BTMSX Performance — Baird Short-Term Municipal Bond Fund, Investor Class
Data updated: 2026-08-14
BTMSX returned +1.33% year to date and +3.72% over one year to Jun 2026. Annualised returns are +3.81% over 3 years and +1.68% over 5 years. The fund beat its Short-Term Municipal Bond category average: $100 invested three years ago grew to $112, against $111 for the category, and to $104 over one year, against $104. Volatility over the past three years was 2.17% a year. In the 12 months to Jun 2026 the fund took in a net $664.5M, and assets reached $2.36B.
BTMSX Growth of $100
What $100 invested in Baird Short-Term Municipal Bond Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Short-Term Municipal Bond category average over the same months.
| Period | BTMSX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $104 | $104 |
| 3 years (Jul 2023 – Jun 2026) | $112 | $111 |
| 5 years (Jul 2021 – Jun 2026) | $109 | $108 |
| Since data start (Jul 2019 – Jun 2026) | $114 | $113 |
BTMSX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.33% |
| 1 year | +3.72% |
| 3 years (annualised) | +3.81% |
| 5 years (annualised) | +1.68% |
BTMSX Annual Returns
Calendar-year total returns of Baird Short-Term Municipal Bond Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +1.33% |
| 2025 | +4.45% |
| 2024 | +2.99% |
| 2023 | +3.90% |
| 2022 | −4.01% |
| 2021 | +0.59% |
| 2020 | +2.89% |
| 2019 (Jul–Dec) | +1.18% |
BTMSX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.7% | +0.5% | −1.0% | +0.4% | +0.3% | +0.4% | — | — | — | — | — | — |
| 2025 | +0.5% | +0.6% | −0.2% | −0.1% | +0.5% | +0.7% | +0.6% | +0.7% | +0.4% | +0.1% | +0.4% | +0.3% |
| 2024 | 0.0% | +0.1% | +0.1% | −0.3% | +0.1% | +0.9% | +0.9% | +0.9% | +0.5% | −0.5% | +0.7% | −0.4% |
| 2023 | +1.5% | −1.3% | +1.2% | −0.2% | −0.5% | +0.6% | +0.2% | −0.2% | −1.0% | −0.1% | +2.5% | +1.2% |
| 2022 | −1.5% | −0.3% | −1.6% | −1.3% | +0.9% | −0.5% | +1.2% | −1.2% | −1.8% | −0.1% | +2.0% | +0.2% |
| 2021 | +0.4% | −0.5% | +0.2% | +0.3% | +0.2% | +0.1% | +0.3% | 0.0% | −0.3% | −0.2% | +0.2% | +0.1% |
| 2020 | +0.8% | +0.4% | −1.6% | −0.2% | +1.7% | +0.4% | +0.7% | 0.0% | +0.1% | −0.1% | +0.5% | +0.2% |
| 2019 | — | — | — | — | — | — | +0.5% | +0.5% | −0.6% | +0.3% | +0.1% | +0.3% |
BTMSX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 2.17%
- 3-year Sharpe ratio: -0.32 (vs 4.5% risk-free rate)
- Best month: +2.52% (Nov 2023)
- Worst month: −1.01% (Sep 2023)
BTMSX Fund Flows
Monthly money in and out of Baird Short-Term Municipal Bond Fund, from SEC Form N-PORT.
- 12-month net flow: $664.5M
- 12-month gross sales (incl. reinvestments): $1.2B
- Sales ÷ redemptions: 2.15×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $114.3M | $75.3M | $39.0M |
| May 2026 | $103.5M | $51.3M | $52.3M |
| Apr 2026 | $85.1M | $86.1M | −$940K |
| Mar 2026 | $0 | $0 | $0 |
| Feb 2026 | $158.2M | $48.3M | $109.8M |
| Jan 2026 | $135.8M | $63.7M | $72.1M |
| Dec 2025 | $124.3M | $53.7M | $70.6M |
| Nov 2025 | $78.7M | $34.0M | $44.7M |
| Oct 2025 | $78.3M | $47.9M | $30.4M |
| Sep 2025 | $74.6M | $58.3M | $16.3M |
| Aug 2025 | $98.6M | $34.4M | $64.2M |
| Jul 2025 | $189.1M | $23.2M | $165.9M |
BTMSX Assets Under Management
Net assets of Baird Short-Term Municipal Bond Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $2.36B |
| 2026-03-31 | $2.26B |
| 2025-12-31 | $2.06B |
| 2025-09-30 | $1.92B |
| 2025-06-30 | $1.66B |
| 2025-03-31 | $1.57B |
| 2024-12-31 | $1.46B |
| 2024-09-30 | $1.49B |
| 2024-06-30 | $1.54B |
| 2024-03-31 | $1.55B |
| 2023-12-31 | $1.60B |
| 2023-09-30 | $1.59B |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.