BIAMX vs. BITEX

Last updated Jul 11, 2026

BIAMX (Brown Advisory Maryland Bond Fund) and BITEX (Brown Advisory Tax-Exempt Sustainable Bond Fund) are both Municipal Bonds funds from Brown Advisory Funds. Over the past 5 years, BIAMX returned 0.85%/yr vs 0.38%/yr for BITEX. Their correlation of 0.85 suggests significant overlap in exposure. BIAMX charges 0.47%/yr vs 0.49%/yr for BITEX.

Performance

BIAMX vs. BITEX - 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 Sustainable Bond Fund (BITEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIAMX achieves a 1.70% return, which is significantly higher than BITEX's 1.39% return.

BIAMX

• 1D: 0.00%
• 1M: 0.29%
• 6M: 1.19%
• YTD: 1.70%
• 1Y: 6.48%
• 3Y*: 3.91%
• 5Y*: 0.85%
• 10Y*: 1.49%

BITEX

• 1D: 0.00%
• 1M: 0.18%
• 6M: 1.06%
• YTD: 1.39%
• 1Y: 5.92%
• 3Y*: 3.56%
• 5Y*: 0.38%
• 10Y*: —

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

BIAMX vs. BITEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BIAMX Brown Advisory Maryland Bond Fund	1.70%	4.74%	1.67%	5.47%	-8.32%	1.04%	2.35%	0.32%
BITEX Brown Advisory Tax-Exempt Sustainable Bond Fund	1.39%	4.27%	2.02%	4.35%	-9.40%	2.21%	2.08%	0.19%

Correlation

The correlation between BIAMX and BITEX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Dec 2, 2019	0.85

The correlation between BIAMX and BITEX has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

Return for Risk

BIAMX vs. BITEX — Risk / Return Rank

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

BIAMX

BIAMX Risk / Return Rank: 77
BIAMX Sharpe Ratio Rank: 92
BIAMX Sortino Ratio Rank: 94
BIAMX Omega Ratio Rank: 95
BIAMX Calmar Ratio Rank: 54
BIAMX Martin Ratio Rank: 48

BITEX

BITEX Risk / Return Rank: 73
BITEX Sharpe Ratio Rank: 88
BITEX Sortino Ratio Rank: 91
BITEX Omega Ratio Rank: 92
BITEX Calmar Ratio Rank: 51
BITEX Martin Ratio Rank: 45

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. BITEX - 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 Sustainable Bond Fund (BITEX). 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.

	BIAMX	BITEX	Difference
Sharpe ratio: Return per unit of total volatility	2.52	2.36	+0.16
Sortino ratio: Return per unit of downside risk	4.12	3.80	+0.32
Omega ratio: Gain probability vs. loss probability	1.66	1.59	+0.07
Calmar ratio: Return relative to maximum drawdown	2.26	2.20	+0.06
Martin ratio: Return relative to average drawdown	7.96	7.47	+0.49

BIAMX vs. BITEX - Sharpe Ratio Comparison

The current BIAMX Sharpe Ratio is 2.52, which is comparable to the BITEX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of BIAMX and BITEX, 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

BIAMX vs. BITEX - Drawdown Comparison

The maximum BIAMX drawdown since its inception was -12.44%, roughly equal to the maximum BITEX drawdown of -13.06%. Use the drawdown chart below to compare losses from any high point for BIAMX and BITEX.

Drawdown Indicators

	BIAMX	BITEX	Difference
Max Drawdown Largest peak-to-trough decline	-12.44%	-13.06%	+0.62%
Max Drawdown (1Y) Largest decline over 1 year	-2.78%	-2.60%	-0.18%
Max Drawdown (3Y) Largest decline over 3 years	-4.55%	-4.76%	+0.21%
Max Drawdown (5Y) Largest decline over 5 years	-12.44%	-13.06%	+0.62%
Max Drawdown (10Y) Largest decline over 10 years	-12.44%	—	—
Current Drawdown Current decline from peak	-0.40%	-0.47%	+0.07%
Average Drawdown Average peak-to-trough decline	-1.84%	-4.48%	+2.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.76%	+0.03%

Volatility

BIAMX vs. BITEX - Volatility Comparison

Brown Advisory Maryland Bond Fund (BIAMX) has a higher volatility of 0.59% compared to Brown Advisory Tax-Exempt Sustainable Bond Fund (BITEX) at 0.56%. This indicates that BIAMX's price experiences larger fluctuations and is considered to be riskier than BITEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIAMX	BITEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	0.56%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	1.98%	1.86%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	2.50%	2.42%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.33%	3.28%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.28%	4.02%	-0.74%

BIAMX vs. BITEX - Expense Ratio Comparison

BIAMX has a 0.47% expense ratio, which is lower than BITEX's 0.49% expense ratio.

Dividends

BIAMX vs. BITEX - Dividend Comparison

BIAMX's dividend yield for the trailing twelve months is around 3.59%, more than BITEX's 3.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
BITEX Brown Advisory Tax-Exempt Sustainable Bond Fund	3.51%	3.25%	3.32%	2.78%	1.25%	2.00%	1.45%	0.09%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BIAMX and BITEX in my portfolio?

BIAMX and BITEX have a correlation of 0.82, 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 BITEX?

BIAMX has higher volatility (0.59%) compared to BITEX (0.56%). In terms of maximum drawdown, BIAMX dropped -12.44% vs BITEX's -13.06%.

Which has better risk-adjusted returns?

BIAMX currently has the higher Sharpe Ratio (2.52 vs 2.36), 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.