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BTMSX vs. BATVX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BTMSX vs. BATVX

Last updated Aug 1, 2026
Documentation

BTMSX (Baird Short-Term Municipal Bond Fund) and BATVX (BlackRock Allocation Target Shares) are both Municipal Bonds funds. Over the past 5 years, BTMSX returned 1.54%/yr vs 1.55%/yr for BATVX. Their 0.06 correlation means their historical movements had little consistent relationship. BTMSX charges 0.55%/yr vs 0.00%/yr for BATVX.

Performance

BTMSX vs. BATVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baird Short-Term Municipal Bond Fund (BTMSX) and BlackRock Allocation Target Shares (BATVX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BTMSX achieves a 0.89% return, which is significantly lower than BATVX's 1.20% return.

BTMSX

1D
0.00%
1M
-0.42%
6M
0.17%
YTD
0.89%
1Y
2.51%
3Y*
3.58%
5Y*
1.54%
10Y*
1.76%
ALL TIME*
1.83%

BATVX

1D
0.00%
1M
0.00%
6M
1.04%
YTD
1.20%
1Y
2.36%
3Y*
2.36%
5Y*
1.55%
10Y*
—
ALL TIME*
1.50%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

BATVX

BlackRock Allocation Target Shares
$0.00$0.00$0.00

BTMSX

Baird Short-Term Municipal Bond Fund
$0.00$0.00$0.00

BTMSX vs. BATVX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
BTMSX
Baird Short-Term Municipal Bond Fund		0.89%4.46%2.98%3.90%-4.01%0.17%
BATVX
BlackRock Allocation Target Shares		1.20%2.80%2.48%1.41%-0.10%0.00%

Correlation

The correlation between BTMSX and BATVX is 0.13, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.13

Correlation (3Y)
Balances recent behavior with more history.

0.05

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.06

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

0.06

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Baird Short-Term Municipal Bond Fund

BlackRock Allocation Target Shares

Often compared with BTMSX:
BTMSX vs. SWPPXBTMSX vs. FMNDXBTMSX vs. BMDSXBTMSX vs. BSBIXBTMSX vs. BMNBTMSX vs. BUBSXBTMSX vs. BIMSX
Often compared with BATVX:
BATVX vs. CBTAXBATVX vs. FOHFXBATVX vs. PTEAXBATVX vs. VPALXBATVX vs. COLTXBATVX vs. SEPAXBATVX vs. NMTRX

Return for Risk

BTMSX vs. BATVX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
BTMSX
BTMSX Risk / Return Rank: 8585
Overall Rank
BTMSX Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
BTMSX Sortino Ratio Rank: 9494
Sortino Ratio Rank
BTMSX Omega Ratio Rank: 9797
Omega Ratio Rank
BTMSX Calmar Ratio Rank: 7777
Calmar Ratio Rank
BTMSX Martin Ratio Rank: 6262
Martin Ratio Rank
BATVX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BTMSX vs. BATVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baird Short-Term Municipal Bond Fund (BTMSX) and BlackRock Allocation Target Shares (BATVX). 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.

BTMSXBATVXDifference
Sharpe ratioReturn per unit of total volatility
2.46
3.57

-1.11

Sortino ratioReturn per unit of downside risk
3.77

—

—

Omega ratioGain probability vs. loss probability

1.73

—

—

Calmar ratioReturn relative to maximum drawdown

2.56

—

—

Martin ratioReturn relative to average drawdown

8.25

—

—

BTMSX vs. BATVX - Sharpe Ratio Comparison

The current BTMSX Sharpe Ratio is 2.46, which is lower than the BATVX Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of BTMSX and BATVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

BTMSX vs. BATVX - Drawdown Comparison

The maximum BTMSX drawdown since its inception was -6.51%, which is greater than BATVX's maximum drawdown of -0.20%. Use the drawdown chart below to compare losses from any high point for BTMSX and BATVX.

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Drawdown Indicators

BTMSXBATVXDifference

Max Drawdown

Largest peak-to-trough decline

-6.51%

-0.20%

-6.31%

Max Drawdown (1Y)

Largest decline over 1 year

-1.10%

0.00%

-1.10%

Max Drawdown (3Y)

Largest decline over 3 years

-1.89%

-0.10%

-1.79%

Max Drawdown (5Y)

Largest decline over 5 years

-6.51%

-0.20%

-6.31%

Max Drawdown (10Y)

Largest decline over 10 years

-6.51%

—

—

Current Drawdown

Current decline from peak

-0.42%

0.00%

-0.42%

Average Drawdown

Average peak-to-trough decline

-0.93%

-0.02%

-0.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.34%

0.00%

+0.34%

Volatility

BTMSX vs. BATVX - Volatility Comparison

Baird Short-Term Municipal Bond Fund (BTMSX) has a higher volatility of 0.40% compared to BlackRock Allocation Target Shares (BATVX) at 0.00%. This indicates that BTMSX's price experiences larger fluctuations and is considered to be riskier than BATVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BTMSXBATVXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.40%

0.00%

+0.40%

Volatility (6M)

Calculated over the trailing 6-month period

0.92%

0.48%

+0.44%

Volatility (1Y)

Calculated over the trailing 1-year period

1.15%

0.72%

+0.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.73%

0.64%

+1.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.84%

0.63%

+1.21%

BTMSX vs. BATVX - Expense Ratio Comparison

BTMSX has a 0.55% expense ratio, which is higher than BATVX's 0.00% expense ratio.

Dividends

BTMSX vs. BATVX - Dividend Comparison

BTMSX's dividend yield for the trailing twelve months is around 3.10%, more than BATVX's 2.33% yield.

PositionTTM2025202420232022202120202019201820172016
BATVX
BlackRock Allocation Target Shares		2.33%2.76%2.44%1.40%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
BTMSX
Baird Short-Term Municipal Bond Fund		3.10%3.05%2.93%2.48%1.36%0.88%1.30%1.66%1.53%1.43%1.17%

Frequently Asked Questions

BTMSX and BATVX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BTMSX has higher volatility (0.40%) compared to BATVX (0.00%). In terms of maximum drawdown, BTMSX dropped -6.51% vs BATVX's -0.20%.

BATVX currently has the higher Sharpe Ratio (3.57 vs 2.46), 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.

Portfolio Optimizer

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