BGHSX vs. BCAAX

Last updated Jun 4, 2026

BGHSX (BrandywineGLOBAL - High Yield Fund) and BCAAX (BrandywineGLOBAL - Corporate Credit Fund) are both High Yield Bonds funds from Franklin Templeton. Over the past 3 years, BGHSX returned 8.07%/yr vs 7.34%/yr for BCAAX. Their correlation of 0.94 suggests significant overlap in exposure. BGHSX charges 0.54%/yr vs 0.86%/yr for BCAAX.

Performance

BGHSX vs. BCAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BrandywineGLOBAL - High Yield Fund (BGHSX) and BrandywineGLOBAL - Corporate Credit Fund (BCAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BGHSX having a 0.34% return and BCAAX slightly lower at 0.33%.

BGHSX

• 1D: 0.10%
• 1M: 0.53%
• YTD: 0.34%
• 6M: 0.72%
• 1Y: 4.90%
• 3Y*: 8.07%
• 5Y*: —
• 10Y*: —

BCAAX

• 1D: 0.00%
• 1M: 0.49%
• YTD: 0.33%
• 6M: 0.76%
• 1Y: 4.40%
• 3Y*: 7.34%
• 5Y*: —
• 10Y*: —

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

BGHSX vs. BCAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BGHSX BrandywineGLOBAL - High Yield Fund	0.34%	5.55%	9.90%	13.21%	-10.23%	1.12%
BCAAX BrandywineGLOBAL - Corporate Credit Fund	0.33%	5.27%	8.92%	11.47%	-9.47%	1.04%

Correlation

The correlation between BGHSX and BCAAX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since Aug 5, 2021	0.94

The correlation between BGHSX and BCAAX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

BGHSX vs. BCAAX — Risk / Return Rank

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

BGHSX

BGHSX Risk / Return Rank: 36
BGHSX Sharpe Ratio Rank: 32
BGHSX Sortino Ratio Rank: 46
BGHSX Omega Ratio Rank: 44
BGHSX Calmar Ratio Rank: 26
BGHSX Martin Ratio Rank: 35

BCAAX

BCAAX Risk / Return Rank: 35
BCAAX Sharpe Ratio Rank: 31
BCAAX Sortino Ratio Rank: 43
BCAAX Omega Ratio Rank: 43
BCAAX Calmar Ratio Rank: 24
BCAAX Martin Ratio Rank: 35

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.

BGHSX vs. BCAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BrandywineGLOBAL - High Yield Fund (BGHSX) and BrandywineGLOBAL - Corporate Credit Fund (BCAAX). 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.

	BGHSX	BCAAX	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.58	+0.04
Sortino ratio: Return per unit of downside risk	2.84	2.75	+0.09
Omega ratio: Gain probability vs. loss probability	1.36	1.35	0.00
Calmar ratio: Return relative to maximum drawdown	1.92	1.82	+0.10
Martin ratio: Return relative to average drawdown	7.79	7.84	-0.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BGHSX vs. BCAAX - Sharpe Ratio Comparison

The current BGHSX Sharpe Ratio is 1.62, which is comparable to the BCAAX Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of BGHSX and BCAAX, 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

	BGHSX	BCAAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	1.58	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.84	+0.01

Drawdowns

BGHSX vs. BCAAX - Drawdown Comparison

The maximum BGHSX drawdown since its inception was -14.30%, which is greater than BCAAX's maximum drawdown of -13.21%. Use the drawdown chart below to compare losses from any high point for BGHSX and BCAAX.

Drawdown Indicators

	BGHSX	BCAAX	Difference
Max Drawdown Largest peak-to-trough decline	-14.30%	-13.21%	-1.09%
Max Drawdown (1Y) Largest decline over 1 year	-2.67%	-2.48%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-4.55%	-3.71%	-0.84%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.24%	-3.01%	-0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.57%	+0.09%

Volatility

BGHSX vs. BCAAX - Volatility Comparison

BrandywineGLOBAL - High Yield Fund (BGHSX) has a higher volatility of 0.91% compared to BrandywineGLOBAL - Corporate Credit Fund (BCAAX) at 0.82%. This indicates that BGHSX's price experiences larger fluctuations and is considered to be riskier than BCAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGHSX	BCAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	0.82%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	2.31%	2.22%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	3.16%	2.86%	+0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.48%	4.04%	+0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.48%	4.04%	+0.44%

BGHSX vs. BCAAX - Expense Ratio Comparison

BGHSX has a 0.54% expense ratio, which is lower than BCAAX's 0.86% expense ratio.

Dividends

BGHSX vs. BCAAX - Dividend Comparison

BGHSX's dividend yield for the trailing twelve months is around 6.25%, more than BCAAX's 5.61% yield.

Position	TTM	2025	2024	2023	2022	2021
BCAAX BrandywineGLOBAL - Corporate Credit Fund	5.61%	6.27%	6.87%	4.68%	4.99%	3.91%
BGHSX BrandywineGLOBAL - High Yield Fund	6.25%	7.08%	7.49%	5.23%	5.32%	4.71%

Frequently Asked Questions

Can I hold both BGHSX and BCAAX in my portfolio?

With a correlation of 0.92, BGHSX and BCAAX 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, BGHSX or BCAAX?

BGHSX has higher volatility (0.91%) compared to BCAAX (0.82%). In terms of maximum drawdown, BGHSX dropped -14.30% vs BCAAX's -13.21%.

Which has better risk-adjusted returns?

BGHSX currently has the higher Sharpe Ratio (1.62 vs 1.58), 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.