BAFE vs PHEQ
Brown Advisory Flexible Equity ETF vs Parametric Hedged Equity ETF
Which is better, BAFE or PHEQ?
PHEQ has been ahead.
PHEQ has a lower expense ratio. PHEQ led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.90. PHEQ is less concentrated, with 40.8% of the fund in its ten largest positions against 45.4%.
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 | PHEQ |
|---|---|---|
| Expense Ratio | 0.54% | 0.29%Best |
| AUM | $1.8B | $152M |
| Dividend Yield | 0.27% | 0.82% |
| Holdings | 90 | 374 |
| YTD Return | +9.97%Best | +9.39% |
| 1Y Return | +12.65% | +12.67%Best |
| 3Y Return (annualized) | - | +14.84% |
| Volatility (annualized) | 13.2% | 7.1%Best |
| Max Drawdown | -18.4% | -12.6%Best |
| $10,000 over 1.9 years | $12,035 | $12,470Best |
| Top 10 Weight | 45.4% | 40.8%Best |
| Fund Family | Brown Advisory | Parametric |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Nov 18, 2024 | Oct 16, 2023 |
Not shown on this pair: 5Y Return (annualized).
Volatility and max drawdown, and the $10,000 over 1.9 years row, are measured over the window both funds cover: Nov 18, 2024 to Oct 14, 2026 (1.9 years).
BAFE vs PHEQ growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.9 years both funds cover.
BAFE vs PHEQ Performance
Brown Advisory Flexible Equity ETF (BAFE) is an ETF from Brown Advisory and Parametric Hedged Equity ETF (PHEQ) is an ETF from Parametric. Over the past year BAFE returned +12.65% while PHEQ returned +12.67%. Year to date, BAFE is up 9.97% versus a gain of 9.39% for PHEQ.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
BAFE has been the more volatile fund, with annualized monthly volatility of 13.2% compared with 7.1% for PHEQ. 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 -12.6% for PHEQ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.90. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
BAFE charges 0.54% per year while PHEQ charges 0.29%. On a $10,000 position that is $54 vs $29 annually, a gap of $25 per year that compounds over a long holding period. On income, BAFE currently yields 0.27% against 0.82% for PHEQ.
Holdings Overlap
55.2% of BAFE's money is in holdings PHEQ also owns. 42.2% of PHEQ's money is in holdings BAFE also owns.
The two portfolios partly overlap.
19 positions in common, counted across the 42 positions we hold weights for in BAFE and 174 in PHEQ, against full books of 90 and 374.
What only one of them owns
Our book lists 146 positions for PHEQ that do not appear in our book for BAFE (59.5% of the fund), and 18 for BAFE that do not appear in PHEQ (27.6%).
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
| Stock | Weight in BAFE | Weight in PHEQ | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp | 6.49% | 5.98% | 0.51% |
| NVDANvidia Corp | 3.84% | 8.63% | 4.79% |
| AAPLApple, Inc | 1.90% | 7.52% | 5.62% |
| AMZNAmazon.Com Inc | 4.42% | 3.93% | 0.49% |
| METAMeta Platforms Inc | 4.60% | 2.40% | 2.20% |
| GOOGLAlphabet Inc | 3.72% | 3.20% | 0.52% |
| GOOGAlphabet Inc. C | 3.54% | 2.69% | 0.85% |
| VVisa Inc Class A | 4.22% | 1.15% | 3.07% |
| MAMastercard Inc | 3.73% | 0.90% | 2.83% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 3.11% | 1.31% | 1.80% |
55.2% of BAFE is already inside PHEQ.
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 PHEQ?
BAFE has an expense ratio of 0.54% while PHEQ charges 0.29%. PHEQ is the cheaper option, by $25 a year on a $10,000 investment.
Which performed better, BAFE or PHEQ?
Over the past year BAFE returned +12.65% vs +12.67% for PHEQ, so PHEQ leads on 1-year performance. Over the longest common window we track (2 years), BAFE annualized +10.24% vs +12.32% for PHEQ. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, BAFE or PHEQ?
BAFE has been the more volatile fund at 13.2% annualized versus 7.1% for PHEQ. Worst drawdown: BAFE -18.4% vs PHEQ -12.6%.
Should I hold both BAFE and PHEQ?
BAFE and PHEQ have a monthly-return correlation of 0.90, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between BAFE and PHEQ?
55.2% of BAFE's money is in holdings PHEQ also owns. 42.2% of PHEQ's is in holdings BAFE also owns. They hold 19 positions in common, counted across the 42 positions we hold weights for in BAFE and 174 in PHEQ.
Which pays a higher dividend, BAFE or PHEQ?
BAFE yields 0.27% while PHEQ yields 0.82%, so PHEQ currently pays the higher dividend yield.
Is PHEQ better than BAFE?
PHEQ has a lower expense ratio. PHEQ led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.90. PHEQ is less concentrated, with 40.8% of the fund in its ten largest positions against 45.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.