BGCBX vs. CAF

Last updated Jun 4, 2026

BGCBX (Baillie Gifford China Equities Fund) and CAF (Morgan Stanley China A Share Fund) are both China Equities funds. Over the past 3 years, BGCBX returned 11.01%/yr vs 17.00%/yr for CAF. A 0.73 correlation means they provide meaningful diversification when combined. BGCBX charges 0.96%/yr vs 1.67%/yr for CAF.

Performance

BGCBX vs. CAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baillie Gifford China Equities Fund (BGCBX) and Morgan Stanley China A Share Fund (CAF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BGCBX achieves a 0.72% return, which is significantly lower than CAF's 15.09% return.

BGCBX

• 1D: 2.96%
• 1M: 1.31%
• YTD: 0.72%
• 6M: 0.75%
• 1Y: 21.74%
• 3Y*: 11.01%
• 5Y*: —
• 10Y*: —

CAF

• 1D: -0.75%
• 1M: 4.77%
• YTD: 15.09%
• 6M: 27.15%
• 1Y: 52.69%
• 3Y*: 17.00%
• 5Y*: -1.17%
• 10Y*: 5.97%

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

BGCBX vs. CAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BGCBX Baillie Gifford China Equities Fund	0.72%	36.51%	9.74%	-18.00%	-28.56%	-17.30%
CAF Morgan Stanley China A Share Fund	15.09%	41.51%	0.34%	-9.39%	-30.41%	-3.81%

Correlation

The correlation between BGCBX and CAF is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jul 8, 2021	0.73

The correlation between BGCBX and CAF has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

Return for Risk

BGCBX vs. CAF — Risk / Return Rank

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

BGCBX

BGCBX Risk / Return Rank: 18
BGCBX Sharpe Ratio Rank: 19
BGCBX Sortino Ratio Rank: 19
BGCBX Omega Ratio Rank: 18
BGCBX Calmar Ratio Rank: 21
BGCBX Martin Ratio Rank: 15

CAF

CAF Risk / Return Rank: 83
CAF Sharpe Ratio Rank: 87
CAF Sortino Ratio Rank: 81
CAF Omega Ratio Rank: 77
CAF Calmar Ratio Rank: 91
CAF Martin Ratio Rank: 80

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. CAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baillie Gifford China Equities Fund (BGCBX) and Morgan Stanley China A Share Fund (CAF). 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.

	BGCBX	CAF	Difference
Sharpe ratio Return per unit of total volatility	1.25	2.86	-1.60
Sortino ratio Return per unit of downside risk	1.81	3.86	-2.05
Omega ratio Gain probability vs. loss probability	1.22	1.51	-0.28
Calmar ratio Return relative to maximum drawdown	1.68	4.82	-3.14
Martin ratio Return relative to average drawdown	4.22	15.07	-10.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BGCBX vs. CAF - Sharpe Ratio Comparison

The current BGCBX Sharpe Ratio is 1.25, which is lower than the CAF Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of BGCBX and CAF, 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

	BGCBX	CAF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	2.86	-1.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.05	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.23	0.28	-0.51

Drawdowns

BGCBX vs. CAF - Drawdown Comparison

The maximum BGCBX drawdown since its inception was -59.07%, smaller than the maximum CAF drawdown of -65.88%. Use the drawdown chart below to compare losses from any high point for BGCBX and CAF.

Drawdown Indicators

	BGCBX	CAF	Difference
Max Drawdown Largest peak-to-trough decline	-59.07%	-65.88%	+6.81%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	-10.98%	-2.50%
Max Drawdown (3Y) Largest decline over 3 years	-28.54%	-26.27%	-2.27%
Max Drawdown (5Y) Largest decline over 5 years	—	-49.01%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-49.01%	—
Current Drawdown Current decline from peak	-27.90%	-5.72%	-22.18%
Average Drawdown Average peak-to-trough decline	-38.29%	-25.92%	-12.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.37%	3.51%	+1.86%

Volatility

BGCBX vs. CAF - Volatility Comparison

The current volatility for Baillie Gifford China Equities Fund (BGCBX) is 5.62%, while Morgan Stanley China A Share Fund (CAF) has a volatility of 6.11%. This indicates that BGCBX experiences smaller price fluctuations and is considered to be less risky than CAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGCBX	CAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.62%	6.11%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	12.57%	13.72%	-1.15%
Volatility (1Y) Calculated over the trailing 1-year period	18.11%	18.54%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.04%	21.46%	+5.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.04%	21.88%	+5.16%

BGCBX vs. CAF - Expense Ratio Comparison

BGCBX has a 0.96% expense ratio, which is lower than CAF's 1.67% expense ratio.

Dividends

BGCBX vs. CAF - Dividend Comparison

BGCBX's dividend yield for the trailing twelve months is around 0.91%, less than CAF's 1.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGCBX Baillie Gifford China Equities Fund	0.91%	0.91%	2.03%	1.50%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CAF Morgan Stanley China A Share Fund	1.32%	1.51%	2.63%	0.96%	0.02%	6.57%	10.40%	3.78%	9.48%	5.20%	4.69%	67.03%

Frequently Asked Questions

Can I hold both BGCBX and CAF in my portfolio?

BGCBX and CAF have a correlation of 0.68, 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 CAF?

CAF has higher volatility (6.11%) compared to BGCBX (5.62%). In terms of maximum drawdown, BGCBX dropped -59.07% vs CAF's -65.88%.

Which has better risk-adjusted returns?

CAF currently has the higher Sharpe Ratio (2.86 vs 1.25), 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.