BGELX vs. BTLSX

Last updated Aug 4, 2026

BGELX (Baillie Gifford Emerging Markets Equities Fund) and BTLSX (Baillie Gifford International Concentrated Growth Equities Fund) are both mutual funds - BGELX is a Emerging Markets Equities fund managed by Baillie Gifford, while BTLSX is a Foreign Large Cap Equities fund managed by Baillie Gifford. Their 0.75 correlation means they have sometimes moved together and sometimes differently. BGELX charges 0.76%/yr vs 0.81%/yr for BTLSX.

Performance

BGELX vs. BTLSX - Performance Comparison

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

Returns By Period

BGELX

• 1D: 2.13%
• 1M: 7.41%
• 6M: 12.00%
• YTD: 24.30%
• 1Y: 50.40%
• 3Y*: 22.16%
• 5Y*: 7.84%
• 10Y*: —
• ALL TIME*: 12.26%

BTLSX

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

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BGELX Baillie Gifford Emerging Markets Equities Fund	$0.00	$0.00	$0.00

BGELX vs. BTLSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BGELX Baillie Gifford Emerging Markets Equities Fund	24.30%	40.75%	6.04%	14.42%	-26.46%	-8.93%	29.66%	28.10%	-14.87%	1.65%
BTLSX Baillie Gifford International Concentrated Growth Equities Fund	-7.50%	16.56%	18.34%	14.75%	-39.64%	0.71%	100.15%	45.32%	-13.23%	-0.69%

Correlation

The correlation between BGELX and BTLSX is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (5Y) Shows whether the relationship held over a longer period.	0.71
Correlation (All Time) Calculated using the full available price history since Dec 18, 2017	0.75

The correlation between BGELX and BTLSX has been stable across timeframes, ranging from 0.67 to 0.75 - a consistent structural relationship.

Return for Risk

BGELX vs. BTLSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BGELX

BGELX Risk / Return Rank: 88
BGELX Sharpe Ratio Rank: 87
BGELX Sortino Ratio Rank: 81
BGELX Omega Ratio Rank: 91
BGELX Calmar Ratio Rank: 88
BGELX Martin Ratio Rank: 90

BTLSX

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BGELX vs. BTLSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baillie Gifford Emerging Markets Equities Fund (BGELX) 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.

	BGELX	BTLSX	Difference
Sharpe ratio: Return per unit of total volatility	2.19	—	—
Sortino ratio: Return per unit of downside risk	2.88	—	—
Omega ratio: Gain probability vs. loss probability	1.49	—	—
Calmar ratio: Return relative to maximum drawdown	3.38	—	—
Martin ratio: Return relative to average drawdown	12.70	—	—

Drawdowns

Drawdown Indicators

	BGELX	BTLSX	Difference
Max Drawdown Largest peak-to-trough decline	-50.47%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-14.91%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-19.74%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-42.63%	—	—
Current Drawdown Current decline from peak	-1.90%	—	—
Average Drawdown Average peak-to-trough decline	-18.29%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.92%	—	—

Volatility

Volatility by Period

	BGELX	BTLSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.31%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.87%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	23.03%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.68%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.91%	—	—

BGELX vs. BTLSX - Expense Ratio Comparison

BGELX has a 0.76% expense ratio, which is lower than BTLSX's 0.81% expense ratio.

Dividends

BGELX vs. BTLSX - Dividend Comparison

BGELX's dividend yield for the trailing twelve months is around 1.35%, while BTLSX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BGELX Baillie Gifford Emerging Markets Equities Fund	1.35%	1.68%	3.52%	4.02%	5.46%	3.08%	1.31%	3.90%	10.14%	1.16%
BTLSX Baillie Gifford International Concentrated Growth Equities Fund	0.00%	0.00%	0.00%	0.00%	6.18%	25.27%	102.72%	0.17%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BGELX and BTLSX in my portfolio?

BGELX and BTLSX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.