GNMA vs. BAGIX
GNMA (iShares GNMA Bond ETF) and BAGIX (Baird Aggregate Bond Fund Class I) are both funds - GNMA is a Mortgage Backed Securities fund tracking the Barclays Capital GNMA Index, while BAGIX is a Total Bond Market fund managed by Baird. Over the past 10 years, GNMA returned 1.20%/yr vs 1.97%/yr for BAGIX. A 0.65 correlation means they provide meaningful diversification when combined. GNMA charges 0.15%/yr vs 0.30%/yr for BAGIX.
Performance
GNMA vs. BAGIX - Performance Comparison
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Returns By Period
In the year-to-date period, GNMA achieves a 0.73% return, which is significantly higher than BAGIX's 0.63% return. Over the past 10 years, GNMA has underperformed BAGIX with an annualized return of 1.20%, while BAGIX has yielded a comparatively higher 1.97% annualized return.
GNMA
- 1D
- -0.14%
- 1M
- 0.81%
- YTD
- 0.73%
- 6M
- 1.01%
- 1Y
- 5.85%
- 3Y*
- 4.20%
- 5Y*
- 0.60%
- 10Y*
- 1.20%
BAGIX
- 1D
- 0.31%
- 1M
- 0.98%
- YTD
- 0.63%
- 6M
- 0.88%
- 1Y
- 4.93%
- 3Y*
- 4.56%
- 5Y*
- 0.28%
- 10Y*
- 1.97%
GNMA vs. BAGIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GNMA iShares GNMA Bond ETF | 0.73% | 8.25% | 1.07% | 5.34% | -10.83% | -1.86% | 3.51% | 5.85% | 0.85% | 1.74% |
BAGIX Baird Aggregate Bond Fund Class I | 0.63% | 7.37% | 1.85% | 6.42% | -13.35% | -1.46% | 8.63% | 9.48% | -0.31% | 4.20% |
Correlation
The correlation between GNMA and BAGIX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2012 | 0.65 |
The correlation between GNMA and BAGIX shifts across timeframes, from 0.65 (all time) to 0.88 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GNMA vs. BAGIX — Risk / Return Rank
GNMA
BAGIX
GNMA vs. BAGIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares GNMA Bond ETF (GNMA) and Baird Aggregate Bond Fund Class I (BAGIX). 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.
| GNMA | BAGIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.24 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | 1.82 | +0.43 |
| Martin ratioReturn relative to average drawdown | 6.76 | 5.12 | +1.64 |
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Drawdowns
GNMA vs. BAGIX - Drawdown Comparison
The maximum GNMA drawdown since its inception was -17.09%, smaller than the maximum BAGIX drawdown of -18.62%. Use the drawdown chart below to compare losses from any high point for GNMA and BAGIX.
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Drawdown Indicators
| GNMA | BAGIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.09% | -18.62% | +1.53% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | -2.72% | +0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -7.13% | -6.05% | -1.08% |
Max Drawdown (5Y)Largest decline over 5 years | -15.83% | -18.60% | +2.77% |
Max Drawdown (10Y)Largest decline over 10 years | -17.09% | -18.62% | +1.53% |
Current DrawdownCurrent decline from peak | -1.24% | -1.16% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -3.65% | -2.35% | -1.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.96% | -0.09% |
Volatility
GNMA vs. BAGIX - Volatility Comparison
iShares GNMA Bond ETF (GNMA) has a higher volatility of 1.37% compared to Baird Aggregate Bond Fund Class I (BAGIX) at 1.14%. This indicates that GNMA's price experiences larger fluctuations and is considered to be riskier than BAGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GNMA | BAGIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 1.14% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 3.29% | 2.67% | +0.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.26% | 3.71% | +0.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.63% | 5.92% | +0.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.14% | 4.89% | +0.25% |
GNMA vs. BAGIX - Expense Ratio Comparison
GNMA has a 0.15% expense ratio, which is lower than BAGIX's 0.30% expense ratio.
Dividends
GNMA vs. BAGIX - Dividend Comparison
GNMA's dividend yield for the trailing twelve months is around 4.23%, which matches BAGIX's 4.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BAGIX Baird Aggregate Bond Fund Class I | 4.23% | 4.12% | 4.03% | 3.47% | 2.70% | 2.00% | 3.39% | 2.75% | 2.87% | 2.54% | 2.25% | 2.46% |
GNMA iShares GNMA Bond ETF | 4.23% | 4.19% | 4.15% | 3.43% | 2.01% | 0.64% | 1.89% | 2.61% | 2.41% | 2.15% | 1.89% | 1.50% |
Frequently Asked Questions
GNMA and BAGIX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GNMA has higher volatility (1.37%) compared to BAGIX (1.14%). In terms of maximum drawdown, GNMA dropped -17.09% vs BAGIX's -18.62%.
GNMA currently has the higher Sharpe Ratio (1.38 vs 1.33), 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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