BAFWX vs. BIAEX

Last updated Jun 4, 2026

BAFWX (Brown Advisory Sustainable Growth Fund Institutional Shares) and BIAEX (Brown Advisory Tax Exempt Bond Fund) are both mutual funds - BAFWX is a Large Cap Growth Equities fund managed by Brown Advisory Funds, while BIAEX is a Municipal Bonds fund managed by Brown Advisory Funds. Over the past 10 years, BAFWX returned 15.79%/yr vs 2.12%/yr for BIAEX. At a correlation of -0.00, they often move in opposite directions. BAFWX charges 0.64%/yr vs 0.46%/yr for BIAEX.

Performance

BAFWX vs. BIAEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown Advisory Sustainable Growth Fund Institutional Shares (BAFWX) and Brown Advisory Tax Exempt Bond Fund (BIAEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BAFWX achieves a 7.08% return, which is significantly higher than BIAEX's 1.66% return. Over the past 10 years, BAFWX has outperformed BIAEX with an annualized return of 15.79%, while BIAEX has yielded a comparatively lower 2.12% annualized return.

BAFWX

• 1D: -0.16%
• 1M: 9.41%
• YTD: 7.08%
• 6M: 6.03%
• 1Y: 10.33%
• 3Y*: 15.35%
• 5Y*: 9.85%
• 10Y*: 15.79%

BIAEX

• 1D: 0.21%
• 1M: 0.85%
• YTD: 1.66%
• 6M: 2.10%
• 1Y: 7.74%
• 3Y*: 4.38%
• 5Y*: 1.13%
• 10Y*: 2.12%

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

BAFWX vs. BIAEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BAFWX Brown Advisory Sustainable Growth Fund Institutional Shares	7.08%	3.35%	20.35%	39.07%	-30.90%	30.01%	39.09%	36.09%	4.51%	28.10%
BIAEX Brown Advisory Tax Exempt Bond Fund	1.66%	5.50%	2.08%	6.43%	-9.75%	2.39%	3.65%	7.48%	2.19%	4.12%

Correlation

The correlation between BAFWX and BIAEX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jul 2, 2012	-0.00

Return for Risk

BAFWX vs. BIAEX — Risk / Return Rank

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

BAFWX

BAFWX Risk / Return Rank: 7
BAFWX Sharpe Ratio Rank: 8
BAFWX Sortino Ratio Rank: 8
BAFWX Omega Ratio Rank: 8
BAFWX Calmar Ratio Rank: 6
BAFWX Martin Ratio Rank: 5

BIAEX

BIAEX Risk / Return Rank: 75
BIAEX Sharpe Ratio Rank: 91
BIAEX Sortino Ratio Rank: 95
BIAEX Omega Ratio Rank: 95
BIAEX Calmar Ratio Rank: 51
BIAEX Martin Ratio Rank: 45

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.

BAFWX vs. BIAEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown Advisory Sustainable Growth Fund Institutional Shares (BAFWX) and Brown Advisory Tax Exempt Bond Fund (BIAEX). 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.

	BAFWX	BIAEX	Difference
Sharpe ratio: Return per unit of total volatility	0.65	3.05	-2.40
Sortino ratio: Return per unit of downside risk	0.98	4.96	-3.98
Omega ratio: Gain probability vs. loss probability	1.12	1.77	-0.64
Calmar ratio: Return relative to maximum drawdown	0.54	2.72	-2.17
Martin ratio: Return relative to average drawdown	1.41	9.47	-8.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BAFWX vs. BIAEX - Sharpe Ratio Comparison

The current BAFWX Sharpe Ratio is 0.65, which is lower than the BIAEX Sharpe Ratio of 3.05. The chart below compares the historical Sharpe Ratios of BAFWX and BIAEX, 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

	BAFWX	BIAEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	3.05	-2.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.33	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.59	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.52	+0.28

Drawdowns

BAFWX vs. BIAEX - Drawdown Comparison

The maximum BAFWX drawdown since its inception was -36.86%, which is greater than BIAEX's maximum drawdown of -13.89%. Use the drawdown chart below to compare losses from any high point for BAFWX and BIAEX.

Drawdown Indicators

	BAFWX	BIAEX	Difference
Max Drawdown Largest peak-to-trough decline	-36.86%	-13.89%	-22.97%
Max Drawdown (1Y) Largest decline over 1 year	-19.93%	-2.82%	-17.11%
Max Drawdown (3Y) Largest decline over 3 years	-25.03%	-4.48%	-20.55%
Max Drawdown (5Y) Largest decline over 5 years	-36.86%	-13.89%	-22.97%
Max Drawdown (10Y) Largest decline over 10 years	-36.86%	-13.89%	-22.97%
Current Drawdown Current decline from peak	-0.16%	-0.41%	+0.25%
Average Drawdown Average peak-to-trough decline	-5.71%	-2.83%	-2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.64%	0.81%	+6.83%

Volatility

BAFWX vs. BIAEX - Volatility Comparison

Brown Advisory Sustainable Growth Fund Institutional Shares (BAFWX) has a higher volatility of 4.49% compared to Brown Advisory Tax Exempt Bond Fund (BIAEX) at 0.88%. This indicates that BAFWX's price experiences larger fluctuations and is considered to be riskier than BIAEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAFWX	BIAEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	0.88%	+3.61%
Volatility (6M) Calculated over the trailing 6-month period	13.16%	1.87%	+11.29%
Volatility (1Y) Calculated over the trailing 1-year period	16.55%	2.51%	+14.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.62%	3.40%	+19.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.51%	3.60%	+17.91%

BAFWX vs. BIAEX - Expense Ratio Comparison

BAFWX has a 0.64% expense ratio, which is higher than BIAEX's 0.46% expense ratio.

Dividends

BAFWX vs. BIAEX - Dividend Comparison

BAFWX's dividend yield for the trailing twelve months is around 22.26%, more than BIAEX's 3.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BAFWX Brown Advisory Sustainable Growth Fund Institutional Shares	22.26%	23.83%	5.23%	0.01%	0.00%	1.82%	0.00%	1.48%	3.71%	1.70%	0.71%	4.73%
BIAEX Brown Advisory Tax Exempt Bond Fund	3.75%	3.79%	3.67%	3.15%	2.00%	2.57%	2.75%	3.01%	3.27%	2.30%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BAFWX and BIAEX in my portfolio?

BAFWX and BIAEX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BAFWX or BIAEX?

BAFWX has higher volatility (4.49%) compared to BIAEX (0.88%). In terms of maximum drawdown, BAFWX dropped -36.86% vs BIAEX's -13.89%.

Which has better risk-adjusted returns?

BIAEX currently has the higher Sharpe Ratio (3.05 vs 0.65), 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.