BGRFX vs. BGRIX

Last updated Jun 5, 2026

BGRFX (Baron Growth Fund) and BGRIX (Baron Growth Fund Institutional Shares) are both Mid Cap Growth Equities funds from Baron Capital Group, Inc.. Over the past 10 years, BGRFX returned 6.96%/yr vs 7.24%/yr for BGRIX. With a 1.00 correlation, they move nearly in lockstep. BGRFX charges 1.29%/yr vs 1.05%/yr for BGRIX.

Performance

BGRFX vs. BGRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Growth Fund (BGRFX) and Baron Growth Fund Institutional Shares (BGRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BGRFX having a -12.88% return and BGRIX slightly higher at -12.81%. Both investments have delivered pretty close results over the past 10 years, with BGRFX having a 6.96% annualized return and BGRIX not far ahead at 7.24%.

BGRFX

• 1D: -1.66%
• 1M: 0.55%
• YTD: -12.88%
• 6M: -10.46%
• 1Y: -22.00%
• 3Y*: -6.24%
• 5Y*: -4.73%
• 10Y*: 6.96%

BGRIX

• 1D: -1.66%
• 1M: 0.56%
• YTD: -12.81%
• 6M: -10.28%
• 1Y: -21.75%
• 3Y*: -5.97%
• 5Y*: -4.48%
• 10Y*: 7.24%

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

BGRFX vs. BGRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BGRFX Baron Growth Fund	-12.88%	-14.51%	4.62%	14.68%	-22.55%	19.82%	32.77%	40.18%	-2.93%	27.14%
BGRIX Baron Growth Fund Institutional Shares	-12.81%	-14.21%	4.90%	14.97%	-22.35%	20.13%	33.10%	40.54%	-2.68%	27.45%

Correlation

The correlation between BGRFX and BGRIX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jun 1, 2009	1.00

The correlation between BGRFX and BGRIX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

BGRFX vs. BGRIX — Risk / Return Rank

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

BGRFX

BGRFX Risk / Return Rank: 0
BGRFX Sharpe Ratio Rank: 0
BGRFX Sortino Ratio Rank: 0
BGRFX Omega Ratio Rank: 0
BGRFX Calmar Ratio Rank: 0
BGRFX Martin Ratio Rank: 1

BGRIX

BGRIX Risk / Return Rank: 0
BGRIX Sharpe Ratio Rank: 0
BGRIX Sortino Ratio Rank: 0
BGRIX Omega Ratio Rank: 0
BGRIX Calmar Ratio Rank: 0
BGRIX Martin Ratio Rank: 1

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.

BGRFX vs. BGRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Growth Fund (BGRFX) and Baron Growth Fund Institutional Shares (BGRIX). 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.

	BGRFX	BGRIX	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	-1.14	-0.01
Sortino ratio: Return per unit of downside risk	-1.60	-1.58	-0.02
Omega ratio: Gain probability vs. loss probability	0.82	0.82	0.00
Calmar ratio: Return relative to maximum drawdown	-0.82	-0.81	0.00
Martin ratio: Return relative to average drawdown	-1.46	-1.46	0.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BGRFX vs. BGRIX - Sharpe Ratio Comparison

The current BGRFX Sharpe Ratio is -1.15, which is comparable to the BGRIX Sharpe Ratio of -1.14. The chart below compares the historical Sharpe Ratios of BGRFX and BGRIX, 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

	BGRFX	BGRIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.15	-1.14	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.24	-0.22	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.34	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.52	-0.05

Drawdowns

BGRFX vs. BGRIX - Drawdown Comparison

The maximum BGRFX drawdown since its inception was -56.10%, which is greater than BGRIX's maximum drawdown of -41.12%. Use the drawdown chart below to compare losses from any high point for BGRFX and BGRIX.

Drawdown Indicators

	BGRFX	BGRIX	Difference
Max Drawdown Largest peak-to-trough decline	-56.10%	-41.12%	-14.98%
Max Drawdown (1Y) Largest decline over 1 year	-26.95%	-26.73%	-0.22%
Max Drawdown (3Y) Largest decline over 3 years	-32.68%	-32.37%	-0.31%
Max Drawdown (5Y) Largest decline over 5 years	-34.70%	-34.60%	-0.10%
Max Drawdown (10Y) Largest decline over 10 years	-41.14%	-41.12%	-0.02%
Current Drawdown Current decline from peak	-31.90%	-31.05%	-0.85%
Average Drawdown Average peak-to-trough decline	-8.84%	-7.54%	-1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.03%	14.90%	+0.13%

Volatility

BGRFX vs. BGRIX - Volatility Comparison

Baron Growth Fund (BGRFX) and Baron Growth Fund Institutional Shares (BGRIX) have volatilities of 7.54% and 7.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGRFX	BGRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.54%	7.54%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	15.19%	15.18%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	19.06%	19.04%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.15%	20.15%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.15%	21.15%	0.00%

BGRFX vs. BGRIX - Expense Ratio Comparison

BGRFX has a 1.29% expense ratio, which is higher than BGRIX's 1.05% expense ratio.

Dividends

BGRFX vs. BGRIX - Dividend Comparison

BGRFX's dividend yield for the trailing twelve months is around 24.00%, more than BGRIX's 22.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGRFX Baron Growth Fund	24.00%	20.91%	12.05%	1.79%	6.02%	7.73%	4.64%	3.68%	8.38%	11.68%	12.84%	9.53%
BGRIX Baron Growth Fund Institutional Shares	22.62%	19.72%	11.30%	1.69%	5.72%	7.38%	4.45%	3.55%	8.12%	11.36%	12.56%	9.37%

Frequently Asked Questions

Can I hold both BGRFX and BGRIX in my portfolio?

With a correlation of 1.00, BGRFX and BGRIX 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, BGRFX or BGRIX?

BGRIX has higher volatility (7.54%) compared to BGRFX (7.54%). In terms of maximum drawdown, BGRFX dropped -56.10% vs BGRIX's -41.12%.

Which has better risk-adjusted returns?

BGRIX currently has the higher Sharpe Ratio (-1.14 vs -1.15), 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.