BIAUX vs. BIAZX

Last updated Aug 4, 2026

BIAUX (Brown Advisory Small-Cap Fundamental Value Fund) and BIAZX (Brown Advisory Mortgage Securities Fund) are both mutual funds - BIAUX is a Small Cap Blend Equities fund managed by Brown Advisory, while BIAZX is a Government Bonds fund managed by Brown Advisory. Over the past 10 years, BIAUX returned 10.50%/yr vs 1.37%/yr for BIAZX. Their -0.03 correlation means they have often moved in opposite directions in the past. BIAUX charges 1.10%/yr vs 0.49%/yr for BIAZX.

Performance

BIAUX vs. BIAZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown Advisory Small-Cap Fundamental Value Fund (BIAUX) and Brown Advisory Mortgage Securities Fund (BIAZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIAUX achieves a 21.91% return, which is significantly higher than BIAZX's -0.85% return. Over the past 10 years, BIAUX has outperformed BIAZX with an annualized return of 10.50%, while BIAZX has yielded a comparatively lower 1.37% annualized return.

BIAUX

• 1D: 0.19%
• 1M: 0.78%
• 6M: 14.85%
• YTD: 21.91%
• 1Y: 33.03%
• 3Y*: 15.37%
• 5Y*: 10.57%
• 10Y*: 10.50%
• ALL TIME*: 12.53%

BIAZX

• 1D: -0.78%
• 1M: -1.65%
• 6M: -1.28%
• YTD: -0.85%
• 1Y: 2.55%
• 3Y*: 3.89%
• 5Y*: 0.04%
• 10Y*: 1.37%
• ALL TIME*: 1.89%

*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)
BIAUX Brown Advisory Small-Cap Fundamental Value Fund	$0.00	$0.00	$0.00
BIAZX Brown Advisory Mortgage Securities Fund	$0.00	$0.00	$0.00

BIAUX vs. BIAZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIAUX Brown Advisory Small-Cap Fundamental Value Fund	21.91%	5.71%	11.73%	16.16%	-8.74%	31.11%	-5.69%	29.85%	-13.48%	12.17%
BIAZX Brown Advisory Mortgage Securities Fund	-0.85%	7.99%	1.28%	4.34%	-10.64%	-0.30%	5.49%	6.93%	0.72%	2.35%

Correlation

The correlation between BIAUX and BIAZX is 0.34, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.35
Correlation (3Y) Balances recent behavior with more history.	0.24
Correlation (5Y) Shows whether the relationship held over a longer period.	0.17
Correlation (10Y) Provides a long-term view across more market conditions.	0.01
Correlation (All Time) Calculated using the full available price history since Dec 30, 2013	-0.03

The correlation between BIAUX and BIAZX shifts across timeframes, from -0.03 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BIAUX vs. BIAZX — Risk / Return Rank

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

BIAUX

BIAUX Risk / Return Rank: 80
BIAUX Sharpe Ratio Rank: 76
BIAUX Sortino Ratio Rank: 79
BIAUX Omega Ratio Rank: 69
BIAUX Calmar Ratio Rank: 92
BIAUX Martin Ratio Rank: 84

BIAZX

BIAZX Risk / Return Rank: 21
BIAZX Sharpe Ratio Rank: 21
BIAZX Sortino Ratio Rank: 20
BIAZX Omega Ratio Rank: 21
BIAZX Calmar Ratio Rank: 22
BIAZX Martin Ratio Rank: 20

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.

BIAUX vs. BIAZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown Advisory Small-Cap Fundamental Value Fund (BIAUX) and Brown Advisory Mortgage Securities Fund (BIAZX). 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.

	BIAUX	BIAZX	Difference
Sharpe ratio: Return per unit of total volatility	1.85	0.84	+1.01
Sortino ratio: Return per unit of downside risk	2.78	1.22	+1.56
Omega ratio: Gain probability vs. loss probability	1.32	1.15	+0.17
Calmar ratio: Return relative to maximum drawdown	3.77	1.11	+2.66
Martin ratio: Return relative to average drawdown	11.11	2.95	+8.15

BIAUX vs. BIAZX - Sharpe Ratio Comparison

The current BIAUX Sharpe Ratio is 1.85, which is higher than the BIAZX Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of BIAUX and BIAZX, 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

BIAUX vs. BIAZX - Drawdown Comparison

The maximum BIAUX drawdown since its inception was -45.55%, which is greater than BIAZX's maximum drawdown of -15.95%. Use the drawdown chart below to compare losses from any high point for BIAUX and BIAZX.

Drawdown Indicators

	BIAUX	BIAZX	Difference
Max Drawdown Largest peak-to-trough decline	-45.55%	-15.95%	-29.60%
Max Drawdown (1Y) Largest decline over 1 year	-8.22%	-3.14%	-5.08%
Max Drawdown (3Y) Largest decline over 3 years	-25.16%	-6.00%	-19.16%
Max Drawdown (5Y) Largest decline over 5 years	-25.16%	-15.95%	-9.21%
Max Drawdown (10Y) Largest decline over 10 years	-45.55%	-15.95%	-29.60%
Current Drawdown Current decline from peak	-1.85%	-2.96%	+1.11%
Average Drawdown Average peak-to-trough decline	-6.13%	-2.83%	-3.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	1.18%	+1.61%

Volatility

BIAUX vs. BIAZX - Volatility Comparison

Brown Advisory Small-Cap Fundamental Value Fund (BIAUX) has a higher volatility of 4.00% compared to Brown Advisory Mortgage Securities Fund (BIAZX) at 1.35%. This indicates that BIAUX's price experiences larger fluctuations and is considered to be riskier than BIAZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIAUX	BIAZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	1.35%	+2.65%
Volatility (6M) Calculated over the trailing 6-month period	10.96%	3.29%	+7.67%
Volatility (1Y) Calculated over the trailing 1-year period	16.75%	4.12%	+12.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.65%	5.87%	+13.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.53%	4.48%	+17.05%

BIAUX vs. BIAZX - Expense Ratio Comparison

BIAUX has a 1.10% expense ratio, which is higher than BIAZX's 0.49% expense ratio.

Dividends

BIAUX vs. BIAZX - Dividend Comparison

BIAUX's dividend yield for the trailing twelve months is around 11.06%, more than BIAZX's 4.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIAUX Brown Advisory Small-Cap Fundamental Value Fund	11.06%	13.49%	16.54%	5.94%	6.16%	0.48%	0.47%	9.38%	14.31%	4.11%	0.34%	2.41%
BIAZX Brown Advisory Mortgage Securities Fund	4.20%	4.43%	4.43%	3.65%	2.33%	0.75%	0.98%	2.12%	2.77%	2.03%	2.82%	3.59%

Frequently Asked Questions

Can I hold both BIAUX and BIAZX in my portfolio?

BIAUX and BIAZX 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, BIAUX or BIAZX?

BIAUX has higher volatility (4.00%) compared to BIAZX (1.35%). In terms of maximum drawdown, BIAUX dropped -45.55% vs BIAZX's -15.95%.

Which has better risk-adjusted returns?

BIAUX currently has the higher Sharpe Ratio (1.85 vs 0.84), 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.