BDAFX vs. SWLGX

Last updated Jun 4, 2026

BDAFX (Baron Durable Advantage Fund Retail Shares) and SWLGX (Schwab U.S. Large-Cap Growth Index Fund) are both Large Cap Growth Equities funds. BDAFX is actively managed, while SWLGX is passively managed. Over the past 5 years, BDAFX returned 15.24%/yr vs 16.03%/yr for SWLGX. Their correlation of 0.94 suggests significant overlap in exposure. BDAFX charges 0.95%/yr vs 0.04%/yr for SWLGX.

Performance

BDAFX vs. SWLGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Durable Advantage Fund Retail Shares (BDAFX) and Schwab U.S. Large-Cap Growth Index Fund (SWLGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDAFX achieves a 6.40% return, which is significantly lower than SWLGX's 8.61% return.

BDAFX

• 1D: -0.34%
• 1M: 1.96%
• YTD: 6.40%
• 6M: 6.82%
• 1Y: 21.07%
• 3Y*: 22.55%
• 5Y*: 15.24%
• 10Y*: —

SWLGX

• 1D: -0.37%
• 1M: 7.15%
• YTD: 8.61%
• 6M: 8.00%
• 1Y: 27.46%
• 3Y*: 25.54%
• 5Y*: 16.03%
• 10Y*: —

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

BDAFX vs. SWLGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BDAFX Baron Durable Advantage Fund Retail Shares	6.40%	16.25%	26.87%	45.11%	-24.99%	31.79%	20.11%	27.13%
SWLGX Schwab U.S. Large-Cap Growth Index Fund	8.61%	18.55%	33.30%	42.67%	-29.17%	27.55%	38.43%	21.32%

Correlation

The correlation between BDAFX and SWLGX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Feb 20, 2019	0.94

The correlation between BDAFX and SWLGX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

BDAFX vs. SWLGX — Risk / Return Rank

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

BDAFX

BDAFX Risk / Return Rank: 21
BDAFX Sharpe Ratio Rank: 23
BDAFX Sortino Ratio Rank: 21
BDAFX Omega Ratio Rank: 23
BDAFX Calmar Ratio Rank: 17
BDAFX Martin Ratio Rank: 22

SWLGX

SWLGX Risk / Return Rank: 32
SWLGX Sharpe Ratio Rank: 40
SWLGX Sortino Ratio Rank: 36
SWLGX Omega Ratio Rank: 37
SWLGX Calmar Ratio Rank: 22
SWLGX Martin Ratio Rank: 23

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.

BDAFX vs. SWLGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Durable Advantage Fund Retail Shares (BDAFX) and Schwab U.S. Large-Cap Growth Index Fund (SWLGX). 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.

	BDAFX	SWLGX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.85	-0.48
Sortino ratio: Return per unit of downside risk	1.93	2.50	-0.58
Omega ratio: Gain probability vs. loss probability	1.25	1.32	-0.07
Calmar ratio: Return relative to maximum drawdown	1.47	1.76	-0.29
Martin ratio: Return relative to average drawdown	5.56	5.92	-0.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDAFX vs. SWLGX - Sharpe Ratio Comparison

The current BDAFX Sharpe Ratio is 1.36, which is comparable to the SWLGX Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of BDAFX and SWLGX, 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

	BDAFX	SWLGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	1.85	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.75	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.80	+0.04

Drawdowns

BDAFX vs. SWLGX - Drawdown Comparison

The maximum BDAFX drawdown since its inception was -33.59%, roughly equal to the maximum SWLGX drawdown of -32.69%. Use the drawdown chart below to compare losses from any high point for BDAFX and SWLGX.

Drawdown Indicators

	BDAFX	SWLGX	Difference
Max Drawdown Largest peak-to-trough decline	-33.59%	-32.69%	-0.90%
Max Drawdown (1Y) Largest decline over 1 year	-14.85%	-16.16%	+1.31%
Max Drawdown (3Y) Largest decline over 3 years	-21.82%	-23.30%	+1.48%
Max Drawdown (5Y) Largest decline over 5 years	-30.44%	-32.69%	+2.25%
Current Drawdown Current decline from peak	-0.54%	-0.37%	-0.17%
Average Drawdown Average peak-to-trough decline	-5.86%	-7.05%	+1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.91%	4.80%	-0.89%

Volatility

BDAFX vs. SWLGX - Volatility Comparison

Baron Durable Advantage Fund Retail Shares (BDAFX) and Schwab U.S. Large-Cap Growth Index Fund (SWLGX) have volatilities of 3.27% and 3.30%, 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

	BDAFX	SWLGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	3.30%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	12.17%	11.59%	+0.58%
Volatility (1Y) Calculated over the trailing 1-year period	15.96%	15.40%	+0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.24%	21.49%	-1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.95%	22.68%	-0.73%

BDAFX vs. SWLGX - Expense Ratio Comparison

BDAFX has a 0.95% expense ratio, which is higher than SWLGX's 0.04% expense ratio.

Dividends

BDAFX vs. SWLGX - Dividend Comparison

BDAFX has not paid dividends to shareholders, while SWLGX's dividend yield for the trailing twelve months is around 0.42%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
SWLGX Schwab U.S. Large-Cap Growth Index Fund	0.42%	0.46%	0.52%	0.67%	0.93%	1.76%	0.67%	0.96%	1.03%

Frequently Asked Questions

Can I hold both BDAFX and SWLGX in my portfolio?

BDAFX and SWLGX have a correlation of 0.90, 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 SWLGX?

SWLGX has higher volatility (3.30%) compared to BDAFX (3.27%). In terms of maximum drawdown, BDAFX dropped -33.59% vs SWLGX's -32.69%.

Which has better risk-adjusted returns?

SWLGX currently has the higher Sharpe Ratio (1.85 vs 1.36), 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.