BIAEX vs. FKTIX

Last updated Jun 23, 2026

BIAEX (Brown Advisory Tax Exempt Bond Fund) and FKTIX (Franklin Federal Tax Free Income Fund) are both Municipal Bonds funds. Over the past 10 years, BIAEX returned 2.05%/yr vs 2.12%/yr for FKTIX. Their correlation of 0.81 suggests significant overlap in exposure. BIAEX charges 0.46%/yr vs 0.64%/yr for FKTIX.

Performance

BIAEX vs. FKTIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown Advisory Tax Exempt Bond Fund (BIAEX) and Franklin Federal Tax Free Income Fund (FKTIX). 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 FKTIX's 2.19% return. Both investments have delivered pretty close results over the past 10 years, with BIAEX having a 2.05% annualized return and FKTIX not far ahead at 2.12%.

BIAEX

• 1D: 0.00%
• 1M: 1.29%
• YTD: 1.55%
• 6M: 1.99%
• 1Y: 7.15%
• 3Y*: 4.34%
• 5Y*: 1.05%
• 10Y*: 2.05%

FKTIX

• 1D: 0.00%
• 1M: 1.93%
• YTD: 2.19%
• 6M: 2.73%
• 1Y: 8.01%
• 3Y*: 4.73%
• 5Y*: 1.01%
• 10Y*: 2.12%

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

BIAEX vs. FKTIX - 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%
FKTIX Franklin Federal Tax Free Income Fund	2.19%	4.84%	3.44%	6.72%	-11.67%	2.51%	5.64%	7.41%	0.61%	3.61%

Correlation

The correlation between BIAEX and FKTIX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jun 29, 2012	0.81

The correlation between BIAEX and FKTIX has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.

Return for Risk

BIAEX vs. FKTIX — Risk / Return Rank

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

BIAEX

BIAEX Risk / Return Rank: 74
BIAEX Sharpe Ratio Rank: 92
BIAEX Sortino Ratio Rank: 95
BIAEX Omega Ratio Rank: 94
BIAEX Calmar Ratio Rank: 47
BIAEX Martin Ratio Rank: 43

FKTIX

FKTIX Risk / Return Rank: 72
FKTIX Sharpe Ratio Rank: 84
FKTIX Sortino Ratio Rank: 89
FKTIX Omega Ratio Rank: 90
FKTIX Calmar Ratio Rank: 50
FKTIX Martin Ratio Rank: 46

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. FKTIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown Advisory Tax Exempt Bond Fund (BIAEX) and Franklin Federal Tax Free Income Fund (FKTIX). 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	FKTIX	Difference
Sharpe ratio: Return per unit of total volatility	2.85	2.52	+0.34
Sortino ratio: Return per unit of downside risk	4.64	4.00	+0.64
Omega ratio: Gain probability vs. loss probability	1.72	1.62	+0.10
Calmar ratio: Return relative to maximum drawdown	2.51	2.59	-0.08
Martin ratio: Return relative to average drawdown	8.66	9.10	-0.45

BIAEX vs. FKTIX - Sharpe Ratio Comparison

The current BIAEX Sharpe Ratio is 2.85, which is comparable to the FKTIX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of BIAEX and FKTIX, 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. FKTIX - Drawdown Comparison

The maximum BIAEX drawdown since its inception was -13.89%, smaller than the maximum FKTIX drawdown of -18.53%. Use the drawdown chart below to compare losses from any high point for BIAEX and FKTIX.

Drawdown Indicators

	BIAEX	FKTIX	Difference
Max Drawdown Largest peak-to-trough decline	-13.89%	-18.53%	+4.64%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-3.11%	+0.29%
Max Drawdown (3Y) Largest decline over 3 years	-4.48%	-6.99%	+2.51%
Max Drawdown (5Y) Largest decline over 5 years	-13.89%	-17.09%	+3.20%
Max Drawdown (10Y) Largest decline over 10 years	-13.89%	-17.09%	+3.20%
Current Drawdown Current decline from peak	-0.52%	-0.01%	-0.51%
Average Drawdown Average peak-to-trough decline	-2.82%	-2.34%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.88%	-0.07%

Volatility

BIAEX vs. FKTIX - Volatility Comparison

The current volatility for Brown Advisory Tax Exempt Bond Fund (BIAEX) is 0.64%, while Franklin Federal Tax Free Income Fund (FKTIX) has a volatility of 0.84%. This indicates that BIAEX experiences smaller price fluctuations and is considered to be less risky than FKTIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIAEX	FKTIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	0.84%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	1.86%	2.38%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	2.48%	3.20%	-0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.40%	4.67%	-1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.60%	4.28%	-0.68%

BIAEX vs. FKTIX - Expense Ratio Comparison

BIAEX has a 0.46% expense ratio, which is lower than FKTIX's 0.64% expense ratio.

Dividends

BIAEX vs. FKTIX - Dividend Comparison

BIAEX's dividend yield for the trailing twelve months is around 3.75%, less than FKTIX's 3.79% 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%
FKTIX Franklin Federal Tax Free Income Fund	3.79%	4.92%	3.94%	3.15%	3.23%	2.64%	2.88%	3.81%	3.77%	3.80%	3.86%	3.78%

Frequently Asked Questions

Can I hold both BIAEX and FKTIX in my portfolio?

BIAEX and FKTIX have a correlation of 0.88, 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 FKTIX?

FKTIX has higher volatility (0.84%) compared to BIAEX (0.64%). In terms of maximum drawdown, BIAEX dropped -13.89% vs FKTIX's -18.53%.

Which has better risk-adjusted returns?

BIAEX currently has the higher Sharpe Ratio (2.85 vs 2.52), 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.