BMQIX vs. MIY
BMQIX (Baird Municipal Bond Fund Institutional Class) and MIY (BlackRock MuniYield Michigan Quality Fund) are both Municipal Bonds funds. Both are actively managed. Over the past 5 years, BMQIX returned 1.83%/yr vs -0.12%/yr for MIY. At a 0.38 correlation, their price movements are largely independent. BMQIX charges 0.30%/yr vs 2.25%/yr for MIY.
Performance
BMQIX vs. MIY - Performance Comparison
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Returns By Period
In the year-to-date period, BMQIX achieves a 1.54% return, which is significantly lower than MIY's 5.14% return.
BMQIX
- 1D
- 0.20%
- 1M
- 0.74%
- YTD
- 1.54%
- 6M
- 1.88%
- 1Y
- 7.25%
- 3Y*
- 4.53%
- 5Y*
- 1.83%
- 10Y*
- —
MIY
- 1D
- -0.66%
- 1M
- 0.54%
- YTD
- 5.14%
- 6M
- 5.36%
- 1Y
- 13.47%
- 3Y*
- 9.00%
- 5Y*
- -0.12%
- 10Y*
- 2.39%
BMQIX vs. MIY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BMQIX Baird Municipal Bond Fund Institutional Class | 1.54% | 4.66% | 2.73% | 7.14% | -7.73% | 3.46% | 9.96% | 1.19% |
MIY BlackRock MuniYield Michigan Quality Fund | 5.14% | 11.24% | 3.48% | 6.60% | -24.10% | 10.04% | 7.27% | 2.29% |
Correlation
The correlation between BMQIX and MIY is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 2019 | 0.38 |
The correlation between BMQIX and MIY shifts across timeframes, from 0.28 (1 year) to 0.45 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BMQIX vs. MIY — Risk / Return Rank
BMQIX
MIY
BMQIX vs. MIY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Baird Municipal Bond Fund Institutional Class (BMQIX) and BlackRock MuniYield Michigan Quality Fund (MIY). 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.
| BMQIX | MIY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.02 | ||
| Sortino ratioReturn per unit of downside risk | +2.84 | ||
| Omega ratioGain probability vs. loss probability | 1.80 | 1.23 | +0.57 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 1.34 | +1.26 |
| Martin ratioReturn relative to average drawdown | 9.43 | 4.27 | +5.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BMQIX | MIY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.18 | 1.16 | +2.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.51 | -0.01 | +0.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.20 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.37 | +0.39 |
Drawdowns
BMQIX vs. MIY - Drawdown Comparison
The maximum BMQIX drawdown since its inception was -12.71%, smaller than the maximum MIY drawdown of -42.19%. Use the drawdown chart below to compare losses from any high point for BMQIX and MIY.
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Drawdown Indicators
| BMQIX | MIY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.71% | -42.19% | +29.48% |
Max Drawdown (1Y)Largest decline over 1 year | -2.75% | -10.08% | +7.33% |
Max Drawdown (3Y)Largest decline over 3 years | -5.01% | -14.72% | +9.71% |
Max Drawdown (5Y)Largest decline over 5 years | -12.71% | -34.59% | +21.88% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.59% | — |
Current DrawdownCurrent decline from peak | -0.56% | -4.35% | +3.79% |
Average DrawdownAverage peak-to-trough decline | -2.49% | -8.32% | +5.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | 3.16% | -2.40% |
Volatility
BMQIX vs. MIY - Volatility Comparison
The current volatility for Baird Municipal Bond Fund Institutional Class (BMQIX) is 0.87%, while BlackRock MuniYield Michigan Quality Fund (MIY) has a volatility of 2.28%. This indicates that BMQIX experiences smaller price fluctuations and is considered to be less risky than MIY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BMQIX | MIY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 2.28% | -1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 1.76% | 10.32% | -8.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.26% | 11.69% | -9.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.62% | 11.67% | -8.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.48% | 11.95% | -7.47% |
BMQIX vs. MIY - Expense Ratio Comparison
BMQIX has a 0.30% expense ratio, which is lower than MIY's 2.25% expense ratio.
Dividends
BMQIX vs. MIY - Dividend Comparison
BMQIX's dividend yield for the trailing twelve months is around 3.42%, less than MIY's 5.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BMQIX Baird Municipal Bond Fund Institutional Class | 3.42% | 3.40% | 3.72% | 3.45% | 2.56% | 2.57% | 3.98% | 0.19% | 0.00% | 0.00% | 0.00% | 0.00% |
MIY BlackRock MuniYield Michigan Quality Fund | 5.42% | 5.57% | 5.21% | 3.86% | 5.70% | 4.38% | 4.23% | 4.27% | 5.27% | 5.46% | 5.85% | 5.66% |
Frequently Asked Questions
BMQIX and MIY have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MIY has higher volatility (2.28%) compared to BMQIX (0.87%). In terms of maximum drawdown, BMQIX dropped -12.71% vs MIY's -42.19%.
BMQIX currently has the higher Sharpe Ratio (3.18 vs 1.16), 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.
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