BIAQX vs. BAFWX

Last updated Jun 3, 2026

BIAQX (Brown Advisory Emerging Markets Select Fund) and BAFWX (Brown Advisory Sustainable Growth Fund Institutional Shares) are both mutual funds - BIAQX is a Emerging Markets Diversified fund managed by Brown Advisory Funds, while BAFWX is a Large Cap Growth Equities fund managed by Brown Advisory Funds. Over the past 10 years, BIAQX returned 9.35%/yr vs 15.81%/yr for BAFWX. A 0.59 correlation means they provide meaningful diversification when combined. BIAQX charges 1.25%/yr vs 0.64%/yr for BAFWX.

Performance

BIAQX vs. BAFWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown Advisory Emerging Markets Select Fund (BIAQX) and Brown Advisory Sustainable Growth Fund Institutional Shares (BAFWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIAQX achieves a 23.69% return, which is significantly higher than BAFWX's 7.25% return. Over the past 10 years, BIAQX has underperformed BAFWX with an annualized return of 9.35%, while BAFWX has yielded a comparatively higher 15.81% annualized return.

BIAQX

• 1D: 2.53%
• 1M: 7.87%
• YTD: 23.69%
• 6M: 26.27%
• 1Y: 50.50%
• 3Y*: 22.59%
• 5Y*: 8.56%
• 10Y*: 9.35%

BAFWX

• 1D: 2.85%
• 1M: 9.59%
• YTD: 7.25%
• 6M: 6.74%
• 1Y: 10.93%
• 3Y*: 15.41%
• 5Y*: 9.70%
• 10Y*: 15.81%

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

BIAQX vs. BAFWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIAQX Brown Advisory Emerging Markets Select Fund	23.69%	29.80%	8.83%	10.55%	-15.20%	1.55%	18.34%	16.75%	-20.54%	32.78%
BAFWX Brown Advisory Sustainable Growth Fund Institutional Shares	7.25%	3.35%	20.35%	39.07%	-30.90%	30.01%	39.09%	36.09%	4.51%	28.10%

Correlation

The correlation between BIAQX and BAFWX is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.59

The correlation between BIAQX and BAFWX has been stable across timeframes, ranging from 0.56 to 0.59 - a consistent structural relationship.

Return for Risk

BIAQX vs. BAFWX — Risk / Return Rank

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

BIAQX

BIAQX Risk / Return Rank: 83
BIAQX Sharpe Ratio Rank: 92
BIAQX Sortino Ratio Rank: 83
BIAQX Omega Ratio Rank: 85
BIAQX Calmar Ratio Rank: 79
BIAQX Martin Ratio Rank: 77

BAFWX

BAFWX Risk / Return Rank: 7
BAFWX Sharpe Ratio Rank: 8
BAFWX Sortino Ratio Rank: 8
BAFWX Omega Ratio Rank: 8
BAFWX Calmar Ratio Rank: 6
BAFWX Martin Ratio Rank: 5

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.

BIAQX vs. BAFWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown Advisory Emerging Markets Select Fund (BIAQX) and Brown Advisory Sustainable Growth Fund Institutional Shares (BAFWX). 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.

	BIAQX	BAFWX	Difference
Sharpe ratio Return per unit of total volatility	3.07	0.69	+2.38
Sortino ratio Return per unit of downside risk	3.92	1.03	+2.89
Omega ratio Gain probability vs. loss probability	1.58	1.13	+0.45
Calmar ratio Return relative to maximum drawdown	3.58	0.56	+3.02
Martin ratio Return relative to average drawdown	14.48	1.46	+13.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIAQX vs. BAFWX - Sharpe Ratio Comparison

The current BIAQX Sharpe Ratio is 3.07, which is higher than the BAFWX Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of BIAQX and BAFWX, 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

	BIAQX	BAFWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.07	0.69	+2.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.43	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.74	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.80	-0.44

Drawdowns

BIAQX vs. BAFWX - Drawdown Comparison

The maximum BIAQX drawdown since its inception was -40.55%, which is greater than BAFWX's maximum drawdown of -36.86%. Use the drawdown chart below to compare losses from any high point for BIAQX and BAFWX.

Drawdown Indicators

	BIAQX	BAFWX	Difference
Max Drawdown Largest peak-to-trough decline	-40.55%	-36.86%	-3.69%
Max Drawdown (1Y) Largest decline over 1 year	-13.93%	-19.93%	+6.00%
Max Drawdown (3Y) Largest decline over 3 years	-17.23%	-25.03%	+7.80%
Max Drawdown (5Y) Largest decline over 5 years	-33.22%	-36.86%	+3.64%
Max Drawdown (10Y) Largest decline over 10 years	-40.55%	-36.86%	-3.69%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-11.22%	-5.71%	-5.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	7.64%	-4.19%

Volatility

BIAQX vs. BAFWX - Volatility Comparison

Brown Advisory Emerging Markets Select Fund (BIAQX) has a higher volatility of 6.89% compared to Brown Advisory Sustainable Growth Fund Institutional Shares (BAFWX) at 4.45%. This indicates that BIAQX's price experiences larger fluctuations and is considered to be riskier than BAFWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIAQX	BAFWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.89%	4.45%	+2.44%
Volatility (6M) Calculated over the trailing 6-month period	14.05%	13.16%	+0.89%
Volatility (1Y) Calculated over the trailing 1-year period	16.82%	16.58%	+0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.61%	22.62%	-6.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.82%	21.51%	-4.69%

BIAQX vs. BAFWX - Expense Ratio Comparison

BIAQX has a 1.25% expense ratio, which is higher than BAFWX's 0.64% expense ratio.

Dividends

BIAQX vs. BAFWX - Dividend Comparison

BIAQX's dividend yield for the trailing twelve months is around 1.29%, less than BAFWX's 22.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BAFWX Brown Advisory Sustainable Growth Fund Institutional Shares	22.22%	23.83%	5.23%	0.01%	0.00%	1.82%	0.00%	1.48%	3.71%	1.70%	0.71%	4.73%
BIAQX Brown Advisory Emerging Markets Select Fund	1.29%	1.60%	1.87%	1.59%	1.13%	0.52%	0.44%	0.89%	3.75%	0.81%	1.17%	0.99%

Frequently Asked Questions

Can I hold both BIAQX and BAFWX in my portfolio?

BIAQX and BAFWX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIAQX or BAFWX?

BIAQX has higher volatility (6.89%) compared to BAFWX (4.45%). In terms of maximum drawdown, BIAQX dropped -40.55% vs BAFWX's -36.86%.

Which has better risk-adjusted returns?

BIAQX currently has the higher Sharpe Ratio (3.07 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.