BFGIX vs. BREFX

Last updated Jun 24, 2026

BFGIX (Baron Focused Growth Fund Institutional Shares) and BREFX (Baron Real Estate Fund Retail Shares) are both mutual funds - BFGIX is a Mid Cap Growth Equities fund actively managed by Baron Capital, while BREFX is a REIT fund actively managed by Baron Capital. Both are actively managed. Over the past 10 years, BFGIX returned 21.84%/yr vs 11.47%/yr for BREFX. A 0.78 correlation means they provide meaningful diversification when combined. BFGIX charges 1.05%/yr vs 1.31%/yr for BREFX.

Performance

BFGIX vs. BREFX - Performance Comparison

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

Returns By Period

In the year-to-date period, BFGIX achieves a 4.38% return, which is significantly higher than BREFX's 3.33% return. Over the past 10 years, BFGIX has outperformed BREFX with an annualized return of 21.84%, while BREFX has yielded a comparatively lower 11.47% annualized return.

BFGIX

• 1D: -6.25%
• 1M: 5.60%
• YTD: 4.38%
• 6M: 2.37%
• 1Y: 24.01%
• 3Y*: 21.09%
• 5Y*: 12.23%
• 10Y*: 21.84%

BREFX

• 1D: -0.54%
• 1M: 3.80%
• YTD: 3.33%
• 6M: 2.08%
• 1Y: 13.23%
• 3Y*: 11.36%
• 5Y*: 2.90%
• 10Y*: 11.47%

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

BFGIX vs. BREFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BFGIX Baron Focused Growth Fund Institutional Shares	4.38%	22.26%	29.85%	27.78%	-28.05%	19.00%	122.92%	30.34%	4.08%	26.58%
BREFX Baron Real Estate Fund Retail Shares	3.33%	4.91%	12.19%	24.70%	-28.62%	24.09%	43.92%	44.27%	-22.23%	31.06%

Correlation

The correlation between BFGIX and BREFX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Dec 31, 2009	0.78

The correlation between BFGIX and BREFX shifts across timeframes, from 0.61 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BFGIX vs. BREFX — Risk / Return Rank

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

BFGIX

BFGIX Risk / Return Rank: 32
BFGIX Sharpe Ratio Rank: 20
BFGIX Sortino Ratio Rank: 28
BFGIX Omega Ratio Rank: 29
BFGIX Calmar Ratio Rank: 51
BFGIX Martin Ratio Rank: 33

BREFX

BREFX Risk / Return Rank: 13
BREFX Sharpe Ratio Rank: 12
BREFX Sortino Ratio Rank: 13
BREFX Omega Ratio Rank: 12
BREFX Calmar Ratio Rank: 14
BREFX Martin Ratio Rank: 13

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. BREFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Focused Growth Fund Institutional Shares (BFGIX) and Baron Real Estate Fund Retail Shares (BREFX). 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	BREFX	Difference
Sharpe ratio: Return per unit of total volatility	1.18	0.89	+0.29
Sortino ratio: Return per unit of downside risk	2.06	1.39	+0.67
Omega ratio: Gain probability vs. loss probability	1.26	1.16	+0.10
Calmar ratio: Return relative to maximum drawdown	2.62	1.20	+1.42
Martin ratio: Return relative to average drawdown	7.12	3.40	+3.72

BFGIX vs. BREFX - Sharpe Ratio Comparison

The current BFGIX Sharpe Ratio is 1.18, which is higher than the BREFX Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of BFGIX and BREFX, 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. BREFX - Drawdown Comparison

The maximum BFGIX drawdown since its inception was -43.62%, which is greater than BREFX's maximum drawdown of -38.52%. Use the drawdown chart below to compare losses from any high point for BFGIX and BREFX.

Drawdown Indicators

	BFGIX	BREFX	Difference
Max Drawdown Largest peak-to-trough decline	-43.62%	-38.52%	-5.10%
Max Drawdown (1Y) Largest decline over 1 year	-9.92%	-12.60%	+2.68%
Max Drawdown (3Y) Largest decline over 3 years	-20.97%	-23.98%	+3.01%
Max Drawdown (5Y) Largest decline over 5 years	-35.71%	-34.05%	-1.66%
Max Drawdown (10Y) Largest decline over 10 years	-43.62%	-38.52%	-5.10%
Current Drawdown Current decline from peak	-9.92%	-1.97%	-7.95%
Average Drawdown Average peak-to-trough decline	-7.85%	-7.67%	-0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.65%	4.45%	-0.80%

Volatility

BFGIX vs. BREFX - Volatility Comparison

Baron Focused Growth Fund Institutional Shares (BFGIX) has a higher volatility of 12.08% compared to Baron Real Estate Fund Retail Shares (BREFX) at 5.05%. This indicates that BFGIX's price experiences larger fluctuations and is considered to be riskier than BREFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BFGIX	BREFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.08%	5.05%	+7.03%
Volatility (6M) Calculated over the trailing 6-month period	15.73%	12.60%	+3.13%
Volatility (1Y) Calculated over the trailing 1-year period	22.03%	17.05%	+4.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.85%	20.79%	+2.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.24%	21.25%	+2.99%

BFGIX vs. BREFX - Expense Ratio Comparison

BFGIX has a 1.05% expense ratio, which is lower than BREFX's 1.31% expense ratio.

Dividends

BFGIX vs. BREFX - Dividend Comparison

BFGIX has not paid dividends to shareholders, while BREFX's dividend yield for the trailing twelve months is around 3.53%.

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%
BREFX Baron Real Estate Fund Retail Shares	3.53%	3.64%	0.16%	0.06%	2.94%	8.17%	6.27%	13.89%	12.04%	4.77%	0.35%	1.98%

Frequently Asked Questions

Can I hold both BFGIX and BREFX in my portfolio?

BFGIX and BREFX have a correlation of 0.61, 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 BREFX?

BFGIX has higher volatility (12.08%) compared to BREFX (5.05%). In terms of maximum drawdown, BFGIX dropped -43.62% vs BREFX's -38.52%.

Which has better risk-adjusted returns?

BFGIX currently has the higher Sharpe Ratio (1.18 vs 0.89), 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.