IIM vs. BIAEX

Last updated Jun 3, 2026

IIM (Invesco Value Municipal Income Trust) is a stock, while BIAEX (Brown Advisory Tax Exempt Bond Fund) is Municipal Bonds fund managed by Brown Advisory Funds. Over the past 10 years, IIM returned 2.12%/yr vs 2.10%/yr for BIAEX. At a 0.37 correlation, their price movements are largely independent.

Performance

IIM vs. BIAEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Value Municipal Income Trust (IIM) 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, IIM achieves a 4.54% return, which is significantly higher than BIAEX's 1.45% return. Both investments have delivered pretty close results over the past 10 years, with IIM having a 2.12% annualized return and BIAEX not far behind at 2.10%.

IIM

• 1D: 0.00%
• 1M: 4.13%
• YTD: 4.54%
• 6M: 3.93%
• 1Y: 15.80%
• 3Y*: 9.74%
• 5Y*: 0.69%
• 10Y*: 2.12%

BIAEX

• 1D: 0.00%
• 1M: 0.53%
• YTD: 1.45%
• 6M: 1.88%
• 1Y: 7.39%
• 3Y*: 4.31%
• 5Y*: 1.08%
• 10Y*: 2.10%

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

IIM vs. BIAEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IIM Invesco Value Municipal Income Trust	4.54%	11.88%	8.04%	2.05%	-25.41%	14.13%	7.07%	18.79%	-4.40%	7.05%
BIAEX Brown Advisory Tax Exempt Bond Fund	1.45%	5.50%	2.08%	6.43%	-9.75%	2.39%	3.65%	7.48%	2.19%	4.12%

Correlation

The correlation between IIM and BIAEX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jul 2, 2012	0.37

The correlation between IIM and BIAEX shifts across timeframes, from 0.37 (all time) to 0.49 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

IIM vs. BIAEX — Risk / Return Rank

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

IIM

IIM Risk / Return Rank: 76
IIM Sharpe Ratio Rank: 81
IIM Sortino Ratio Rank: 78
IIM Omega Ratio Rank: 77
IIM Calmar Ratio Rank: 70
IIM Martin Ratio Rank: 75

BIAEX

BIAEX Risk / Return Rank: 74
BIAEX Sharpe Ratio Rank: 89
BIAEX Sortino Ratio Rank: 93
BIAEX Omega Ratio Rank: 93
BIAEX Calmar Ratio Rank: 49
BIAEX Martin Ratio Rank: 44

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.

IIM vs. BIAEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Value Municipal Income Trust (IIM) 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.

	IIM	BIAEX	Difference
Sharpe ratio Return per unit of total volatility	1.51	2.92	-1.41
Sortino ratio Return per unit of downside risk	2.19	4.73	-2.54
Omega ratio Gain probability vs. loss probability	1.28	1.73	-0.44
Calmar ratio Return relative to maximum drawdown	1.65	2.71	-1.05
Martin ratio Return relative to average drawdown	5.11	9.47	-4.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IIM vs. BIAEX - Sharpe Ratio Comparison

The current IIM Sharpe Ratio is 1.51, which is lower than the BIAEX Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of IIM 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

	IIM	BIAEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	2.92	-1.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.32	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.59	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.51	-0.10

Drawdowns

IIM vs. BIAEX - Drawdown Comparison

The maximum IIM drawdown since its inception was -40.17%, which is greater than BIAEX's maximum drawdown of -13.89%. Use the drawdown chart below to compare losses from any high point for IIM and BIAEX.

Drawdown Indicators

	IIM	BIAEX	Difference
Max Drawdown Largest peak-to-trough decline	-40.17%	-13.89%	-26.28%
Max Drawdown (1Y) Largest decline over 1 year	-9.19%	-2.82%	-6.37%
Max Drawdown (3Y) Largest decline over 3 years	-16.20%	-4.48%	-11.72%
Max Drawdown (5Y) Largest decline over 5 years	-35.75%	-13.89%	-21.86%
Max Drawdown (10Y) Largest decline over 10 years	-35.75%	-13.89%	-21.86%
Current Drawdown Current decline from peak	-3.81%	-0.62%	-3.19%
Average Drawdown Average peak-to-trough decline	-7.36%	-2.83%	-4.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	0.81%	+2.16%

Volatility

IIM vs. BIAEX - Volatility Comparison

Invesco Value Municipal Income Trust (IIM) has a higher volatility of 3.00% compared to Brown Advisory Tax Exempt Bond Fund (BIAEX) at 0.86%. This indicates that IIM'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

	IIM	BIAEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	0.86%	+2.14%
Volatility (6M) Calculated over the trailing 6-month period	8.69%	1.88%	+6.81%
Volatility (1Y) Calculated over the trailing 1-year period	10.55%	2.51%	+8.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.46%	3.40%	+9.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.84%	3.60%	+9.24%

Dividends

IIM vs. BIAEX - Dividend Comparison

IIM's dividend yield for the trailing twelve months is around 7.41%, more than BIAEX's 3.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIAEX Brown Advisory Tax Exempt Bond Fund	3.76%	3.79%	3.67%	3.15%	2.00%	2.57%	2.75%	3.01%	3.27%	2.30%	0.00%	0.00%
IIM Invesco Value Municipal Income Trust	7.41%	7.51%	6.58%	4.72%	5.87%	4.51%	4.48%	4.61%	5.43%	4.99%	5.52%	5.20%

Frequently Asked Questions

Can I hold both IIM and BIAEX in my portfolio?

IIM and BIAEX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IIM or BIAEX?

IIM has higher volatility (3.00%) compared to BIAEX (0.86%). In terms of maximum drawdown, IIM dropped -40.17% vs BIAEX's -13.89%.

Which has better risk-adjusted returns?

BIAEX currently has the higher Sharpe Ratio (2.92 vs 1.51), 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.