BTMSX vs. BSNSX

Last updated Jun 5, 2026

BTMSX (Baird Short-Term Municipal Bond Fund) and BSNSX (Baird Strategic Municipal Bond Fund) are both Municipal Bonds funds from Baird. Over the past 5 years, BTMSX returned 1.65%/yr vs 2.10%/yr for BSNSX. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.55% expense ratio.

Performance

BTMSX vs. BSNSX - Performance Comparison

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

Returns By Period

In the year-to-date period, BTMSX achieves a 1.07% return, which is significantly lower than BSNSX's 1.49% return.

BTMSX

• 1D: 0.10%
• 1M: 0.37%
• YTD: 1.07%
• 6M: 1.35%
• 1Y: 4.04%
• 3Y*: 3.86%
• 5Y*: 1.65%
• 10Y*: 1.84%

BSNSX

• 1D: 0.00%
• 1M: 0.49%
• YTD: 1.49%
• 6M: 1.79%
• 1Y: 5.86%
• 3Y*: 4.47%
• 5Y*: 2.10%
• 10Y*: —

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

BTMSX vs. BSNSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BTMSX Baird Short-Term Municipal Bond Fund	1.07%	4.46%	2.98%	3.90%	-4.01%	0.59%	2.90%	0.47%
BSNSX Baird Strategic Municipal Bond Fund	1.49%	4.83%	2.92%	6.53%	-5.54%	2.00%	8.13%	0.85%

Correlation

The correlation between BTMSX and BSNSX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Nov 18, 2019	0.73

The correlation between BTMSX and BSNSX shifts across timeframes, from 0.62 (1 year) to 0.75 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BTMSX vs. BSNSX — Risk / Return Rank

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

BTMSX

BTMSX Risk / Return Rank: 89
BTMSX Sharpe Ratio Rank: 98
BTMSX Sortino Ratio Rank: 98
BTMSX Omega Ratio Rank: 98
BTMSX Calmar Ratio Rank: 83
BTMSX Martin Ratio Rank: 67

BSNSX

BSNSX Risk / Return Rank: 86
BSNSX Sharpe Ratio Rank: 97
BSNSX Sortino Ratio Rank: 97
BSNSX Omega Ratio Rank: 97
BSNSX Calmar Ratio Rank: 75
BSNSX Martin Ratio Rank: 62

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.

BTMSX vs. BSNSX - Risk-Adjusted Trends Comparison

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

	BTMSX	BSNSX	Difference
Sharpe ratio: Return per unit of total volatility	3.78	3.74	+0.03
Sortino ratio: Return per unit of downside risk	6.15	5.73	+0.42
Omega ratio: Gain probability vs. loss probability	2.29	2.03	+0.27
Calmar ratio: Return relative to maximum drawdown	3.78	3.38	+0.40
Martin ratio: Return relative to average drawdown	12.65	12.19	+0.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTMSX vs. BSNSX - Sharpe Ratio Comparison

The current BTMSX Sharpe Ratio is 3.78, which is comparable to the BSNSX Sharpe Ratio of 3.74. The chart below compares the historical Sharpe Ratios of BTMSX and BSNSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BTMSX	BSNSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.78	3.74	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	0.79	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.00	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.03	0.94	+0.09

Drawdowns

BTMSX vs. BSNSX - Drawdown Comparison

The maximum BTMSX drawdown since its inception was -6.51%, smaller than the maximum BSNSX drawdown of -9.77%. Use the drawdown chart below to compare losses from any high point for BTMSX and BSNSX.

Drawdown Indicators

	BTMSX	BSNSX	Difference
Max Drawdown Largest peak-to-trough decline	-6.51%	-9.77%	+3.26%
Max Drawdown (1Y) Largest decline over 1 year	-1.10%	-1.81%	+0.71%
Max Drawdown (3Y) Largest decline over 3 years	-1.89%	-3.54%	+1.65%
Max Drawdown (5Y) Largest decline over 5 years	-6.51%	-9.77%	+3.26%
Max Drawdown (10Y) Largest decline over 10 years	-6.51%	—	—
Current Drawdown Current decline from peak	-0.20%	-0.29%	+0.09%
Average Drawdown Average peak-to-trough decline	-0.94%	-1.58%	+0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	0.50%	-0.17%

Volatility

BTMSX vs. BSNSX - Volatility Comparison

The current volatility for Baird Short-Term Municipal Bond Fund (BTMSX) is 0.37%, while Baird Strategic Municipal Bond Fund (BSNSX) has a volatility of 0.66%. This indicates that BTMSX experiences smaller price fluctuations and is considered to be less risky than BSNSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTMSX	BSNSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	0.66%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	0.84%	1.26%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	1.10%	1.63%	-0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.72%	2.67%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.84%	3.36%	-1.52%

BTMSX vs. BSNSX - Expense Ratio Comparison

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

Dividends

BTMSX vs. BSNSX - Dividend Comparison

BTMSX's dividend yield for the trailing twelve months is around 3.07%, less than BSNSX's 3.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
BTMSX Baird Short-Term Municipal Bond Fund	3.07%	3.05%	2.93%	2.48%	1.36%	0.88%	1.30%	1.66%	1.53%	1.43%	1.17%

Frequently Asked Questions

Can I hold both BTMSX and BSNSX in my portfolio?

BTMSX and BSNSX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTMSX or BSNSX?

BSNSX has higher volatility (0.66%) compared to BTMSX (0.37%). In terms of maximum drawdown, BTMSX dropped -6.51% vs BSNSX's -9.77%.

Which has better risk-adjusted returns?

BTMSX currently has the higher Sharpe Ratio (3.78 vs 3.74), 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.