BIAEX vs. IIM
Compare and contrast key facts about Brown Advisory Tax Exempt Bond Fund (BIAEX) and Invesco Value Municipal Income Trust (IIM).
BIAEX is managed by Brown Advisory Funds. It was launched on Jun 28, 2012.
Performance
BIAEX vs. IIM - Performance Comparison
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BIAEX vs. IIM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIAEX Brown Advisory Tax Exempt Bond Fund | -0.48% | 5.50% | 2.08% | 6.43% | -9.75% | 2.39% | 3.65% | 7.48% | 2.19% | 4.12% |
IIM Invesco Value Municipal Income Trust | 0.44% | 11.88% | 8.04% | 2.05% | -25.41% | 14.13% | 7.07% | 18.79% | -4.40% | 7.05% |
Returns By Period
In the year-to-date period, BIAEX achieves a -0.48% return, which is significantly lower than IIM's 0.44% return. Both investments have delivered pretty close results over the past 10 years, with BIAEX having a 1.97% annualized return and IIM not far ahead at 1.99%.
BIAEX
- 1D
- 0.21%
- 1M
- -2.20%
- YTD
- -0.48%
- 6M
- 1.23%
- 1Y
- 4.68%
- 3Y*
- 3.61%
- 5Y*
- 1.01%
- 10Y*
- 1.97%
IIM
- 1D
- -0.08%
- 1M
- -6.97%
- YTD
- 0.44%
- 6M
- -1.06%
- 1Y
- 8.97%
- 3Y*
- 6.54%
- 5Y*
- 0.65%
- 10Y*
- 1.99%
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Return for Risk
BIAEX vs. IIM — Risk / Return Rank
BIAEX
IIM
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.
| BIAEX | IIM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.24 | 0.79 | +0.45 |
Sortino ratioReturn per unit of downside risk | 1.68 | 1.16 | +0.53 |
Omega ratioGain probability vs. loss probability | 1.34 | 1.16 | +0.18 |
Calmar ratioReturn relative to maximum drawdown | 1.41 | 1.04 | +0.37 |
Martin ratioReturn relative to average drawdown | 5.19 | 3.92 | +1.27 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BIAEX | IIM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | 0.79 | +0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 0.05 | +0.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.16 | +0.39 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.41 | +0.07 |
Correlation
The correlation between BIAEX and IIM is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
BIAEX vs. IIM - Dividend Comparison
BIAEX's dividend yield for the trailing twelve months is around 3.48%, less than IIM's 7.61% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIAEX Brown Advisory Tax Exempt Bond Fund | 3.48% | 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 | 7.61% | 7.51% | 6.58% | 4.72% | 5.87% | 4.51% | 4.48% | 4.61% | 5.43% | 4.99% | 5.52% | 5.20% |
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.
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Drawdown Indicators
| BIAEX | IIM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.89% | -40.17% | +26.28% |
Max Drawdown (1Y)Largest decline over 1 year | -3.97% | -9.19% | +5.22% |
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 DrawdownCurrent decline from peak | -2.51% | -7.59% | +5.08% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -7.37% | +4.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 2.43% | -1.35% |
Volatility
BIAEX vs. IIM - Volatility Comparison
The current volatility for Brown Advisory Tax Exempt Bond Fund (BIAEX) is 1.01%, while Invesco Value Municipal Income Trust (IIM) has a volatility of 5.43%. 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.
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Volatility by Period
| BIAEX | IIM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 5.43% | -4.42% |
Volatility (6M)Calculated over the trailing 6-month period | 1.66% | 8.43% | -6.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.09% | 11.34% | -7.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.37% | 12.31% | -8.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.58% | 12.79% | -9.21% |