BFGIX vs. AVALX

Last updated Jun 23, 2026

BFGIX (Baron Focused Growth Fund Institutional Shares) and AVALX (Aegis Value Fund) are both mutual funds - BFGIX is a Mid Cap Growth Equities fund actively managed by Baron Capital, while AVALX is a Small Cap Value Equities fund managed by Aegis. Over the past 10 years, BFGIX returned 22.23%/yr vs 19.81%/yr for AVALX. A 0.54 correlation means they provide meaningful diversification when combined. BFGIX charges 1.05%/yr vs 1.50%/yr for AVALX.

Performance

BFGIX vs. AVALX - Performance Comparison

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

Returns By Period

In the year-to-date period, BFGIX achieves a 11.34% return, which is significantly lower than AVALX's 14.52% return. Over the past 10 years, BFGIX has outperformed AVALX with an annualized return of 22.23%, while AVALX has yielded a comparatively lower 19.81% annualized return.

BFGIX

• 1D: -0.75%
• 1M: 12.65%
• YTD: 11.34%
• 6M: 8.40%
• 1Y: 34.28%
• 3Y*: 23.23%
• 5Y*: 14.46%
• 10Y*: 22.23%

AVALX

• 1D: -1.08%
• 1M: -4.84%
• YTD: 14.52%
• 6M: 14.42%
• 1Y: 48.95%
• 3Y*: 30.71%
• 5Y*: 21.59%
• 10Y*: 19.81%

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

BFGIX vs. AVALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BFGIX Baron Focused Growth Fund Institutional Shares	11.34%	22.26%	29.85%	27.78%	-28.05%	19.00%	122.92%	30.34%	4.08%	26.58%
AVALX Aegis Value Fund	14.52%	67.06%	8.29%	13.11%	10.50%	37.67%	18.89%	25.67%	-16.95%	17.37%

Correlation

The correlation between BFGIX and AVALX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since May 29, 2009	0.54

Over the past year, the correlation between BFGIX and AVALX has dropped to 0.29 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.

Return for Risk

BFGIX vs. AVALX — Risk / Return Rank

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

BFGIX

BFGIX Risk / Return Rank: 54
BFGIX Sharpe Ratio Rank: 36
BFGIX Sortino Ratio Rank: 59
BFGIX Omega Ratio Rank: 46
BFGIX Calmar Ratio Rank: 81
BFGIX Martin Ratio Rank: 49

AVALX

AVALX Risk / Return Rank: 87
AVALX Sharpe Ratio Rank: 89
AVALX Sortino Ratio Rank: 77
AVALX Omega Ratio Rank: 78
AVALX Calmar Ratio Rank: 96
AVALX Martin Ratio Rank: 94

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.

BFGIX vs. AVALX - Risk-Adjusted Trends Comparison

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

	BFGIX	AVALX	Difference
Sharpe ratio: Return per unit of total volatility	1.62	2.71	-1.09
Sortino ratio: Return per unit of downside risk	2.95	3.35	-0.41
Omega ratio: Gain probability vs. loss probability	1.34	1.46	-0.12
Calmar ratio: Return relative to maximum drawdown	3.51	5.66	-2.14
Martin ratio: Return relative to average drawdown	9.46	19.05	-9.59

BFGIX vs. AVALX - Sharpe Ratio Comparison

The current BFGIX Sharpe Ratio is 1.62, which is lower than the AVALX Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of BFGIX and AVALX, 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

BFGIX vs. AVALX - Drawdown Comparison

The maximum BFGIX drawdown since its inception was -43.62%, smaller than the maximum AVALX drawdown of -73.72%. Use the drawdown chart below to compare losses from any high point for BFGIX and AVALX.

Drawdown Indicators

	BFGIX	AVALX	Difference
Max Drawdown Largest peak-to-trough decline	-43.62%	-73.72%	+30.10%
Max Drawdown (1Y) Largest decline over 1 year	-9.69%	-8.32%	-1.37%
Max Drawdown (3Y) Largest decline over 3 years	-20.97%	-13.59%	-7.38%
Max Drawdown (5Y) Largest decline over 5 years	-35.71%	-32.00%	-3.71%
Max Drawdown (10Y) Largest decline over 10 years	-43.62%	-48.34%	+4.72%
Current Drawdown Current decline from peak	-3.91%	-6.67%	+2.76%
Average Drawdown Average peak-to-trough decline	-7.85%	-10.94%	+3.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	2.50%	+1.09%

Volatility

BFGIX vs. AVALX - Volatility Comparison

Baron Focused Growth Fund Institutional Shares (BFGIX) has a higher volatility of 9.76% compared to Aegis Value Fund (AVALX) at 5.49%. This indicates that BFGIX's price experiences larger fluctuations and is considered to be riskier than AVALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BFGIX	AVALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.76%	5.49%	+4.27%
Volatility (6M) Calculated over the trailing 6-month period	14.32%	13.30%	+1.02%
Volatility (1Y) Calculated over the trailing 1-year period	21.04%	17.44%	+3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.68%	22.28%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.16%	22.17%	+1.99%

BFGIX vs. AVALX - Expense Ratio Comparison

BFGIX has a 1.05% expense ratio, which is lower than AVALX's 1.50% expense ratio.

Dividends

BFGIX vs. AVALX - Dividend Comparison

BFGIX has not paid dividends to shareholders, while AVALX's dividend yield for the trailing twelve months is around 2.04%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVALX Aegis Value Fund	2.04%	2.34%	7.07%	2.23%	0.16%	0.00%	6.62%	2.36%	6.18%	0.00%	1.45%	0.04%
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 BFGIX and AVALX in my portfolio?

BFGIX and AVALX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BFGIX or AVALX?

BFGIX has higher volatility (9.76%) compared to AVALX (5.49%). In terms of maximum drawdown, BFGIX dropped -43.62% vs AVALX's -73.72%.

Which has better risk-adjusted returns?

AVALX currently has the higher Sharpe Ratio (2.71 vs 1.62), 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.