BAFWX vs. BIAWX

Last updated Jun 4, 2026

BAFWX (Brown Advisory Sustainable Growth Fund Institutional Shares) and BIAWX (Brown Advisory Sustainable Growth Fund) are both Large Cap Growth Equities funds from Brown Advisory Funds. Over the past 10 years, BAFWX returned 15.79%/yr vs 15.62%/yr for BIAWX. With a 1.00 correlation, they move nearly in lockstep. BAFWX charges 0.64%/yr vs 0.78%/yr for BIAWX.

Performance

BAFWX vs. BIAWX - 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 Sustainable Growth Fund (BIAWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BAFWX having a 7.08% return and BIAWX slightly lower at 7.00%. Both investments have delivered pretty close results over the past 10 years, with BAFWX having a 15.79% annualized return and BIAWX not far behind at 15.62%.

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%

BIAWX

• 1D: -0.17%
• 1M: 9.37%
• YTD: 7.00%
• 6M: 5.94%
• 1Y: 10.13%
• 3Y*: 15.17%
• 5Y*: 9.67%
• 10Y*: 15.62%

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

BAFWX vs. BIAWX - 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%
BIAWX Brown Advisory Sustainable Growth Fund	7.00%	3.18%	20.20%	38.88%	-31.02%	29.83%	38.88%	35.93%	4.36%	27.89%

Correlation

The correlation between BAFWX and BIAWX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jul 2, 2012	1.00

The correlation between BAFWX and BIAWX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

BAFWX vs. BIAWX — 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

BIAWX

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

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. BIAWX - 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 Sustainable Growth Fund (BIAWX). 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	BIAWX	Difference
Sharpe ratio: Return per unit of total volatility	0.65	0.64	+0.01
Sortino ratio: Return per unit of downside risk	0.98	0.97	+0.01
Omega ratio: Gain probability vs. loss probability	1.12	1.12	0.00
Calmar ratio: Return relative to maximum drawdown	0.54	0.53	+0.01
Martin ratio: Return relative to average drawdown	1.41	1.38	+0.03
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. BIAWX - Sharpe Ratio Comparison

The current BAFWX Sharpe Ratio is 0.65, which is comparable to the BIAWX Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of BAFWX and BIAWX, 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	BIAWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	0.64	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.43	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.73	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.79	+0.01

Drawdowns

BAFWX vs. BIAWX - Drawdown Comparison

The maximum BAFWX drawdown since its inception was -36.86%, roughly equal to the maximum BIAWX drawdown of -36.94%. Use the drawdown chart below to compare losses from any high point for BAFWX and BIAWX.

Drawdown Indicators

	BAFWX	BIAWX	Difference
Max Drawdown Largest peak-to-trough decline	-36.86%	-36.94%	+0.08%
Max Drawdown (1Y) Largest decline over 1 year	-19.93%	-19.97%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-25.03%	-25.06%	+0.03%
Max Drawdown (5Y) Largest decline over 5 years	-36.86%	-36.94%	+0.08%
Max Drawdown (10Y) Largest decline over 10 years	-36.86%	-36.94%	+0.08%
Current Drawdown Current decline from peak	-0.16%	-0.17%	+0.01%
Average Drawdown Average peak-to-trough decline	-5.71%	-5.74%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.64%	7.67%	-0.03%

Volatility

BAFWX vs. BIAWX - Volatility Comparison

Brown Advisory Sustainable Growth Fund Institutional Shares (BAFWX) and Brown Advisory Sustainable Growth Fund (BIAWX) have volatilities of 4.49% and 4.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAFWX	BIAWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	4.47%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	13.16%	13.15%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	16.55%	16.55%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.62%	22.62%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.51%	21.50%	+0.01%

BAFWX vs. BIAWX - Expense Ratio Comparison

BAFWX has a 0.64% expense ratio, which is lower than BIAWX's 0.78% expense ratio.

Dividends

BAFWX vs. BIAWX - Dividend Comparison

BAFWX's dividend yield for the trailing twelve months is around 22.26%, less than BIAWX's 22.92% 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%
BIAWX Brown Advisory Sustainable Growth Fund	22.92%	24.52%	5.34%	0.00%	0.00%	1.85%	0.00%	1.50%	3.75%	1.71%	0.72%	4.76%

Frequently Asked Questions

Can I hold both BAFWX and BIAWX in my portfolio?

With a correlation of 1.00, BAFWX and BIAWX 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, BAFWX or BIAWX?

BAFWX has higher volatility (4.49%) compared to BIAWX (4.47%). In terms of maximum drawdown, BAFWX dropped -36.86% vs BIAWX's -36.94%.

Which has better risk-adjusted returns?

BAFWX currently has the higher Sharpe Ratio (0.65 vs 0.64), 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.