BIAHX vs. TLT

Last updated Jun 10, 2026

BIAHX (Brown Advisory - WMC Strategic European Equity Fund) and TLT (iShares 20+ Year Treasury Bond ETF) are both funds - BIAHX is a Europe Equities fund managed by Brown Advisory Funds, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Over the past 10 years, BIAHX returned 11.95%/yr vs -1.79%/yr for TLT. At a correlation of -0.09, they often move in opposite directions. BIAHX charges 1.19%/yr vs 0.15%/yr for TLT.

Performance

BIAHX vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown Advisory - WMC Strategic European Equity Fund (BIAHX) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIAHX achieves a -0.34% return, which is significantly higher than TLT's -0.49% return. Over the past 10 years, BIAHX has outperformed TLT with an annualized return of 11.95%, while TLT has yielded a comparatively lower -1.79% annualized return.

BIAHX

• 1D: -0.17%
• 1M: -1.49%
• YTD: -0.34%
• 6M: 2.45%
• 1Y: 8.48%
• 3Y*: 20.92%
• 5Y*: 11.64%
• 10Y*: 11.95%

TLT

• 1D: 0.59%
• 1M: -0.73%
• YTD: -0.49%
• 6M: -1.03%
• 1Y: 4.17%
• 3Y*: -1.86%
• 5Y*: -6.70%
• 10Y*: -1.79%

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

BIAHX vs. TLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIAHX Brown Advisory - WMC Strategic European Equity Fund	-0.34%	47.26%	10.85%	19.36%	-11.95%	14.54%	11.34%	29.43%	-16.60%	32.37%
TLT iShares 20+ Year Treasury Bond ETF	-0.49%	4.25%	-8.05%	2.77%	-31.23%	-4.60%	18.15%	14.12%	-1.61%	9.18%

Correlation

The correlation between BIAHX and TLT is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Oct 23, 2013	-0.09

The correlation between BIAHX and TLT shifts across timeframes, from -0.09 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BIAHX vs. TLT — Risk / Return Rank

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

BIAHX

BIAHX Risk / Return Rank: 10
BIAHX Sharpe Ratio Rank: 10
BIAHX Sortino Ratio Rank: 11
BIAHX Omega Ratio Rank: 11
BIAHX Calmar Ratio Rank: 10
BIAHX Martin Ratio Rank: 10

TLT

TLT Risk / Return Rank: 16
TLT Sharpe Ratio Rank: 17
TLT Sortino Ratio Rank: 16
TLT Omega Ratio Rank: 15
TLT Calmar Ratio Rank: 17
TLT Martin Ratio Rank: 16

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.

BIAHX vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown Advisory - WMC Strategic European Equity Fund (BIAHX) and iShares 20+ Year Treasury Bond ETF (TLT). 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.

	BIAHX	TLT	Difference
Sharpe ratio: Return per unit of total volatility	0.67	0.44	+0.23
Sortino ratio: Return per unit of downside risk	1.04	0.70	+0.35
Omega ratio: Gain probability vs. loss probability	1.13	1.08	+0.05
Calmar ratio: Return relative to maximum drawdown	0.71	0.55	+0.16
Martin ratio: Return relative to average drawdown	2.16	1.35	+0.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIAHX vs. TLT - Sharpe Ratio Comparison

The current BIAHX Sharpe Ratio is 0.67, which is higher than the TLT Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of BIAHX and TLT, 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

	BIAHX	TLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.67	0.44	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	-0.42	+1.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	-0.12	+0.82
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.25	+0.32

Drawdowns

BIAHX vs. TLT - Drawdown Comparison

The maximum BIAHX drawdown since its inception was -34.90%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for BIAHX and TLT.

Drawdown Indicators

	BIAHX	TLT	Difference
Max Drawdown Largest peak-to-trough decline	-34.90%	-48.35%	+13.45%
Max Drawdown (1Y) Largest decline over 1 year	-13.18%	-7.58%	-5.60%
Max Drawdown (3Y) Largest decline over 3 years	-13.18%	-19.18%	+6.00%
Max Drawdown (5Y) Largest decline over 5 years	-30.95%	-43.70%	+12.75%
Max Drawdown (10Y) Largest decline over 10 years	-34.90%	-48.35%	+13.45%
Current Drawdown Current decline from peak	-8.01%	-40.57%	+32.56%
Average Drawdown Average peak-to-trough decline	-6.03%	-13.83%	+7.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.34%	3.10%	+1.24%

Volatility

BIAHX vs. TLT - Volatility Comparison

Brown Advisory - WMC Strategic European Equity Fund (BIAHX) has a higher volatility of 4.04% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.67%. This indicates that BIAHX's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIAHX	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	2.67%	+1.37%
Volatility (6M) Calculated over the trailing 6-month period	11.69%	6.52%	+5.17%
Volatility (1Y) Calculated over the trailing 1-year period	14.06%	9.60%	+4.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.38%	15.85%	+0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.30%	14.91%	+2.39%

BIAHX vs. TLT - Expense Ratio Comparison

BIAHX has a 1.19% expense ratio, which is higher than TLT's 0.15% expense ratio.

Dividends

BIAHX vs. TLT - Dividend Comparison

BIAHX's dividend yield for the trailing twelve months is around 7.63%, more than TLT's 4.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIAHX Brown Advisory - WMC Strategic European Equity Fund	7.63%	7.60%	5.16%	1.13%	2.66%	9.72%	6.39%	9.78%	12.12%	0.83%	1.19%	0.00%
TLT iShares 20+ Year Treasury Bond ETF	4.60%	4.43%	4.30%	3.38%	2.67%	1.50%	1.50%	2.27%	2.63%	2.43%	2.60%	2.61%

Frequently Asked Questions

Can I hold both BIAHX and TLT in my portfolio?

BIAHX and TLT have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIAHX or TLT?

BIAHX has higher volatility (4.04%) compared to TLT (2.67%). In terms of maximum drawdown, BIAHX dropped -34.90% vs TLT's -48.35%.

Which has better risk-adjusted returns?

BIAHX currently has the higher Sharpe Ratio (0.67 vs 0.44), 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.