SSASX vs. BCOIX

Last updated Jun 4, 2026

SSASX (State Street Income Fund) and BCOIX (Baird Core Plus Bond Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, SSASX returned -0.64%/yr vs 0.82%/yr for BCOIX. With a 0.96 correlation, they move nearly in lockstep. SSASX charges 0.20%/yr vs 0.30%/yr for BCOIX.

Performance

SSASX vs. BCOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Income Fund (SSASX) and Baird Core Plus Bond Fund (BCOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SSASX

• 1D: 0.00%
• 1M: 0.35%
• YTD: -0.00%
• 6M: -0.08%
• 1Y: 5.12%
• 3Y*: 2.95%
• 5Y*: -0.64%
• 10Y*: —

BCOIX

• 1D: 0.00%
• 1M: 0.48%
• YTD: 0.44%
• 6M: 0.47%
• 1Y: 5.65%
• 3Y*: 4.90%
• 5Y*: 0.82%
• 10Y*: 2.43%

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

SSASX vs. BCOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SSASX State Street Income Fund	-0.00%	7.49%	-0.95%	4.83%	-13.74%	0.59%
BCOIX Baird Core Plus Bond Fund	0.44%	7.47%	2.54%	6.89%	-12.86%	1.08%

Correlation

The correlation between SSASX and BCOIX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since May 25, 2021	0.96

The correlation between SSASX and BCOIX has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

Return for Risk

SSASX vs. BCOIX — Risk / Return Rank

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

SSASX

SSASX Risk / Return Rank: 18
SSASX Sharpe Ratio Rank: 18
SSASX Sortino Ratio Rank: 19
SSASX Omega Ratio Rank: 17
SSASX Calmar Ratio Rank: 17
SSASX Martin Ratio Rank: 16

BCOIX

BCOIX Risk / Return Rank: 30
BCOIX Sharpe Ratio Rank: 29
BCOIX Sortino Ratio Rank: 31
BCOIX Omega Ratio Rank: 29
BCOIX Calmar Ratio Rank: 34
BCOIX Martin Ratio Rank: 27

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.

SSASX vs. BCOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Income Fund (SSASX) and Baird Core Plus Bond Fund (BCOIX). 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.

	SSASX	BCOIX	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.53	-0.31
Sortino ratio: Return per unit of downside risk	1.83	2.30	-0.48
Omega ratio: Gain probability vs. loss probability	1.22	1.28	-0.06
Calmar ratio: Return relative to maximum drawdown	1.50	2.20	-0.70
Martin ratio: Return relative to average drawdown	4.51	6.53	-2.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SSASX vs. BCOIX - Sharpe Ratio Comparison

The current SSASX Sharpe Ratio is 1.22, which is comparable to the BCOIX Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of SSASX and BCOIX, 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

	SSASX	BCOIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	1.53	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.10	0.15	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	1.07	-1.17

Drawdowns

SSASX vs. BCOIX - Drawdown Comparison

The maximum SSASX drawdown since its inception was -19.65%, which is greater than BCOIX's maximum drawdown of -18.13%. Use the drawdown chart below to compare losses from any high point for SSASX and BCOIX.

Drawdown Indicators

	SSASX	BCOIX	Difference
Max Drawdown Largest peak-to-trough decline	-19.65%	-18.13%	-1.52%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-2.58%	-0.84%
Max Drawdown (3Y) Largest decline over 3 years	-7.97%	-5.61%	-2.36%
Max Drawdown (5Y) Largest decline over 5 years	-19.65%	-18.13%	-1.52%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.13%	—
Current Drawdown Current decline from peak	-5.26%	-1.24%	-4.02%
Average Drawdown Average peak-to-trough decline	-9.68%	-2.19%	-7.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	0.87%	+0.27%

Volatility

SSASX vs. BCOIX - Volatility Comparison

State Street Income Fund (SSASX) has a higher volatility of 1.46% compared to Baird Core Plus Bond Fund (BCOIX) at 1.30%. This indicates that SSASX's price experiences larger fluctuations and is considered to be riskier than BCOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSASX	BCOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	1.30%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	2.96%	2.69%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	4.22%	3.72%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.49%	5.64%	+0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.49%	4.67%	+1.82%

SSASX vs. BCOIX - Expense Ratio Comparison

SSASX has a 0.20% expense ratio, which is lower than BCOIX's 0.30% expense ratio.

Dividends

SSASX vs. BCOIX - Dividend Comparison

SSASX's dividend yield for the trailing twelve months is around 4.00%, less than BCOIX's 4.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BCOIX Baird Core Plus Bond Fund	4.35%	4.21%	4.13%	3.58%	3.10%	2.96%	3.51%	2.96%	3.13%	2.83%	3.01%	2.84%
SSASX State Street Income Fund	4.00%	4.01%	2.76%	2.86%	2.48%	3.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SSASX and BCOIX in my portfolio?

With a correlation of 0.92, SSASX and BCOIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SSASX or BCOIX?

SSASX has higher volatility (1.46%) compared to BCOIX (1.30%). In terms of maximum drawdown, SSASX dropped -19.65% vs BCOIX's -18.13%.

Which has better risk-adjusted returns?

BCOIX currently has the higher Sharpe Ratio (1.53 vs 1.22), 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.