BDFIX vs. BWBIX

Last updated Aug 1, 2026

BDFIX (Baron Discovery Fund) and BWBIX (Baron WealthBuilder Fund) are both mutual funds - BDFIX is a Small Cap Growth Equities fund managed by Baron Capital, while BWBIX is a Diversified Portfolio fund managed by Baron Capital. Over the past 5 years, BDFIX returned -0.75%/yr vs 3.22%/yr for BWBIX. Their correlation of 0.90 means they have usually moved in the same direction. BDFIX charges 1.05%/yr vs 0.05%/yr for BWBIX.

Performance

BDFIX vs. BWBIX - Performance Comparison

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

Returns By Period

In the year-to-date period, BDFIX achieves a 0.66% return, which is significantly lower than BWBIX's 0.78% return.

BDFIX

• 1D: 1.54%
• 1M: -5.33%
• 6M: 2.05%
• YTD: 0.66%
• 1Y: 7.00%
• 3Y*: 9.92%
• 5Y*: -0.75%
• 10Y*: 12.76%
• ALL TIME*: 12.15%

BWBIX

• 1D: -0.64%
• 1M: -5.41%
• 6M: 2.24%
• YTD: 0.78%
• 1Y: 9.65%
• 3Y*: 10.86%
• 5Y*: 3.22%
• 10Y*: —
• ALL TIME*: 11.99%

*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)
BDFIX Baron Discovery Fund	$0.00	$0.00	$0.00
BWBIX Baron WealthBuilder Fund	$0.00	$0.00	$0.00

BDFIX vs. BWBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BDFIX Baron Discovery Fund	0.66%	10.96%	16.28%	22.58%	-35.12%	4.84%	66.15%	26.85%	-8.81%
BWBIX Baron WealthBuilder Fund	0.78%	10.23%	19.62%	25.77%	-32.58%	14.76%	62.85%	36.41%	-12.02%

Correlation

The correlation between BDFIX and BWBIX is 0.85, 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.	0.85
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (All Time) Calculated using the full available price history since May 21, 2018	0.90

The correlation between BDFIX and BWBIX has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

BDFIX vs. BWBIX — Risk / Return Rank

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

BDFIX

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

BWBIX

BWBIX Risk / Return Rank: 13
BWBIX Sharpe Ratio Rank: 12
BWBIX Sortino Ratio Rank: 13
BWBIX Omega Ratio Rank: 13
BWBIX Calmar Ratio Rank: 14
BWBIX Martin Ratio Rank: 15

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.

BDFIX vs. BWBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Discovery Fund (BDFIX) and Baron WealthBuilder Fund (BWBIX). 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.

	BDFIX	BWBIX	Difference
Sharpe ratio: Return per unit of total volatility	0.17	0.46	-0.30
Sortino ratio: Return per unit of downside risk	0.39	0.81	-0.42
Omega ratio: Gain probability vs. loss probability	1.04	1.09	-0.05
Calmar ratio: Return relative to maximum drawdown	0.19	0.64	-0.45
Martin ratio: Return relative to average drawdown	0.55	1.96	-1.41

BDFIX vs. BWBIX - Sharpe Ratio Comparison

The current BDFIX Sharpe Ratio is 0.17, which is lower than the BWBIX Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of BDFIX and BWBIX, 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

BDFIX vs. BWBIX - Drawdown Comparison

The maximum BDFIX drawdown since its inception was -46.39%, which is greater than BWBIX's maximum drawdown of -39.14%. Use the drawdown chart below to compare losses from any high point for BDFIX and BWBIX.

Drawdown Indicators

	BDFIX	BWBIX	Difference
Max Drawdown Largest peak-to-trough decline	-46.39%	-39.14%	-7.25%
Max Drawdown (1Y) Largest decline over 1 year	-17.94%	-11.65%	-6.29%
Max Drawdown (3Y) Largest decline over 3 years	-24.26%	-21.59%	-2.67%
Max Drawdown (5Y) Largest decline over 5 years	-45.38%	-39.14%	-6.24%
Max Drawdown (10Y) Largest decline over 10 years	-46.39%	—	—
Current Drawdown Current decline from peak	-8.47%	-5.90%	-2.57%
Average Drawdown Average peak-to-trough decline	-14.52%	-11.55%	-2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.10%	3.79%	+2.31%

Volatility

BDFIX vs. BWBIX - Volatility Comparison

Baron Discovery Fund (BDFIX) has a higher volatility of 5.07% compared to Baron WealthBuilder Fund (BWBIX) at 4.30%. This indicates that BDFIX's price experiences larger fluctuations and is considered to be riskier than BWBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDFIX	BWBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.07%	4.30%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	15.45%	12.24%	+3.21%
Volatility (1Y) Calculated over the trailing 1-year period	20.24%	16.10%	+4.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.37%	21.31%	+5.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.24%	23.09%	+2.15%

BDFIX vs. BWBIX - Expense Ratio Comparison

BDFIX has a 1.05% expense ratio, which is higher than BWBIX's 0.05% expense ratio.

Dividends

BDFIX vs. BWBIX - Dividend Comparison

BDFIX has not paid dividends to shareholders, while BWBIX's dividend yield for the trailing twelve months is around 7.55%.

Position	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%
BWBIX Baron WealthBuilder Fund	7.55%	7.61%	0.77%	0.06%	3.21%	3.75%	1.24%	3.51%	0.14%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BDFIX and BWBIX in my portfolio?

BDFIX and BWBIX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BDFIX or BWBIX?

BDFIX has higher volatility (5.07%) compared to BWBIX (4.30%). In terms of maximum drawdown, BDFIX dropped -46.39% vs BWBIX's -39.14%.

Which has better risk-adjusted returns?

BWBIX currently has the higher Sharpe Ratio (0.46 vs 0.17), 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.