BAFE vs BELT
Brown Advisory Flexible Equity ETF vs iShares US Select Equity Active ETF
Which is better, BAFE or BELT?
BELT has been ahead.
BAFE has a lower expense ratio. BELT led over 1Y and the full window. BAFE is less concentrated, with 45.4% of the fund in its ten largest positions against 68.5%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | BAFE | BELT |
|---|---|---|
| Expense Ratio | 0.54%Best | 0.75% |
| AUM | $1.8B | $10M |
| Dividend Yield | 0.27% | 0.02% |
| Holdings | 90 | 20 |
| Volatility (annualized) | 13.8%Best | 20.2% |
| Max Drawdown | -18.4%Best | -23.1% |
| $10,000 over 1.7 years | $12,047 | $13,301Best |
| Top 10 Weight | 45.4%Best | 68.5% |
| Fund Family | Brown Advisory | BlackRock, Inc. (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Nov 18, 2024 | Jun 17, 2024 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 63 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. BAFE has data through Oct 14, 2026 and BELT through Aug 12, 2026.
Volatility and max drawdown, and the $10,000 over 1.7 years row, are measured over the window both funds cover: Nov 18, 2024 to Aug 12, 2026 (1.7 years).
Risk: Volatility and Drawdowns
BELT has been the more volatile fund, with annualized monthly volatility of 20.2% compared with 13.8% for BAFE. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -18.4% for BAFE and -23.1% for BELT. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.89. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
BAFE charges 0.54% per year while BELT charges 0.75%. On a $10,000 position that is $54 vs $75 annually, a gap of $21 per year that compounds over a long holding period. On income, BAFE currently yields 0.27% against 0.02% for BELT.
Holdings Overlap
25.3% of BAFE's money is in holdings BELT also owns. 37.2% of BELT's money is in holdings BAFE also owns.
The two portfolios partly overlap.
The two holdings books were reported 57 days apart, BAFE as of Oct 1, 2026 and BELT as of Aug 5, 2026, so some of the difference between them is the time between the two reports rather than the funds.
7 positions in common, counted across the 42 positions we hold weights for in BAFE and 19 in BELT, against full books of 90 and 20.
What only one of them owns
Our book lists 10 positions for BELT that do not appear in our book for BAFE (53.6% of the fund), and 30 for BAFE that do not appear in BELT (57.6%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
37.2% of BELT is already inside BAFE.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, BAFE or BELT?
BAFE has an expense ratio of 0.54% while BELT charges 0.75%. BAFE is the cheaper option, by $21 a year on a $10,000 investment.
Which is riskier, BAFE or BELT?
BELT has been the more volatile fund at 20.2% annualized versus 13.8% for BAFE. Worst drawdown: BAFE -18.4% vs BELT -23.1%.
Should I hold both BAFE and BELT?
BAFE and BELT have a monthly-return correlation of 0.89, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between BAFE and BELT?
37.2% of BELT's money is in holdings BAFE also owns. 37.2% of BELT's is in holdings BAFE also owns. They hold 7 positions in common, counted across the 42 positions we hold weights for in BAFE and 19 in BELT.
Which pays a higher dividend, BAFE or BELT?
BAFE yields 0.27% while BELT yields 0.02%, so BAFE currently pays the higher dividend yield.
Is BELT better than BAFE?
BAFE has a lower expense ratio. BELT led over 1Y and the full window. BAFE is less concentrated, with 45.4% of the fund in its ten largest positions against 68.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.