BFGIX vs. BMDSX

Last updated Jun 3, 2026

BFGIX (Baron Focused Growth Fund Institutional Shares) and BMDSX (Baird Mid Cap Growth Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, BFGIX returned 21.44%/yr vs 8.65%/yr for BMDSX. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 1.05% expense ratio.

Performance

BFGIX vs. BMDSX - Performance Comparison

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

Returns By Period

In the year-to-date period, BFGIX achieves a 3.92% return, which is significantly lower than BMDSX's 6.09% return. Over the past 10 years, BFGIX has outperformed BMDSX with an annualized return of 21.44%, while BMDSX has yielded a comparatively lower 8.65% annualized return.

BFGIX

• 1D: 2.36%
• 1M: 7.03%
• YTD: 3.92%
• 6M: 16.37%
• 1Y: 25.20%
• 3Y*: 21.80%
• 5Y*: 13.02%
• 10Y*: 21.44%

BMDSX

• 1D: 1.07%
• 1M: 1.76%
• YTD: 6.09%
• 6M: 5.22%
• 1Y: 2.16%
• 3Y*: 0.78%
• 5Y*: -0.81%
• 10Y*: 8.65%

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

BFGIX vs. BMDSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BFGIX Baron Focused Growth Fund Institutional Shares	3.92%	22.26%	29.85%	27.78%	-28.05%	19.00%	122.92%	30.34%	4.08%	26.58%
BMDSX Baird Mid Cap Growth Fund	6.09%	-9.55%	-1.16%	19.91%	-27.86%	21.81%	34.56%	35.94%	-1.52%	26.61%

Correlation

The correlation between BFGIX and BMDSX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 1, 2009	0.83

The correlation between BFGIX and BMDSX has been stable across timeframes, ranging from 0.73 to 0.83 - a consistent structural relationship.

Return for Risk

BFGIX vs. BMDSX — Risk / Return Rank

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

BFGIX

BFGIX Risk / Return Rank: 31
BFGIX Sharpe Ratio Rank: 20
BFGIX Sortino Ratio Rank: 33
BFGIX Omega Ratio Rank: 28
BFGIX Calmar Ratio Rank: 45
BFGIX Martin Ratio Rank: 29

BMDSX

BMDSX Risk / Return Rank: 3
BMDSX Sharpe Ratio Rank: 3
BMDSX Sortino Ratio Rank: 3
BMDSX Omega Ratio Rank: 3
BMDSX Calmar Ratio Rank: 3
BMDSX Martin Ratio Rank: 3

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. BMDSX - Risk-Adjusted Trends Comparison

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

	BFGIX	BMDSX	Difference
Sharpe ratio Return per unit of total volatility	1.33	0.10	+1.24
Sortino ratio Return per unit of downside risk	2.43	0.25	+2.18
Omega ratio Gain probability vs. loss probability	1.28	1.03	+0.25
Calmar ratio Return relative to maximum drawdown	2.60	0.11	+2.48
Martin ratio Return relative to average drawdown	7.04	0.24	+6.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BFGIX vs. BMDSX - Sharpe Ratio Comparison

The current BFGIX Sharpe Ratio is 1.33, which is higher than the BMDSX Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of BFGIX and BMDSX, 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

	BFGIX	BMDSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	0.10	+1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	-0.04	+0.62
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.42	+0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.34	+0.45

Drawdowns

BFGIX vs. BMDSX - Drawdown Comparison

The maximum BFGIX drawdown since its inception was -43.62%, smaller than the maximum BMDSX drawdown of -53.96%. Use the drawdown chart below to compare losses from any high point for BFGIX and BMDSX.

Drawdown Indicators

	BFGIX	BMDSX	Difference
Max Drawdown Largest peak-to-trough decline	-43.62%	-53.96%	+10.34%
Max Drawdown (1Y) Largest decline over 1 year	-9.69%	-14.54%	+4.85%
Max Drawdown (3Y) Largest decline over 3 years	-20.97%	-25.04%	+4.07%
Max Drawdown (5Y) Largest decline over 5 years	-35.71%	-36.24%	+0.53%
Max Drawdown (10Y) Largest decline over 10 years	-43.62%	-36.24%	-7.38%
Current Drawdown Current decline from peak	0.00%	-21.07%	+21.07%
Average Drawdown Average peak-to-trough decline	-7.87%	-10.94%	+3.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	6.75%	-3.18%

Volatility

BFGIX vs. BMDSX - Volatility Comparison

Baron Focused Growth Fund Institutional Shares (BFGIX) has a higher volatility of 4.66% compared to Baird Mid Cap Growth Fund (BMDSX) at 3.91%. This indicates that BFGIX's price experiences larger fluctuations and is considered to be riskier than BMDSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BFGIX	BMDSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	3.91%	+0.75%
Volatility (6M) Calculated over the trailing 6-month period	15.53%	11.63%	+3.90%
Volatility (1Y) Calculated over the trailing 1-year period	19.00%	15.25%	+3.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.34%	21.03%	+1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.99%	20.80%	+3.19%

BFGIX vs. BMDSX - Expense Ratio Comparison

Both BFGIX and BMDSX have an expense ratio of 1.05%.

Dividends

BFGIX vs. BMDSX - Dividend Comparison

BFGIX has not paid dividends to shareholders, while BMDSX's dividend yield for the trailing twelve months is around 13.08%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
BMDSX Baird Mid Cap Growth Fund	13.08%	13.88%	4.57%	2.44%	1.79%	17.82%	10.09%	5.77%	6.62%	4.87%	0.00%	0.15%

Frequently Asked Questions

Can I hold both BFGIX and BMDSX in my portfolio?

BFGIX and BMDSX have a correlation of 0.73, 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 BMDSX?

BFGIX has higher volatility (4.66%) compared to BMDSX (3.91%). In terms of maximum drawdown, BFGIX dropped -43.62% vs BMDSX's -53.96%.

Which has better risk-adjusted returns?

BFGIX currently has the higher Sharpe Ratio (1.33 vs 0.10), 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.