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BDFIX vs. DFAS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BDFIX vs. DFAS

Last updated Jun 23, 2026

BDFIX (Baron Discovery Fund) and DFAS (Dimensional U.S. Small Cap ETF) are both funds - BDFIX is a Small Cap Growth Equities fund managed by Baron Capital Group, Inc., while DFAS is a Small Cap Blend Equities fund actively managed by Dimensional. Over the past 5 years, BDFIX returned 0.01%/yr vs 8.37%/yr for DFAS. Their correlation of 0.84 suggests significant overlap in exposure. BDFIX charges 1.05%/yr vs 0.26%/yr for DFAS.

Performance

BDFIX vs. DFAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Discovery Fund (BDFIX) and Dimensional U.S. Small Cap ETF (DFAS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BDFIX achieves a 3.07% return, which is significantly lower than DFAS's 15.74% return.

BDFIX

1D
2.22%
1M
4.22%
YTD
3.07%
6M
-0.11%
1Y
9.66%
3Y*
12.89%
5Y*
0.01%
10Y*
13.96%

DFAS

1D
0.12%
1M
3.77%
YTD
15.74%
6M
12.99%
1Y
31.21%
3Y*
16.27%
5Y*
8.37%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

BDFIX vs. DFAS - Yearly Performance Comparison

2026 (YTD)20252024202320222021
BDFIX
Baron Discovery Fund		3.07%10.96%16.28%22.58%-35.12%-6.31%
DFAS
Dimensional U.S. Small Cap ETF		15.74%8.17%10.21%17.83%-13.84%4.52%

Correlation

The correlation between BDFIX and DFAS is 0.81, 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

0.81

Correlation (3Y)
Calculated over the trailing 3-year period

0.85

Correlation (5Y)
Calculated over the trailing 5-year period

0.84

Correlation (All Time)
Calculated using the full available price history since Jun 14, 2021

0.84

The correlation between BDFIX and DFAS has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Baron Discovery Fund

Dimensional U.S. Small Cap ETF

Often compared with BDFIX:
BDFIX vs. IJRBDFIX vs. FCNTXBDFIX vs. AVUVBDFIX vs. SPSMBDFIX vs. BFTHXBDFIX vs. BPTRXBDFIX vs. PXQSX
Often compared with DFAS:
DFAS vs. AVUVDFAS vs. VBDFAS vs. AVSCDFAS vs. DFSTXDFAS vs. VBRDFAS vs. IJRDFAS vs. SCHA

Return for Risk

BDFIX vs. DFAS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BDFIX
BDFIX Risk / Return Rank: 77
Overall Rank
BDFIX Sharpe Ratio Rank: 77
Sharpe Ratio Rank
BDFIX Sortino Ratio Rank: 77
Sortino Ratio Rank
BDFIX Omega Ratio Rank: 66
Omega Ratio Rank
BDFIX Calmar Ratio Rank: 66
Calmar Ratio Rank
BDFIX Martin Ratio Rank: 77
Martin Ratio Rank
DFAS
DFAS Risk / Return Rank: 6060
Overall Rank
DFAS Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
DFAS Sortino Ratio Rank: 5959
Sortino Ratio Rank
DFAS Omega Ratio Rank: 5252
Omega Ratio Rank
DFAS Calmar Ratio Rank: 6969
Calmar Ratio Rank
DFAS Martin Ratio Rank: 6565
Martin Ratio Rank
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. DFAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Discovery Fund (BDFIX) and Dimensional U.S. Small Cap ETF (DFAS). 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.

BDFIXDFASDifference
Sharpe ratioReturn per unit of total volatility
0.50
1.85

-1.35

Sortino ratioReturn per unit of downside risk
0.85
2.70

-1.84

Omega ratioGain probability vs. loss probability

1.10

1.32

-0.22

Calmar ratioReturn relative to maximum drawdown

0.55

3.35

-2.80

Martin ratioReturn relative to average drawdown

1.63

11.51

-9.87

BDFIX vs. DFAS - Sharpe Ratio Comparison

The current BDFIX Sharpe Ratio is 0.50, which is lower than the DFAS Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of BDFIX and DFAS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

BDFIX vs. DFAS - Drawdown Comparison

The maximum BDFIX drawdown since its inception was -46.39%, which is greater than DFAS's maximum drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for BDFIX and DFAS.

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Drawdown Indicators

BDFIXDFASDifference

Max Drawdown

Largest peak-to-trough decline

-46.39%

-26.13%

-20.26%

Max Drawdown (1Y)

Largest decline over 1 year

-17.94%

-9.36%

-8.58%

Max Drawdown (3Y)

Largest decline over 3 years

-24.26%

-26.13%

+1.87%

Max Drawdown (5Y)

Largest decline over 5 years

-45.38%

-26.13%

-19.25%

Max Drawdown (10Y)

Largest decline over 10 years

-46.39%

—

—

Current Drawdown

Current decline from peak

-6.28%

-0.12%

-6.16%

Average Drawdown

Average peak-to-trough decline

-14.59%

-8.24%

-6.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.99%

2.72%

+3.27%

Volatility

BDFIX vs. DFAS - Volatility Comparison

Baron Discovery Fund (BDFIX) has a higher volatility of 6.85% compared to Dimensional U.S. Small Cap ETF (DFAS) at 4.70%. This indicates that BDFIX's price experiences larger fluctuations and is considered to be riskier than DFAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BDFIXDFASDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.85%

4.70%

+2.15%

Volatility (6M)

Calculated over the trailing 6-month period

15.11%

11.92%

+3.19%

Volatility (1Y)

Calculated over the trailing 1-year period

19.77%

17.00%

+2.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.37%

20.81%

+5.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.27%

20.82%

+4.45%

BDFIX vs. DFAS - Expense Ratio Comparison

BDFIX has a 1.05% expense ratio, which is higher than DFAS's 0.26% expense ratio.

Dividends

BDFIX vs. DFAS - Dividend Comparison

BDFIX has not paid dividends to shareholders, while DFAS's dividend yield for the trailing twelve months is around 0.90%.

PositionTTM2025202420232022202120202019201820172016
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%
DFAS
Dimensional U.S. Small Cap ETF		0.90%0.99%0.93%1.00%1.03%2.87%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

BDFIX and DFAS have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BDFIX has higher volatility (6.85%) compared to DFAS (4.70%). In terms of maximum drawdown, BDFIX dropped -46.39% vs DFAS's -26.13%.

DFAS currently has the higher Sharpe Ratio (1.85 vs 0.50), 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.

Portfolio Optimizer

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