BIAFX vs. BIAZX

Last updated Jun 4, 2026

BIAFX (Brown Advisory Flexible Equity Fund) and BIAZX (Brown Advisory Mortgage Securities Fund) are both mutual funds - BIAFX is a Large Cap Growth Equities fund managed by Brown Advisory Funds, while BIAZX is a Government Bonds fund managed by Brown Advisory Funds. Over the past 10 years, BIAFX returned 15.37%/yr vs 1.57%/yr for BIAZX. At a correlation of -0.05, they often move in opposite directions. BIAFX charges 0.68%/yr vs 0.49%/yr for BIAZX.

Performance

BIAFX vs. BIAZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown Advisory Flexible Equity Fund (BIAFX) and Brown Advisory Mortgage Securities Fund (BIAZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIAFX achieves a 5.43% return, which is significantly higher than BIAZX's 0.55% return. Over the past 10 years, BIAFX has outperformed BIAZX with an annualized return of 15.37%, while BIAZX has yielded a comparatively lower 1.57% annualized return.

BIAFX

• 1D: -0.13%
• 1M: 2.23%
• YTD: 5.43%
• 6M: 6.43%
• 1Y: 13.78%
• 3Y*: 18.63%
• 5Y*: 10.52%
• 10Y*: 15.37%

BIAZX

• 1D: -0.11%
• 1M: 0.03%
• YTD: 0.55%
• 6M: 0.76%
• 1Y: 6.46%
• 3Y*: 4.09%
• 5Y*: 0.37%
• 10Y*: 1.57%

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

BIAFX vs. BIAZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIAFX Brown Advisory Flexible Equity Fund	5.43%	9.74%	23.72%	34.52%	-21.07%	24.95%	19.89%	42.29%	-4.15%	24.12%
BIAZX Brown Advisory Mortgage Securities Fund	0.55%	7.99%	1.28%	4.34%	-10.64%	-0.30%	5.49%	6.93%	0.72%	2.35%

Correlation

The correlation between BIAFX and BIAZX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.00
Correlation (All Time) Calculated using the full available price history since Dec 31, 2013	-0.05

The correlation between BIAFX and BIAZX shifts across timeframes, from -0.05 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BIAFX vs. BIAZX — Risk / Return Rank

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

BIAFX

BIAFX Risk / Return Rank: 14
BIAFX Sharpe Ratio Rank: 15
BIAFX Sortino Ratio Rank: 14
BIAFX Omega Ratio Rank: 15
BIAFX Calmar Ratio Rank: 11
BIAFX Martin Ratio Rank: 14

BIAZX

BIAZX Risk / Return Rank: 29
BIAZX Sharpe Ratio Rank: 28
BIAZX Sortino Ratio Rank: 30
BIAZX Omega Ratio Rank: 28
BIAZX Calmar Ratio Rank: 29
BIAZX Martin Ratio Rank: 29

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. BIAZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown Advisory Flexible Equity Fund (BIAFX) and Brown Advisory Mortgage Securities Fund (BIAZX). 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	BIAZX	Difference
Sharpe ratio Return per unit of total volatility	1.09	1.54	-0.46
Sortino ratio Return per unit of downside risk	1.56	2.30	-0.74
Omega ratio Gain probability vs. loss probability	1.20	1.28	-0.08
Calmar ratio Return relative to maximum drawdown	1.08	2.07	-0.99
Martin ratio Return relative to average drawdown	3.90	7.04	-3.14
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. BIAZX - Sharpe Ratio Comparison

The current BIAFX Sharpe Ratio is 1.09, which is comparable to the BIAZX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of BIAFX and BIAZX, 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

	BIAFX	BIAZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	1.54	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.06	+0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.35	+0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.49	+0.01

Drawdowns

BIAFX vs. BIAZX - Drawdown Comparison

The maximum BIAFX drawdown since its inception was -60.32%, which is greater than BIAZX's maximum drawdown of -15.95%. Use the drawdown chart below to compare losses from any high point for BIAFX and BIAZX.

Drawdown Indicators

	BIAFX	BIAZX	Difference
Max Drawdown Largest peak-to-trough decline	-60.32%	-15.95%	-44.37%
Max Drawdown (1Y) Largest decline over 1 year	-13.10%	-3.14%	-9.96%
Max Drawdown (3Y) Largest decline over 3 years	-17.99%	-7.02%	-10.97%
Max Drawdown (5Y) Largest decline over 5 years	-27.44%	-15.95%	-11.49%
Max Drawdown (10Y) Largest decline over 10 years	-35.49%	-15.95%	-19.54%
Current Drawdown Current decline from peak	-0.13%	-1.60%	+1.47%
Average Drawdown Average peak-to-trough decline	-10.15%	-2.85%	-7.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.63%	0.92%	+2.71%

Volatility

BIAFX vs. BIAZX - Volatility Comparison

Brown Advisory Flexible Equity Fund (BIAFX) has a higher volatility of 2.68% compared to Brown Advisory Mortgage Securities Fund (BIAZX) at 1.51%. This indicates that BIAFX's price experiences larger fluctuations and is considered to be riskier than BIAZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIAFX	BIAZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	1.51%	+1.17%
Volatility (6M) Calculated over the trailing 6-month period	10.04%	2.89%	+7.15%
Volatility (1Y) Calculated over the trailing 1-year period	13.08%	4.06%	+9.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.83%	5.81%	+12.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.18%	4.44%	+14.74%

BIAFX vs. BIAZX - Expense Ratio Comparison

BIAFX has a 0.68% expense ratio, which is higher than BIAZX's 0.49% expense ratio.

Dividends

BIAFX vs. BIAZX - Dividend Comparison

BIAFX's dividend yield for the trailing twelve months is around 5.51%, more than BIAZX's 4.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIAFX Brown Advisory Flexible Equity Fund	5.51%	5.81%	4.81%	2.67%	3.71%	3.75%	3.16%	8.65%	4.15%	0.42%	0.44%	0.58%
BIAZX Brown Advisory Mortgage Securities Fund	4.52%	4.43%	4.43%	3.65%	2.33%	0.75%	0.98%	2.12%	2.77%	2.03%	2.82%	3.59%

Frequently Asked Questions

Can I hold both BIAFX and BIAZX in my portfolio?

BIAFX and BIAZX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIAFX or BIAZX?

BIAFX has higher volatility (2.68%) compared to BIAZX (1.51%). In terms of maximum drawdown, BIAFX dropped -60.32% vs BIAZX's -15.95%.

Which has better risk-adjusted returns?

BIAZX currently has the higher Sharpe Ratio (1.54 vs 1.09), 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.