BFGFX vs. BRIIX

Last updated Jun 4, 2026

BFGFX (Baron Focused Growth Fund) and BRIIX (Baron Real Estate Income Fund) are both mutual funds - BFGFX is a Mid Cap Growth Equities fund managed by Baron Capital Group, Inc., while BRIIX is a REIT fund managed by Baron Capital Group, Inc.. Over the past 5 years, BFGFX returned 12.80%/yr vs 4.05%/yr for BRIIX. A 0.61 correlation means they provide meaningful diversification when combined. BFGFX charges 1.32%/yr vs 1.08%/yr for BRIIX.

Performance

BFGFX vs. BRIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Focused Growth Fund (BFGFX) and Baron Real Estate Income Fund (BRIIX). 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 BRIIX's 8.09% return.

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%

BRIIX

• 1D: 0.55%
• 1M: 0.05%
• YTD: 8.09%
• 6M: 6.85%
• 1Y: 14.00%
• 3Y*: 12.90%
• 5Y*: 4.05%
• 10Y*: —

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

BFGFX vs. BRIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BFGFX Baron Focused Growth Fund	1.84%	21.94%	29.52%	27.40%	-28.21%	18.67%	122.38%	30.05%	3.76%
BRIIX Baron Real Estate Income Fund	8.09%	3.73%	17.32%	15.52%	-27.49%	29.29%	22.32%	36.54%	-11.02%

Correlation

The correlation between BFGFX and BRIIX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jan 2, 2018	0.61

The correlation between BFGFX and BRIIX shifts across timeframes, from 0.42 (1 year) to 0.61 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BFGFX vs. BRIIX — 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

BRIIX

BRIIX Risk / Return Rank: 18
BRIIX Sharpe Ratio Rank: 14
BRIIX Sortino Ratio Rank: 14
BRIIX Omega Ratio Rank: 14
BRIIX Calmar Ratio Rank: 24
BRIIX Martin Ratio Rank: 25

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. BRIIX - Risk-Adjusted Trends Comparison

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

	BFGFX	BRIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.06	+0.13
Sortino ratio: Return per unit of downside risk	2.18	1.50	+0.67
Omega ratio: Gain probability vs. loss probability	1.25	1.19	+0.06
Calmar ratio: Return relative to maximum drawdown	2.32	1.83	+0.49
Martin ratio: Return relative to average drawdown	6.26	6.15	+0.10
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. BRIIX - Sharpe Ratio Comparison

The current BFGFX Sharpe Ratio is 1.19, which is comparable to the BRIIX Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of BFGFX and BRIIX, 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	BRIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	1.06	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.22	+0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.45	+0.25

Drawdowns

BFGFX vs. BRIIX - Drawdown Comparison

The maximum BFGFX drawdown since its inception was -59.52%, which is greater than BRIIX's maximum drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for BFGFX and BRIIX.

Drawdown Indicators

	BFGFX	BRIIX	Difference
Max Drawdown Largest peak-to-trough decline	-59.52%	-37.06%	-22.46%
Max Drawdown (1Y) Largest decline over 1 year	-9.74%	-7.61%	-2.13%
Max Drawdown (3Y) Largest decline over 3 years	-21.00%	-17.53%	-3.47%
Max Drawdown (5Y) Largest decline over 5 years	-35.93%	-32.86%	-3.07%
Max Drawdown (10Y) Largest decline over 10 years	-43.62%	—	—
Current Drawdown Current decline from peak	-1.89%	-2.23%	+0.34%
Average Drawdown Average peak-to-trough decline	-12.37%	-8.60%	-3.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	2.26%	+1.35%

Volatility

BFGFX vs. BRIIX - Volatility Comparison

Baron Focused Growth Fund (BFGFX) has a higher volatility of 5.18% compared to Baron Real Estate Income Fund (BRIIX) at 4.05%. This indicates that BFGFX'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

	BFGFX	BRIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	4.05%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	15.67%	9.20%	+6.47%
Volatility (1Y) Calculated over the trailing 1-year period	19.05%	13.10%	+5.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.34%	18.36%	+3.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.99%	20.61%	+3.38%

BFGFX vs. BRIIX - Expense Ratio Comparison

BFGFX has a 1.32% expense ratio, which is higher than BRIIX's 1.08% expense ratio.

Dividends

BFGFX vs. BRIIX - Dividend Comparison

BFGFX has not paid dividends to shareholders, while BRIIX's dividend yield for the trailing twelve months is around 1.50%.

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%
BRIIX Baron Real Estate Income Fund	1.50%	1.70%	1.39%	1.95%	2.00%	1.21%	0.77%	1.12%	3.03%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BFGFX and BRIIX in my portfolio?

BFGFX and BRIIX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BFGFX or BRIIX?

BFGFX has higher volatility (5.18%) compared to BRIIX (4.05%). In terms of maximum drawdown, BFGFX dropped -59.52% vs BRIIX's -37.06%.

Which has better risk-adjusted returns?

BFGFX currently has the higher Sharpe Ratio (1.19 vs 1.06), 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.