BMQSX vs. VWALX
BMQSX (Baird Municipal Bond Fund) and VWALX (Vanguard High-Yield Tax-Exempt Fund Admiral Shares) are both mutual funds - BMQSX is a Municipal Bonds fund managed by Baird, while VWALX is a High Yield Muni fund actively managed by Vanguard. Over the past 5 years, BMQSX returned 1.59%/yr vs 1.61%/yr for VWALX. Their correlation of 0.86 suggests significant overlap in exposure. BMQSX charges 0.55%/yr vs 0.09%/yr for VWALX.
Performance
BMQSX vs. VWALX - Performance Comparison
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Returns By Period
In the year-to-date period, BMQSX achieves a 1.55% return, which is significantly lower than VWALX's 2.43% return.
BMQSX
- 1D
- 0.00%
- 1M
- 1.42%
- YTD
- 1.55%
- 6M
- 1.77%
- 1Y
- 6.46%
- 3Y*
- 4.12%
- 5Y*
- 1.59%
- 10Y*
- —
VWALX
- 1D
- -0.09%
- 1M
- 1.97%
- YTD
- 2.43%
- 6M
- 2.88%
- 1Y
- 8.23%
- 3Y*
- 5.38%
- 5Y*
- 1.61%
- 10Y*
- 3.01%
BMQSX vs. VWALX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BMQSX Baird Municipal Bond Fund | 1.55% | 4.44% | 2.68% | 6.67% | -7.78% | 3.12% | 9.58% | 1.16% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 2.43% | 5.06% | 4.08% | 8.45% | -11.69% | 3.42% | 5.49% | 1.31% |
Correlation
The correlation between BMQSX and VWALX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2019 | 0.86 |
The correlation between BMQSX and VWALX has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.
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Return for Risk
BMQSX vs. VWALX — Risk / Return Rank
BMQSX
VWALX
BMQSX vs. VWALX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Baird Municipal Bond Fund (BMQSX) and Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX). 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 | VWALX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.77 | 1.67 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 2.78 | -0.38 |
| Martin ratioReturn relative to average drawdown | 8.53 | 10.12 | -1.59 |
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Drawdowns
BMQSX vs. VWALX - Drawdown Comparison
The maximum BMQSX drawdown since its inception was -12.76%, smaller than the maximum VWALX drawdown of -17.24%. Use the drawdown chart below to compare losses from any high point for BMQSX and VWALX.
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Drawdown Indicators
| BMQSX | VWALX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.76% | -17.24% | +4.48% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -3.05% | +0.29% |
Max Drawdown (3Y)Largest decline over 3 years | -5.08% | -7.10% | +2.02% |
Max Drawdown (5Y)Largest decline over 5 years | -12.76% | -17.24% | +4.48% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.24% | — |
Current DrawdownCurrent decline from peak | -0.40% | -0.09% | -0.31% |
Average DrawdownAverage peak-to-trough decline | -2.58% | -2.16% | -0.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.84% | -0.07% |
Volatility
BMQSX vs. VWALX - Volatility Comparison
The current volatility for Baird Municipal Bond Fund (BMQSX) is 0.53%, while Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) has a volatility of 0.90%. This indicates that BMQSX experiences smaller price fluctuations and is considered to be less risky than VWALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BMQSX | VWALX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.53% | 0.90% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 1.76% | 2.39% | -0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.22% | 3.24% | -1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.57% | 4.81% | -1.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.44% | 4.64% | -0.20% |
BMQSX vs. VWALX - Expense Ratio Comparison
BMQSX has a 0.55% expense ratio, which is higher than VWALX's 0.09% expense ratio.
Dividends
BMQSX vs. VWALX - Dividend Comparison
BMQSX's dividend yield for the trailing twelve months is around 3.19%, less than VWALX's 4.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BMQSX Baird Municipal Bond Fund | 3.19% | 3.18% | 3.47% | 3.22% | 2.31% | 2.33% | 3.74% | 0.16% | 0.00% | 0.00% | 0.00% | 0.00% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 4.12% | 5.04% | 4.47% | 3.59% | 3.44% | 3.04% | 3.40% | 4.03% | 3.85% | 3.77% | 3.86% | 3.75% |
Frequently Asked Questions
BMQSX and VWALX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWALX has higher volatility (0.90%) compared to BMQSX (0.53%). In terms of maximum drawdown, BMQSX dropped -12.76% vs VWALX's -17.24%.
BMQSX currently has the higher Sharpe Ratio (2.98 vs 2.62), 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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