SPYG vs. BIAWX

Last updated Jun 14, 2026

SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) and BIAWX (Brown Advisory Sustainable Growth Fund) are both funds - SPYG is a S&P 500 fund tracking the S&P 500 Growth Index, while BIAWX is a Large Cap Growth Equities fund managed by Brown Advisory Funds. Over the past 10 years, SPYG returned 17.91%/yr vs 15.20%/yr for BIAWX. Their correlation of 0.92 suggests significant overlap in exposure. SPYG charges 0.04%/yr vs 0.78%/yr for BIAWX.

Performance

SPYG vs. BIAWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) and Brown Advisory Sustainable Growth Fund (BIAWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYG achieves a 9.70% return, which is significantly higher than BIAWX's 1.83% return. Over the past 10 years, SPYG has outperformed BIAWX with an annualized return of 17.91%, while BIAWX has yielded a comparatively lower 15.20% annualized return.

SPYG

• 1D: 0.41%
• 1M: -2.81%
• YTD: 9.70%
• 6M: 10.60%
• 1Y: 29.17%
• 3Y*: 25.85%
• 5Y*: 14.92%
• 10Y*: 17.91%

BIAWX

• 1D: 1.20%
• 1M: 1.72%
• YTD: 1.83%
• 6M: 1.29%
• 1Y: 4.82%
• 3Y*: 13.02%
• 5Y*: 7.84%
• 10Y*: 15.20%

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

SPYG vs. BIAWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	9.70%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%
BIAWX Brown Advisory Sustainable Growth Fund	1.83%	3.18%	20.20%	38.88%	-31.02%	29.83%	38.88%	35.93%	4.36%	27.89%

Correlation

The correlation between SPYG and BIAWX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jun 29, 2012	0.92

The correlation between SPYG and BIAWX has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.

Return for Risk

SPYG vs. BIAWX — Risk / Return Rank

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

SPYG

SPYG Risk / Return Rank: 52
SPYG Sharpe Ratio Rank: 56
SPYG Sortino Ratio Rank: 53
SPYG Omega Ratio Rank: 53
SPYG Calmar Ratio Rank: 45
SPYG Martin Ratio Rank: 53

BIAWX

BIAWX Risk / Return Rank: 5
BIAWX Sharpe Ratio Rank: 5
BIAWX Sortino Ratio Rank: 5
BIAWX Omega Ratio Rank: 5
BIAWX Calmar Ratio Rank: 5
BIAWX 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.

SPYG vs. BIAWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) and Brown Advisory Sustainable Growth Fund (BIAWX). 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.

	SPYG	BIAWX	Difference
Sharpe ratio: Return per unit of total volatility	1.65	0.19	+1.46
Sortino ratio: Return per unit of downside risk	2.26	0.37	+1.89
Omega ratio: Gain probability vs. loss probability	1.29	1.05	+0.24
Calmar ratio: Return relative to maximum drawdown	2.01	0.16	+1.85
Martin ratio: Return relative to average drawdown	8.08	0.42	+7.67

SPYG vs. BIAWX - Sharpe Ratio Comparison

The current SPYG Sharpe Ratio is 1.65, which is higher than the BIAWX Sharpe Ratio of 0.19. The chart below compares the historical Sharpe Ratios of SPYG and BIAWX, 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

SPYG vs. BIAWX - Drawdown Comparison

The maximum SPYG drawdown since its inception was -67.63%, which is greater than BIAWX's maximum drawdown of -36.94%. Use the drawdown chart below to compare losses from any high point for SPYG and BIAWX.

Drawdown Indicators

	SPYG	BIAWX	Difference
Max Drawdown Largest peak-to-trough decline	-67.63%	-36.94%	-30.69%
Max Drawdown (1Y) Largest decline over 1 year	-13.76%	-19.97%	+6.21%
Max Drawdown (3Y) Largest decline over 3 years	-22.14%	-25.06%	+2.92%
Max Drawdown (5Y) Largest decline over 5 years	-32.67%	-36.94%	+4.27%
Max Drawdown (10Y) Largest decline over 10 years	-32.67%	-36.94%	+4.27%
Current Drawdown Current decline from peak	-4.65%	-4.98%	+0.33%
Average Drawdown Average peak-to-trough decline	-24.30%	-5.74%	-18.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	7.70%	-4.28%

Volatility

SPYG vs. BIAWX - Volatility Comparison

State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) and Brown Advisory Sustainable Growth Fund (BIAWX) have volatilities of 6.33% and 6.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYG	BIAWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.33%	6.47%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	13.48%	13.91%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	16.81%	17.11%	-0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.27%	22.69%	-1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.70%	21.53%	-0.83%

SPYG vs. BIAWX - Expense Ratio Comparison

SPYG has a 0.04% expense ratio, which is lower than BIAWX's 0.78% expense ratio.

Dividends

SPYG vs. BIAWX - Dividend Comparison

SPYG's dividend yield for the trailing twelve months is around 0.48%, less than BIAWX's 24.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIAWX Brown Advisory Sustainable Growth Fund	24.08%	24.52%	5.34%	0.00%	0.00%	1.85%	0.00%	1.50%	3.75%	1.71%	0.72%	4.76%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.48%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both SPYG and BIAWX in my portfolio?

SPYG and BIAWX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYG or BIAWX?

BIAWX has higher volatility (6.47%) compared to SPYG (6.33%). In terms of maximum drawdown, SPYG dropped -67.63% vs BIAWX's -36.94%.

Which has better risk-adjusted returns?

SPYG currently has the higher Sharpe Ratio (1.65 vs 0.19), 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.