BGGSX vs. FSPGX

Last updated Jun 25, 2026

BGGSX (Baillie Gifford U.S. Equity Growth Fund) and FSPGX (Fidelity Large Cap Growth Index Fund) are both Large Cap Growth Equities funds. Over the past 5 years, BGGSX returned -6.69%/yr vs 13.10%/yr for FSPGX. Their correlation of 0.82 suggests significant overlap in exposure. BGGSX charges 0.75%/yr vs 0.04%/yr for FSPGX.

Performance

BGGSX vs. FSPGX - Performance Comparison

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

Returns By Period

In the year-to-date period, BGGSX achieves a -9.23% return, which is significantly lower than FSPGX's 1.51% return.

BGGSX

• 1D: -0.26%
• 1M: -0.15%
• YTD: -9.23%
• 6M: -11.33%
• 1Y: -9.75%
• 3Y*: 12.93%
• 5Y*: -6.69%
• 10Y*: —

FSPGX

• 1D: -1.61%
• 1M: -4.06%
• YTD: 1.51%
• 6M: -0.02%
• 1Y: 16.35%
• 3Y*: 21.94%
• 5Y*: 13.10%
• 10Y*: —

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

BGGSX vs. FSPGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BGGSX Baillie Gifford U.S. Equity Growth Fund	-9.23%	10.25%	30.44%	45.93%	-52.50%	-11.13%	125.42%	30.00%	8.31%	16.54%
FSPGX Fidelity Large Cap Growth Index Fund	1.51%	18.54%	33.27%	42.77%	-29.17%	27.57%	38.46%	36.38%	-1.79%	15.70%

Correlation

The correlation between BGGSX and FSPGX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Apr 28, 2017	0.82

The correlation between BGGSX and FSPGX has been stable across timeframes, ranging from 0.81 to 0.82 - a consistent structural relationship.

Return for Risk

BGGSX vs. FSPGX — Risk / Return Rank

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

BGGSX

BGGSX Risk / Return Rank: 2
BGGSX Sharpe Ratio Rank: 2
BGGSX Sortino Ratio Rank: 2
BGGSX Omega Ratio Rank: 2
BGGSX Calmar Ratio Rank: 2
BGGSX Martin Ratio Rank: 2

FSPGX

FSPGX Risk / Return Rank: 16
FSPGX Sharpe Ratio Rank: 18
FSPGX Sortino Ratio Rank: 17
FSPGX Omega Ratio Rank: 18
FSPGX Calmar Ratio Rank: 13
FSPGX Martin Ratio Rank: 14

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.

BGGSX vs. FSPGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baillie Gifford U.S. Equity Growth Fund (BGGSX) and Fidelity Large Cap Growth Index Fund (FSPGX). 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.

	BGGSX	FSPGX	Difference
Sharpe ratio: Return per unit of total volatility	-0.36	1.11	-1.48
Sortino ratio: Return per unit of downside risk	-0.36	1.57	-1.93
Omega ratio: Gain probability vs. loss probability	0.96	1.20	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.31	1.12	-1.43
Martin ratio: Return relative to average drawdown	-0.65	3.65	-4.30

BGGSX vs. FSPGX - Sharpe Ratio Comparison

The current BGGSX Sharpe Ratio is -0.36, which is lower than the FSPGX Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of BGGSX and FSPGX, 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

BGGSX vs. FSPGX - Drawdown Comparison

The maximum BGGSX drawdown since its inception was -68.76%, which is greater than FSPGX's maximum drawdown of -32.66%. Use the drawdown chart below to compare losses from any high point for BGGSX and FSPGX.

Drawdown Indicators

	BGGSX	FSPGX	Difference
Max Drawdown Largest peak-to-trough decline	-68.76%	-32.66%	-36.10%
Max Drawdown (1Y) Largest decline over 1 year	-26.08%	-16.17%	-9.91%
Max Drawdown (3Y) Largest decline over 3 years	-30.87%	-23.32%	-7.55%
Max Drawdown (5Y) Largest decline over 5 years	-67.71%	-32.66%	-35.05%
Current Drawdown Current decline from peak	-33.65%	-6.88%	-26.77%
Average Drawdown Average peak-to-trough decline	-25.20%	-6.36%	-18.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.41%	4.94%	+7.47%

Volatility

BGGSX vs. FSPGX - Volatility Comparison

Baillie Gifford U.S. Equity Growth Fund (BGGSX) has a higher volatility of 8.50% compared to Fidelity Large Cap Growth Index Fund (FSPGX) at 6.13%. This indicates that BGGSX's price experiences larger fluctuations and is considered to be riskier than FSPGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGGSX	FSPGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.50%	6.13%	+2.37%
Volatility (6M) Calculated over the trailing 6-month period	17.33%	12.65%	+4.68%
Volatility (1Y) Calculated over the trailing 1-year period	22.39%	16.26%	+6.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.25%	21.62%	+13.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.16%	21.57%	+10.59%

BGGSX vs. FSPGX - Expense Ratio Comparison

BGGSX has a 0.75% expense ratio, which is higher than FSPGX's 0.04% expense ratio.

Dividends

BGGSX vs. FSPGX - Dividend Comparison

BGGSX has not paid dividends to shareholders, while FSPGX's dividend yield for the trailing twelve months is around 0.34%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%	0.00%
FSPGX Fidelity Large Cap Growth Index Fund	0.34%	0.34%	0.37%	0.73%	0.86%	2.22%	1.76%	1.04%	1.32%	0.22%

Frequently Asked Questions

Can I hold both BGGSX and FSPGX in my portfolio?

BGGSX and FSPGX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BGGSX or FSPGX?

BGGSX has higher volatility (8.50%) compared to FSPGX (6.13%). In terms of maximum drawdown, BGGSX dropped -68.76% vs FSPGX's -32.66%.

Which has better risk-adjusted returns?

FSPGX currently has the higher Sharpe Ratio (1.11 vs -0.36), 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.