BBNIX vs. BBIIX

Last updated Jun 24, 2026

BBNIX (BBH Income Fund) and BBIIX (BBH Intermediate Municipal Bond Fund) are both mutual funds - BBNIX is a Intermediate Core-Plus Bond fund managed by BBH, while BBIIX is a Municipal Bonds fund managed by BBH. Over the past 5 years, BBNIX returned 1.10%/yr vs 1.65%/yr for BBIIX. A 0.52 correlation means they provide meaningful diversification when combined. BBNIX charges 0.47%/yr vs 0.46%/yr for BBIIX.

Performance

BBNIX vs. BBIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BBH Income Fund (BBNIX) and BBH Intermediate Municipal Bond Fund (BBIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BBNIX achieves a 0.26% return, which is significantly lower than BBIIX's 1.16% return.

BBNIX

• 1D: -0.34%
• 1M: 0.62%
• YTD: 0.26%
• 6M: 0.74%
• 1Y: 4.58%
• 3Y*: 5.79%
• 5Y*: 1.10%
• 10Y*: —

BBIIX

• 1D: -0.10%
• 1M: 0.78%
• YTD: 1.16%
• 6M: 1.59%
• 1Y: 5.90%
• 3Y*: 4.36%
• 5Y*: 1.65%
• 10Y*: 2.54%

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

BBNIX vs. BBIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BBNIX BBH Income Fund	0.26%	7.86%	3.87%	9.07%	-14.89%	1.36%	11.24%	6.59%	0.00%
BBIIX BBH Intermediate Municipal Bond Fund	1.16%	5.45%	2.43%	6.09%	-6.45%	0.01%	5.01%	6.72%	1.91%

Correlation

The correlation between BBNIX and BBIIX is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jun 28, 2018	0.52

The correlation between BBNIX and BBIIX shifts across timeframes, from 0.52 (all time) to 0.65 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

BBNIX vs. BBIIX — Risk / Return Rank

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

BBNIX

BBNIX Risk / Return Rank: 22
BBNIX Sharpe Ratio Rank: 20
BBNIX Sortino Ratio Rank: 23
BBNIX Omega Ratio Rank: 20
BBNIX Calmar Ratio Rank: 23
BBNIX Martin Ratio Rank: 20

BBIIX

BBIIX Risk / Return Rank: 72
BBIIX Sharpe Ratio Rank: 90
BBIIX Sortino Ratio Rank: 93
BBIIX Omega Ratio Rank: 96
BBIIX Calmar Ratio Rank: 43
BBIIX Martin Ratio Rank: 39

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.

BBNIX vs. BBIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BBH Income Fund (BBNIX) and BBH Intermediate Municipal Bond Fund (BBIIX). 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.

	BBNIX	BBIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.20	2.76	-1.56
Sortino ratio: Return per unit of downside risk	1.87	4.43	-2.56
Omega ratio: Gain probability vs. loss probability	1.22	1.79	-0.57
Calmar ratio: Return relative to maximum drawdown	1.67	2.42	-0.75
Martin ratio: Return relative to average drawdown	4.68	7.96	-3.29

BBNIX vs. BBIIX - Sharpe Ratio Comparison

The current BBNIX Sharpe Ratio is 1.20, which is lower than the BBIIX Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of BBNIX and BBIIX, 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

BBNIX vs. BBIIX - Drawdown Comparison

The maximum BBNIX drawdown since its inception was -18.96%, which is greater than BBIIX's maximum drawdown of -11.53%. Use the drawdown chart below to compare losses from any high point for BBNIX and BBIIX.

Drawdown Indicators

	BBNIX	BBIIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.96%	-11.53%	-7.43%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-2.46%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-5.10%	-3.92%	-1.18%
Max Drawdown (5Y) Largest decline over 5 years	-18.96%	-11.53%	-7.43%
Max Drawdown (10Y) Largest decline over 10 years	—	-11.53%	—
Current Drawdown Current decline from peak	-1.62%	-0.92%	-0.70%
Average Drawdown Average peak-to-trough decline	-4.31%	-1.69%	-2.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	0.74%	+0.29%

Volatility

BBNIX vs. BBIIX - Volatility Comparison

BBH Income Fund (BBNIX) has a higher volatility of 1.14% compared to BBH Intermediate Municipal Bond Fund (BBIIX) at 0.48%. This indicates that BBNIX's price experiences larger fluctuations and is considered to be riskier than BBIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BBNIX	BBIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	0.48%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	3.01%	1.71%	+1.30%
Volatility (1Y) Calculated over the trailing 1-year period	4.05%	2.16%	+1.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.66%	3.06%	+2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.07%	3.25%	+1.82%

BBNIX vs. BBIIX - Expense Ratio Comparison

BBNIX has a 0.47% expense ratio, which is higher than BBIIX's 0.46% expense ratio.

Dividends

BBNIX vs. BBIIX - Dividend Comparison

BBNIX's dividend yield for the trailing twelve months is around 5.22%, more than BBIIX's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BBIIX BBH Intermediate Municipal Bond Fund	3.28%	3.60%	3.67%	3.09%	1.52%	1.20%	1.64%	2.69%	2.20%	3.64%	3.31%	2.00%
BBNIX BBH Income Fund	5.22%	5.28%	5.76%	5.23%	2.93%	2.87%	7.07%	4.60%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BBNIX and BBIIX in my portfolio?

BBNIX and BBIIX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BBNIX or BBIIX?

BBNIX has higher volatility (1.14%) compared to BBIIX (0.48%). In terms of maximum drawdown, BBNIX dropped -18.96% vs BBIIX's -11.53%.

Which has better risk-adjusted returns?

BBIIX currently has the higher Sharpe Ratio (2.76 vs 1.20), 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.