BIAEX vs. BIAQX

Last updated Jun 5, 2026

BIAEX (Brown Advisory Tax Exempt Bond Fund) and BIAQX (Brown Advisory Emerging Markets Select Fund) are both mutual funds - BIAEX is a Municipal Bonds fund managed by Brown Advisory Funds, while BIAQX is a Emerging Markets Diversified fund managed by Brown Advisory Funds. Over the past 10 years, BIAEX returned 2.11%/yr vs 9.42%/yr for BIAQX. At a 0.01 correlation, their price movements are largely independent. BIAEX charges 0.46%/yr vs 1.25%/yr for BIAQX.

Performance

BIAEX vs. BIAQX - 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 Emerging Markets Select Fund (BIAQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIAEX achieves a 1.55% return, which is significantly lower than BIAQX's 24.51% return. Over the past 10 years, BIAEX has underperformed BIAQX with an annualized return of 2.11%, while BIAQX has yielded a comparatively higher 9.42% annualized return.

BIAEX

• 1D: -0.11%
• 1M: 0.64%
• YTD: 1.55%
• 6M: 1.99%
• 1Y: 7.39%
• 3Y*: 4.34%
• 5Y*: 1.09%
• 10Y*: 2.11%

BIAQX

• 1D: -0.70%
• 1M: 5.95%
• YTD: 24.51%
• 6M: 27.10%
• 1Y: 50.03%
• 3Y*: 22.86%
• 5Y*: 8.68%
• 10Y*: 9.42%

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

BIAEX vs. BIAQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIAEX Brown Advisory Tax Exempt Bond Fund	1.55%	5.50%	2.08%	6.43%	-9.75%	2.39%	3.65%	7.48%	2.19%	4.12%
BIAQX Brown Advisory Emerging Markets Select Fund	24.51%	29.80%	8.83%	10.55%	-15.20%	1.55%	18.34%	16.75%	-20.54%	32.78%

Correlation

The correlation between BIAEX and BIAQX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.01

The correlation between BIAEX and BIAQX shifts across timeframes, from 0.01 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BIAEX vs. BIAQX — Risk / Return Rank

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

BIAEX

BIAEX Risk / Return Rank: 75
BIAEX Sharpe Ratio Rank: 91
BIAEX Sortino Ratio Rank: 94
BIAEX Omega Ratio Rank: 94
BIAEX Calmar Ratio Rank: 51
BIAEX Martin Ratio Rank: 46

BIAQX

BIAQX Risk / Return Rank: 85
BIAQX Sharpe Ratio Rank: 92
BIAQX Sortino Ratio Rank: 83
BIAQX Omega Ratio Rank: 85
BIAQX Calmar Ratio Rank: 83
BIAQX Martin Ratio Rank: 82

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.

BIAEX vs. BIAQX - 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 Emerging Markets Select Fund (BIAQX). 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.

	BIAEX	BIAQX	Difference
Sharpe ratio: Return per unit of total volatility	3.05	3.06	-0.01
Sortino ratio: Return per unit of downside risk	4.96	3.91	+1.05
Omega ratio: Gain probability vs. loss probability	1.77	1.57	+0.19
Calmar ratio: Return relative to maximum drawdown	2.72	3.71	-0.99
Martin ratio: Return relative to average drawdown	9.47	14.95	-5.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIAEX vs. BIAQX - Sharpe Ratio Comparison

The current BIAEX Sharpe Ratio is 3.05, which is comparable to the BIAQX Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of BIAEX and BIAQX, 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

	BIAEX	BIAQX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.05	3.06	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.52	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.56	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.37	+0.15

Drawdowns

BIAEX vs. BIAQX - Drawdown Comparison

The maximum BIAEX drawdown since its inception was -13.89%, smaller than the maximum BIAQX drawdown of -40.55%. Use the drawdown chart below to compare losses from any high point for BIAEX and BIAQX.

Drawdown Indicators

	BIAEX	BIAQX	Difference
Max Drawdown Largest peak-to-trough decline	-13.89%	-40.55%	+26.66%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-13.93%	+11.11%
Max Drawdown (3Y) Largest decline over 3 years	-4.48%	-17.23%	+12.75%
Max Drawdown (5Y) Largest decline over 5 years	-13.89%	-33.22%	+19.33%
Max Drawdown (10Y) Largest decline over 10 years	-13.89%	-40.55%	+26.66%
Current Drawdown Current decline from peak	-0.52%	-0.70%	+0.18%
Average Drawdown Average peak-to-trough decline	-2.83%	-11.21%	+8.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	3.45%	-2.64%

Volatility

BIAEX vs. BIAQX - Volatility Comparison

The current volatility for Brown Advisory Tax Exempt Bond Fund (BIAEX) is 0.88%, while Brown Advisory Emerging Markets Select Fund (BIAQX) has a volatility of 6.98%. This indicates that BIAEX experiences smaller price fluctuations and is considered to be less risky than BIAQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIAEX	BIAQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	6.98%	-6.10%
Volatility (6M) Calculated over the trailing 6-month period	1.86%	14.13%	-12.27%
Volatility (1Y) Calculated over the trailing 1-year period	2.51%	16.85%	-14.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.40%	16.62%	-13.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.60%	16.82%	-13.22%

BIAEX vs. BIAQX - Expense Ratio Comparison

BIAEX has a 0.46% expense ratio, which is lower than BIAQX's 1.25% expense ratio.

Dividends

BIAEX vs. BIAQX - Dividend Comparison

BIAEX's dividend yield for the trailing twelve months is around 3.75%, more than BIAQX's 1.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
BIAQX Brown Advisory Emerging Markets Select Fund	1.28%	1.60%	1.87%	1.59%	1.13%	0.52%	0.44%	0.89%	3.75%	0.81%	1.17%	0.99%

Frequently Asked Questions

Can I hold both BIAEX and BIAQX in my portfolio?

BIAEX and BIAQX have a correlation of 0.14, 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 BIAQX?

BIAQX has higher volatility (6.98%) compared to BIAEX (0.88%). In terms of maximum drawdown, BIAEX dropped -13.89% vs BIAQX's -40.55%.

Which has better risk-adjusted returns?

BIAQX currently has the higher Sharpe Ratio (3.06 vs 3.05), 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.