BGAIX vs. BRIIX

Last updated Jun 4, 2026

BGAIX (Baron Global Advantage Fund) and BRIIX (Baron Real Estate Income Fund) are both mutual funds - BGAIX is a Global Equities fund managed by Baron Capital Group, Inc., while BRIIX is a REIT fund managed by Baron Capital Group, Inc.. Over the past 5 years, BGAIX returned 1.85%/yr vs 4.05%/yr for BRIIX. A 0.53 correlation means they provide meaningful diversification when combined. BGAIX charges 0.90%/yr vs 1.08%/yr for BRIIX.

Performance

BGAIX vs. BRIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Global Advantage Fund (BGAIX) and Baron Real Estate Income Fund (BRIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BGAIX achieves a 11.15% return, which is significantly higher than BRIIX's 8.09% return.

BGAIX

• 1D: -1.05%
• 1M: 7.40%
• YTD: 11.15%
• 6M: 19.96%
• 1Y: 33.81%
• 3Y*: 24.57%
• 5Y*: 1.85%
• 10Y*: 15.45%

BRIIX

• 1D: 0.55%
• 1M: 0.05%
• YTD: 8.09%
• 6M: 6.85%
• 1Y: 14.00%
• 3Y*: 12.90%
• 5Y*: 4.05%
• 10Y*: —

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

BGAIX vs. BRIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BGAIX Baron Global Advantage Fund	11.15%	27.53%	26.42%	25.56%	-51.56%	0.90%	79.46%	45.45%	-3.66%
BRIIX Baron Real Estate Income Fund	8.09%	3.73%	17.32%	15.52%	-27.49%	29.29%	22.32%	36.54%	-11.02%

Correlation

The correlation between BGAIX and BRIIX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jan 2, 2018	0.53

Over the past year, the correlation between BGAIX and BRIIX has dropped to 0.27 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

Return for Risk

BGAIX vs. BRIIX — Risk / Return Rank

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

BGAIX

BGAIX Risk / Return Rank: 45
BGAIX Sharpe Ratio Rank: 34
BGAIX Sortino Ratio Rank: 38
BGAIX Omega Ratio Rank: 37
BGAIX Calmar Ratio Rank: 68
BGAIX Martin Ratio Rank: 50

BRIIX

BRIIX Risk / Return Rank: 18
BRIIX Sharpe Ratio Rank: 14
BRIIX Sortino Ratio Rank: 14
BRIIX Omega Ratio Rank: 14
BRIIX Calmar Ratio Rank: 24
BRIIX Martin Ratio Rank: 25

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.

BGAIX vs. BRIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Global Advantage Fund (BGAIX) and Baron Real Estate Income Fund (BRIIX). 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.

	BGAIX	BRIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.06	+0.62
Sortino ratio: Return per unit of downside risk	2.57	1.50	+1.06
Omega ratio: Gain probability vs. loss probability	1.32	1.19	+0.13
Calmar ratio: Return relative to maximum drawdown	3.21	1.83	+1.38
Martin ratio: Return relative to average drawdown	10.29	6.15	+4.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BGAIX vs. BRIIX - Sharpe Ratio Comparison

The current BGAIX Sharpe Ratio is 1.68, which is higher than the BRIIX Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of BGAIX and BRIIX, 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

	BGAIX	BRIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	1.06	+0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.22	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.45	+0.10

Drawdowns

BGAIX vs. BRIIX - Drawdown Comparison

The maximum BGAIX drawdown since its inception was -61.14%, which is greater than BRIIX's maximum drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for BGAIX and BRIIX.

Drawdown Indicators

	BGAIX	BRIIX	Difference
Max Drawdown Largest peak-to-trough decline	-61.14%	-37.06%	-24.08%
Max Drawdown (1Y) Largest decline over 1 year	-10.69%	-7.61%	-3.08%
Max Drawdown (3Y) Largest decline over 3 years	-26.52%	-17.53%	-8.99%
Max Drawdown (5Y) Largest decline over 5 years	-61.14%	-32.86%	-28.28%
Max Drawdown (10Y) Largest decline over 10 years	-61.14%	—	—
Current Drawdown Current decline from peak	-9.51%	-2.23%	-7.28%
Average Drawdown Average peak-to-trough decline	-17.03%	-8.60%	-8.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	2.26%	+1.07%

Volatility

BGAIX vs. BRIIX - Volatility Comparison

Baron Global Advantage Fund (BGAIX) has a higher volatility of 4.48% compared to Baron Real Estate Income Fund (BRIIX) at 4.05%. This indicates that BGAIX's price experiences larger fluctuations and is considered to be riskier than BRIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGAIX	BRIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	4.05%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	15.74%	9.20%	+6.54%
Volatility (1Y) Calculated over the trailing 1-year period	20.39%	13.10%	+7.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.13%	18.36%	+11.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.71%	20.61%	+6.10%

BGAIX vs. BRIIX - Expense Ratio Comparison

BGAIX has a 0.90% expense ratio, which is lower than BRIIX's 1.08% expense ratio.

Dividends

BGAIX vs. BRIIX - Dividend Comparison

BGAIX's dividend yield for the trailing twelve months is around 0.17%, less than BRIIX's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGAIX Baron Global Advantage Fund	0.17%	0.19%	0.00%	0.00%	1.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.42%
BRIIX Baron Real Estate Income Fund	1.50%	1.70%	1.39%	1.95%	2.00%	1.21%	0.77%	1.12%	3.03%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BGAIX and BRIIX in my portfolio?

BGAIX and BRIIX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BGAIX or BRIIX?

BGAIX has higher volatility (4.48%) compared to BRIIX (4.05%). In terms of maximum drawdown, BGAIX dropped -61.14% vs BRIIX's -37.06%.

Which has better risk-adjusted returns?

BGAIX currently has the higher Sharpe Ratio (1.68 vs 1.06), 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.