BGCBX vs. GSAGX

Last updated Jun 3, 2026

BGCBX (Baillie Gifford China Equities Fund) and GSAGX (Goldman Sachs China Equity Fund) are both China Equities funds. Over the past 3 years, BGCBX returned 9.93%/yr vs 11.84%/yr for GSAGX. With a 0.95 correlation, they move nearly in lockstep. BGCBX charges 0.96%/yr vs 1.47%/yr for GSAGX.

Performance

BGCBX vs. GSAGX - Performance Comparison

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

Returns By Period

In the year-to-date period, BGCBX achieves a -2.17% return, which is significantly lower than GSAGX's 3.67% return.

BGCBX

• 1D: -0.30%
• 1M: -2.03%
• YTD: -2.17%
• 6M: -2.71%
• 1Y: 19.07%
• 3Y*: 9.93%
• 5Y*: —
• 10Y*: —

GSAGX

• 1D: -0.82%
• 1M: -0.93%
• YTD: 3.67%
• 6M: 3.75%
• 1Y: 23.14%
• 3Y*: 11.84%
• 5Y*: -6.37%
• 10Y*: 5.65%

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

BGCBX vs. GSAGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BGCBX Baillie Gifford China Equities Fund	-2.17%	36.51%	9.74%	-18.00%	-28.56%	-17.30%
GSAGX Goldman Sachs China Equity Fund	3.67%	32.36%	13.00%	-18.78%	-30.71%	-15.66%

Correlation

The correlation between BGCBX and GSAGX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jul 8, 2021	0.95

The correlation between BGCBX and GSAGX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

BGCBX vs. GSAGX — Risk / Return Rank

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

BGCBX

BGCBX Risk / Return Rank: 14
BGCBX Sharpe Ratio Rank: 15
BGCBX Sortino Ratio Rank: 15
BGCBX Omega Ratio Rank: 15
BGCBX Calmar Ratio Rank: 14
BGCBX Martin Ratio Rank: 10

GSAGX

GSAGX Risk / Return Rank: 21
GSAGX Sharpe Ratio Rank: 22
GSAGX Sortino Ratio Rank: 21
GSAGX Omega Ratio Rank: 20
GSAGX Calmar Ratio Rank: 25
GSAGX Martin Ratio Rank: 18

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. GSAGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baillie Gifford China Equities Fund (BGCBX) and Goldman Sachs China Equity Fund (GSAGX). 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	GSAGX	Difference
Sharpe ratio Return per unit of total volatility	1.11	1.36	-0.25
Sortino ratio Return per unit of downside risk	1.61	1.94	-0.33
Omega ratio Gain probability vs. loss probability	1.20	1.24	-0.04
Calmar ratio Return relative to maximum drawdown	1.31	1.88	-0.57
Martin ratio Return relative to average drawdown	3.29	5.12	-1.83
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. GSAGX - Sharpe Ratio Comparison

The current BGCBX Sharpe Ratio is 1.11, which is comparable to the GSAGX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of BGCBX and GSAGX, 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	GSAGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	1.36	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.25	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.25	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.25	0.15	-0.40

Drawdowns

BGCBX vs. GSAGX - Drawdown Comparison

The maximum BGCBX drawdown since its inception was -59.07%, smaller than the maximum GSAGX drawdown of -70.73%. Use the drawdown chart below to compare losses from any high point for BGCBX and GSAGX.

Drawdown Indicators

	BGCBX	GSAGX	Difference
Max Drawdown Largest peak-to-trough decline	-59.07%	-70.73%	+11.66%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	-12.15%	-1.33%
Max Drawdown (3Y) Largest decline over 3 years	-28.54%	-25.08%	-3.46%
Max Drawdown (5Y) Largest decline over 5 years	—	-58.97%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-63.98%	—
Current Drawdown Current decline from peak	-29.97%	-37.74%	+7.77%
Average Drawdown Average peak-to-trough decline	-38.30%	-28.60%	-9.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.36%	4.47%	+0.89%

Volatility

BGCBX vs. GSAGX - Volatility Comparison

The current volatility for Baillie Gifford China Equities Fund (BGCBX) is 4.75%, while Goldman Sachs China Equity Fund (GSAGX) has a volatility of 6.02%. This indicates that BGCBX experiences smaller price fluctuations and is considered to be less risky than GSAGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGCBX	GSAGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	6.02%	-1.27%
Volatility (6M) Calculated over the trailing 6-month period	12.23%	12.82%	-0.59%
Volatility (1Y) Calculated over the trailing 1-year period	17.91%	17.85%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.01%	25.43%	+1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.01%	22.65%	+4.36%

BGCBX vs. GSAGX - Expense Ratio Comparison

BGCBX has a 0.96% expense ratio, which is lower than GSAGX's 1.47% expense ratio.

Dividends

BGCBX vs. GSAGX - Dividend Comparison

BGCBX's dividend yield for the trailing twelve months is around 0.93%, less than GSAGX's 1.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BGCBX Baillie Gifford China Equities Fund	0.93%	0.91%	2.03%	1.50%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%
GSAGX Goldman Sachs China Equity Fund	1.29%	1.34%	1.40%	0.89%	0.00%	6.78%	5.02%	0.57%	6.92%	1.35%

Frequently Asked Questions

Can I hold both BGCBX and GSAGX in my portfolio?

With a correlation of 0.95, BGCBX and GSAGX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BGCBX or GSAGX?

GSAGX has higher volatility (6.02%) compared to BGCBX (4.75%). In terms of maximum drawdown, BGCBX dropped -59.07% vs GSAGX's -70.73%.

Which has better risk-adjusted returns?

GSAGX currently has the higher Sharpe Ratio (1.36 vs 1.11), 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.