BAFWX vs. VOO

Last updated Jun 23, 2026

BAFWX (Brown Advisory Sustainable Growth Fund Institutional Shares) and VOO (Vanguard S&P 500 ETF) are both funds - BAFWX is a Large Cap Growth Equities fund managed by Brown Advisory Funds, while VOO is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, BAFWX returned 15.56%/yr vs 15.77%/yr for VOO. Their correlation of 0.89 suggests significant overlap in exposure. BAFWX charges 0.64%/yr vs 0.03%/yr for VOO.

Performance

BAFWX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown Advisory Sustainable Growth Fund Institutional Shares (BAFWX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BAFWX achieves a 3.52% return, which is significantly lower than VOO's 9.75% return. Both investments have delivered pretty close results over the past 10 years, with BAFWX having a 15.56% annualized return and VOO not far ahead at 15.77%.

BAFWX

• 1D: 1.62%
• 1M: 2.65%
• YTD: 3.52%
• 6M: 2.72%
• 1Y: 6.52%
• 3Y*: 13.14%
• 5Y*: 8.06%
• 10Y*: 15.56%

VOO

• 1D: -0.29%
• 1M: 0.08%
• YTD: 9.75%
• 6M: 9.30%
• 1Y: 26.77%
• 3Y*: 21.36%
• 5Y*: 13.58%
• 10Y*: 15.77%

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

BAFWX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BAFWX Brown Advisory Sustainable Growth Fund Institutional Shares	3.52%	3.35%	20.35%	39.07%	-30.90%	30.01%	39.09%	36.09%	4.51%	28.10%
VOO Vanguard S&P 500 ETF	9.75%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between BAFWX and VOO is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jun 29, 2012	0.89

The correlation between BAFWX and VOO has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

BAFWX vs. VOO — Risk / Return Rank

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

BAFWX

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

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 70
VOO Sortino Ratio Rank: 67
VOO Omega Ratio Rank: 69
VOO Calmar Ratio Rank: 63
VOO Martin Ratio Rank: 74

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown Advisory Sustainable Growth Fund Institutional Shares (BAFWX) and Vanguard S&P 500 ETF (VOO). 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.

	BAFWX	VOO	Difference
Sharpe ratio: Return per unit of total volatility	0.35	2.17	-1.83
Sortino ratio: Return per unit of downside risk	0.58	2.93	-2.35
Omega ratio: Gain probability vs. loss probability	1.07	1.39	-0.32
Calmar ratio: Return relative to maximum drawdown	0.30	3.02	-2.72
Martin ratio: Return relative to average drawdown	0.78	13.58	-12.80

BAFWX vs. VOO - Sharpe Ratio Comparison

The current BAFWX Sharpe Ratio is 0.35, which is lower than the VOO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of BAFWX and VOO, 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

BAFWX vs. VOO - Drawdown Comparison

The maximum BAFWX drawdown since its inception was -36.86%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for BAFWX and VOO.

Drawdown Indicators

	BAFWX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-36.86%	-33.99%	-2.87%
Max Drawdown (1Y) Largest decline over 1 year	-19.93%	-8.90%	-11.03%
Max Drawdown (3Y) Largest decline over 3 years	-25.03%	-18.69%	-6.34%
Max Drawdown (5Y) Largest decline over 5 years	-36.86%	-24.52%	-12.34%
Max Drawdown (10Y) Largest decline over 10 years	-36.86%	-33.99%	-2.87%
Current Drawdown Current decline from peak	-3.48%	-1.74%	-1.74%
Average Drawdown Average peak-to-trough decline	-5.70%	-3.68%	-2.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.69%	1.98%	+5.71%

Volatility

BAFWX vs. VOO - Volatility Comparison

Brown Advisory Sustainable Growth Fund Institutional Shares (BAFWX) has a higher volatility of 7.11% compared to Vanguard S&P 500 ETF (VOO) at 4.60%. This indicates that BAFWX's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAFWX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.11%	4.60%	+2.51%
Volatility (6M) Calculated over the trailing 6-month period	14.12%	9.73%	+4.39%
Volatility (1Y) Calculated over the trailing 1-year period	17.27%	12.39%	+4.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.72%	16.90%	+5.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.57%	18.05%	+3.52%

BAFWX vs. VOO - Expense Ratio Comparison

BAFWX has a 0.64% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

BAFWX vs. VOO - Dividend Comparison

BAFWX's dividend yield for the trailing twelve months is around 23.02%, more than VOO's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BAFWX Brown Advisory Sustainable Growth Fund Institutional Shares	23.02%	23.83%	5.23%	0.01%	0.00%	1.82%	0.00%	1.48%	3.71%	1.70%	0.71%	4.73%
VOO Vanguard S&P 500 ETF	1.04%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both BAFWX and VOO in my portfolio?

BAFWX and VOO have a correlation of 0.85, 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 VOO?

BAFWX has higher volatility (7.11%) compared to VOO (4.60%). In terms of maximum drawdown, BAFWX dropped -36.86% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.17 vs 0.35), 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.