BDAFX vs. AQGIX

Last updated Aug 1, 2026

BDAFX (Baron Durable Advantage Fund Retail Shares) and AQGIX (AQR Global Equity Fund) are both mutual funds - BDAFX is a Large Cap Growth Equities fund actively managed by Baron Capital, while AQGIX is a Global Equities fund managed by AQR. Over the past 5 years, BDAFX returned 12.25%/yr vs 15.36%/yr for AQGIX. Their correlation of 0.84 means they have usually moved in the same direction. BDAFX charges 0.95%/yr vs 0.80%/yr for AQGIX.

Performance

BDAFX vs. AQGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Durable Advantage Fund Retail Shares (BDAFX) and AQR Global Equity Fund (AQGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDAFX achieves a 2.59% return, which is significantly lower than AQGIX's 13.10% return.

BDAFX

• 1D: 2.59%
• 1M: -0.50%
• 6M: 0.87%
• YTD: 2.59%
• 1Y: 7.88%
• 3Y*: 17.91%
• 5Y*: 12.25%
• 10Y*: —
• ALL TIME*: 17.47%

AQGIX

• 1D: 2.45%
• 1M: 1.77%
• 6M: 10.66%
• YTD: 13.10%
• 1Y: 28.90%
• 3Y*: 24.09%
• 5Y*: 15.36%
• 10Y*: 13.18%
• ALL TIME*: 11.00%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AQGIX AQR Global Equity Fund	$0.00	$0.00	$0.00
BDAFX Baron Durable Advantage Fund Retail Shares	$0.00	$0.00	$0.00

BDAFX vs. AQGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BDAFX Baron Durable Advantage Fund Retail Shares	2.59%	16.25%	26.87%	45.11%	-24.99%	31.79%	20.11%	27.13%
AQGIX AQR Global Equity Fund	13.10%	31.64%	24.56%	22.92%	-14.14%	18.32%	9.33%	9.22%

Correlation

The correlation between BDAFX and AQGIX is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019	0.84

The correlation between BDAFX and AQGIX has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.

Return for Risk

BDAFX vs. AQGIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BDAFX

BDAFX Risk / Return Rank: 10
BDAFX Sharpe Ratio Rank: 10
BDAFX Sortino Ratio Rank: 10
BDAFX Omega Ratio Rank: 10
BDAFX Calmar Ratio Rank: 10
BDAFX Martin Ratio Rank: 12

AQGIX

AQGIX Risk / Return Rank: 81
AQGIX Sharpe Ratio Rank: 79
AQGIX Sortino Ratio Rank: 78
AQGIX Omega Ratio Rank: 76
AQGIX Calmar Ratio Rank: 82
AQGIX Martin Ratio Rank: 88

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BDAFX vs. AQGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Durable Advantage Fund Retail Shares (BDAFX) and AQR Global Equity Fund (AQGIX). 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.

	BDAFX	AQGIX	Difference
Sharpe ratio: Return per unit of total volatility	0.37	1.85	-1.48
Sortino ratio: Return per unit of downside risk	0.63	2.62	-1.99
Omega ratio: Gain probability vs. loss probability	1.08	1.33	-0.25
Calmar ratio: Return relative to maximum drawdown	0.43	2.70	-2.27
Martin ratio: Return relative to average drawdown	1.52	11.43	-9.90

BDAFX vs. AQGIX - Sharpe Ratio Comparison

The current BDAFX Sharpe Ratio is 0.37, which is lower than the AQGIX Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of BDAFX and AQGIX, 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

BDAFX vs. AQGIX - Drawdown Comparison

The maximum BDAFX drawdown since its inception was -33.59%, smaller than the maximum AQGIX drawdown of -35.47%. Use the drawdown chart below to compare losses from any high point for BDAFX and AQGIX.

Drawdown Indicators

	BDAFX	AQGIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.59%	-35.47%	+1.88%
Max Drawdown (1Y) Largest decline over 1 year	-14.85%	-9.88%	-4.97%
Max Drawdown (3Y) Largest decline over 3 years	-21.82%	-18.50%	-3.32%
Max Drawdown (5Y) Largest decline over 5 years	-30.44%	-29.62%	-0.82%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.47%	—
Current Drawdown Current decline from peak	-4.10%	-0.72%	-3.38%
Average Drawdown Average peak-to-trough decline	-5.81%	-6.50%	+0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	2.34%	+1.85%

Volatility

BDAFX vs. AQGIX - Volatility Comparison

Baron Durable Advantage Fund Retail Shares (BDAFX) has a higher volatility of 4.84% compared to AQR Global Equity Fund (AQGIX) at 3.98%. This indicates that BDAFX's price experiences larger fluctuations and is considered to be riskier than AQGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDAFX	AQGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.84%	3.98%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	13.64%	11.64%	+2.00%
Volatility (1Y) Calculated over the trailing 1-year period	17.35%	14.46%	+2.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.49%	18.40%	+2.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.92%	17.91%	+4.01%

BDAFX vs. AQGIX - Expense Ratio Comparison

BDAFX has a 0.95% expense ratio, which is higher than AQGIX's 0.80% expense ratio.

Dividends

BDAFX vs. AQGIX - Dividend Comparison

BDAFX has not paid dividends to shareholders, while AQGIX's dividend yield for the trailing twelve months is around 11.65%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AQGIX AQR Global Equity Fund	11.65%	13.18%	13.59%	5.97%	4.39%	12.17%	1.16%	1.41%	4.72%	5.05%	10.34%	0.09%
BDAFX Baron Durable Advantage Fund Retail Shares	0.00%	0.00%	0.01%	0.00%	0.00%	0.33%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BDAFX and AQGIX in my portfolio?

BDAFX and AQGIX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BDAFX or AQGIX?

BDAFX has higher volatility (4.84%) compared to AQGIX (3.98%). In terms of maximum drawdown, BDAFX dropped -33.59% vs AQGIX's -35.47%.

Which has better risk-adjusted returns?

AQGIX currently has the higher Sharpe Ratio (1.85 vs 0.37), 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.