BIAEX vs. BAIAX

Last updated Aug 4, 2026

BIAEX (Brown Advisory Tax Exempt Bond Fund) and BAIAX (Brown Advisory Intermediate Income Fund) are both mutual funds - BIAEX is a Municipal Bonds fund managed by Brown Advisory, while BAIAX is a Short-Term Bond fund managed by Brown Advisory. Over the past 10 years, BIAEX returned 1.89%/yr vs 1.21%/yr for BAIAX. Their 0.50 correlation means their historical movements had little consistent relationship. BIAEX charges 0.46%/yr vs 0.77%/yr for BAIAX.

Performance

BIAEX vs. BAIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown Advisory Tax Exempt Bond Fund (BIAEX) and Brown Advisory Intermediate Income Fund (BAIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIAEX achieves a 0.04% return, which is significantly higher than BAIAX's -0.45% return. Over the past 10 years, BIAEX has outperformed BAIAX with an annualized return of 1.89%, while BAIAX has yielded a comparatively lower 1.21% annualized return.

BIAEX

• 1D: -0.11%
• 1M: -1.90%
• 6M: -0.89%
• YTD: 0.04%
• 1Y: 4.42%
• 3Y*: 3.57%
• 5Y*: 0.56%
• 10Y*: 1.89%
• ALL TIME*: 1.50%

BAIAX

• 1D: -0.21%
• 1M: -0.74%
• 6M: -0.52%
• YTD: -0.45%
• 1Y: 1.91%
• 3Y*: 3.70%
• 5Y*: 0.04%
• 10Y*: 1.21%
• ALL TIME*: 0.83%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BAIAX Brown Advisory Intermediate Income Fund	$0.00	$0.00	$0.00
BIAEX Brown Advisory Tax Exempt Bond Fund	$0.00	$0.00	$0.00

BIAEX vs. BAIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIAEX Brown Advisory Tax Exempt Bond Fund	0.04%	5.50%	2.08%	6.43%	-9.75%	2.39%	3.65%	7.48%	2.19%	4.12%
BAIAX Brown Advisory Intermediate Income Fund	-0.45%	6.73%	1.78%	4.04%	-9.66%	-1.57%	5.28%	6.54%	0.17%	2.19%

Correlation

The correlation between BIAEX and BAIAX 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 BIAEX and BAIAX has been stable across timeframes, ranging from 0.49 to 0.57 - a consistent structural relationship.

Return for Risk

BIAEX vs. BAIAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BIAEX

BIAEX Risk / Return Rank: 63
BIAEX Sharpe Ratio Rank: 78
BIAEX Sortino Ratio Rank: 81
BIAEX Omega Ratio Rank: 86
BIAEX Calmar Ratio Rank: 37
BIAEX Martin Ratio Rank: 34

BAIAX

BAIAX Risk / Return Rank: 22
BAIAX Sharpe Ratio Rank: 24
BAIAX Sortino Ratio Rank: 23
BAIAX Omega Ratio Rank: 22
BAIAX Calmar Ratio Rank: 23
BAIAX Martin Ratio Rank: 19

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BIAEX vs. BAIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown Advisory Tax Exempt Bond Fund (BIAEX) and Brown Advisory Intermediate Income Fund (BAIAX). 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.

	BIAEX	BAIAX	Difference
Sharpe ratio: Return per unit of total volatility	1.89	0.90	+0.99
Sortino ratio: Return per unit of downside risk	2.87	1.34	+1.53
Omega ratio: Gain probability vs. loss probability	1.43	1.16	+0.27
Calmar ratio: Return relative to maximum drawdown	1.70	1.17	+0.53
Martin ratio: Return relative to average drawdown	5.43	2.88	+2.55

BIAEX vs. BAIAX - Sharpe Ratio Comparison

The current BIAEX Sharpe Ratio is 1.89, which is higher than the BAIAX Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of BIAEX and BAIAX, 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

BIAEX vs. BAIAX - Drawdown Comparison

The maximum BIAEX drawdown since its inception was -13.89%, roughly equal to the maximum BAIAX drawdown of -13.87%. Use the drawdown chart below to compare losses from any high point for BIAEX and BAIAX.

Drawdown Indicators

	BIAEX	BAIAX	Difference
Max Drawdown Largest peak-to-trough decline	-13.89%	-13.87%	-0.02%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-2.28%	-0.54%
Max Drawdown (3Y) Largest decline over 3 years	-4.48%	-3.89%	-0.59%
Max Drawdown (5Y) Largest decline over 5 years	-13.89%	-13.71%	-0.18%
Max Drawdown (10Y) Largest decline over 10 years	-13.89%	-13.87%	-0.02%
Current Drawdown Current decline from peak	-2.01%	-1.90%	-0.11%
Average Drawdown Average peak-to-trough decline	-2.80%	-3.52%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.93%	-0.05%

Volatility

BIAEX vs. BAIAX - Volatility Comparison

Brown Advisory Tax Exempt Bond Fund (BIAEX) has a higher volatility of 0.78% compared to Brown Advisory Intermediate Income Fund (BAIAX) at 0.74%. This indicates that BIAEX's price experiences larger fluctuations and is considered to be riskier than BAIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIAEX	BAIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	0.74%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.05%	2.38%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	2.59%	2.97%	-0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.42%	4.48%	-1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.60%	3.75%	-0.15%

BIAEX vs. BAIAX - Expense Ratio Comparison

BIAEX has a 0.46% expense ratio, which is lower than BAIAX's 0.77% expense ratio.

Dividends

BIAEX vs. BAIAX - Dividend Comparison

BIAEX's dividend yield for the trailing twelve months is around 3.51%, less than BAIAX's 3.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BAIAX Brown Advisory Intermediate Income Fund	3.66%	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

Can I hold both BIAEX and BAIAX in my portfolio?

BIAEX and BAIAX 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.

Which is riskier, BIAEX or BAIAX?

BIAEX has higher volatility (0.78%) compared to BAIAX (0.74%). In terms of maximum drawdown, BIAEX dropped -13.89% vs BAIAX's -13.87%.

Which has better risk-adjusted returns?

BIAEX currently has the higher Sharpe Ratio (1.89 vs 0.90), 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.