BFGFX vs. FSMD

Last updated Apr 1, 2026

Compare and contrast key facts about Baron Focused Growth Fund (BFGFX) and Fidelity Small-Mid Multifactor ETF (FSMD).

BFGFX is managed by Baron Capital Group, Inc.. It was launched on Jun 30, 2008. FSMD is a passively managed fund by Fidelity that tracks the performance of the Fidelity Small-Mid Multifactor Index. It was launched on Feb 26, 2019.

Performance

BFGFX vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Focused Growth Fund (BFGFX) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

BFGFX vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BFGFX Baron Focused Growth Fund	-7.28%	21.94%	29.52%	27.40%	-28.21%	18.67%	122.38%	16.95%
FSMD Fidelity Small-Mid Multifactor ETF	1.72%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%

Returns By Period

In the year-to-date period, BFGFX achieves a -7.28% return, which is significantly lower than FSMD's 1.72% return.

BFGFX

• 1D: 0.02%
• 1M: -7.79%
• YTD: -7.28%
• 6M: 4.10%
• 1Y: 22.91%
• 3Y*: 17.72%
• 5Y*: 9.71%
• 10Y*: 19.86%

FSMD

• 1D: 3.04%
• 1M: -4.67%
• YTD: 1.72%
• 6M: 2.29%
• 1Y: 15.81%
• 3Y*: 13.07%
• 5Y*: 7.84%
• 10Y*: —

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

BFGFX vs. FSMD - Expense Ratio Comparison

BFGFX has a 1.32% expense ratio, which is higher than FSMD's 0.29% expense ratio.

BFGFX

Baron Focused Growth Fund

FSMD

Fidelity Small-Mid Multifactor ETF

Return for Risk

BFGFX vs. FSMD — Risk / Return Rank

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

BFGFX

BFGFX Risk / Return Rank: 71
BFGFX Sharpe Ratio Rank: 61
BFGFX Sortino Ratio Rank: 77
BFGFX Omega Ratio Rank: 67
BFGFX Calmar Ratio Rank: 78
BFGFX Martin Ratio Rank: 72

FSMD

FSMD Risk / Return Rank: 52
FSMD Sharpe Ratio Rank: 46
FSMD Sortino Ratio Rank: 49
FSMD Omega Ratio Rank: 47
FSMD Calmar Ratio Rank: 56
FSMD Martin Ratio Rank: 60

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. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Focused Growth Fund (BFGFX) and Fidelity Small-Mid Multifactor ETF (FSMD). 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	FSMD	Difference
Sharpe ratio Return per unit of total volatility	1.07	0.79	+0.28
Sortino ratio Return per unit of downside risk	1.90	1.26	+0.64
Omega ratio Gain probability vs. loss probability	1.25	1.17	+0.07
Calmar ratio Return relative to maximum drawdown	1.82	1.33	+0.48
Martin ratio Return relative to average drawdown	6.88	5.61	+1.27
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. FSMD - Sharpe Ratio Comparison

The current BFGFX Sharpe Ratio is 1.07, which is higher than the FSMD Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of BFGFX and FSMD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BFGFX	FSMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	0.79	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.43	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.47	+0.21

Correlation

The correlation between BFGFX and FSMD is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BFGFX vs. FSMD - Dividend Comparison

BFGFX has not paid dividends to shareholders, while FSMD's dividend yield for the trailing twelve months is around 1.37%.

	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%
FSMD Fidelity Small-Mid Multifactor ETF	1.37%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%	0.00%	0.00%	0.00%	0.00%

Drawdowns

BFGFX vs. FSMD - Drawdown Comparison

The maximum BFGFX drawdown since its inception was -59.52%, which is greater than FSMD's maximum drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for BFGFX and FSMD.

Drawdown Indicators

	BFGFX	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-59.52%	-40.67%	-18.85%
Max Drawdown (1Y) Largest decline over 1 year	-11.95%	-12.63%	+0.68%
Max Drawdown (5Y) Largest decline over 5 years	-35.93%	-22.16%	-13.77%
Max Drawdown (10Y) Largest decline over 10 years	-43.62%	—	—
Current Drawdown Current decline from peak	-9.72%	-5.65%	-4.07%
Average Drawdown Average peak-to-trough decline	-12.43%	-6.12%	-6.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	3.01%	+0.15%

Volatility

BFGFX vs. FSMD - Volatility Comparison

The current volatility for Baron Focused Growth Fund (BFGFX) is 4.23%, while Fidelity Small-Mid Multifactor ETF (FSMD) has a volatility of 6.73%. This indicates that BFGFX experiences smaller price fluctuations and is considered to be less risky than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BFGFX	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	6.73%	-2.50%
Volatility (6M) Calculated over the trailing 6-month period	15.64%	11.32%	+4.32%
Volatility (1Y) Calculated over the trailing 1-year period	22.97%	20.07%	+2.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.56%	18.43%	+4.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.94%	21.54%	+2.40%