BAIAX vs. BIAEX
BAIAX (Brown Advisory Intermediate Income Fund) and BIAEX (Brown Advisory Tax Exempt Bond Fund) are both mutual funds - BAIAX is a Short-Term Bond fund managed by Brown Advisory, while BIAEX is a Municipal Bonds fund managed by Brown Advisory. Over the past 10 years, BAIAX returned 1.22%/yr vs 1.89%/yr for BIAEX. Their 0.50 correlation means their historical movements had little consistent relationship. BAIAX charges 0.77%/yr vs 0.46%/yr for BIAEX.
Performance
BAIAX vs. BIAEX - Performance Comparison
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Returns By Period
In the year-to-date period, BAIAX achieves a -0.24% return, which is significantly lower than BIAEX's 0.15% return. Over the past 10 years, BAIAX has underperformed BIAEX with an annualized return of 1.22%, while BIAEX has yielded a comparatively higher 1.89% annualized return.
BAIAX
- 1D
- 0.00%
- 1M
- -0.53%
- 6M
- -0.51%
- YTD
- -0.24%
- 1Y
- 2.13%
- 3Y*
- 3.66%
- 5Y*
- 0.08%
- 10Y*
- 1.22%
- ALL TIME*
- 0.84%
BIAEX
- 1D
- -0.22%
- 1M
- -1.80%
- 6M
- -0.68%
- YTD
- 0.15%
- 1Y
- 4.54%
- 3Y*
- 3.57%
- 5Y*
- 0.59%
- 10Y*
- 1.89%
- ALL TIME*
- 1.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
BAIAX vs. BIAEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BAIAX Brown Advisory Intermediate Income Fund | -0.24% | 6.73% | 1.78% | 4.04% | -9.66% | -1.57% | 5.28% | 6.54% | 0.17% | 2.19% |
BIAEX Brown Advisory Tax Exempt Bond Fund | 0.15% | 5.50% | 2.08% | 6.43% | -9.75% | 2.39% | 3.65% | 7.48% | 2.19% | 4.12% |
Correlation
The correlation between BAIAX and BIAEX is 0.56, 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. | 0.56 |
Correlation (3Y) Balances recent behavior with more history. | 0.57 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.54 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2012 | 0.50 |
The correlation between BAIAX and BIAEX has been stable across timeframes, ranging from 0.49 to 0.57 - a consistent structural relationship.
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Return for Risk
BAIAX vs. BIAEX — Risk / Return Rank
BAIAX
BIAEX
BAIAX vs. BIAEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Brown Advisory Intermediate Income Fund (BAIAX) 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.
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.
| BAIAX | BIAEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | -1.81 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.50 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 1.28 | 1.94 | -0.67 |
| Martin ratioReturn relative to average drawdown | 3.16 | 6.27 | -3.11 |
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Drawdowns
BAIAX vs. BIAEX - Drawdown Comparison
The maximum BAIAX drawdown since its inception was -13.87%, roughly equal to the maximum BIAEX drawdown of -13.89%. Use the drawdown chart below to compare losses from any high point for BAIAX and BIAEX.
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Drawdown Indicators
| BAIAX | BIAEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.87% | -13.89% | +0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.28% | -2.82% | +0.54% |
Max Drawdown (3Y)Largest decline over 3 years | -3.89% | -4.48% | +0.59% |
Max Drawdown (5Y)Largest decline over 5 years | -13.87% | -13.89% | +0.02% |
Max Drawdown (10Y)Largest decline over 10 years | -13.87% | -13.89% | +0.02% |
Current DrawdownCurrent decline from peak | -1.69% | -1.90% | +0.21% |
Average DrawdownAverage peak-to-trough decline | -3.52% | -2.80% | -0.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.87% | +0.05% |
Volatility
BAIAX vs. BIAEX - Volatility Comparison
The current volatility for Brown Advisory Intermediate Income Fund (BAIAX) is 0.72%, while Brown Advisory Tax Exempt Bond Fund (BIAEX) has a volatility of 0.78%. This indicates that BAIAX experiences smaller price fluctuations and is considered to be less risky than BIAEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BAIAX | BIAEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.72% | 0.78% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.37% | 2.05% | +0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.97% | 2.59% | +0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.48% | 3.42% | +1.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.75% | 3.60% | +0.15% |
BAIAX vs. BIAEX - Expense Ratio Comparison
BAIAX has a 0.77% expense ratio, which is higher than BIAEX's 0.46% expense ratio.
Dividends
BAIAX vs. BIAEX - Dividend Comparison
BAIAX's dividend yield for the trailing twelve months is around 3.32%, less than BIAEX's 3.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BAIAX Brown Advisory Intermediate Income Fund | 3.32% | 3.63% | 3.38% | 2.75% | 1.73% | 1.79% | 1.48% | 2.34% | 2.32% | 1.88% | 1.74% | 2.30% |
BIAEX Brown Advisory Tax Exempt Bond Fund | 3.51% | 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
BAIAX and BIAEX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIAEX has higher volatility (0.78%) compared to BAIAX (0.72%). In terms of maximum drawdown, BAIAX dropped -13.87% vs BIAEX's -13.89%.
BIAEX currently has the higher Sharpe Ratio (2.12 vs 0.98), 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.
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