BIAMX vs. BIAEX

Last updated Jun 5, 2026

BIAMX (Brown Advisory Maryland Bond Fund) and BIAEX (Brown Advisory Tax Exempt Bond Fund) are both Municipal Bonds funds from Brown Advisory Funds. Over the past 10 years, BIAMX returned 1.57%/yr vs 2.11%/yr for BIAEX. Their correlation of 0.81 suggests significant overlap in exposure. BIAMX charges 0.47%/yr vs 0.46%/yr for BIAEX.

Performance

BIAMX vs. BIAEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown Advisory Maryland Bond Fund (BIAMX) and Brown Advisory Tax Exempt Bond Fund (BIAEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BIAMX having a 1.50% return and BIAEX slightly higher at 1.55%. Over the past 10 years, BIAMX has underperformed BIAEX with an annualized return of 1.57%, while BIAEX has yielded a comparatively higher 2.11% annualized return.

BIAMX

• 1D: -0.10%
• 1M: 0.71%
• YTD: 1.50%
• 6M: 2.12%
• 1Y: 6.71%
• 3Y*: 3.86%
• 5Y*: 0.94%
• 10Y*: 1.57%

BIAEX

• 1D: -0.11%
• 1M: 0.64%
• YTD: 1.55%
• 6M: 1.99%
• 1Y: 7.39%
• 3Y*: 4.34%
• 5Y*: 1.09%
• 10Y*: 2.11%

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

BIAMX vs. BIAEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIAMX Brown Advisory Maryland Bond Fund	1.50%	4.74%	1.67%	5.47%	-8.32%	1.04%	2.35%	6.70%	1.43%	3.32%
BIAEX Brown Advisory Tax Exempt Bond Fund	1.55%	5.50%	2.08%	6.43%	-9.75%	2.39%	3.65%	7.48%	2.19%	4.12%

Correlation

The correlation between BIAMX and BIAEX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jul 2, 2012	0.81

The correlation between BIAMX and BIAEX has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

Return for Risk

BIAMX vs. BIAEX — Risk / Return Rank

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

BIAMX

BIAMX Risk / Return Rank: 72
BIAMX Sharpe Ratio Rank: 87
BIAMX Sortino Ratio Rank: 92
BIAMX Omega Ratio Rank: 94
BIAMX Calmar Ratio Rank: 46
BIAMX Martin Ratio Rank: 43

BIAEX

BIAEX Risk / Return Rank: 75
BIAEX Sharpe Ratio Rank: 91
BIAEX Sortino Ratio Rank: 94
BIAEX Omega Ratio Rank: 94
BIAEX Calmar Ratio Rank: 51
BIAEX Martin Ratio Rank: 46

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.

BIAMX vs. BIAEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown Advisory Maryland Bond Fund (BIAMX) and Brown Advisory Tax Exempt Bond Fund (BIAEX). 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.

	BIAMX	BIAEX	Difference
Sharpe ratio: Return per unit of total volatility	2.80	3.05	-0.26
Sortino ratio: Return per unit of downside risk	4.64	4.96	-0.32
Omega ratio: Gain probability vs. loss probability	1.75	1.77	-0.02
Calmar ratio: Return relative to maximum drawdown	2.50	2.72	-0.22
Martin ratio: Return relative to average drawdown	8.87	9.47	-0.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIAMX vs. BIAEX - Sharpe Ratio Comparison

The current BIAMX Sharpe Ratio is 2.80, which is comparable to the BIAEX Sharpe Ratio of 3.05. The chart below compares the historical Sharpe Ratios of BIAMX and BIAEX, 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

	BIAMX	BIAEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	3.05	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.32	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.59	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	0.52	+0.37

Drawdowns

BIAMX vs. BIAEX - Drawdown Comparison

The maximum BIAMX drawdown since its inception was -12.44%, smaller than the maximum BIAEX drawdown of -13.89%. Use the drawdown chart below to compare losses from any high point for BIAMX and BIAEX.

Drawdown Indicators

	BIAMX	BIAEX	Difference
Max Drawdown Largest peak-to-trough decline	-12.44%	-13.89%	+1.45%
Max Drawdown (1Y) Largest decline over 1 year	-2.78%	-2.82%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-4.55%	-4.48%	-0.07%
Max Drawdown (5Y) Largest decline over 5 years	-12.44%	-13.89%	+1.45%
Max Drawdown (10Y) Largest decline over 10 years	-12.44%	-13.89%	+1.45%
Current Drawdown Current decline from peak	-0.49%	-0.52%	+0.03%
Average Drawdown Average peak-to-trough decline	-1.85%	-2.83%	+0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.81%	-0.03%

Volatility

BIAMX vs. BIAEX - Volatility Comparison

Brown Advisory Maryland Bond Fund (BIAMX) and Brown Advisory Tax Exempt Bond Fund (BIAEX) have volatilities of 0.92% and 0.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIAMX	BIAEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	0.88%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	1.96%	1.86%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	2.49%	2.51%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.33%	3.40%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.29%	3.60%	-0.31%

BIAMX vs. BIAEX - Expense Ratio Comparison

BIAMX has a 0.47% expense ratio, which is higher than BIAEX's 0.46% expense ratio.

Dividends

BIAMX vs. BIAEX - Dividend Comparison

BIAMX's dividend yield for the trailing twelve months is around 3.59%, less than BIAEX's 3.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIAEX Brown Advisory Tax Exempt Bond Fund	3.75%	3.79%	3.67%	3.15%	2.00%	2.57%	2.75%	3.01%	3.27%	2.30%	0.00%	0.00%
BIAMX Brown Advisory Maryland Bond Fund	3.59%	3.55%	3.28%	2.73%	1.69%	1.69%	2.48%	2.71%	2.56%	1.65%	0.37%	0.48%

Frequently Asked Questions

Can I hold both BIAMX and BIAEX in my portfolio?

BIAMX and BIAEX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIAMX or BIAEX?

BIAMX has higher volatility (0.92%) compared to BIAEX (0.88%). In terms of maximum drawdown, BIAMX dropped -12.44% vs BIAEX's -13.89%.

Which has better risk-adjusted returns?

BIAEX currently has the higher Sharpe Ratio (3.05 vs 2.80), 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.