BFGUX vs. FMDGX

Last updated Jul 29, 2026

BFGUX (Baron Focused Growth Fund R6 Shares) and FMDGX (Fidelity Mid Cap Growth Index Fund) are both Mid Cap Growth Equities funds. BFGUX is actively managed, while FMDGX is passively managed. Over the past 5 years, BFGUX returned 11.61%/yr vs 4.44%/yr for FMDGX. Their correlation of 0.81 means they have usually moved in the same direction. BFGUX charges 1.05%/yr vs 0.05%/yr for FMDGX.

Performance

BFGUX vs. FMDGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Focused Growth Fund R6 Shares (BFGUX) and Fidelity Mid Cap Growth Index Fund (FMDGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BFGUX achieves a 0.13% return, which is significantly lower than FMDGX's 0.68% return.

BFGUX

• 1D: 3.47%
• 1M: -4.81%
• 6M: 2.26%
• YTD: 0.13%
• 1Y: 13.67%
• 3Y*: 17.19%
• 5Y*: 11.61%
• 10Y*: —
• ALL TIME*: 20.66%

FMDGX

• 1D: 0.54%
• 1M: -2.91%
• 6M: -1.48%
• YTD: 0.68%
• 1Y: -2.91%
• 3Y*: 12.20%
• 5Y*: 4.44%
• 10Y*: —
• ALL TIME*: 10.02%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BFGUX Baron Focused Growth Fund R6 Shares	$0.00	$0.00	$0.00
FMDGX Fidelity Mid Cap Growth Index Fund	$0.00	$0.00	$0.00

BFGUX vs. FMDGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BFGUX Baron Focused Growth Fund R6 Shares	0.13%	22.26%	29.85%	27.75%	-28.03%	18.99%	122.96%	11.37%
FMDGX Fidelity Mid Cap Growth Index Fund	0.68%	8.60%	22.03%	25.79%	-26.67%	12.67%	34.84%	4.63%

Correlation

The correlation between BFGUX and FMDGX is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer period.	0.83
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019	0.81

The correlation between BFGUX and FMDGX shifts across timeframes, from 0.67 (1 year) to 0.83 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BFGUX vs. FMDGX — Risk / Return Rank

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

BFGUX

BFGUX Risk / Return Rank: 19
BFGUX Sharpe Ratio Rank: 15
BFGUX Sortino Ratio Rank: 20
BFGUX Omega Ratio Rank: 20
BFGUX Calmar Ratio Rank: 17
BFGUX Martin Ratio Rank: 20

FMDGX

FMDGX Risk / Return Rank: 3
FMDGX Sharpe Ratio Rank: 3
FMDGX Sortino Ratio Rank: 3
FMDGX Omega Ratio Rank: 3
FMDGX Calmar Ratio Rank: 3
FMDGX 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.

BFGUX vs. FMDGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Focused Growth Fund R6 Shares (BFGUX) and Fidelity Mid Cap Growth Index Fund (FMDGX). 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.

	BFGUX	FMDGX	Difference
Sharpe ratio: Return per unit of total volatility	0.61	-0.17	+0.78
Sortino ratio: Return per unit of downside risk	1.17	-0.12	+1.29
Omega ratio: Gain probability vs. loss probability	1.14	0.99	+0.15
Calmar ratio: Return relative to maximum drawdown	0.85	-0.20	+1.05
Martin ratio: Return relative to average drawdown	2.95	-0.56	+3.50

BFGUX vs. FMDGX - Sharpe Ratio Comparison

The current BFGUX Sharpe Ratio is 0.61, which is higher than the FMDGX Sharpe Ratio of -0.17. The chart below compares the historical Sharpe Ratios of BFGUX and FMDGX, 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

BFGUX vs. FMDGX - Drawdown Comparison

The maximum BFGUX drawdown since its inception was -43.60%, which is greater than FMDGX's maximum drawdown of -38.59%. Use the drawdown chart below to compare losses from any high point for BFGUX and FMDGX.

Drawdown Indicators

	BFGUX	FMDGX	Difference
Max Drawdown Largest peak-to-trough decline	-43.60%	-38.59%	-5.01%
Max Drawdown (1Y) Largest decline over 1 year	-16.48%	-14.75%	-1.73%
Max Drawdown (3Y) Largest decline over 3 years	-20.98%	-25.30%	+4.32%
Max Drawdown (5Y) Largest decline over 5 years	-35.71%	-38.59%	+2.88%
Current Drawdown Current decline from peak	-13.59%	-6.12%	-7.47%
Average Drawdown Average peak-to-trough decline	-9.65%	-11.03%	+1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.74%	5.23%	-0.49%

Volatility

BFGUX vs. FMDGX - Volatility Comparison

Baron Focused Growth Fund R6 Shares (BFGUX) has a higher volatility of 7.56% compared to Fidelity Mid Cap Growth Index Fund (FMDGX) at 5.13%. This indicates that BFGUX's price experiences larger fluctuations and is considered to be riskier than FMDGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BFGUX	FMDGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.56%	5.13%	+2.43%
Volatility (6M) Calculated over the trailing 6-month period	17.06%	13.73%	+3.33%
Volatility (1Y) Calculated over the trailing 1-year period	23.06%	17.42%	+5.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.02%	22.50%	+0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.39%	24.22%	+0.17%

BFGUX vs. FMDGX - Expense Ratio Comparison

BFGUX has a 1.05% expense ratio, which is higher than FMDGX's 0.05% expense ratio.

Dividends

BFGUX vs. FMDGX - Dividend Comparison

BFGUX has not paid dividends to shareholders, while FMDGX's dividend yield for the trailing twelve months is around 1.84%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BFGUX Baron Focused Growth Fund R6 Shares	0.00%	0.00%	0.00%	0.00%	11.78%	15.00%	2.78%	1.74%	1.05%	2.08%	5.92%
FMDGX Fidelity Mid Cap Growth Index Fund	1.84%	1.85%	0.47%	0.63%	0.81%	6.43%	0.36%	0.29%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BFGUX and FMDGX in my portfolio?

BFGUX and FMDGX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BFGUX or FMDGX?

BFGUX has higher volatility (7.56%) compared to FMDGX (5.13%). In terms of maximum drawdown, BFGUX dropped -43.60% vs FMDGX's -38.59%.

Which has better risk-adjusted returns?

BFGUX currently has the higher Sharpe Ratio (0.61 vs -0.17), 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.