BAFE vs. RAFE

Last updated Aug 2, 2026

BAFE (Brown Advisory Flexible Equity ETF) and RAFE (PIMCO RAFI ESG U.S. ETF) are both Large Cap Blend Equities funds. BAFE is actively managed, while RAFE is passively managed. Over the past year, BAFE returned 14.62% vs 31.75% for RAFE. Their 0.80 correlation means they have sometimes moved together and sometimes differently. BAFE charges 0.54%/yr vs 0.30%/yr for RAFE.

Performance

BAFE vs. RAFE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown Advisory Flexible Equity ETF (BAFE) and PIMCO RAFI ESG U.S. ETF (RAFE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BAFE achieves a 8.08% return, which is significantly lower than RAFE's 16.68% return.

BAFE

• 1D: 1.35%
• 1M: 0.72%
• 6M: 8.62%
• YTD: 8.08%
• 1Y: 14.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.28%

RAFE

• 1D: -0.31%
• 1M: 1.12%
• 6M: 14.64%
• YTD: 16.68%
• 1Y: 31.75%
• 3Y*: 18.09%
• 5Y*: 11.54%
• 10Y*: —
• ALL TIME*: 12.67%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BAFE Brown Advisory Flexible Equity ETF	$911.69K	$1.16M	$1.89M
RAFE PIMCO RAFI ESG U.S. ETF	$564.44K	$467.39K	$607.84K

BAFE vs. RAFE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BAFE Brown Advisory Flexible Equity ETF	8.08%	9.80%	-0.51%
RAFE PIMCO RAFI ESG U.S. ETF	16.68%	17.60%	-1.47%

Correlation

The correlation between BAFE and RAFE is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	0.80

The correlation between BAFE and RAFE has been stable across timeframes, ranging from 0.80 to 0.80 - a consistent structural relationship.

Return for Risk

BAFE vs. RAFE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BAFE

BAFE Risk / Return Rank: 34
BAFE Sharpe Ratio Rank: 36
BAFE Sortino Ratio Rank: 35
BAFE Omega Ratio Rank: 34
BAFE Calmar Ratio Rank: 29
BAFE Martin Ratio Rank: 35

RAFE

RAFE Risk / Return Rank: 93
RAFE Sharpe Ratio Rank: 94
RAFE Sortino Ratio Rank: 94
RAFE Omega Ratio Rank: 93
RAFE Calmar Ratio Rank: 91
RAFE Martin Ratio Rank: 92

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.

BAFE vs. RAFE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown Advisory Flexible Equity ETF (BAFE) and PIMCO RAFI ESG U.S. ETF (RAFE). 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.

	BAFE	RAFE	Difference
Sharpe ratio: Return per unit of total volatility	0.90	2.67	-1.77
Sortino ratio: Return per unit of downside risk	1.32	3.70	-2.39
Omega ratio: Gain probability vs. loss probability	1.16	1.48	-0.31
Calmar ratio: Return relative to maximum drawdown	0.97	4.09	-3.12
Martin ratio: Return relative to average drawdown	3.45	16.26	-12.80

BAFE vs. RAFE - Sharpe Ratio Comparison

The current BAFE Sharpe Ratio is 0.90, which is lower than the RAFE Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of BAFE and RAFE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BAFE vs. RAFE - Drawdown Comparison

The maximum BAFE drawdown since its inception was -18.37%, smaller than the maximum RAFE drawdown of -35.74%. Use the drawdown chart below to compare losses from any high point for BAFE and RAFE.

Drawdown Indicators

	BAFE	RAFE	Difference
Max Drawdown Largest peak-to-trough decline	-18.37%	-35.74%	+17.37%
Max Drawdown (1Y) Largest decline over 1 year	-12.73%	-7.46%	-5.27%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.36%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.28%	—
Current Drawdown Current decline from peak	0.00%	-0.96%	+0.96%
Average Drawdown Average peak-to-trough decline	-3.19%	-6.08%	+2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	1.87%	+1.69%

Volatility

BAFE vs. RAFE - Volatility Comparison

Brown Advisory Flexible Equity ETF (BAFE) has a higher volatility of 3.51% compared to PIMCO RAFI ESG U.S. ETF (RAFE) at 3.01%. This indicates that BAFE's price experiences larger fluctuations and is considered to be riskier than RAFE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAFE	RAFE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	3.01%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	10.61%	8.70%	+1.91%
Volatility (1Y) Calculated over the trailing 1-year period	13.64%	11.48%	+2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.20%	15.05%	+2.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.20%	19.27%	-2.07%

BAFE vs. RAFE - Expense Ratio Comparison

BAFE has a 0.54% expense ratio, which is higher than RAFE's 0.30% expense ratio.

Dividends

BAFE vs. RAFE - Dividend Comparison

BAFE's dividend yield for the trailing twelve months is around 0.27%, less than RAFE's 1.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BAFE Brown Advisory Flexible Equity ETF	0.27%	0.30%	0.06%	0.00%	0.00%	0.00%	0.00%
RAFE PIMCO RAFI ESG U.S. ETF	1.48%	1.67%	1.79%	1.81%	2.22%	1.42%	2.36%

Frequently Asked Questions

Can I hold both BAFE and RAFE in my portfolio?

BAFE and RAFE have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BAFE or RAFE?

BAFE has higher volatility (3.51%) compared to RAFE (3.01%). In terms of maximum drawdown, BAFE dropped -18.37% vs RAFE's -35.74%.

Which ETF is better, BAFE or RAFE?

On 1-year performance, RAFE leads with 31.75% vs 14.62% for BAFE. On fees, RAFE is cheaper at 0.30% per year. On volatility, RAFE has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BAFE or RAFE?

Over the 1-year period, RAFE has performed better with a 31.75% return vs 14.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BAFE or RAFE?

RAFE is cheaper with a 0.30% expense ratio, compared with 0.54% for BAFE.

Which ETF pays a higher dividend yield, BAFE or RAFE?

RAFE has the higher dividend yield at 1.48%, compared with 0.27% for BAFE.

What is the main difference between BAFE and RAFE?

They also come from different issuers: Brown Advisory and PIMCO. Their fees differ too: 0.54% for BAFE and 0.30% for RAFE.

Which has better risk-adjusted returns?

RAFE currently has the higher Sharpe Ratio (2.67 vs 0.90), 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.