BGCBX vs. BTLSX

Last updated Jul 14, 2026

BGCBX (Baillie Gifford China Equities Fund) and BTLSX (Baillie Gifford International Concentrated Growth Equities Fund) are both mutual funds - BGCBX is a China Equities fund managed by Baillie Gifford Funds, while BTLSX is a Foreign Large Cap Equities fund managed by Baillie Gifford Funds. A 0.60 correlation means they provide meaningful diversification when combined. BGCBX charges 0.96%/yr vs 0.81%/yr for BTLSX.

Performance

BGCBX vs. BTLSX - Performance Comparison

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

Returns By Period

BGCBX

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

BTLSX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BGCBX vs. BTLSX - 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%
BTLSX Baillie Gifford International Concentrated Growth Equities Fund	-7.50%	16.56%	18.34%	14.75%	-39.64%	-5.78%

Correlation

The correlation between BGCBX and BTLSX is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jul 7, 2021	0.60

The correlation between BGCBX and BTLSX has been stable across timeframes, ranging from 0.51 to 0.60 - a consistent structural relationship.

Return for Risk

BGCBX vs. BTLSX — 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

BTLSX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. BTLSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baillie Gifford China Equities Fund (BGCBX) and Baillie Gifford International Concentrated Growth Equities Fund (BTLSX). 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	BTLSX	Difference
Sharpe ratio: Return per unit of total volatility	0.68	—	—
Sortino ratio: Return per unit of downside risk	1.06	—	—
Omega ratio: Gain probability vs. loss probability	1.13	—	—
Calmar ratio: Return relative to maximum drawdown	0.94	—	—
Martin ratio: Return relative to average drawdown	2.02	—	—

Drawdowns

Drawdown Indicators

	BGCBX	BTLSX	Difference
Max Drawdown Largest peak-to-trough decline	-59.07%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-28.54%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-59.07%	—	—
Current Drawdown Current decline from peak	-31.43%	—	—
Average Drawdown Average peak-to-trough decline	-38.11%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	6.27%	—	—

Volatility

Volatility by Period

	BGCBX	BTLSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.10%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.65%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.88%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.89%	—	—

BGCBX vs. BTLSX - Expense Ratio Comparison

BGCBX has a 0.96% expense ratio, which is higher than BTLSX's 0.81% expense ratio.

Dividends

BGCBX vs. BTLSX - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BGCBX Baillie Gifford China Equities Fund	0.95%	0.91%	2.03%	1.50%	0.66%	0.00%	0.00%	0.00%
BTLSX Baillie Gifford International Concentrated Growth Equities Fund	0.00%	0.00%	0.00%	0.00%	6.18%	25.27%	102.72%	0.17%

Frequently Asked Questions

Can I hold both BGCBX and BTLSX in my portfolio?

BGCBX and BTLSX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.