BSGSX vs. BMDSX

Last updated Jun 24, 2026

BSGSX (Baird Small/Mid Cap Growth Fund) and BMDSX (Baird Mid Cap Growth Fund) are both Mid Cap Growth Equities funds from Baird. Over the past 5 years, BSGSX returned -1.61%/yr vs -1.43%/yr for BMDSX. With a 0.95 correlation, they move nearly in lockstep. BSGSX charges 1.10%/yr vs 1.05%/yr for BMDSX.

Performance

BSGSX vs. BMDSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baird Small/Mid Cap Growth Fund (BSGSX) and Baird Mid Cap Growth Fund (BMDSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BSGSX achieves a 9.60% return, which is significantly higher than BMDSX's 6.33% return.

BSGSX

• 1D: -0.71%
• 1M: 5.30%
• YTD: 9.60%
• 6M: 7.51%
• 1Y: 8.47%
• 3Y*: 2.97%
• 5Y*: -1.61%
• 10Y*: —

BMDSX

• 1D: -0.99%
• 1M: 3.34%
• YTD: 6.33%
• 6M: 4.17%
• 1Y: 0.93%
• 3Y*: 0.48%
• 5Y*: -1.43%
• 10Y*: 9.14%

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

BSGSX vs. BMDSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BSGSX Baird Small/Mid Cap Growth Fund	9.60%	-8.97%	7.56%	10.60%	-27.31%	18.01%	46.76%	36.69%	-11.04%
BMDSX Baird Mid Cap Growth Fund	6.33%	-9.55%	-1.16%	19.91%	-27.86%	21.81%	34.56%	35.94%	-7.51%

Correlation

The correlation between BSGSX and BMDSX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Nov 6, 2018	0.95

The correlation between BSGSX and BMDSX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

BSGSX vs. BMDSX — Risk / Return Rank

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

BSGSX

BSGSX Risk / Return Rank: 7
BSGSX Sharpe Ratio Rank: 7
BSGSX Sortino Ratio Rank: 7
BSGSX Omega Ratio Rank: 7
BSGSX Calmar Ratio Rank: 8
BSGSX Martin Ratio Rank: 9

BMDSX

BMDSX Risk / Return Rank: 3
BMDSX Sharpe Ratio Rank: 3
BMDSX Sortino Ratio Rank: 3
BMDSX Omega Ratio Rank: 3
BMDSX Calmar Ratio Rank: 4
BMDSX Martin Ratio Rank: 3

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.

BSGSX vs. BMDSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baird Small/Mid Cap Growth Fund (BSGSX) and Baird Mid Cap Growth Fund (BMDSX). 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.

	BSGSX	BMDSX	Difference
Sharpe ratio: Return per unit of total volatility	0.53	0.11	+0.42
Sortino ratio: Return per unit of downside risk	0.89	0.27	+0.62
Omega ratio: Gain probability vs. loss probability	1.10	1.03	+0.07
Calmar ratio: Return relative to maximum drawdown	0.68	0.12	+0.56
Martin ratio: Return relative to average drawdown	2.30	0.25	+2.05

BSGSX vs. BMDSX - Sharpe Ratio Comparison

The current BSGSX Sharpe Ratio is 0.53, which is higher than the BMDSX Sharpe Ratio of 0.11. The chart below compares the historical Sharpe Ratios of BSGSX and BMDSX, 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

BSGSX vs. BMDSX - Drawdown Comparison

The maximum BSGSX drawdown since its inception was -36.33%, smaller than the maximum BMDSX drawdown of -53.96%. Use the drawdown chart below to compare losses from any high point for BSGSX and BMDSX.

Drawdown Indicators

	BSGSX	BMDSX	Difference
Max Drawdown Largest peak-to-trough decline	-36.33%	-53.96%	+17.63%
Max Drawdown (1Y) Largest decline over 1 year	-13.63%	-14.54%	+0.91%
Max Drawdown (3Y) Largest decline over 3 years	-25.57%	-25.04%	-0.53%
Max Drawdown (5Y) Largest decline over 5 years	-36.33%	-36.24%	-0.09%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.24%	—
Current Drawdown Current decline from peak	-18.81%	-20.89%	+2.08%
Average Drawdown Average peak-to-trough decline	-16.48%	-10.96%	-5.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.02%	6.81%	-2.79%

Volatility

BSGSX vs. BMDSX - Volatility Comparison

Baird Small/Mid Cap Growth Fund (BSGSX) has a higher volatility of 5.66% compared to Baird Mid Cap Growth Fund (BMDSX) at 4.53%. This indicates that BSGSX's price experiences larger fluctuations and is considered to be riskier than BMDSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSGSX	BMDSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	4.53%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	13.99%	12.05%	+1.94%
Volatility (1Y) Calculated over the trailing 1-year period	17.54%	15.52%	+2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.72%	21.08%	+0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.45%	20.82%	+2.63%

BSGSX vs. BMDSX - Expense Ratio Comparison

BSGSX has a 1.10% expense ratio, which is higher than BMDSX's 1.05% expense ratio.

Dividends

BSGSX vs. BMDSX - Dividend Comparison

BSGSX has not paid dividends to shareholders, while BMDSX's dividend yield for the trailing twelve months is around 13.05%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BMDSX Baird Mid Cap Growth Fund	13.05%	13.88%	4.57%	2.44%	1.79%	17.82%	10.09%	5.77%	6.62%	4.87%	0.00%	0.15%
BSGSX Baird Small/Mid Cap Growth Fund	0.00%	0.00%	0.00%	0.00%	0.69%	3.14%	3.83%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BSGSX and BMDSX in my portfolio?

With a correlation of 0.90, BSGSX and BMDSX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BSGSX or BMDSX?

BSGSX has higher volatility (5.66%) compared to BMDSX (4.53%). In terms of maximum drawdown, BSGSX dropped -36.33% vs BMDSX's -53.96%.

Which has better risk-adjusted returns?

BSGSX currently has the higher Sharpe Ratio (0.53 vs 0.11), 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.