BSBIX vs. BSNIX

Last updated Jun 4, 2026

BSBIX (Baird Short-Term Bond Fund Institutional Class) and BSNIX (Baird Strategic Municipal Bond Fund Institutional Class) are both mutual funds - BSBIX is a Short-Term Bond fund tracking the Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index, while BSNIX is a Municipal Bonds fund managed by Baird. Over the past 5 years, BSBIX returned 2.51%/yr vs 2.23%/yr for BSNIX. At a 0.43 correlation, their price movements are largely independent. Both charge a 0.30% expense ratio.

Performance

BSBIX vs. BSNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baird Short-Term Bond Fund Institutional Class (BSBIX) and Baird Strategic Municipal Bond Fund Institutional Class (BSNIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BSBIX achieves a 0.83% return, which is significantly lower than BSNIX's 1.17% return.

BSBIX

• 1D: 0.00%
• 1M: 0.25%
• YTD: 0.83%
• 6M: 1.16%
• 1Y: 4.11%
• 3Y*: 5.13%
• 5Y*: 2.51%
• 10Y*: 2.49%

BSNIX

• 1D: 0.10%
• 1M: 0.51%
• YTD: 1.17%
• 6M: 1.49%
• 1Y: 5.89%
• 3Y*: 4.52%
• 5Y*: 2.23%
• 10Y*: —

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

BSBIX vs. BSNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BSBIX Baird Short-Term Bond Fund Institutional Class	0.83%	5.67%	4.99%	5.65%	-3.64%	-0.42%	4.23%	0.35%
BSNIX Baird Strategic Municipal Bond Fund Institutional Class	1.17%	4.90%	3.17%	6.78%	-5.31%	2.26%	8.39%	0.88%

Correlation

The correlation between BSBIX and BSNIX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Nov 18, 2019	0.43

Return for Risk

BSBIX vs. BSNIX — Risk / Return Rank

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

BSBIX

BSBIX Risk / Return Rank: 93
BSBIX Sharpe Ratio Rank: 93
BSBIX Sortino Ratio Rank: 95
BSBIX Omega Ratio Rank: 96
BSBIX Calmar Ratio Rank: 88
BSBIX Martin Ratio Rank: 92

BSNIX

BSNIX Risk / Return Rank: 79
BSNIX Sharpe Ratio Rank: 97
BSNIX Sortino Ratio Rank: 96
BSNIX Omega Ratio Rank: 97
BSNIX Calmar Ratio Rank: 54
BSNIX Martin Ratio Rank: 51

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.

BSBIX vs. BSNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baird Short-Term Bond Fund Institutional Class (BSBIX) and Baird Strategic Municipal Bond Fund Institutional Class (BSNIX). 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.

	BSBIX	BSNIX	Difference
Sharpe ratio: Return per unit of total volatility	3.17	3.63	-0.46
Sortino ratio: Return per unit of downside risk	5.10	5.49	-0.39
Omega ratio: Gain probability vs. loss probability	1.87	2.02	-0.16
Calmar ratio: Return relative to maximum drawdown	4.40	2.83	+1.57
Martin ratio: Return relative to average drawdown	19.15	10.44	+8.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSBIX vs. BSNIX - Sharpe Ratio Comparison

The current BSBIX Sharpe Ratio is 3.17, which is comparable to the BSNIX Sharpe Ratio of 3.63. The chart below compares the historical Sharpe Ratios of BSBIX and BSNIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BSBIX	BSNIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.17	3.63	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.30	0.84	+0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.64	0.99	+0.65

Drawdowns

BSBIX vs. BSNIX - Drawdown Comparison

The maximum BSBIX drawdown since its inception was -5.95%, smaller than the maximum BSNIX drawdown of -9.58%. Use the drawdown chart below to compare losses from any high point for BSBIX and BSNIX.

Drawdown Indicators

	BSBIX	BSNIX	Difference
Max Drawdown Largest peak-to-trough decline	-5.95%	-9.58%	+3.63%
Max Drawdown (1Y) Largest decline over 1 year	-0.94%	-2.09%	+1.15%
Max Drawdown (3Y) Largest decline over 3 years	-0.94%	-3.41%	+2.47%
Max Drawdown (5Y) Largest decline over 5 years	-5.95%	-9.58%	+3.63%
Max Drawdown (10Y) Largest decline over 10 years	-5.95%	—	—
Current Drawdown Current decline from peak	-0.03%	-0.55%	+0.52%
Average Drawdown Average peak-to-trough decline	-0.55%	-1.50%	+0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	0.57%	-0.35%

Volatility

BSBIX vs. BSNIX - Volatility Comparison

The current volatility for Baird Short-Term Bond Fund Institutional Class (BSBIX) is 0.40%, while Baird Strategic Municipal Bond Fund Institutional Class (BSNIX) has a volatility of 0.56%. This indicates that BSBIX experiences smaller price fluctuations and is considered to be less risky than BSNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSBIX	BSNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	0.56%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	0.98%	1.29%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	1.30%	1.63%	-0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.94%	2.68%	-0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.67%	3.36%	-1.69%

BSBIX vs. BSNIX - Expense Ratio Comparison

Both BSBIX and BSNIX have an expense ratio of 0.30%.

Dividends

BSBIX vs. BSNIX - Dividend Comparison

BSBIX's dividend yield for the trailing twelve months is around 4.27%, more than BSNIX's 3.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSBIX Baird Short-Term Bond Fund Institutional Class	4.27%	4.35%	4.34%	3.41%	1.79%	1.42%	2.61%	2.49%	2.20%	1.73%	1.60%	1.62%
BSNIX Baird Strategic Municipal Bond Fund Institutional Class	3.27%	3.29%	3.51%	3.22%	2.09%	1.58%	2.23%	0.18%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BSBIX and BSNIX in my portfolio?

BSBIX and BSNIX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSBIX or BSNIX?

BSNIX has higher volatility (0.56%) compared to BSBIX (0.40%). In terms of maximum drawdown, BSBIX dropped -5.95% vs BSNIX's -9.58%.

Which has better risk-adjusted returns?

BSNIX currently has the higher Sharpe Ratio (3.63 vs 3.17), 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.