BSNIX vs. FMNDX
Compare and contrast key facts about Baird Strategic Municipal Bond Fund Institutional Class (BSNIX) and Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX).
BSNIX is managed by Baird. FMNDX is managed by Fidelity. It was launched on Oct 15, 2013.
Performance
BSNIX vs. FMNDX - Performance Comparison
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BSNIX vs. FMNDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BSNIX Baird Strategic Municipal Bond Fund Institutional Class | -0.02% | 4.90% | 3.17% | 6.78% | -5.31% | 2.26% | 8.39% | 0.88% |
FMNDX Fidelity Conservative Income Municipal Bond Fund Institutional Class | 0.30% | 3.31% | 3.04% | 3.37% | -0.09% | 0.03% | 0.86% | 0.32% |
Returns By Period
In the year-to-date period, BSNIX achieves a -0.02% return, which is significantly lower than FMNDX's 0.30% return.
BSNIX
- 1D
- 0.19%
- 1M
- -1.52%
- YTD
- -0.02%
- 6M
- 1.39%
- 1Y
- 4.32%
- 3Y*
- 4.05%
- 5Y*
- 2.14%
- 10Y*
- —
FMNDX
- 1D
- 0.00%
- 1M
- -0.30%
- YTD
- 0.30%
- 6M
- 1.06%
- 1Y
- 2.67%
- 3Y*
- 3.04%
- 5Y*
- 1.98%
- 10Y*
- 1.55%
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BSNIX vs. FMNDX - Expense Ratio Comparison
BSNIX has a 0.30% expense ratio, which is higher than FMNDX's 0.25% expense ratio.
Return for Risk
BSNIX vs. FMNDX — Risk / Return Rank
BSNIX
FMNDX
BSNIX vs. FMNDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Baird Strategic Municipal Bond Fund Institutional Class (BSNIX) and Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX). 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.
| BSNIX | FMNDX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.57 | 2.85 | -1.28 |
Sortino ratioReturn per unit of downside risk | 2.08 | 6.52 | -4.44 |
Omega ratioGain probability vs. loss probability | 1.47 | 2.73 | -1.25 |
Calmar ratioReturn relative to maximum drawdown | 1.66 | 7.66 | -6.00 |
Martin ratioReturn relative to average drawdown | 7.23 | 29.05 | -21.83 |
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
| BSNIX | FMNDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.57 | 2.85 | -1.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.81 | 1.90 | -1.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.74 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.95 | 1.66 | -0.71 |
Correlation
The correlation between BSNIX and FMNDX is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
BSNIX vs. FMNDX - Dividend Comparison
BSNIX's dividend yield for the trailing twelve months is around 3.25%, more than FMNDX's 2.64% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSNIX Baird Strategic Municipal Bond Fund Institutional Class | 3.25% | 3.29% | 3.51% | 3.22% | 2.09% | 1.58% | 2.23% | 0.18% | 0.00% | 0.00% | 0.00% | 0.00% |
FMNDX Fidelity Conservative Income Municipal Bond Fund Institutional Class | 2.64% | 2.95% | 2.99% | 2.60% | 0.61% | 0.23% | 0.85% | 1.58% | 1.46% | 1.00% | 0.75% | 0.38% |
Drawdowns
BSNIX vs. FMNDX - Drawdown Comparison
The maximum BSNIX drawdown since its inception was -9.58%, which is greater than FMNDX's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for BSNIX and FMNDX.
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Drawdown Indicators
| BSNIX | FMNDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.58% | -1.69% | -7.89% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -0.40% | -2.51% |
Max Drawdown (5Y)Largest decline over 5 years | -9.58% | -1.09% | -8.49% |
Max Drawdown (10Y)Largest decline over 10 years | — | -1.69% | — |
Current DrawdownCurrent decline from peak | -1.71% | -0.30% | -1.41% |
Average DrawdownAverage peak-to-trough decline | -1.51% | -0.10% | -1.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 0.10% | +0.57% |
Volatility
BSNIX vs. FMNDX - Volatility Comparison
Baird Strategic Municipal Bond Fund Institutional Class (BSNIX) has a higher volatility of 0.83% compared to Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX) at 0.16%. This indicates that BSNIX's price experiences larger fluctuations and is considered to be riskier than FMNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSNIX | FMNDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 0.16% | +0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 1.14% | 0.62% | +0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.90% | 1.01% | +1.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.66% | 1.05% | +1.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.40% | 0.90% | +2.50% |