BIAFX vs. PROVX

Last updated Aug 1, 2026

BIAFX (Brown Advisory Flexible Equity Fund) and PROVX (Provident Trust Strategy Fund) are both Large Cap Growth Equities funds. Over the past 10 years, BIAFX returned 15.16%/yr vs 13.08%/yr for PROVX. Their correlation of 0.90 means they have usually moved in the same direction. BIAFX charges 0.68%/yr vs 0.93%/yr for PROVX.

Performance

BIAFX vs. PROVX - Performance Comparison

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

Returns By Period

In the year-to-date period, BIAFX achieves a 6.44% return, which is significantly higher than PROVX's 4.50% return. Over the past 10 years, BIAFX has outperformed PROVX with an annualized return of 15.16%, while PROVX has yielded a comparatively lower 13.08% annualized return.

BIAFX

• 1D: 1.21%
• 1M: -0.77%
• 6M: 6.81%
• YTD: 6.44%
• 1Y: 12.68%
• 3Y*: 15.96%
• 5Y*: 9.82%
• 10Y*: 15.16%
• ALL TIME*: 10.18%

PROVX

• 1D: -0.80%
• 1M: -1.00%
• 6M: 0.92%
• YTD: 4.50%
• 1Y: 19.85%
• 3Y*: 14.26%
• 5Y*: 6.74%
• 10Y*: 13.08%
• ALL TIME*: 8.22%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BIAFX Brown Advisory Flexible Equity Fund	$0.00	$0.00	$0.00
PROVX Provident Trust Strategy Fund	$0.00	$0.00	$0.00

BIAFX vs. PROVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIAFX Brown Advisory Flexible Equity Fund	6.44%	9.74%	23.72%	34.52%	-21.07%	24.95%	19.89%	42.29%	-4.15%	24.12%
PROVX Provident Trust Strategy Fund	4.50%	13.10%	19.73%	17.59%	-22.62%	31.96%	19.47%	25.71%	-1.31%	29.40%

Correlation

The correlation between BIAFX and PROVX is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.90
Correlation (All Time) Calculated using the full available price history since Dec 4, 2006	0.90

The correlation between BIAFX and PROVX shifts across timeframes, from 0.76 (1 year) to 0.90 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

BIAFX vs. PROVX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BIAFX

BIAFX Risk / Return Rank: 18
BIAFX Sharpe Ratio Rank: 19
BIAFX Sortino Ratio Rank: 18
BIAFX Omega Ratio Rank: 18
BIAFX Calmar Ratio Rank: 15
BIAFX Martin Ratio Rank: 19

PROVX

PROVX Risk / Return Rank: 45
PROVX Sharpe Ratio Rank: 50
PROVX Sortino Ratio Rank: 59
PROVX Omega Ratio Rank: 49
PROVX Calmar Ratio Rank: 32
PROVX Martin Ratio Rank: 33

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BIAFX vs. PROVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown Advisory Flexible Equity Fund (BIAFX) and Provident Trust Strategy Fund (PROVX). 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.

	BIAFX	PROVX	Difference
Sharpe ratio: Return per unit of total volatility	0.69	1.34	-0.65
Sortino ratio: Return per unit of downside risk	1.04	2.11	-1.08
Omega ratio: Gain probability vs. loss probability	1.13	1.24	-0.12
Calmar ratio: Return relative to maximum drawdown	0.73	1.40	-0.67
Martin ratio: Return relative to average drawdown	2.63	4.88	-2.25

BIAFX vs. PROVX - Sharpe Ratio Comparison

The current BIAFX Sharpe Ratio is 0.69, which is lower than the PROVX Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of BIAFX and PROVX, 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

BIAFX vs. PROVX - Drawdown Comparison

The maximum BIAFX drawdown since its inception was -60.32%, roughly equal to the maximum PROVX drawdown of -57.65%. Use the drawdown chart below to compare losses from any high point for BIAFX and PROVX.

Drawdown Indicators

	BIAFX	PROVX	Difference
Max Drawdown Largest peak-to-trough decline	-60.32%	-57.65%	-2.67%
Max Drawdown (1Y) Largest decline over 1 year	-13.10%	-12.54%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	-17.99%	-15.92%	-2.07%
Max Drawdown (5Y) Largest decline over 5 years	-27.44%	-27.48%	+0.04%
Max Drawdown (10Y) Largest decline over 10 years	-35.49%	-27.48%	-8.01%
Current Drawdown Current decline from peak	-1.48%	-1.60%	+0.12%
Average Drawdown Average peak-to-trough decline	-10.08%	-13.14%	+3.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.65%	3.59%	+0.06%

Volatility

BIAFX vs. PROVX - Volatility Comparison

The current volatility for Brown Advisory Flexible Equity Fund (BIAFX) is 3.32%, while Provident Trust Strategy Fund (PROVX) has a volatility of 4.58%. This indicates that BIAFX experiences smaller price fluctuations and is considered to be less risky than PROVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIAFX	PROVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	4.58%	-1.26%
Volatility (6M) Calculated over the trailing 6-month period	10.93%	10.44%	+0.49%
Volatility (1Y) Calculated over the trailing 1-year period	13.87%	13.10%	+0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.94%	15.77%	+2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.16%	16.18%	+2.98%

BIAFX vs. PROVX - Expense Ratio Comparison

BIAFX has a 0.68% expense ratio, which is lower than PROVX's 0.93% expense ratio.

Dividends

BIAFX vs. PROVX - Dividend Comparison

BIAFX's dividend yield for the trailing twelve months is around 5.46%, less than PROVX's 16.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIAFX Brown Advisory Flexible Equity Fund	5.46%	5.81%	4.81%	2.67%	3.71%	3.75%	3.16%	8.65%	4.15%	0.42%	0.44%	0.58%
PROVX Provident Trust Strategy Fund	16.07%	16.80%	6.94%	4.61%	19.17%	0.35%	9.04%	4.40%	5.80%	1.54%	1.92%	7.73%

Frequently Asked Questions

Can I hold both BIAFX and PROVX in my portfolio?

BIAFX and PROVX have a correlation of 0.76, 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 PROVX?

PROVX has higher volatility (4.58%) compared to BIAFX (3.32%). In terms of maximum drawdown, BIAFX dropped -60.32% vs PROVX's -57.65%.

Which has better risk-adjusted returns?

PROVX currently has the higher Sharpe Ratio (1.34 vs 0.69), 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.