BMQSX vs. FGNSX

Last updated Aug 5, 2026

BMQSX (Baird Municipal Bond Fund) and FGNSX (Strategic Advisers Tax-Sensitive Short Duration Fund) are both Municipal Bonds funds. Over the past 5 years, BMQSX returned 1.11%/yr vs 2.09%/yr for FGNSX. Their 0.43 correlation means their historical movements had little consistent relationship. BMQSX charges 0.55%/yr vs 0.07%/yr for FGNSX.

Performance

BMQSX vs. FGNSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baird Municipal Bond Fund (BMQSX) and Strategic Advisers Tax-Sensitive Short Duration Fund (FGNSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BMQSX achieves a 0.16% return, which is significantly lower than FGNSX's 0.82% return.

BMQSX

• 1D: 0.10%
• 1M: -1.47%
• 6M: -0.60%
• YTD: 0.16%
• 1Y: 4.56%
• 3Y*: 3.91%
• 5Y*: 1.11%
• 10Y*: —
• ALL TIME*: 2.85%

FGNSX

• 1D: 0.00%
• 1M: -0.20%
• 6M: 0.52%
• YTD: 0.82%
• 1Y: 1.79%
• 3Y*: 3.10%
• 5Y*: 2.09%
• 10Y*: —
• ALL TIME*: 1.76%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BMQSX Baird Municipal Bond Fund	$0.00	$0.00	$0.00
FGNSX Strategic Advisers Tax-Sensitive Short Duration Fund	$0.00	$0.00	$0.00

BMQSX vs. FGNSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BMQSX Baird Municipal Bond Fund	0.16%	4.44%	2.68%	6.67%	-7.78%	3.12%	9.58%	1.16%
FGNSX Strategic Advisers Tax-Sensitive Short Duration Fund	0.82%	3.08%	3.47%	3.56%	-0.36%	0.14%	1.04%	0.30%

Correlation

The correlation between BMQSX and FGNSX is 0.33, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.33
Correlation (3Y) Balances recent behavior with more history.	0.43
Correlation (5Y) Shows whether the relationship held over a longer period.	0.45
Correlation (All Time) Calculated using the full available price history since Nov 15, 2019	0.43

The correlation between BMQSX and FGNSX shifts across timeframes, from 0.33 (1 year) to 0.45 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BMQSX vs. FGNSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BMQSX

BMQSX Risk / Return Rank: 64
BMQSX Sharpe Ratio Rank: 81
BMQSX Sortino Ratio Rank: 78
BMQSX Omega Ratio Rank: 91
BMQSX Calmar Ratio Rank: 36
BMQSX Martin Ratio Rank: 34

FGNSX

FGNSX Risk / Return Rank: 95
FGNSX Sharpe Ratio Rank: 89
FGNSX Sortino Ratio Rank: 98
FGNSX Omega Ratio Rank: 98
FGNSX Calmar Ratio Rank: 95
FGNSX Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BMQSX vs. FGNSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baird Municipal Bond Fund (BMQSX) and Strategic Advisers Tax-Sensitive Short Duration Fund (FGNSX). 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.

	BMQSX	FGNSX	Difference
Sharpe ratio: Return per unit of total volatility	2.02	2.24	-0.22
Sortino ratio: Return per unit of downside risk	2.79	5.07	-2.28
Omega ratio: Gain probability vs. loss probability	1.48	2.18	-0.71
Calmar ratio: Return relative to maximum drawdown	1.70	4.39	-2.69
Martin ratio: Return relative to average drawdown	5.54	18.47	-12.93

BMQSX vs. FGNSX - Sharpe Ratio Comparison

The current BMQSX Sharpe Ratio is 2.02, which is comparable to the FGNSX Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of BMQSX and FGNSX, 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

BMQSX vs. FGNSX - Drawdown Comparison

The maximum BMQSX drawdown since its inception was -12.76%, which is greater than FGNSX's maximum drawdown of -2.35%. Use the drawdown chart below to compare losses from any high point for BMQSX and FGNSX.

Drawdown Indicators

	BMQSX	FGNSX	Difference
Max Drawdown Largest peak-to-trough decline	-12.76%	-2.35%	-10.41%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-0.50%	-2.26%
Max Drawdown (3Y) Largest decline over 3 years	-4.70%	-2.35%	-2.35%
Max Drawdown (5Y) Largest decline over 5 years	-12.76%	-2.35%	-10.41%
Current Drawdown Current decline from peak	-1.77%	-0.20%	-1.57%
Average Drawdown Average peak-to-trough decline	-2.55%	-0.24%	-2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.84%	0.11%	+0.73%

Volatility

BMQSX vs. FGNSX - Volatility Comparison

Baird Municipal Bond Fund (BMQSX) has a higher volatility of 0.86% compared to Strategic Advisers Tax-Sensitive Short Duration Fund (FGNSX) at 0.25%. This indicates that BMQSX's price experiences larger fluctuations and is considered to be riskier than FGNSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BMQSX	FGNSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	0.25%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	1.96%	0.68%	+1.28%
Volatility (1Y) Calculated over the trailing 1-year period	2.32%	0.97%	+1.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.59%	2.06%	+1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.42%	1.64%	+2.78%

BMQSX vs. FGNSX - Expense Ratio Comparison

BMQSX has a 0.55% expense ratio, which is higher than FGNSX's 0.07% expense ratio.

Dividends

BMQSX vs. FGNSX - Dividend Comparison

BMQSX's dividend yield for the trailing twelve months is around 2.96%, more than FGNSX's 2.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BMQSX Baird Municipal Bond Fund	2.96%	3.18%	3.47%	3.22%	2.31%	2.33%	3.74%	0.16%	0.00%
FGNSX Strategic Advisers Tax-Sensitive Short Duration Fund	2.08%	2.63%	3.31%	2.57%	0.84%	0.34%	0.83%	1.79%	1.36%

Frequently Asked Questions

Can I hold both BMQSX and FGNSX in my portfolio?

BMQSX and FGNSX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BMQSX or FGNSX?

BMQSX has higher volatility (0.86%) compared to FGNSX (0.25%). In terms of maximum drawdown, BMQSX dropped -12.76% vs FGNSX's -2.35%.

Which has better risk-adjusted returns?

FGNSX currently has the higher Sharpe Ratio (2.24 vs 2.02), 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.