BDAFX vs. TVRIX

Last updated Jun 24, 2026

BDAFX (Baron Durable Advantage Fund Retail Shares) and TVRIX (Guggenheim Directional Allocation Fund) are both Large Cap Growth Equities funds. Over the past 5 years, BDAFX returned 13.71%/yr vs 7.16%/yr for TVRIX. Their correlation of 0.81 suggests significant overlap in exposure. BDAFX charges 0.95%/yr vs 1.09%/yr for TVRIX.

Performance

BDAFX vs. TVRIX - Performance Comparison

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

Returns By Period

In the year-to-date period, BDAFX achieves a 3.56% return, which is significantly lower than TVRIX's 11.23% return.

BDAFX

• 1D: -1.22%
• 1M: -1.11%
• YTD: 3.56%
• 6M: 2.53%
• 1Y: 17.00%
• 3Y*: 20.74%
• 5Y*: 13.71%
• 10Y*: —

TVRIX

• 1D: 0.15%
• 1M: 1.98%
• YTD: 11.23%
• 6M: 10.48%
• 1Y: 24.46%
• 3Y*: 14.75%
• 5Y*: 7.16%
• 10Y*: 10.50%

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

BDAFX vs. TVRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BDAFX Baron Durable Advantage Fund Retail Shares	3.56%	16.25%	26.87%	45.11%	-24.99%	31.79%	20.11%	27.13%
TVRIX Guggenheim Directional Allocation Fund	11.23%	13.83%	7.87%	11.00%	-17.53%	27.30%	5.08%	14.08%

Correlation

The correlation between BDAFX and TVRIX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019	0.81

The correlation between BDAFX and TVRIX shifts across timeframes, from 0.77 (5 years) to 0.89 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

BDAFX vs. TVRIX — Risk / Return Rank

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

BDAFX

BDAFX Risk / Return Rank: 16
BDAFX Sharpe Ratio Rank: 17
BDAFX Sortino Ratio Rank: 16
BDAFX Omega Ratio Rank: 17
BDAFX Calmar Ratio Rank: 14
BDAFX Martin Ratio Rank: 19

TVRIX

TVRIX Risk / Return Rank: 71
TVRIX Sharpe Ratio Rank: 74
TVRIX Sortino Ratio Rank: 68
TVRIX Omega Ratio Rank: 69
TVRIX Calmar Ratio Rank: 68
TVRIX Martin Ratio Rank: 75

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. TVRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Durable Advantage Fund Retail Shares (BDAFX) and Guggenheim Directional Allocation Fund (TVRIX). 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	TVRIX	Difference
Sharpe ratio: Return per unit of total volatility	1.07	2.31	-1.24
Sortino ratio: Return per unit of downside risk	1.54	3.14	-1.60
Omega ratio: Gain probability vs. loss probability	1.20	1.42	-0.22
Calmar ratio: Return relative to maximum drawdown	1.21	3.02	-1.82
Martin ratio: Return relative to average drawdown	4.51	13.28	-8.77

BDAFX vs. TVRIX - Sharpe Ratio Comparison

The current BDAFX Sharpe Ratio is 1.07, which is lower than the TVRIX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of BDAFX and TVRIX, 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. TVRIX - Drawdown Comparison

The maximum BDAFX drawdown since its inception was -33.59%, smaller than the maximum TVRIX drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for BDAFX and TVRIX.

Drawdown Indicators

	BDAFX	TVRIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.59%	-39.36%	+5.77%
Max Drawdown (1Y) Largest decline over 1 year	-14.85%	-8.45%	-6.40%
Max Drawdown (3Y) Largest decline over 3 years	-21.82%	-24.87%	+3.05%
Max Drawdown (5Y) Largest decline over 5 years	-30.44%	-24.87%	-5.57%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.36%	—
Current Drawdown Current decline from peak	-3.19%	-0.79%	-2.40%
Average Drawdown Average peak-to-trough decline	-5.84%	-6.04%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.98%	1.92%	+2.06%

Volatility

BDAFX vs. TVRIX - Volatility Comparison

Baron Durable Advantage Fund Retail Shares (BDAFX) has a higher volatility of 6.17% compared to Guggenheim Directional Allocation Fund (TVRIX) at 5.12%. This indicates that BDAFX's price experiences larger fluctuations and is considered to be riskier than TVRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDAFX	TVRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.17%	5.12%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	13.19%	9.07%	+4.12%
Volatility (1Y) Calculated over the trailing 1-year period	16.79%	11.08%	+5.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.38%	14.55%	+5.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.98%	17.88%	+4.10%

BDAFX vs. TVRIX - Expense Ratio Comparison

BDAFX has a 0.95% expense ratio, which is lower than TVRIX's 1.09% expense ratio.

Dividends

BDAFX vs. TVRIX - Dividend Comparison

BDAFX has not paid dividends to shareholders, while TVRIX's dividend yield for the trailing twelve months is around 8.66%.

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%
TVRIX Guggenheim Directional Allocation Fund	8.66%	9.64%	0.00%	2.03%	0.71%	14.34%	0.30%	16.62%	14.33%

Frequently Asked Questions

Can I hold both BDAFX and TVRIX in my portfolio?

BDAFX and TVRIX have a correlation of 0.87, 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 TVRIX?

BDAFX has higher volatility (6.17%) compared to TVRIX (5.12%). In terms of maximum drawdown, BDAFX dropped -33.59% vs TVRIX's -39.36%.

Which has better risk-adjusted returns?

TVRIX currently has the higher Sharpe Ratio (2.31 vs 1.07), 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.