BSNSX vs. MIY
BSNSX (Baird Strategic Municipal Bond Fund) and MIY (BlackRock MuniYield Michigan Quality Fund) are both Municipal Bonds funds. Over the past 5 years, BSNSX returned 2.10%/yr vs -0.12%/yr for MIY. At a 0.39 correlation, their price movements are largely independent. BSNSX charges 0.55%/yr vs 2.25%/yr for MIY.
Performance
BSNSX vs. MIY - Performance Comparison
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Returns By Period
In the year-to-date period, BSNSX achieves a 1.49% return, which is significantly lower than MIY's 5.14% return.
BSNSX
- 1D
- 0.19%
- 1M
- 0.49%
- YTD
- 1.49%
- 6M
- 1.79%
- 1Y
- 6.07%
- 3Y*
- 4.47%
- 5Y*
- 2.10%
- 10Y*
- —
MIY
- 1D
- -0.66%
- 1M
- 0.54%
- YTD
- 5.14%
- 6M
- 5.36%
- 1Y
- 13.47%
- 3Y*
- 9.00%
- 5Y*
- -0.12%
- 10Y*
- 2.39%
BSNSX vs. MIY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BSNSX Baird Strategic Municipal Bond Fund | 1.49% | 4.83% | 2.92% | 6.53% | -5.54% | 2.00% | 8.13% | 0.85% |
MIY BlackRock MuniYield Michigan Quality Fund | 5.14% | 11.24% | 3.48% | 6.60% | -24.10% | 10.04% | 7.27% | 2.29% |
Correlation
The correlation between BSNSX and MIY is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 2019 | 0.39 |
The correlation between BSNSX and MIY shifts across timeframes, from 0.34 (1 year) to 0.47 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BSNSX vs. MIY — Risk / Return Rank
BSNSX
MIY
BSNSX vs. MIY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Baird Strategic Municipal Bond Fund (BSNSX) and BlackRock MuniYield Michigan Quality Fund (MIY). 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 | MIY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.51 | ||
| Sortino ratioReturn per unit of downside risk | +3.82 | ||
| Omega ratioGain probability vs. loss probability | 1.99 | 1.23 | +0.76 |
| Calmar ratioReturn relative to maximum drawdown | 3.32 | 1.34 | +1.98 |
| Martin ratioReturn relative to average drawdown | 11.98 | 4.27 | +7.71 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BSNSX | MIY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.67 | 1.16 | +2.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.79 | -0.01 | +0.80 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.20 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.95 | 0.37 | +0.58 |
Drawdowns
BSNSX vs. MIY - Drawdown Comparison
The maximum BSNSX drawdown since its inception was -9.77%, smaller than the maximum MIY drawdown of -42.19%. Use the drawdown chart below to compare losses from any high point for BSNSX and MIY.
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Drawdown Indicators
| BSNSX | MIY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.77% | -42.19% | +32.42% |
Max Drawdown (1Y)Largest decline over 1 year | -1.81% | -10.08% | +8.27% |
Max Drawdown (3Y)Largest decline over 3 years | -3.54% | -14.72% | +11.18% |
Max Drawdown (5Y)Largest decline over 5 years | -9.77% | -34.59% | +24.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.59% | — |
Current DrawdownCurrent decline from peak | -0.29% | -4.35% | +4.06% |
Average DrawdownAverage peak-to-trough decline | -1.58% | -8.32% | +6.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.50% | 3.16% | -2.66% |
Volatility
BSNSX vs. MIY - Volatility Comparison
The current volatility for Baird Strategic Municipal Bond Fund (BSNSX) is 0.66%, while BlackRock MuniYield Michigan Quality Fund (MIY) has a volatility of 2.28%. This indicates that BSNSX experiences smaller price fluctuations and is considered to be less risky than MIY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSNSX | MIY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.66% | 2.28% | -1.62% |
Volatility (6M)Calculated over the trailing 6-month period | 1.27% | 10.32% | -9.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.64% | 11.69% | -10.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.67% | 11.67% | -9.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.36% | 11.95% | -8.59% |
BSNSX vs. MIY - Expense Ratio Comparison
BSNSX has a 0.55% expense ratio, which is lower than MIY's 2.25% expense ratio.
Dividends
BSNSX vs. MIY - Dividend Comparison
BSNSX's dividend yield for the trailing twelve months is around 3.35%, less than MIY's 5.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSNSX Baird Strategic Municipal Bond Fund | 3.35% | 3.32% | 3.28% | 2.99% | 1.84% | 1.33% | 1.99% | 0.15% | 0.00% | 0.00% | 0.00% | 0.00% |
MIY BlackRock MuniYield Michigan Quality Fund | 5.42% | 5.57% | 5.21% | 3.86% | 5.70% | 4.38% | 4.23% | 4.27% | 5.27% | 5.46% | 5.85% | 5.66% |
Frequently Asked Questions
BSNSX and MIY have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MIY has higher volatility (2.28%) compared to BSNSX (0.66%). In terms of maximum drawdown, BSNSX dropped -9.77% vs MIY's -42.19%.
BSNSX currently has the higher Sharpe Ratio (3.67 vs 1.16), 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.
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