BVALX vs. BIAEX

Last updated Jun 23, 2026

BVALX (Brown Advisory - Beutel Goodman Large-Cap Value Fund) and BIAEX (Brown Advisory Tax Exempt Bond Fund) are both mutual funds - BVALX is a Large Cap Value Equities fund managed by Brown Advisory Funds, while BIAEX is a Municipal Bonds fund managed by Brown Advisory Funds. Over the past 5 years, BVALX returned 8.38%/yr vs 1.05%/yr for BIAEX. At a 0.03 correlation, their price movements are largely independent. BVALX charges 0.55%/yr vs 0.46%/yr for BIAEX.

Performance

BVALX vs. BIAEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown Advisory - Beutel Goodman Large-Cap Value Fund (BVALX) 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, BVALX achieves a 8.89% return, which is significantly higher than BIAEX's 1.55% return.

BVALX

• 1D: 0.13%
• 1M: 2.93%
• YTD: 8.89%
• 6M: 8.06%
• 1Y: 18.41%
• 3Y*: 10.85%
• 5Y*: 8.38%
• 10Y*: —

BIAEX

• 1D: 0.00%
• 1M: 1.29%
• YTD: 1.55%
• 6M: 1.99%
• 1Y: 7.15%
• 3Y*: 4.34%
• 5Y*: 1.05%
• 10Y*: 2.05%

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

BVALX vs. BIAEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BVALX Brown Advisory - Beutel Goodman Large-Cap Value Fund	8.89%	5.26%	11.49%	12.30%	2.07%	14.73%	11.54%	31.28%	-7.81%
BIAEX Brown Advisory Tax Exempt Bond Fund	1.55%	5.50%	2.08%	6.43%	-9.75%	2.39%	3.65%	7.48%	2.96%

Correlation

The correlation between BVALX and BIAEX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Feb 13, 2018	0.03

The correlation between BVALX and BIAEX shifts across timeframes, from 0.03 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BVALX vs. BIAEX — Risk / Return Rank

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

BVALX

BVALX Risk / Return Rank: 27
BVALX Sharpe Ratio Rank: 26
BVALX Sortino Ratio Rank: 28
BVALX Omega Ratio Rank: 24
BVALX Calmar Ratio Rank: 27
BVALX Martin Ratio Rank: 28

BIAEX

BIAEX Risk / Return Rank: 74
BIAEX Sharpe Ratio Rank: 92
BIAEX Sortino Ratio Rank: 95
BIAEX Omega Ratio Rank: 94
BIAEX Calmar Ratio Rank: 47
BIAEX Martin Ratio Rank: 43

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.

BVALX vs. BIAEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown Advisory - Beutel Goodman Large-Cap Value Fund (BVALX) 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.

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.

	BVALX	BIAEX	Difference
Sharpe ratio: Return per unit of total volatility	1.37	2.85	-1.49
Sortino ratio: Return per unit of downside risk	2.06	4.64	-2.58
Omega ratio: Gain probability vs. loss probability	1.24	1.72	-0.48
Calmar ratio: Return relative to maximum drawdown	1.83	2.51	-0.67
Martin ratio: Return relative to average drawdown	6.18	8.66	-2.48

BVALX vs. BIAEX - Sharpe Ratio Comparison

The current BVALX Sharpe Ratio is 1.37, which is lower than the BIAEX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of BVALX 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.

Drawdowns

BVALX vs. BIAEX - Drawdown Comparison

The maximum BVALX drawdown since its inception was -32.88%, which is greater than BIAEX's maximum drawdown of -13.89%. Use the drawdown chart below to compare losses from any high point for BVALX and BIAEX.

Drawdown Indicators

	BVALX	BIAEX	Difference
Max Drawdown Largest peak-to-trough decline	-32.88%	-13.89%	-18.99%
Max Drawdown (1Y) Largest decline over 1 year	-10.09%	-2.82%	-7.27%
Max Drawdown (3Y) Largest decline over 3 years	-19.90%	-4.48%	-15.42%
Max Drawdown (5Y) Largest decline over 5 years	-19.90%	-13.89%	-6.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-13.89%	—
Current Drawdown Current decline from peak	-1.43%	-0.52%	-0.91%
Average Drawdown Average peak-to-trough decline	-4.28%	-2.82%	-1.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	0.81%	+2.18%

Volatility

BVALX vs. BIAEX - Volatility Comparison

Brown Advisory - Beutel Goodman Large-Cap Value Fund (BVALX) has a higher volatility of 4.20% compared to Brown Advisory Tax Exempt Bond Fund (BIAEX) at 0.64%. This indicates that BVALX'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

	BVALX	BIAEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	0.64%	+3.56%
Volatility (6M) Calculated over the trailing 6-month period	10.10%	1.86%	+8.24%
Volatility (1Y) Calculated over the trailing 1-year period	13.54%	2.48%	+11.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.79%	3.40%	+12.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.22%	3.60%	+14.62%

BVALX vs. BIAEX - Expense Ratio Comparison

BVALX has a 0.55% expense ratio, which is higher than BIAEX's 0.46% expense ratio.

Dividends

BVALX vs. BIAEX - Dividend Comparison

BVALX's dividend yield for the trailing twelve months is around 5.94%, 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%
BVALX Brown Advisory - Beutel Goodman Large-Cap Value Fund	5.94%	6.47%	8.20%	1.78%	3.62%	9.06%	3.14%	2.95%	2.13%	0.00%

Frequently Asked Questions

Can I hold both BVALX and BIAEX in my portfolio?

BVALX and BIAEX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BVALX or BIAEX?

BVALX has higher volatility (4.20%) compared to BIAEX (0.64%). In terms of maximum drawdown, BVALX dropped -32.88% vs BIAEX's -13.89%.

Which has better risk-adjusted returns?

BIAEX currently has the higher Sharpe Ratio (2.85 vs 1.37), 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.