BDAIX vs. VOO

Last updated Aug 4, 2026

BDAIX (Baron Durable Advantage Fund) and VOO (Vanguard S&P 500 ETF) are both funds - BDAIX is a Large Cap Growth Equities fund managed by Baron Capital, while VOO is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, BDAIX returned 13.20%/yr vs 13.12%/yr for VOO. Their correlation of 0.93 means they have usually moved in the same direction. BDAIX charges 1.48%/yr vs 0.03%/yr for VOO.

Performance

BDAIX vs. VOO - Performance Comparison

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

Returns By Period

In the year-to-date period, BDAIX achieves a 5.82% return, which is significantly lower than VOO's 11.72% return.

BDAIX

• 1D: 3.01%
• 1M: 2.50%
• 6M: 3.22%
• YTD: 5.82%
• 1Y: 11.36%
• 3Y*: 19.39%
• 5Y*: 13.20%
• 10Y*: —
• ALL TIME*: 18.21%

VOO

• 1D: 1.42%
• 1M: 1.69%
• 6M: 9.53%
• YTD: 11.72%
• 1Y: 23.30%
• 3Y*: 20.85%
• 5Y*: 13.12%
• 10Y*: 15.17%
• ALL TIME*: 14.88%

*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)
BDAIX Baron Durable Advantage Fund	$0.00	$0.00	$0.00
VOO Vanguard S&P 500 ETF	$3.97B	$3.80B	$5.49B

BDAIX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BDAIX Baron Durable Advantage Fund	5.82%	16.56%	27.14%	45.51%	-24.81%	32.17%	20.32%	27.34%
VOO Vanguard S&P 500 ETF	11.72%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	18.40%

Correlation

The correlation between BDAIX and VOO is 0.92, 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.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019	0.93

The correlation between BDAIX and VOO has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

BDAIX vs. VOO — Risk / Return Rank

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

BDAIX

BDAIX Risk / Return Rank: 13
BDAIX Sharpe Ratio Rank: 12
BDAIX Sortino Ratio Rank: 12
BDAIX Omega Ratio Rank: 12
BDAIX Calmar Ratio Rank: 12
BDAIX Martin Ratio Rank: 15

VOO

VOO Risk / Return Rank: 78
VOO Sharpe Ratio Rank: 79
VOO Sortino Ratio Rank: 77
VOO Omega Ratio Rank: 78
VOO Calmar Ratio Rank: 74
VOO Martin Ratio Rank: 83

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.

BDAIX vs. VOO - Risk-Adjusted Trends Comparison

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

	BDAIX	VOO	Difference
Sharpe ratio: Return per unit of total volatility	0.53	1.83	-1.30
Sortino ratio: Return per unit of downside risk	0.85	2.53	-1.67
Omega ratio: Gain probability vs. loss probability	1.10	1.33	-0.22
Calmar ratio: Return relative to maximum drawdown	0.63	2.63	-2.00
Martin ratio: Return relative to average drawdown	2.22	11.23	-9.01

BDAIX vs. VOO - Sharpe Ratio Comparison

The current BDAIX Sharpe Ratio is 0.53, which is lower than the VOO Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of BDAIX and VOO, 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

BDAIX vs. VOO - Drawdown Comparison

The maximum BDAIX drawdown since its inception was -33.57%, roughly equal to the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for BDAIX and VOO.

Drawdown Indicators

	BDAIX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-33.57%	-33.99%	+0.42%
Max Drawdown (1Y) Largest decline over 1 year	-14.82%	-8.90%	-5.92%
Max Drawdown (3Y) Largest decline over 3 years	-21.79%	-18.69%	-3.10%
Max Drawdown (5Y) Largest decline over 5 years	-30.25%	-24.52%	-5.73%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-1.20%	0.00%	-1.20%
Average Drawdown Average peak-to-trough decline	-5.76%	-3.67%	-2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	2.08%	+2.10%

Volatility

BDAIX vs. VOO - Volatility Comparison

Baron Durable Advantage Fund (BDAIX) has a higher volatility of 5.68% compared to Vanguard S&P 500 ETF (VOO) at 3.81%. This indicates that BDAIX's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDAIX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.68%	3.81%	+1.87%
Volatility (6M) Calculated over the trailing 6-month period	13.92%	10.18%	+3.74%
Volatility (1Y) Calculated over the trailing 1-year period	17.57%	12.80%	+4.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.52%	16.95%	+3.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.96%	18.02%	+3.94%

BDAIX vs. VOO - Expense Ratio Comparison

BDAIX has a 1.48% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

BDAIX vs. VOO - Dividend Comparison

BDAIX has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.05%.

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%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both BDAIX and VOO in my portfolio?

With a correlation of 0.92, BDAIX and VOO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BDAIX or VOO?

BDAIX has higher volatility (5.68%) compared to VOO (3.81%). In terms of maximum drawdown, BDAIX dropped -33.57% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.83 vs 0.53), 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.