BAFE vs. USPX

Last updated Jun 4, 2026

BAFE (Brown Advisory Flexible Equity ETF) and USPX (Franklin U.S. Equity Index ETF) are both Large Cap Blend Equities funds. BAFE is actively managed, while USPX is passively managed. Over the past year, BAFE returned 13.86% vs 27.42% for USPX. Their correlation of 0.90 suggests significant overlap in exposure. BAFE charges 0.54%/yr vs 0.03%/yr for USPX.

Performance

BAFE vs. USPX - Performance Comparison

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

Returns By Period

In the year-to-date period, BAFE achieves a 5.14% return, which is significantly lower than USPX's 10.64% return.

BAFE

• 1D: -0.35%
• 1M: 1.97%
• YTD: 5.14%
• 6M: 6.05%
• 1Y: 13.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USPX

• 1D: -0.75%
• 1M: 5.12%
• YTD: 10.64%
• 6M: 10.50%
• 1Y: 27.42%
• 3Y*: 22.42%
• 5Y*: 12.39%
• 10Y*: —

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

BAFE vs. USPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BAFE Brown Advisory Flexible Equity ETF	5.14%	9.80%	-0.51%
USPX Franklin U.S. Equity Index ETF	10.64%	17.78%	-0.07%

Correlation

The correlation between BAFE and USPX is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Nov 19, 2024	0.90

The correlation between BAFE and USPX has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

BAFE vs. USPX — Risk / Return Rank

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

BAFE

BAFE Risk / Return Rank: 28
BAFE Sharpe Ratio Rank: 30
BAFE Sortino Ratio Rank: 29
BAFE Omega Ratio Rank: 30
BAFE Calmar Ratio Rank: 24
BAFE Martin Ratio Rank: 29

USPX

USPX Risk / Return Rank: 68
USPX Sharpe Ratio Rank: 69
USPX Sortino Ratio Rank: 68
USPX Omega Ratio Rank: 68
USPX Calmar Ratio Rank: 61
USPX Martin Ratio Rank: 73

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.

BAFE vs. USPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown Advisory Flexible Equity ETF (BAFE) and Franklin U.S. Equity Index ETF (USPX). 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.

	BAFE	USPX	Difference
Sharpe ratio: Return per unit of total volatility	1.08	2.28	-1.20
Sortino ratio: Return per unit of downside risk	1.56	3.12	-1.57
Omega ratio: Gain probability vs. loss probability	1.20	1.41	-0.21
Calmar ratio: Return relative to maximum drawdown	1.09	3.01	-1.92
Martin ratio: Return relative to average drawdown	3.91	13.72	-9.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BAFE vs. USPX - Sharpe Ratio Comparison

The current BAFE Sharpe Ratio is 1.08, which is lower than the USPX Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of BAFE and USPX, 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

	BAFE	USPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	2.28	-1.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.80	-0.26

Drawdowns

BAFE vs. USPX - Drawdown Comparison

The maximum BAFE drawdown since its inception was -18.37%, smaller than the maximum USPX drawdown of -31.21%. Use the drawdown chart below to compare losses from any high point for BAFE and USPX.

Drawdown Indicators

	BAFE	USPX	Difference
Max Drawdown Largest peak-to-trough decline	-18.37%	-31.21%	+12.84%
Max Drawdown (1Y) Largest decline over 1 year	-12.73%	-9.15%	-3.58%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.21%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.60%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-31.21%	—
Current Drawdown Current decline from peak	-0.45%	-0.75%	+0.30%
Average Drawdown Average peak-to-trough decline	-3.40%	-4.44%	+1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.55%	2.00%	+1.55%

Volatility

BAFE vs. USPX - Volatility Comparison

The current volatility for Brown Advisory Flexible Equity ETF (BAFE) is 2.62%, while Franklin U.S. Equity Index ETF (USPX) has a volatility of 2.87%. This indicates that BAFE experiences smaller price fluctuations and is considered to be less risky than USPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAFE	USPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.62%	2.87%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	9.80%	9.16%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	12.94%	12.09%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.45%	16.17%	+1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.45%	15.92%	+1.53%

BAFE vs. USPX - Expense Ratio Comparison

BAFE has a 0.54% expense ratio, which is higher than USPX's 0.03% expense ratio.

Dividends

BAFE vs. USPX - Dividend Comparison

BAFE's dividend yield for the trailing twelve months is around 0.28%, less than USPX's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BAFE Brown Advisory Flexible Equity ETF	0.28%	0.30%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USPX Franklin U.S. Equity Index ETF	1.04%	1.07%	1.23%	1.35%	2.21%	2.40%	2.51%	3.07%	2.91%	2.60%	4.89%

Frequently Asked Questions

Can I hold both BAFE and USPX in my portfolio?

BAFE and USPX have a correlation of 0.89, 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 USPX?

USPX has higher volatility (2.87%) compared to BAFE (2.62%). In terms of maximum drawdown, BAFE dropped -18.37% vs USPX's -31.21%.

Which ETF is better, BAFE or USPX?

On 1-year performance, USPX leads with 27.42% vs 13.86% for BAFE. On fees, USPX is cheaper at 0.03% per year. On volatility, BAFE has been the lower-risk option at 2.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BAFE or USPX?

Over the 1-year period, USPX has performed better with a 27.42% return vs 13.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BAFE or USPX?

USPX is cheaper with a 0.03% expense ratio, compared with 0.54% for BAFE.

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

USPX has the higher dividend yield at 1.04%, compared with 0.28% for BAFE.

What is the main difference between BAFE and USPX?

They also come from different issuers: Brown Advisory and Franklin Templeton. Their fees differ too: 0.54% for BAFE and 0.03% for USPX.

Which has better risk-adjusted returns?

USPX currently has the higher Sharpe Ratio (2.28 vs 1.08), 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.