BSNSX vs. BMQSX

Last updated Apr 3, 2026

Compare and contrast key facts about Baird Strategic Municipal Bond Fund (BSNSX) and Baird Municipal Bond Fund (BMQSX).

BSNSX is managed by Baird. It was launched on Nov 14, 2019. BMQSX is managed by Baird. It was launched on Nov 14, 2019.

Performance

BSNSX vs. BMQSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baird Strategic Municipal Bond Fund (BSNSX) and Baird Municipal Bond Fund (BMQSX). The values are adjusted to include any dividend payments, if applicable.

BSNSX vs. BMQSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BSNSX Baird Strategic Municipal Bond Fund	0.44%	4.83%	2.92%	6.53%	-5.54%	2.00%	8.13%	0.85%
BMQSX Baird Municipal Bond Fund	-0.14%	4.44%	2.68%	6.67%	-7.78%	3.12%	9.58%	1.16%

Returns By Period

In the year-to-date period, BSNSX achieves a 0.44% return, which is significantly higher than BMQSX's -0.14% return.

BSNSX

• 1D: 0.19%
• 1M: -0.75%
• YTD: 0.44%
• 6M: 1.69%
• 1Y: 4.50%
• 3Y*: 4.04%
• 5Y*: 2.03%
• 10Y*: —

BMQSX

• 1D: 0.20%
• 1M: -1.29%
• YTD: -0.14%
• 6M: 1.47%
• 1Y: 4.17%
• 3Y*: 3.65%
• 5Y*: 1.61%
• 10Y*: —

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

BSNSX vs. BMQSX - Expense Ratio Comparison

Both BSNSX and BMQSX have an expense ratio of 0.55%.

BSNSX

Baird Strategic Municipal Bond Fund

BMQSX

Baird Municipal Bond Fund

Return for Risk

BSNSX vs. BMQSX — Risk / Return Rank

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

BSNSX

BSNSX Risk / Return Rank: 72
BSNSX Sharpe Ratio Rank: 80
BSNSX Sortino Ratio Rank: 75
BSNSX Omega Ratio Rank: 93
BSNSX Calmar Ratio Rank: 56
BSNSX Martin Ratio Rank: 58

BMQSX

BMQSX Risk / Return Rank: 42
BMQSX Sharpe Ratio Rank: 47
BMQSX Sortino Ratio Rank: 37
BMQSX Omega Ratio Rank: 70
BMQSX Calmar Ratio Rank: 29
BMQSX Martin Ratio Rank: 28

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.

BSNSX vs. BMQSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baird Strategic Municipal Bond Fund (BSNSX) and Baird Municipal Bond Fund (BMQSX). 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.

	BSNSX	BMQSX	Difference
Sharpe ratio Return per unit of total volatility	1.61	1.07	+0.55
Sortino ratio Return per unit of downside risk	2.10	1.39	+0.71
Omega ratio Gain probability vs. loss probability	1.47	1.30	+0.17
Calmar ratio Return relative to maximum drawdown	1.65	1.14	+0.51
Martin ratio Return relative to average drawdown	6.89	3.95	+2.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSNSX vs. BMQSX - Sharpe Ratio Comparison

The current BSNSX Sharpe Ratio is 1.61, which is higher than the BMQSX Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of BSNSX and BMQSX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BSNSX	BMQSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	1.07	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.45	+0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.66	+0.25

Correlation

The correlation between BSNSX and BMQSX is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BSNSX vs. BMQSX - Dividend Comparison

BSNSX's dividend yield for the trailing twelve months is around 3.32%, more than BMQSX's 3.16% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
BSNSX Baird Strategic Municipal Bond Fund	3.32%	3.32%	3.28%	2.99%	1.84%	1.33%	1.99%	0.15%
BMQSX Baird Municipal Bond Fund	3.16%	3.18%	3.47%	3.22%	2.31%	2.33%	3.74%	0.16%

Drawdowns

BSNSX vs. BMQSX - Drawdown Comparison

The maximum BSNSX drawdown since its inception was -9.77%, smaller than the maximum BMQSX drawdown of -12.76%. Use the drawdown chart below to compare losses from any high point for BSNSX and BMQSX.

Drawdown Indicators

	BSNSX	BMQSX	Difference
Max Drawdown Largest peak-to-trough decline	-9.77%	-12.76%	+2.99%
Max Drawdown (1Y) Largest decline over 1 year	-2.91%	-4.02%	+1.11%
Max Drawdown (5Y) Largest decline over 5 years	-9.77%	-12.76%	+2.99%
Current Drawdown Current decline from peak	-1.32%	-2.07%	+0.75%
Average Drawdown Average peak-to-trough decline	-1.60%	-2.63%	+1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	1.16%	-0.46%

Volatility

BSNSX vs. BMQSX - Volatility Comparison

The current volatility for Baird Strategic Municipal Bond Fund (BSNSX) is 0.72%, while Baird Municipal Bond Fund (BMQSX) has a volatility of 1.08%. This indicates that BSNSX experiences smaller price fluctuations and is considered to be less risky than BMQSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSNSX	BMQSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.72%	1.08%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	1.06%	1.51%	-0.45%
Volatility (1Y) Calculated over the trailing 1-year period	2.82%	3.95%	-1.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.65%	3.55%	-0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.39%	4.50%	-1.11%