BGCBX vs. BGGSX

Last updated Jul 14, 2026

BGCBX (Baillie Gifford China Equities Fund) and BGGSX (Baillie Gifford U.S. Equity Growth Fund) are both mutual funds - BGCBX is a China Equities fund managed by Baillie Gifford Funds, while BGGSX is a Large Cap Growth Equities fund managed by Baillie Gifford Funds. Over the past 5 years, BGCBX returned -7.03%/yr vs -5.30%/yr for BGGSX. At a 0.42 correlation, their price movements are largely independent. BGCBX charges 0.96%/yr vs 0.75%/yr for BGGSX.

Performance

BGCBX vs. BGGSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baillie Gifford China Equities Fund (BGCBX) and Baillie Gifford U.S. Equity Growth Fund (BGGSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BGCBX achieves a -4.20% return, which is significantly lower than BGGSX's -1.51% return.

BGCBX

• 1D: -1.64%
• 1M: -1.20%
• 6M: -10.07%
• YTD: -4.20%
• 1Y: 12.85%
• 3Y*: 9.17%
• 5Y*: -7.03%
• 10Y*: —

BGGSX

• 1D: -0.35%
• 1M: 9.00%
• 6M: -2.41%
• YTD: -1.51%
• 1Y: -1.51%
• 3Y*: 14.71%
• 5Y*: -5.30%
• 10Y*: —

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

BGCBX vs. BGGSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BGCBX Baillie Gifford China Equities Fund	-4.20%	36.51%	9.74%	-18.00%	-28.56%	-17.30%
BGGSX Baillie Gifford U.S. Equity Growth Fund	-1.51%	10.25%	30.44%	45.93%	-52.50%	-22.91%

Correlation

The correlation between BGCBX and BGGSX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jul 7, 2021	0.42

Return for Risk

BGCBX vs. BGGSX — Risk / Return Rank

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

BGCBX

BGCBX Risk / Return Rank: 12
BGCBX Sharpe Ratio Rank: 12
BGCBX Sortino Ratio Rank: 13
BGCBX Omega Ratio Rank: 12
BGCBX Calmar Ratio Rank: 15
BGCBX Martin Ratio Rank: 10

BGGSX

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

BGCBX vs. BGGSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baillie Gifford China Equities Fund (BGCBX) and Baillie Gifford U.S. Equity Growth Fund (BGGSX). 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.

	BGCBX	BGGSX	Difference
Sharpe ratio: Return per unit of total volatility	0.68	-0.12	+0.80
Sortino ratio: Return per unit of downside risk	1.06	-0.01	+1.07
Omega ratio: Gain probability vs. loss probability	1.13	1.00	+0.13
Calmar ratio: Return relative to maximum drawdown	0.94	-0.10	+1.05
Martin ratio: Return relative to average drawdown	2.02	-0.21	+2.24

BGCBX vs. BGGSX - Sharpe Ratio Comparison

The current BGCBX Sharpe Ratio is 0.68, which is higher than the BGGSX Sharpe Ratio of -0.12. The chart below compares the historical Sharpe Ratios of BGCBX and BGGSX, 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

BGCBX vs. BGGSX - Drawdown Comparison

The maximum BGCBX drawdown since its inception was -59.07%, smaller than the maximum BGGSX drawdown of -68.76%. Use the drawdown chart below to compare losses from any high point for BGCBX and BGGSX.

Drawdown Indicators

	BGCBX	BGGSX	Difference
Max Drawdown Largest peak-to-trough decline	-59.07%	-68.76%	+9.69%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	-26.08%	+12.60%
Max Drawdown (3Y) Largest decline over 3 years	-28.54%	-30.87%	+2.33%
Max Drawdown (5Y) Largest decline over 5 years	-59.07%	-67.71%	+8.64%
Current Drawdown Current decline from peak	-31.43%	-28.01%	-3.42%
Average Drawdown Average peak-to-trough decline	-38.11%	-25.22%	-12.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.27%	12.72%	-6.45%

Volatility

BGCBX vs. BGGSX - Volatility Comparison

The current volatility for Baillie Gifford China Equities Fund (BGCBX) is 5.32%, while Baillie Gifford U.S. Equity Growth Fund (BGGSX) has a volatility of 7.70%. This indicates that BGCBX experiences smaller price fluctuations and is considered to be less risky than BGGSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGCBX	BGGSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	7.70%	-2.38%
Volatility (6M) Calculated over the trailing 6-month period	13.10%	17.75%	-4.65%
Volatility (1Y) Calculated over the trailing 1-year period	18.65%	22.55%	-3.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.88%	35.27%	-8.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.89%	32.11%	-5.22%

BGCBX vs. BGGSX - Expense Ratio Comparison

BGCBX has a 0.96% expense ratio, which is higher than BGGSX's 0.75% expense ratio.

Dividends

BGCBX vs. BGGSX - Dividend Comparison

BGCBX's dividend yield for the trailing twelve months is around 0.95%, while BGGSX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BGCBX Baillie Gifford China Equities Fund	0.95%	0.91%	2.03%	1.50%	0.66%	0.00%	0.00%	0.00%	0.00%
BGGSX Baillie Gifford U.S. Equity Growth Fund	0.00%	0.00%	0.00%	0.00%	16.38%	2.61%	3.29%	1.35%	2.02%

Frequently Asked Questions

Can I hold both BGCBX and BGGSX in my portfolio?

BGCBX and BGGSX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BGCBX or BGGSX?

BGGSX has higher volatility (7.70%) compared to BGCBX (5.32%). In terms of maximum drawdown, BGCBX dropped -59.07% vs BGGSX's -68.76%.

Which has better risk-adjusted returns?

BGCBX currently has the higher Sharpe Ratio (0.68 vs -0.12), 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.