BIAYX vs. BIAEX

Last updated Jun 6, 2026

BIAYX (Brown Advisory Sustainable Small-Cap Core Fund) and BIAEX (Brown Advisory Tax Exempt Bond Fund) are both mutual funds - BIAYX is a Small Cap Blend Equities fund managed by Brown Advisory Funds, while BIAEX is a Municipal Bonds fund managed by Brown Advisory Funds. Over the past 3 years, BIAYX returned 14.70%/yr vs 4.38%/yr for BIAEX. At a 0.13 correlation, their price movements are largely independent. BIAYX charges 1.08%/yr vs 0.46%/yr for BIAEX.

Performance

BIAYX vs. BIAEX - Performance Comparison

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

Returns By Period

In the year-to-date period, BIAYX achieves a 13.50% return, which is significantly higher than BIAEX's 1.66% return.

BIAYX

• 1D: 0.83%
• 1M: 3.33%
• YTD: 13.50%
• 6M: 13.80%
• 1Y: 27.21%
• 3Y*: 14.70%
• 5Y*: —
• 10Y*: —

BIAEX

• 1D: 0.11%
• 1M: 0.64%
• YTD: 1.66%
• 6M: 2.10%
• 1Y: 7.39%
• 3Y*: 4.38%
• 5Y*: 1.11%
• 10Y*: 2.12%

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

BIAYX vs. BIAEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BIAYX Brown Advisory Sustainable Small-Cap Core Fund	13.50%	9.44%	6.80%	17.39%	-20.21%	1.09%
BIAEX Brown Advisory Tax Exempt Bond Fund	1.66%	5.50%	2.08%	6.43%	-9.75%	0.66%

Correlation

The correlation between BIAYX and BIAEX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (All Time) Calculated using the full available price history since Oct 11, 2021	0.13

Return for Risk

BIAYX vs. BIAEX — Risk / Return Rank

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

BIAYX

BIAYX Risk / Return Rank: 37
BIAYX Sharpe Ratio Rank: 33
BIAYX Sortino Ratio Rank: 35
BIAYX Omega Ratio Rank: 30
BIAYX Calmar Ratio Rank: 45
BIAYX Martin Ratio Rank: 41

BIAEX

BIAEX Risk / Return Rank: 76
BIAEX Sharpe Ratio Rank: 91
BIAEX Sortino Ratio Rank: 94
BIAEX Omega Ratio Rank: 94
BIAEX Calmar Ratio Rank: 52
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.

BIAYX vs. BIAEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown Advisory Sustainable Small-Cap Core Fund (BIAYX) 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.

	BIAYX	BIAEX	Difference
Sharpe ratio: Return per unit of total volatility	1.59	3.01	-1.42
Sortino ratio: Return per unit of downside risk	2.36	4.89	-2.53
Omega ratio: Gain probability vs. loss probability	1.28	1.76	-0.48
Calmar ratio: Return relative to maximum drawdown	2.47	2.67	-0.21
Martin ratio: Return relative to average drawdown	8.57	9.31	-0.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIAYX vs. BIAEX - Sharpe Ratio Comparison

The current BIAYX Sharpe Ratio is 1.59, which is lower than the BIAEX Sharpe Ratio of 3.01. The chart below compares the historical Sharpe Ratios of BIAYX 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

	BIAYX	BIAEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	3.01	-1.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.33	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.52	-0.28

Drawdowns

BIAYX vs. BIAEX - Drawdown Comparison

The maximum BIAYX drawdown since its inception was -31.81%, which is greater than BIAEX's maximum drawdown of -13.89%. Use the drawdown chart below to compare losses from any high point for BIAYX and BIAEX.

Drawdown Indicators

	BIAYX	BIAEX	Difference
Max Drawdown Largest peak-to-trough decline	-31.81%	-13.89%	-17.92%
Max Drawdown (1Y) Largest decline over 1 year	-11.02%	-2.82%	-8.20%
Max Drawdown (3Y) Largest decline over 3 years	-23.51%	-4.48%	-19.03%
Max Drawdown (5Y) Largest decline over 5 years	—	-13.89%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-13.89%	—
Current Drawdown Current decline from peak	-0.08%	-0.41%	+0.33%
Average Drawdown Average peak-to-trough decline	-12.78%	-2.83%	-9.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	0.81%	+2.36%

Volatility

BIAYX vs. BIAEX - Volatility Comparison

Brown Advisory Sustainable Small-Cap Core Fund (BIAYX) has a higher volatility of 5.07% compared to Brown Advisory Tax Exempt Bond Fund (BIAEX) at 0.88%. This indicates that BIAYX's price experiences larger fluctuations and is considered to be riskier than BIAEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIAYX	BIAEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.07%	0.88%	+4.19%
Volatility (6M) Calculated over the trailing 6-month period	12.41%	1.86%	+10.55%
Volatility (1Y) Calculated over the trailing 1-year period	17.14%	2.51%	+14.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.68%	3.40%	+17.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.68%	3.60%	+17.08%

BIAYX vs. BIAEX - Expense Ratio Comparison

BIAYX has a 1.08% expense ratio, which is higher than BIAEX's 0.46% expense ratio.

Dividends

BIAYX vs. BIAEX - Dividend Comparison

BIAYX's dividend yield for the trailing twelve months is around 3.85%, more than BIAEX's 3.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
BIAYX Brown Advisory Sustainable Small-Cap Core Fund	3.85%	4.37%	0.73%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BIAYX and BIAEX in my portfolio?

BIAYX and BIAEX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIAYX or BIAEX?

BIAYX has higher volatility (5.07%) compared to BIAEX (0.88%). In terms of maximum drawdown, BIAYX dropped -31.81% vs BIAEX's -13.89%.

Which has better risk-adjusted returns?

BIAEX currently has the higher Sharpe Ratio (3.01 vs 1.59), 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.