BEXIX vs. SPHQ

Last updated Jun 13, 2026

BEXIX (Baron Emerging Markets Fund) and SPHQ (Invesco S&P 500 Quality ETF) are both funds - BEXIX is a Emerging Markets Diversified fund managed by Baron Capital Group, Inc., while SPHQ is a S&P 500 fund tracking the S&P 500 Quality Index. Over the past 10 years, BEXIX returned 8.45%/yr vs 15.27%/yr for SPHQ. A 0.61 correlation means they provide meaningful diversification when combined. BEXIX charges 1.12%/yr vs 0.15%/yr for SPHQ.

Performance

BEXIX vs. SPHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Emerging Markets Fund (BEXIX) and Invesco S&P 500 Quality ETF (SPHQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BEXIX having a 16.52% return and SPHQ slightly higher at 16.79%. Over the past 10 years, BEXIX has underperformed SPHQ with an annualized return of 8.45%, while SPHQ has yielded a comparatively higher 15.27% annualized return.

BEXIX

• 1D: 4.45%
• 1M: -3.21%
• YTD: 16.52%
• 6M: 18.20%
• 1Y: 30.78%
• 3Y*: 18.65%
• 5Y*: 3.19%
• 10Y*: 8.45%

SPHQ

• 1D: 1.02%
• 1M: 5.98%
• YTD: 16.79%
• 6M: 15.77%
• 1Y: 24.32%
• 3Y*: 22.40%
• 5Y*: 14.55%
• 10Y*: 15.27%

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

BEXIX vs. SPHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BEXIX Baron Emerging Markets Fund	16.52%	30.11%	7.91%	8.29%	-25.82%	-6.06%	29.71%	18.85%	-18.48%	40.63%
SPHQ Invesco S&P 500 Quality ETF	16.79%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	19.10%

Correlation

The correlation between BEXIX and SPHQ is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011	0.61

The correlation between BEXIX and SPHQ has been stable across timeframes, ranging from 0.56 to 0.62 - a consistent structural relationship.

Return for Risk

BEXIX vs. SPHQ — Risk / Return Rank

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

BEXIX

BEXIX Risk / Return Rank: 42
BEXIX Sharpe Ratio Rank: 38
BEXIX Sortino Ratio Rank: 34
BEXIX Omega Ratio Rank: 43
BEXIX Calmar Ratio Rank: 52
BEXIX Martin Ratio Rank: 43

SPHQ

SPHQ Risk / Return Rank: 66
SPHQ Sharpe Ratio Rank: 65
SPHQ Sortino Ratio Rank: 68
SPHQ Omega Ratio Rank: 60
SPHQ Calmar Ratio Rank: 63
SPHQ 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.

BEXIX vs. SPHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Emerging Markets Fund (BEXIX) and Invesco S&P 500 Quality ETF (SPHQ). 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.

	BEXIX	SPHQ	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.85	-0.38
Sortino ratio: Return per unit of downside risk	2.00	2.67	-0.67
Omega ratio: Gain probability vs. loss probability	1.29	1.32	-0.03
Calmar ratio: Return relative to maximum drawdown	2.33	2.75	-0.41
Martin ratio: Return relative to average drawdown	7.77	11.76	-4.00

BEXIX vs. SPHQ - Sharpe Ratio Comparison

The current BEXIX Sharpe Ratio is 1.48, which is comparable to the SPHQ Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of BEXIX and SPHQ, 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

BEXIX vs. SPHQ - Drawdown Comparison

The maximum BEXIX drawdown since its inception was -45.58%, smaller than the maximum SPHQ drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for BEXIX and SPHQ.

Drawdown Indicators

	BEXIX	SPHQ	Difference
Max Drawdown Largest peak-to-trough decline	-45.58%	-57.83%	+12.25%
Max Drawdown (1Y) Largest decline over 1 year	-13.32%	-8.90%	-4.42%
Max Drawdown (3Y) Largest decline over 3 years	-16.63%	-16.57%	-0.06%
Max Drawdown (5Y) Largest decline over 5 years	-41.88%	-25.04%	-16.84%
Max Drawdown (10Y) Largest decline over 10 years	-45.58%	-31.60%	-13.98%
Current Drawdown Current decline from peak	-4.95%	0.00%	-4.95%
Average Drawdown Average peak-to-trough decline	-13.76%	-10.69%	-3.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.99%	2.09%	+1.90%

Volatility

BEXIX vs. SPHQ - Volatility Comparison

Baron Emerging Markets Fund (BEXIX) has a higher volatility of 10.87% compared to Invesco S&P 500 Quality ETF (SPHQ) at 4.92%. This indicates that BEXIX's price experiences larger fluctuations and is considered to be riskier than SPHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BEXIX	SPHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.87%	4.92%	+5.95%
Volatility (6M) Calculated over the trailing 6-month period	18.26%	10.83%	+7.43%
Volatility (1Y) Calculated over the trailing 1-year period	21.05%	13.18%	+7.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.87%	16.53%	+1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.16%	17.90%	+0.26%

BEXIX vs. SPHQ - Expense Ratio Comparison

BEXIX has a 1.12% expense ratio, which is higher than SPHQ's 0.15% expense ratio.

Dividends

BEXIX vs. SPHQ - Dividend Comparison

BEXIX's dividend yield for the trailing twelve months is around 1.75%, more than SPHQ's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BEXIX Baron Emerging Markets Fund	1.75%	2.04%	0.81%	0.69%	0.00%	1.88%	0.35%	0.46%	0.49%	0.45%	0.76%	0.39%
SPHQ Invesco S&P 500 Quality ETF	1.03%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%

Frequently Asked Questions

Can I hold both BEXIX and SPHQ in my portfolio?

BEXIX and SPHQ have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BEXIX or SPHQ?

BEXIX has higher volatility (10.87%) compared to SPHQ (4.92%). In terms of maximum drawdown, BEXIX dropped -45.58% vs SPHQ's -57.83%.

Which has better risk-adjusted returns?

SPHQ currently has the higher Sharpe Ratio (1.85 vs 1.48), 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.