BMQSX vs. PRMDX
BMQSX (Baird Municipal Bond Fund) and PRMDX (T. Rowe Price Maryland Short-Term Tax-Free Bond Fund) are both Municipal Bonds funds. Over the past 5 years, BMQSX returned 1.60%/yr vs 1.85%/yr for PRMDX. At 0.48, their price movements are largely independent. BMQSX charges 0.55%/yr vs 0.53%/yr for PRMDX.
Performance
BMQSX vs. PRMDX - Performance Comparison
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Returns By Period
In the year-to-date period, BMQSX achieves a 0.66% return, which is significantly lower than PRMDX's 0.83% return.
BMQSX
- 1D
- 0.00%
- 1M
- -0.00%
- YTD
- 0.66%
- 6M
- 1.57%
- 1Y
- 6.96%
- 3Y*
- 3.61%
- 5Y*
- 1.60%
- 10Y*
- —
PRMDX
- 1D
- 0.00%
- 1M
- 0.23%
- YTD
- 0.83%
- 6M
- 1.73%
- 1Y
- 5.15%
- 3Y*
- 3.33%
- 5Y*
- 1.85%
- 10Y*
- 1.42%
BMQSX vs. PRMDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BMQSX Baird Municipal Bond Fund | 0.66% | 4.44% | 2.68% | 6.67% | -7.78% | 3.12% | 9.58% | 1.16% |
PRMDX T. Rowe Price Maryland Short-Term Tax-Free Bond Fund | 0.83% | 4.51% | 2.64% | 3.59% | -2.29% | 0.30% | 1.15% | 0.23% |
Correlation
The correlation between BMQSX and PRMDX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 2019 | 0.48 |
The correlation between BMQSX and PRMDX shifts across timeframes, from 0.37 (1 year) to 0.51 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BMQSX vs. PRMDX — Risk / Return Rank
BMQSX
PRMDX
BMQSX vs. PRMDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Baird Municipal Bond Fund (BMQSX) and T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX). 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.
| BMQSX | PRMDX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.14 | 3.56 | -0.42 |
Sortino ratioReturn per unit of downside risk | 4.56 | 7.51 | -2.94 |
Omega ratioGain probability vs. loss probability | 1.79 | 3.07 | -1.28 |
Calmar ratioReturn relative to maximum drawdown | 2.44 | 5.35 | -2.90 |
Martin ratioReturn relative to average drawdown | 11.14 | 25.68 | -14.54 |
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
| BMQSX | PRMDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.14 | 3.56 | -0.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 1.08 | -0.63 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.88 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.69 | 1.45 | -0.76 |
Drawdowns
BMQSX vs. PRMDX - Drawdown Comparison
The maximum BMQSX drawdown since its inception was -12.76%, which is greater than PRMDX's maximum drawdown of -4.31%. Use the drawdown chart below to compare losses from any high point for BMQSX and PRMDX.
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Drawdown Indicators
| BMQSX | PRMDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.76% | -4.31% | -8.45% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -0.96% | -1.80% |
Max Drawdown (5Y)Largest decline over 5 years | -12.76% | -4.31% | -8.45% |
Max Drawdown (10Y)Largest decline over 10 years | — | -4.31% | — |
Current DrawdownCurrent decline from peak | -1.28% | -0.16% | -1.12% |
Average DrawdownAverage peak-to-trough decline | -2.63% | -0.37% | -2.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 0.20% | +0.40% |
Volatility
BMQSX vs. PRMDX - Volatility Comparison
Baird Municipal Bond Fund (BMQSX) has a higher volatility of 1.17% compared to T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) at 0.67%. This indicates that BMQSX's price experiences larger fluctuations and is considered to be riskier than PRMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BMQSX | PRMDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 0.67% | +0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 1.57% | 1.05% | +0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.38% | 1.52% | +0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.55% | 1.71% | +1.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.49% | 1.62% | +2.87% |
BMQSX vs. PRMDX - Expense Ratio Comparison
BMQSX has a 0.55% expense ratio, which is higher than PRMDX's 0.53% expense ratio.
Dividends
BMQSX vs. PRMDX - Dividend Comparison
BMQSX's dividend yield for the trailing twelve months is around 3.13%, less than PRMDX's 3.65% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BMQSX Baird Municipal Bond Fund | 3.13% | 3.18% | 3.47% | 3.22% | 2.31% | 2.33% | 3.74% | 0.16% | 0.00% | 0.00% | 0.00% | 0.00% |
PRMDX T. Rowe Price Maryland Short-Term Tax-Free Bond Fund | 3.65% | 3.43% | 3.00% | 1.93% | 0.61% | 0.69% | 1.14% | 1.33% | 1.16% | 0.89% | 0.74% | 0.67% |