BIAFX vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about Brown Advisory Flexible Equity Fund (BIAFX) and S&P 500 Index (^GSPC).

BIAFX is managed by Brown Advisory Funds. It was launched on Nov 30, 2006.

Performance

BIAFX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown Advisory Flexible Equity Fund (BIAFX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

BIAFX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIAFX Brown Advisory Flexible Equity Fund	-7.57%	9.74%	23.72%	34.52%	-21.07%	24.95%	19.89%	42.29%	-4.15%	24.12%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, BIAFX achieves a -7.57% return, which is significantly lower than ^GSPC's -3.95% return. Over the past 10 years, BIAFX has outperformed ^GSPC with an annualized return of 14.05%, while ^GSPC has yielded a comparatively lower 12.24% annualized return.

BIAFX

• 1D: 3.20%
• 1M: -5.07%
• YTD: -7.57%
• 6M: -6.41%
• 1Y: 4.23%
• 3Y*: 15.62%
• 5Y*: 8.76%
• 10Y*: 14.05%

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

BIAFX vs. ^GSPC — Risk / Return Rank

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

BIAFX

BIAFX Risk / Return Rank: 11
BIAFX Sharpe Ratio Rank: 9
BIAFX Sortino Ratio Rank: 9
BIAFX Omega Ratio Rank: 9
BIAFX Calmar Ratio Rank: 13
BIAFX Martin Ratio Rank: 13

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

BIAFX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown Advisory Flexible Equity Fund (BIAFX) and S&P 500 Index (^GSPC). 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.

	BIAFX	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	0.25	0.92	-0.66
Sortino ratio Return per unit of downside risk	0.50	1.41	-0.91
Omega ratio Gain probability vs. loss probability	1.07	1.21	-0.14
Calmar ratio Return relative to maximum drawdown	0.42	1.41	-1.00
Martin ratio Return relative to average drawdown	1.44	6.61	-5.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIAFX vs. ^GSPC - Sharpe Ratio Comparison

The current BIAFX Sharpe Ratio is 0.25, which is lower than the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of BIAFX and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BIAFX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.25	0.92	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.61	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.68	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.46	+0.01

Correlation

The correlation between BIAFX and ^GSPC is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

BIAFX vs. ^GSPC - Drawdown Comparison

The maximum BIAFX drawdown since its inception was -60.32%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for BIAFX and ^GSPC.

Drawdown Indicators

	BIAFX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-60.32%	-56.78%	-3.54%
Max Drawdown (1Y) Largest decline over 1 year	-13.10%	-12.14%	-0.96%
Max Drawdown (5Y) Largest decline over 5 years	-27.44%	-25.43%	-2.01%
Max Drawdown (10Y) Largest decline over 10 years	-35.49%	-33.92%	-1.57%
Current Drawdown Current decline from peak	-10.24%	-5.78%	-4.46%
Average Drawdown Average peak-to-trough decline	-10.22%	-10.75%	+0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.78%	2.60%	+1.18%

Volatility

BIAFX vs. ^GSPC - Volatility Comparison

Brown Advisory Flexible Equity Fund (BIAFX) has a higher volatility of 6.03% compared to S&P 500 Index (^GSPC) at 5.37%. This indicates that BIAFX's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIAFX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.03%	5.37%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	10.41%	9.55%	+0.86%
Volatility (1Y) Calculated over the trailing 1-year period	18.76%	18.33%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.84%	16.90%	+0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.18%	18.05%	+1.13%