return of 2.27%, while BAGSX has yielded a comparatively lower 1.74% annualized return.

BMNSX

• 1D: 0.10%
• 1M: 0.49%
• YTD: 1.26%
• 6M: 1.65%
• 1Y: 5.87%
• 3Y*: 3.97%
• 5Y*: 1.46%
• 10Y*: 2.27%

BAGSX

• 1D: 0.10%
• 1M: 0.52%
• YTD: 0.30%
• 6M: 0.33%
• 1Y: 5.28%
• 3Y*: 4.25%
• 5Y*: 0.19%
• 10Y*: 1.74%

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

BMNSX vs. BAGSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BMNSX Baird Core Intermediate Municipal Bond Fund	1.26%	4.63%	2.26%	5.28%	-6.40%	1.44%	5.02%	6.40%	1.05%	5.00%
BAGSX Baird Aggregate Bond Fund	0.30%	7.11%	1.63%	6.12%	-13.52%	-1.74%	8.42%	9.17%	-0.55%	3.90%

Correlation

The correlation between BMNSX and BAGSX is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Sep 3, 2015	0.51

The correlation between BMNSX and BAGSX has been stable across timeframes, ranging from 0.51 to 0.60 - a consistent structural relationship.

Return for Risk

BMNSX vs. BAGSX — Risk / Return Rank

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

BMNSX

BMNSX Risk / Return Rank: 78
BMNSX Sharpe Ratio Rank: 96
BMNSX Sortino Ratio Rank: 96
BMNSX Omega Ratio Rank: 97
BMNSX Calmar Ratio Rank: 54
BMNSX Martin Ratio Rank: 48

BAGSX

BAGSX Risk / Return Rank: 24
BAGSX Sharpe Ratio Rank: 24
BAGSX Sortino Ratio Rank: 25
BAGSX Omega Ratio Rank: 25
BAGSX Calmar Ratio Rank: 25
BAGSX Martin Ratio Rank: 21

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.

BMNSX vs. BAGSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baird Core Intermediate Municipal Bond Fund (BMNSX) and Baird Aggregate Bond Fund (BAGSX). 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.

	BMNSX	BAGSX	Difference
Sharpe ratio: Return per unit of total volatility	3.52	1.41	+2.12
Sortino ratio: Return per unit of downside risk	5.36	2.09	+3.27
Omega ratio: Gain probability vs. loss probability	1.96	1.26	+0.70
Calmar ratio: Return relative to maximum drawdown	2.82	1.87	+0.95
Martin ratio: Return relative to average drawdown	9.89	5.53	+4.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BMNSX vs. BAGSX - Sharpe Ratio Comparison

The current BMNSX Sharpe Ratio is 3.52, which is higher than the BAGSX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of BMNSX and BAGSX, 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

	BMNSX	BAGSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.52	1.41	+2.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.03	+0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.36	+0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.92	-0.05

Drawdowns

BMNSX vs. BAGSX - Drawdown Comparison

The maximum BMNSX drawdown since its inception was -10.24%, smaller than the maximum BAGSX drawdown of -18.97%. Use the drawdown chart below to compare losses from any high point for BMNSX and BAGSX.

Drawdown Indicators

	BMNSX	BAGSX	Difference
Max Drawdown Largest peak-to-trough decline	-10.24%	-18.97%	+8.73%
Max Drawdown (1Y) Largest decline over 1 year	-2.09%	-2.84%	+0.75%
Max Drawdown (3Y) Largest decline over 3 years	-3.67%	-6.17%	+2.50%
Max Drawdown (5Y) Largest decline over 5 years	-10.24%	-18.84%	+8.60%
Max Drawdown (10Y) Largest decline over 10 years	-10.24%	-18.97%	+8.73%
Current Drawdown Current decline from peak	-0.50%	-1.54%	+1.04%
Average Drawdown Average peak-to-trough decline	-1.65%	-2.52%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	0.96%	-0.37%

Volatility

BMNSX vs. BAGSX - Volatility Comparison

The current volatility for Baird Core Intermediate Municipal Bond Fund (BMNSX) is 0.63%, while Baird Aggregate Bond Fund (BAGSX) has a volatility of 1.29%. This indicates that BMNSX experiences smaller price fluctuations and is considered to be less risky than BAGSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BMNSX	BAGSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	1.29%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	1.34%	2.68%	-1.34%
Volatility (1Y) Calculated over the trailing 1-year period	1.68%	3.78%	-2.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.69%	5.93%	-3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.01%	4.89%	-1.88%

BMNSX vs. BAGSX - Expense Ratio Comparison

Both BMNSX and BAGSX have an expense ratio of 0.55%.

Dividends

BMNSX vs. BAGSX - Dividend Comparison

BMNSX's dividend yield for the trailing twelve months is around 3.25%, less than BAGSX's 3.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BAGSX Baird Aggregate Bond Fund	3.80%	3.69%	3.62%	3.10%	2.33%	1.68%	3.02%	2.41%	2.53%	2.21%	1.96%	2.14%
BMNSX Baird Core Intermediate Municipal Bond Fund	3.25%	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

Can I hold both BMNSX and BAGSX in my portfolio?

BMNSX and BAGSX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BMNSX or BAGSX?

BAGSX has higher volatility (1.29%) compared to BMNSX (0.63%). In terms of maximum drawdown, BMNSX dropped -10.24% vs BAGSX's -18.97%.

Which has better risk-adjusted returns?

BMNSX currently has the higher Sharpe Ratio (3.52 vs 1.41), 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.