BGGSX vs. SPY
BGGSX (Baillie Gifford U.S. Equity Growth Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - BGGSX is a Large Cap Growth Equities fund managed by Baillie Gifford, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, BGGSX returned -6.01%/yr vs 12.76%/yr for SPY. Their 0.73 correlation means they have sometimes moved together and sometimes differently. BGGSX charges 0.75%/yr vs 0.09%/yr for SPY.
Performance
BGGSX vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, BGGSX achieves a -6.90% return, which is significantly lower than SPY's 10.13% return.
BGGSX
- 1D
- 0.00%
- 1M
- -4.81%
- 6M
- -2.51%
- YTD
- -6.90%
- 1Y
- -9.65%
- 3Y*
- 10.99%
- 5Y*
- -6.01%
- 10Y*
- —
- ALL TIME*
- 12.81%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $37.27B | $35.99B | $39.23B |
BGGSX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BGGSX Baillie Gifford U.S. Equity Growth Fund | -6.90% | 10.25% | 30.44% | 45.93% | -52.50% | -11.13% | 125.42% | 30.00% | 8.31% | 16.54% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 13.52% |
Correlation
The correlation between BGGSX and SPY is 0.74, 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. | 0.74 |
Correlation (3Y) Balances recent behavior with more history. | 0.78 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.76 |
Correlation (All Time) Calculated using the full available price history since Apr 28, 2017 | 0.73 |
The correlation between BGGSX and SPY has been stable across timeframes, ranging from 0.73 to 0.78 - a consistent structural relationship.
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Return for Risk
BGGSX vs. SPY — Risk / Return Rank
BGGSX
SPY
BGGSX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Baillie Gifford U.S. Equity Growth Fund (BGGSX) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.98 | ||
| Sortino ratioReturn per unit of downside risk | -2.62 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.27 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.41 | 2.20 | -2.61 |
| Martin ratioReturn relative to average drawdown | -0.81 | 9.40 | -10.21 |
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Drawdowns
BGGSX vs. SPY - Drawdown Comparison
The maximum BGGSX drawdown since its inception was -68.76%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BGGSX and SPY.
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Drawdown Indicators
| BGGSX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.76% | -55.19% | -13.57% |
Max Drawdown (1Y)Largest decline over 1 year | -26.08% | -8.88% | -17.20% |
Max Drawdown (3Y)Largest decline over 3 years | -30.87% | -18.76% | -12.11% |
Max Drawdown (5Y)Largest decline over 5 years | -67.64% | -24.50% | -43.14% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -31.94% | -1.40% | -30.54% |
Average DrawdownAverage peak-to-trough decline | -25.25% | -9.01% | -16.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.13% | 2.08% | +11.05% |
Volatility
BGGSX vs. SPY - Volatility Comparison
Baillie Gifford U.S. Equity Growth Fund (BGGSX) has a higher volatility of 6.16% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that BGGSX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BGGSX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.16% | 3.58% | +2.58% |
Volatility (6M)Calculated over the trailing 6-month period | 17.98% | 10.14% | +7.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.88% | 12.89% | +9.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.26% | 17.18% | +18.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.06% | 17.95% | +14.11% |
BGGSX vs. SPY - Expense Ratio Comparison
BGGSX has a 0.75% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
BGGSX vs. SPY - Dividend Comparison
BGGSX has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
BGGSX and SPY have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BGGSX has higher volatility (6.16%) compared to SPY (3.58%). In terms of maximum drawdown, BGGSX dropped -68.76% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (1.52 vs -0.46), 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.
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