BDAIX vs. SPMO

Last updated Jun 4, 2026

BDAIX (Baron Durable Advantage Fund) and SPMO (Invesco S&P 500 Momentum ETF) are both funds - BDAIX is a Large Cap Growth Equities fund managed by Baron Capital Group, Inc., while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Over the past 5 years, BDAIX returned 15.51%/yr vs 24.29%/yr for SPMO. Their correlation of 0.83 suggests significant overlap in exposure. BDAIX charges 1.48%/yr vs 0.13%/yr for SPMO.

Performance

BDAIX vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Durable Advantage Fund (BDAIX) and Invesco S&P 500 Momentum ETF (SPMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDAIX achieves a 6.50% return, which is significantly lower than SPMO's 30.35% return.

BDAIX

• 1D: -0.34%
• 1M: 1.95%
• YTD: 6.50%
• 6M: 6.95%
• 1Y: 21.35%
• 3Y*: 22.86%
• 5Y*: 15.51%
• 10Y*: —

SPMO

• 1D: 0.50%
• 1M: 15.36%
• YTD: 30.35%
• 6M: 30.51%
• 1Y: 46.00%
• 3Y*: 43.04%
• 5Y*: 24.29%
• 10Y*: 20.95%

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

BDAIX vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BDAIX Baron Durable Advantage Fund	6.50%	16.56%	27.14%	45.51%	-24.81%	32.17%	20.32%	27.34%
SPMO Invesco S&P 500 Momentum ETF	30.35%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	11.64%

Correlation

The correlation between BDAIX and SPMO is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Feb 20, 2019	0.83

The correlation between BDAIX and SPMO has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.

Return for Risk

BDAIX vs. SPMO — Risk / Return Rank

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

BDAIX

BDAIX Risk / Return Rank: 22
BDAIX Sharpe Ratio Rank: 24
BDAIX Sortino Ratio Rank: 22
BDAIX Omega Ratio Rank: 24
BDAIX Calmar Ratio Rank: 17
BDAIX Martin Ratio Rank: 22

SPMO

SPMO Risk / Return Rank: 75
SPMO Sharpe Ratio Rank: 79
SPMO Sortino Ratio Rank: 77
SPMO Omega Ratio Rank: 77
SPMO Calmar Ratio Rank: 71
SPMO Martin Ratio Rank: 73

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.

BDAIX vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Durable Advantage Fund (BDAIX) and Invesco S&P 500 Momentum ETF (SPMO). 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.

	BDAIX	SPMO	Difference
Sharpe ratio Return per unit of total volatility	1.38	2.62	-1.24
Sortino ratio Return per unit of downside risk	1.95	3.54	-1.59
Omega ratio Gain probability vs. loss probability	1.25	1.47	-0.22
Calmar ratio Return relative to maximum drawdown	1.49	3.64	-2.15
Martin ratio Return relative to average drawdown	5.65	14.17	-8.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDAIX vs. SPMO - Sharpe Ratio Comparison

The current BDAIX Sharpe Ratio is 1.38, which is lower than the SPMO Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of BDAIX and SPMO, 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

	BDAIX	SPMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	2.62	-1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	1.27	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	1.01	-0.15

Drawdowns

BDAIX vs. SPMO - Drawdown Comparison

The maximum BDAIX drawdown since its inception was -33.57%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for BDAIX and SPMO.

Drawdown Indicators

	BDAIX	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-33.57%	-30.95%	-2.62%
Max Drawdown (1Y) Largest decline over 1 year	-14.82%	-12.70%	-2.12%
Max Drawdown (3Y) Largest decline over 3 years	-21.79%	-20.13%	-1.66%
Max Drawdown (5Y) Largest decline over 5 years	-30.25%	-22.74%	-7.51%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.95%	—
Current Drawdown Current decline from peak	-0.56%	0.00%	-0.56%
Average Drawdown Average peak-to-trough decline	-5.82%	-4.60%	-1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	3.26%	+0.63%

Volatility

BDAIX vs. SPMO - Volatility Comparison

The current volatility for Baron Durable Advantage Fund (BDAIX) is 3.29%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 7.35%. This indicates that BDAIX experiences smaller price fluctuations and is considered to be less risky than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDAIX	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	7.35%	-4.06%
Volatility (6M) Calculated over the trailing 6-month period	12.14%	14.39%	-2.25%
Volatility (1Y) Calculated over the trailing 1-year period	15.96%	17.64%	-1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.25%	19.30%	+0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.97%	20.31%	+1.66%

BDAIX vs. SPMO - Expense Ratio Comparison

BDAIX has a 1.48% expense ratio, which is higher than SPMO's 0.13% expense ratio.

Dividends

BDAIX vs. SPMO - Dividend Comparison

BDAIX has not paid dividends to shareholders, while SPMO's dividend yield for the trailing twelve months is around 0.65%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDAIX Baron Durable Advantage Fund	0.00%	0.00%	0.23%	0.10%	0.00%	0.33%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMO Invesco S&P 500 Momentum ETF	0.65%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%

Frequently Asked Questions

Can I hold both BDAIX and SPMO in my portfolio?

BDAIX and SPMO have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BDAIX or SPMO?

SPMO has higher volatility (7.35%) compared to BDAIX (3.29%). In terms of maximum drawdown, BDAIX dropped -33.57% vs SPMO's -30.95%.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (2.62 vs 1.38), 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.