VLEOX vs. BIASX

Last updated Jun 4, 2026

VLEOX (Value Line Small Cap Opportunities Fund) and BIASX (Brown Advisory Small-Cap Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, VLEOX returned 11.14%/yr vs 9.21%/yr for BIASX. Their correlation of 0.90 suggests significant overlap in exposure. VLEOX charges 1.16%/yr vs 1.11%/yr for BIASX.

Performance

VLEOX vs. BIASX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Value Line Small Cap Opportunities Fund (VLEOX) and Brown Advisory Small-Cap Growth Fund (BIASX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VLEOX achieves a 6.39% return, which is significantly lower than BIASX's 10.70% return. Over the past 10 years, VLEOX has outperformed BIASX with an annualized return of 11.14%, while BIASX has yielded a comparatively lower 9.21% annualized return.

VLEOX

• 1D: 1.40%
• 1M: 0.40%
• YTD: 6.39%
• 6M: 4.83%
• 1Y: 14.51%
• 3Y*: 12.91%
• 5Y*: 6.61%
• 10Y*: 11.14%

BIASX

• 1D: 0.14%
• 1M: 4.85%
• YTD: 10.70%
• 6M: 10.52%
• 1Y: 16.57%
• 3Y*: 7.69%
• 5Y*: 1.58%
• 10Y*: 9.21%

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

VLEOX vs. BIASX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VLEOX Value Line Small Cap Opportunities Fund	6.39%	6.27%	14.23%	22.01%	-19.12%	15.16%	26.65%	25.32%	-4.97%	17.66%
BIASX Brown Advisory Small-Cap Growth Fund	10.70%	2.29%	4.29%	12.43%	-20.27%	7.31%	31.78%	36.26%	-4.47%	16.91%

Correlation

The correlation between VLEOX and BIASX 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	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jun 29, 1999	0.90

The correlation between VLEOX and BIASX has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

Return for Risk

VLEOX vs. BIASX — Risk / Return Rank

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

VLEOX

VLEOX Risk / Return Rank: 16
VLEOX Sharpe Ratio Rank: 13
VLEOX Sortino Ratio Rank: 15
VLEOX Omega Ratio Rank: 13
VLEOX Calmar Ratio Rank: 18
VLEOX Martin Ratio Rank: 21

BIASX

BIASX Risk / Return Rank: 18
BIASX Sharpe Ratio Rank: 15
BIASX Sortino Ratio Rank: 16
BIASX Omega Ratio Rank: 14
BIASX Calmar Ratio Rank: 21
BIASX Martin Ratio Rank: 24

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.

VLEOX vs. BIASX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Value Line Small Cap Opportunities Fund (VLEOX) and Brown Advisory Small-Cap Growth Fund (BIASX). 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.

	VLEOX	BIASX	Difference
Sharpe ratio: Return per unit of total volatility	1.01	1.08	-0.07
Sortino ratio: Return per unit of downside risk	1.60	1.66	-0.07
Omega ratio: Gain probability vs. loss probability	1.18	1.19	-0.01
Calmar ratio: Return relative to maximum drawdown	1.56	1.69	-0.13
Martin ratio: Return relative to average drawdown	5.59	6.00	-0.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VLEOX vs. BIASX - Sharpe Ratio Comparison

The current VLEOX Sharpe Ratio is 1.01, which is comparable to the BIASX Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of VLEOX and BIASX, 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

	VLEOX	BIASX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	1.08	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.08	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.46	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.30	+0.24

Drawdowns

VLEOX vs. BIASX - Drawdown Comparison

The maximum VLEOX drawdown since its inception was -55.86%, smaller than the maximum BIASX drawdown of -73.26%. Use the drawdown chart below to compare losses from any high point for VLEOX and BIASX.

Drawdown Indicators

	VLEOX	BIASX	Difference
Max Drawdown Largest peak-to-trough decline	-55.86%	-73.26%	+17.40%
Max Drawdown (1Y) Largest decline over 1 year	-10.58%	-10.93%	+0.35%
Max Drawdown (3Y) Largest decline over 3 years	-22.89%	-24.98%	+2.09%
Max Drawdown (5Y) Largest decline over 5 years	-30.68%	-30.61%	-0.07%
Max Drawdown (10Y) Largest decline over 10 years	-35.30%	-38.04%	+2.74%
Current Drawdown Current decline from peak	-3.60%	-0.33%	-3.27%
Average Drawdown Average peak-to-trough decline	-9.48%	-23.48%	+14.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	3.07%	-0.12%

Volatility

VLEOX vs. BIASX - Volatility Comparison

Value Line Small Cap Opportunities Fund (VLEOX) and Brown Advisory Small-Cap Growth Fund (BIASX) have volatilities of 4.63% and 4.55%, 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

	VLEOX	BIASX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.63%	4.55%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	12.43%	12.44%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	16.42%	17.07%	-0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.33%	19.79%	-0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.01%	19.94%	+0.07%

VLEOX vs. BIASX - Expense Ratio Comparison

VLEOX has a 1.16% expense ratio, which is higher than BIASX's 1.11% expense ratio.

Dividends

VLEOX vs. BIASX - Dividend Comparison

VLEOX's dividend yield for the trailing twelve months is around 6.01%, less than BIASX's 17.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIASX Brown Advisory Small-Cap Growth Fund	17.72%	19.62%	5.78%	0.00%	8.22%	13.22%	0.78%	4.00%	5.17%	1.69%	3.50%	16.77%
VLEOX Value Line Small Cap Opportunities Fund	6.01%	6.40%	0.09%	0.82%	2.76%	6.00%	8.02%	23.60%	15.87%	3.64%	5.40%	14.55%

Frequently Asked Questions

Can I hold both VLEOX and BIASX in my portfolio?

VLEOX and BIASX 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, VLEOX or BIASX?

VLEOX has higher volatility (4.63%) compared to BIASX (4.55%). In terms of maximum drawdown, VLEOX dropped -55.86% vs BIASX's -73.26%.

Which has better risk-adjusted returns?

BIASX currently has the higher Sharpe Ratio (1.08 vs 1.01), 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.