BAIAX vs. BIAEX

Last updated Jun 4, 2026

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 Funds, while BIAEX is a Municipal Bonds fund managed by Brown Advisory Funds. Over the past 10 years, BAIAX returned 1.38%/yr vs 2.12%/yr for BIAEX. At a 0.50 correlation, their price movements are largely independent. BAIAX charges 0.77%/yr vs 0.46%/yr for BIAEX.

Performance

BAIAX vs. BIAEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown Advisory Intermediate Income Fund (BAIAX) 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, BAIAX achieves a 0.19% return, which is significantly lower than BIAEX's 1.66% return. Over the past 10 years, BAIAX has underperformed BIAEX with an annualized return of 1.38%, while BIAEX has yielded a comparatively higher 2.12% annualized return.

BAIAX

• 1D: 0.00%
• 1M: 0.29%
• YTD: 0.19%
• 6M: 0.20%
• 1Y: 4.52%
• 3Y*: 3.67%
• 5Y*: 0.36%
• 10Y*: 1.38%

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)

BAIAX vs. BIAEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BAIAX Brown Advisory Intermediate Income Fund	0.19%	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	1.66%	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 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jul 2, 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.

Return for Risk

BAIAX vs. BIAEX — Risk / Return Rank

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

BAIAX

BAIAX Risk / Return Rank: 28
BAIAX Sharpe Ratio Rank: 27
BAIAX Sortino Ratio Rank: 30
BAIAX Omega Ratio Rank: 28
BAIAX Calmar Ratio Rank: 29
BAIAX Martin Ratio Rank: 25

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.

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.

	BAIAX	BIAEX	Difference
Sharpe ratio: Return per unit of total volatility	1.51	3.05	-1.54
Sortino ratio: Return per unit of downside risk	2.27	4.96	-2.69
Omega ratio: Gain probability vs. loss probability	1.28	1.77	-0.49
Calmar ratio: Return relative to maximum drawdown	1.99	2.72	-0.72
Martin ratio: Return relative to average drawdown	6.19	9.47	-3.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BAIAX vs. BIAEX - Sharpe Ratio Comparison

The current BAIAX Sharpe Ratio is 1.51, which is lower than the BIAEX Sharpe Ratio of 3.05. The chart below compares the historical Sharpe Ratios of BAIAX 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

	BAIAX	BIAEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	3.05	-1.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	0.33	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.59	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.52	-0.27

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.

Drawdown Indicators

	BAIAX	BIAEX	Difference
Max Drawdown Largest 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	-4.59%	-4.48%	-0.11%
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 Drawdown Current decline from peak	-1.27%	-0.41%	-0.86%
Average Drawdown Average peak-to-trough decline	-3.53%	-2.83%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.81%	-0.08%

Volatility

BAIAX vs. BIAEX - Volatility Comparison

Brown Advisory Intermediate Income Fund (BAIAX) has a higher volatility of 1.04% compared to Brown Advisory Tax Exempt Bond Fund (BIAEX) at 0.88%. This indicates that BAIAX'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

	BAIAX	BIAEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	0.88%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	2.18%	1.87%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	3.02%	2.51%	+0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.46%	3.40%	+1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.73%	3.60%	+0.13%

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 3.61%, less than BIAEX's 3.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BAIAX Brown Advisory Intermediate Income Fund	3.61%	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	3.75%	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 BAIAX and BIAEX in my portfolio?

BAIAX and BIAEX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BAIAX or BIAEX?

BAIAX has higher volatility (1.04%) compared to BIAEX (0.88%). In terms of maximum drawdown, BAIAX dropped -13.87% vs BIAEX's -13.89%.

Which has better risk-adjusted returns?

BIAEX currently has the higher Sharpe Ratio (3.05 vs 1.51), 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.