BFGFX vs. BFGIX

Last updated Jun 4, 2026

BFGFX (Baron Focused Growth Fund) and BFGIX (Baron Focused Growth Fund Institutional Shares) are both Mid Cap Growth Equities funds. Over the past 10 years, BFGFX returned 20.90%/yr vs 21.20%/yr for BFGIX. With a 1.00 correlation, they move nearly in lockstep. BFGFX charges 1.32%/yr vs 1.05%/yr for BFGIX.

Performance

BFGFX vs. BFGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Focused Growth Fund (BFGFX) and Baron Focused Growth Fund Institutional Shares (BFGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BFGFX achieves a 1.84% return, which is significantly lower than BFGIX's 1.95% return. Both investments have delivered pretty close results over the past 10 years, with BFGFX having a 20.90% annualized return and BFGIX not far ahead at 21.20%.

BFGFX

• 1D: -1.89%
• 1M: 6.00%
• YTD: 1.84%
• 6M: 12.90%
• 1Y: 21.99%
• 3Y*: 20.72%
• 5Y*: 12.80%
• 10Y*: 20.90%

BFGIX

• 1D: -1.89%
• 1M: 6.02%
• YTD: 1.95%
• 6M: 13.06%
• 1Y: 22.30%
• 3Y*: 21.02%
• 5Y*: 13.09%
• 10Y*: 21.20%

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

BFGFX vs. BFGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BFGFX Baron Focused Growth Fund	1.84%	21.94%	29.52%	27.40%	-28.21%	18.67%	122.38%	30.05%	3.76%	26.36%
BFGIX Baron Focused Growth Fund Institutional Shares	1.95%	22.26%	29.85%	27.78%	-28.05%	19.00%	122.92%	30.34%	4.08%	26.58%

Correlation

The correlation between BFGFX and BFGIX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jun 1, 2009	1.00

The correlation between BFGFX and BFGIX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

BFGFX vs. BFGIX — Risk / Return Rank

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

BFGFX

BFGFX Risk / Return Rank: 26
BFGFX Sharpe Ratio Rank: 17
BFGFX Sortino Ratio Rank: 28
BFGFX Omega Ratio Rank: 23
BFGFX Calmar Ratio Rank: 38
BFGFX Martin Ratio Rank: 25

BFGIX

BFGIX Risk / Return Rank: 27
BFGIX Sharpe Ratio Rank: 18
BFGIX Sortino Ratio Rank: 28
BFGIX Omega Ratio Rank: 24
BFGIX Calmar Ratio Rank: 39
BFGIX Martin Ratio Rank: 26

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.

BFGFX vs. BFGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Focused Growth Fund (BFGFX) and Baron Focused Growth Fund Institutional Shares (BFGIX). 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.

	BFGFX	BFGIX	Difference
Sharpe ratio Return per unit of total volatility	1.19	1.20	-0.02
Sortino ratio Return per unit of downside risk	2.18	2.20	-0.02
Omega ratio Gain probability vs. loss probability	1.25	1.25	0.00
Calmar ratio Return relative to maximum drawdown	2.32	2.37	-0.04
Martin ratio Return relative to average drawdown	6.26	6.40	-0.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BFGFX vs. BFGIX - Sharpe Ratio Comparison

The current BFGFX Sharpe Ratio is 1.19, which is comparable to the BFGIX Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of BFGFX and BFGIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BFGFX	BFGIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	1.20	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.59	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	0.89	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.78	-0.08

Drawdowns

BFGFX vs. BFGIX - Drawdown Comparison

The maximum BFGFX drawdown since its inception was -59.52%, which is greater than BFGIX's maximum drawdown of -43.62%. Use the drawdown chart below to compare losses from any high point for BFGFX and BFGIX.

Drawdown Indicators

	BFGFX	BFGIX	Difference
Max Drawdown Largest peak-to-trough decline	-59.52%	-43.62%	-15.90%
Max Drawdown (1Y) Largest decline over 1 year	-9.74%	-9.69%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-21.00%	-20.97%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-35.93%	-35.71%	-0.22%
Max Drawdown (10Y) Largest decline over 10 years	-43.62%	-43.62%	0.00%
Current Drawdown Current decline from peak	-1.89%	-1.89%	0.00%
Average Drawdown Average peak-to-trough decline	-12.37%	-7.87%	-4.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	3.57%	+0.04%

Volatility

BFGFX vs. BFGIX - Volatility Comparison

Baron Focused Growth Fund (BFGFX) and Baron Focused Growth Fund Institutional Shares (BFGIX) have volatilities of 5.18% and 5.17%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BFGFX	BFGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	5.17%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	15.67%	15.66%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	19.05%	19.06%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.34%	22.36%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.99%	23.99%	0.00%

BFGFX vs. BFGIX - Expense Ratio Comparison

BFGFX has a 1.32% expense ratio, which is higher than BFGIX's 1.05% expense ratio.

Dividends

BFGFX vs. BFGIX - Dividend Comparison

Neither BFGFX nor BFGIX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BFGFX Baron Focused Growth Fund	0.00%	0.00%	0.00%	0.00%	12.28%	15.53%	2.85%	1.78%	1.07%	2.11%	6.02%	5.80%
BFGIX Baron Focused Growth Fund Institutional Shares	0.00%	0.00%	0.00%	0.00%	11.79%	15.01%	2.78%	1.74%	1.05%	2.07%	5.92%	6.01%

Frequently Asked Questions

Can I hold both BFGFX and BFGIX in my portfolio?

With a correlation of 1.00, BFGFX and BFGIX 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, BFGFX or BFGIX?

BFGFX has higher volatility (5.18%) compared to BFGIX (5.17%). In terms of maximum drawdown, BFGFX dropped -59.52% vs BFGIX's -43.62%.

Which has better risk-adjusted returns?

BFGIX currently has the higher Sharpe Ratio (1.20 vs 1.19), 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.