BSNIX vs. USMSX
Compare and contrast key facts about Baird Strategic Municipal Bond Fund Institutional Class (BSNIX) and JPMorgan Ultra-Short Municipal Fund (USMSX).
BSNIX is managed by Baird. USMSX is managed by JPMorgan. It was launched on May 31, 2016.
Performance
BSNIX vs. USMSX - Performance Comparison
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BSNIX vs. USMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BSNIX Baird Strategic Municipal Bond Fund Institutional Class | -0.21% | 4.90% | 3.17% | 6.78% | -5.31% | 2.26% | 8.39% | 0.88% |
USMSX JPMorgan Ultra-Short Municipal Fund | 0.19% | 2.87% | 3.09% | 3.21% | -0.90% | -0.15% | 0.77% | 0.17% |
Returns By Period
In the year-to-date period, BSNIX achieves a -0.21% return, which is significantly lower than USMSX's 0.19% return.
BSNIX
- 1D
- 0.19%
- 1M
- -1.90%
- YTD
- -0.21%
- 6M
- 1.20%
- 1Y
- 4.32%
- 3Y*
- 3.99%
- 5Y*
- 2.10%
- 10Y*
- —
USMSX
- 1D
- 0.00%
- 1M
- -0.30%
- YTD
- 0.19%
- 6M
- 0.82%
- 1Y
- 2.49%
- 3Y*
- 2.80%
- 5Y*
- 1.67%
- 10Y*
- —
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BSNIX vs. USMSX - Expense Ratio Comparison
BSNIX has a 0.30% expense ratio, which is lower than USMSX's 0.45% expense ratio.
Return for Risk
BSNIX vs. USMSX — Risk / Return Rank
BSNIX
USMSX
BSNIX vs. USMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Baird Strategic Municipal Bond Fund Institutional Class (BSNIX) and JPMorgan Ultra-Short Municipal Fund (USMSX). 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 | USMSX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.60 | 3.75 | -2.15 |
Sortino ratioReturn per unit of downside risk | 2.12 | 6.76 | -4.63 |
Omega ratioGain probability vs. loss probability | 1.48 | 3.27 | -1.79 |
Calmar ratioReturn relative to maximum drawdown | 1.62 | 6.48 | -4.86 |
Martin ratioReturn relative to average drawdown | 7.17 | 34.69 | -27.52 |
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 | USMSX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.60 | 3.75 | -2.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.79 | 2.39 | -1.60 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.94 | 1.86 | -0.92 |
Correlation
The correlation between BSNIX and USMSX 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. USMSX - Dividend Comparison
BSNIX's dividend yield for the trailing twelve months is around 3.25%, more than USMSX's 2.36% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
USMSX JPMorgan Ultra-Short Municipal Fund | 2.36% | 2.42% | 2.84% | 2.35% | 0.70% | 0.05% | 0.57% | 1.28% | 1.01% | 0.59% |
Drawdowns
BSNIX vs. USMSX - Drawdown Comparison
The maximum BSNIX drawdown since its inception was -9.58%, which is greater than USMSX's maximum drawdown of -2.09%. Use the drawdown chart below to compare losses from any high point for BSNIX and USMSX.
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Drawdown Indicators
| BSNIX | USMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.58% | -2.09% | -7.49% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -0.40% | -2.51% |
Max Drawdown (5Y)Largest decline over 5 years | -9.58% | -2.03% | -7.55% |
Current DrawdownCurrent decline from peak | -1.90% | -0.30% | -1.60% |
Average DrawdownAverage peak-to-trough decline | -1.51% | -0.22% | -1.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.07% | +0.59% |
Volatility
BSNIX vs. USMSX - Volatility Comparison
Baird Strategic Municipal Bond Fund Institutional Class (BSNIX) has a higher volatility of 0.78% compared to JPMorgan Ultra-Short Municipal Fund (USMSX) at 0.22%. This indicates that BSNIX's price experiences larger fluctuations and is considered to be riskier than USMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSNIX | USMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 0.22% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 1.13% | 0.40% | +0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.90% | 0.69% | +2.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.66% | 0.70% | +1.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.40% | 0.74% | +2.66% |