BIAEX vs. IIM

Last updated Jun 23, 2026

BIAEX (Brown Advisory Tax Exempt Bond Fund) is Municipal Bonds fund managed by Brown Advisory Funds, while IIM (Invesco Value Municipal Income Trust) is a stock. Over the past 10 years, BIAEX returned 2.05%/yr vs 2.16%/yr for IIM. At a 0.37 correlation, their price movements are largely independent.

Performance

BIAEX vs. IIM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown Advisory Tax Exempt Bond Fund (BIAEX) and Invesco Value Municipal Income Trust (IIM). 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 IIM's 5.77% return. Over the past 10 years, BIAEX has underperformed IIM with an annualized return of 2.05%, while IIM has yielded a comparatively higher 2.16% annualized return.

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%

IIM

• 1D: -0.48%
• 1M: 4.79%
• YTD: 5.77%
• 6M: 6.38%
• 1Y: 16.69%
• 3Y*: 9.56%
• 5Y*: 0.78%
• 10Y*: 2.16%

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

BIAEX vs. IIM - 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%
IIM Invesco Value Municipal Income Trust	5.77%	11.88%	8.04%	2.05%	-25.41%	14.13%	7.07%	18.79%	-4.40%	7.05%

Correlation

The correlation between BIAEX and IIM is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jun 29, 2012	0.37

The correlation between BIAEX and IIM shifts across timeframes, from 0.37 (all time) to 0.49 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

BIAEX vs. IIM — 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

IIM

IIM Risk / Return Rank: 79
IIM Sharpe Ratio Rank: 83
IIM Sortino Ratio Rank: 81
IIM Omega Ratio Rank: 80
IIM Calmar Ratio Rank: 74
IIM Martin Ratio Rank: 78

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. IIM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown Advisory Tax Exempt Bond Fund (BIAEX) and Invesco Value Municipal Income Trust (IIM). 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	IIM	Difference
Sharpe ratio: Return per unit of total volatility	2.85	1.58	+1.28
Sortino ratio: Return per unit of downside risk	4.64	2.29	+2.35
Omega ratio: Gain probability vs. loss probability	1.72	1.29	+0.43
Calmar ratio: Return relative to maximum drawdown	2.51	1.82	+0.68
Martin ratio: Return relative to average drawdown	8.66	5.52	+3.14

BIAEX vs. IIM - Sharpe Ratio Comparison

The current BIAEX Sharpe Ratio is 2.85, which is higher than the IIM Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of BIAEX and IIM, 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. IIM - Drawdown Comparison

The maximum BIAEX drawdown since its inception was -13.89%, smaller than the maximum IIM drawdown of -40.17%. Use the drawdown chart below to compare losses from any high point for BIAEX and IIM.

Drawdown Indicators

	BIAEX	IIM	Difference
Max Drawdown Largest peak-to-trough decline	-13.89%	-40.17%	+26.28%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-9.19%	+6.37%
Max Drawdown (3Y) Largest decline over 3 years	-4.48%	-16.20%	+11.72%
Max Drawdown (5Y) Largest decline over 5 years	-13.89%	-35.75%	+21.86%
Max Drawdown (10Y) Largest decline over 10 years	-13.89%	-35.75%	+21.86%
Current Drawdown Current decline from peak	-0.52%	-2.68%	+2.16%
Average Drawdown Average peak-to-trough decline	-2.82%	-7.35%	+4.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	3.03%	-2.22%

Volatility

BIAEX vs. IIM - Volatility Comparison

The current volatility for Brown Advisory Tax Exempt Bond Fund (BIAEX) is 0.64%, while Invesco Value Municipal Income Trust (IIM) has a volatility of 2.50%. This indicates that BIAEX experiences smaller price fluctuations and is considered to be less risky than IIM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIAEX	IIM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	2.50%	-1.86%
Volatility (6M) Calculated over the trailing 6-month period	1.86%	8.78%	-6.92%
Volatility (1Y) Calculated over the trailing 1-year period	2.48%	10.66%	-8.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.40%	12.48%	-9.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.60%	12.85%	-9.25%

Dividends

BIAEX vs. IIM - Dividend Comparison

BIAEX's dividend yield for the trailing twelve months is around 3.75%, less than IIM's 7.37% 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%
IIM Invesco Value Municipal Income Trust	7.37%	7.51%	6.58%	4.72%	5.87%	4.51%	4.48%	4.61%	5.43%	4.99%	5.52%	5.20%

Frequently Asked Questions

Can I hold both BIAEX and IIM in my portfolio?

BIAEX and IIM have a correlation of 0.49, 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 IIM?

IIM has higher volatility (2.50%) compared to BIAEX (0.64%). In terms of maximum drawdown, BIAEX dropped -13.89% vs IIM's -40.17%.

Which has better risk-adjusted returns?

BIAEX currently has the higher Sharpe Ratio (2.85 vs 1.58), 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.