BDFIX vs. BRIIX

Last updated Apr 1, 2026

Compare and contrast key facts about Baron Discovery Fund (BDFIX) and Baron Real Estate Income Fund (BRIIX).

BDFIX is managed by Baron Capital Group, Inc.. It was launched on Sep 30, 2013. BRIIX is managed by Baron Capital Group, Inc.. It was launched on Dec 29, 2017.

Performance

BDFIX vs. BRIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Discovery Fund (BDFIX) and Baron Real Estate Income Fund (BRIIX). The values are adjusted to include any dividend payments, if applicable.

BDFIX vs. BRIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BDFIX Baron Discovery Fund	-13.78%	10.96%	16.28%	22.58%	-35.12%	4.84%	66.15%	26.85%	0.66%
BRIIX Baron Real Estate Income Fund	-0.64%	3.73%	17.32%	15.52%	-27.49%	29.29%	22.32%	36.54%	-11.02%

Returns By Period

In the year-to-date period, BDFIX achieves a -13.78% return, which is significantly lower than BRIIX's -0.64% return.

BDFIX

• 1D: -0.57%
• 1M: -12.67%
• YTD: -13.78%
• 6M: -13.61%
• 1Y: 1.96%
• 3Y*: 7.04%
• 5Y*: -2.90%
• 10Y*: 12.88%

BRIIX

• 1D: 0.06%
• 1M: -6.64%
• YTD: -0.64%
• 6M: -1.04%
• 1Y: 4.09%
• 3Y*: 10.08%
• 5Y*: 4.01%
• 10Y*: —

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

BDFIX vs. BRIIX - Expense Ratio Comparison

BDFIX has a 1.05% expense ratio, which is lower than BRIIX's 1.08% expense ratio.

BRIIX

Baron Real Estate Income Fund

BDFIX

Baron Discovery Fund

Return for Risk

BDFIX vs. BRIIX — Risk / Return Rank

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

BDFIX

BDFIX Risk / Return Rank: 6
BDFIX Sharpe Ratio Rank: 6
BDFIX Sortino Ratio Rank: 7
BDFIX Omega Ratio Rank: 7
BDFIX Calmar Ratio Rank: 6
BDFIX Martin Ratio Rank: 5

BRIIX

BRIIX Risk / Return Rank: 13
BRIIX Sharpe Ratio Rank: 13
BRIIX Sortino Ratio Rank: 12
BRIIX Omega Ratio Rank: 12
BRIIX Calmar Ratio Rank: 14
BRIIX Martin Ratio Rank: 16

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.

BDFIX vs. BRIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Discovery Fund (BDFIX) and Baron Real Estate Income Fund (BRIIX). 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.

	BDFIX	BRIIX	Difference
Sharpe ratio Return per unit of total volatility	0.06	0.31	-0.25
Sortino ratio Return per unit of downside risk	0.27	0.52	-0.26
Omega ratio Gain probability vs. loss probability	1.03	1.07	-0.04
Calmar ratio Return relative to maximum drawdown	-0.05	0.37	-0.42
Martin ratio Return relative to average drawdown	-0.19	1.62	-1.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDFIX vs. BRIIX - Sharpe Ratio Comparison

The current BDFIX Sharpe Ratio is 0.06, which is lower than the BRIIX Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of BDFIX and BRIIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BDFIX	BRIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.06	0.31	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.11	0.22	-0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.41	+0.06

Correlation

The correlation between BDFIX and BRIIX is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BDFIX vs. BRIIX - Dividend Comparison

BDFIX has not paid dividends to shareholders, while BRIIX's dividend yield for the trailing twelve months is around 1.63%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BDFIX Baron Discovery Fund	0.00%	0.00%	0.00%	0.00%	0.00%	3.68%	3.05%	0.13%	8.78%	0.21%	1.97%
BRIIX Baron Real Estate Income Fund	1.63%	1.70%	1.39%	1.95%	2.00%	1.21%	0.77%	1.12%	3.03%	0.00%	0.00%

Drawdowns

BDFIX vs. BRIIX - Drawdown Comparison

The maximum BDFIX drawdown since its inception was -46.39%, which is greater than BRIIX's maximum drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for BDFIX and BRIIX.

Drawdown Indicators

	BDFIX	BRIIX	Difference
Max Drawdown Largest peak-to-trough decline	-46.39%	-37.06%	-9.33%
Max Drawdown (1Y) Largest decline over 1 year	-17.94%	-12.70%	-5.24%
Max Drawdown (5Y) Largest decline over 5 years	-45.38%	-32.86%	-12.52%
Max Drawdown (10Y) Largest decline over 10 years	-46.39%	—	—
Current Drawdown Current decline from peak	-21.60%	-7.55%	-14.05%
Average Drawdown Average peak-to-trough decline	-14.64%	-8.75%	-5.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.86%	2.87%	+1.99%

Volatility

BDFIX vs. BRIIX - Volatility Comparison

Baron Discovery Fund (BDFIX) has a higher volatility of 6.26% compared to Baron Real Estate Income Fund (BRIIX) at 4.31%. This indicates that BDFIX's price experiences larger fluctuations and is considered to be riskier than BRIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDFIX	BRIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.26%	4.31%	+1.95%
Volatility (6M) Calculated over the trailing 6-month period	13.70%	8.88%	+4.82%
Volatility (1Y) Calculated over the trailing 1-year period	24.03%	15.88%	+8.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.33%	18.32%	+8.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.13%	20.72%	+4.41%