BMQIX vs. BIMSX

Last updated Jun 25, 2026

BMQIX (Baird Municipal Bond Fund Institutional Class) and BIMSX (Baird Intermediate Bond Fund) are both mutual funds - BMQIX is a Municipal Bonds fund actively managed by Baird, while BIMSX is a Intermediate Core Bond fund managed by Baird. Over the past 5 years, BMQIX returned 1.81%/yr vs 1.06%/yr for BIMSX. At a 0.49 correlation, their price movements are largely independent. BMQIX charges 0.30%/yr vs 0.55%/yr for BIMSX.

Performance

BMQIX vs. BIMSX - Performance Comparison

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

Returns By Period

In the year-to-date period, BMQIX achieves a 1.74% return, which is significantly higher than BIMSX's 0.09% return.

BMQIX

• 1D: 0.00%
• 1M: 1.44%
• YTD: 1.74%
• 6M: 1.88%
• 1Y: 6.69%
• 3Y*: 4.39%
• 5Y*: 1.81%
• 10Y*: —

BIMSX

• 1D: 0.09%
• 1M: 0.41%
• YTD: 0.09%
• 6M: 0.26%
• 1Y: 3.13%
• 3Y*: 4.56%
• 5Y*: 1.06%
• 10Y*: 1.90%

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

BMQIX vs. BIMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BMQIX Baird Municipal Bond Fund Institutional Class	1.74%	4.66%	2.73%	7.14%	-7.73%	3.46%	9.96%	1.19%
BIMSX Baird Intermediate Bond Fund	0.09%	6.76%	3.21%	5.53%	-8.88%	-1.68%	7.16%	0.23%

Correlation

The correlation between BMQIX and BIMSX is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Nov 15, 2019	0.49

The correlation between BMQIX and BIMSX has been stable across timeframes, ranging from 0.49 to 0.59 - a consistent structural relationship.

Return for Risk

BMQIX vs. BIMSX — Risk / Return Rank

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

BMQIX

BMQIX Risk / Return Rank: 77
BMQIX Sharpe Ratio Rank: 96
BMQIX Sortino Ratio Rank: 94
BMQIX Omega Ratio Rank: 96
BMQIX Calmar Ratio Rank: 53
BMQIX Martin Ratio Rank: 48

BIMSX

BIMSX Risk / Return Rank: 27
BIMSX Sharpe Ratio Rank: 28
BIMSX Sortino Ratio Rank: 29
BIMSX Omega Ratio Rank: 28
BIMSX Calmar Ratio Rank: 28
BIMSX Martin Ratio Rank: 24

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.

BMQIX vs. BIMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baird Municipal Bond Fund Institutional Class (BMQIX) and Baird Intermediate Bond Fund (BIMSX). 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.

	BMQIX	BIMSX	Difference
Sharpe ratio: Return per unit of total volatility	3.03	1.35	+1.68
Sortino ratio: Return per unit of downside risk	4.39	2.04	+2.36
Omega ratio: Gain probability vs. loss probability	1.77	1.25	+0.52
Calmar ratio: Return relative to maximum drawdown	2.44	1.80	+0.65
Martin ratio: Return relative to average drawdown	8.73	5.13	+3.60

BMQIX vs. BIMSX - Sharpe Ratio Comparison

The current BMQIX Sharpe Ratio is 3.03, which is higher than the BIMSX Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of BMQIX and BIMSX, 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

BMQIX vs. BIMSX - Drawdown Comparison

The maximum BMQIX drawdown since its inception was -12.71%, roughly equal to the maximum BIMSX drawdown of -13.07%. Use the drawdown chart below to compare losses from any high point for BMQIX and BIMSX.

Drawdown Indicators

	BMQIX	BIMSX	Difference
Max Drawdown Largest peak-to-trough decline	-12.71%	-13.07%	+0.36%
Max Drawdown (1Y) Largest decline over 1 year	-2.75%	-1.87%	-0.88%
Max Drawdown (3Y) Largest decline over 3 years	-5.01%	-2.57%	-2.44%
Max Drawdown (5Y) Largest decline over 5 years	-12.71%	-13.00%	+0.29%
Max Drawdown (10Y) Largest decline over 10 years	—	-13.07%	—
Current Drawdown Current decline from peak	-0.36%	-1.07%	+0.71%
Average Drawdown Average peak-to-trough decline	-2.47%	-1.59%	-0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.65%	+0.12%

Volatility

BMQIX vs. BIMSX - Volatility Comparison

The current volatility for Baird Municipal Bond Fund Institutional Class (BMQIX) is 0.57%, while Baird Intermediate Bond Fund (BIMSX) has a volatility of 0.79%. This indicates that BMQIX experiences smaller price fluctuations and is considered to be less risky than BIMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BMQIX	BIMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	0.79%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	1.76%	1.87%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	2.22%	2.50%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.62%	3.88%	-0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.47%	3.25%	+1.22%

BMQIX vs. BIMSX - Expense Ratio Comparison

BMQIX has a 0.30% expense ratio, which is lower than BIMSX's 0.55% expense ratio.

Dividends

BMQIX vs. BIMSX - Dividend Comparison

BMQIX's dividend yield for the trailing twelve months is around 3.11%, less than BIMSX's 3.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIMSX Baird Intermediate Bond Fund	3.30%	3.50%	3.44%	2.81%	1.81%	1.90%	3.08%	2.16%	2.14%	1.98%	1.89%	2.21%
BMQIX Baird Municipal Bond Fund Institutional Class	3.11%	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

Can I hold both BMQIX and BIMSX in my portfolio?

BMQIX and BIMSX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BMQIX or BIMSX?

BIMSX has higher volatility (0.79%) compared to BMQIX (0.57%). In terms of maximum drawdown, BMQIX dropped -12.71% vs BIMSX's -13.07%.

Which has better risk-adjusted returns?

BMQIX currently has the higher Sharpe Ratio (3.03 vs 1.35), 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.