BGRFX vs. NEEIX

Last updated Jul 16, 2026

BGRFX (Baron Growth Fund) and NEEIX (Needham Growth Fund Institutional Class) are both Mid Cap Growth Equities funds. Over the past 5 years, BGRFX returned -4.55%/yr vs 12.95%/yr for NEEIX. A 0.67 correlation means they provide meaningful diversification when combined. BGRFX charges 1.29%/yr vs 1.21%/yr for NEEIX.

Performance

BGRFX vs. NEEIX - Performance Comparison

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

Returns By Period

In the year-to-date period, BGRFX achieves a -9.93% return, which is significantly lower than NEEIX's 46.24% return.

BGRFX

• 1D: -2.19%
• 1M: 2.73%
• 6M: -10.64%
• YTD: -9.93%
• 1Y: -18.74%
• 3Y*: -6.59%
• 5Y*: -4.55%
• 10Y*: 7.01%

NEEIX

• 1D: 1.38%
• 1M: -9.50%
• 6M: 32.25%
• YTD: 46.24%
• 1Y: 64.53%
• 3Y*: 24.18%
• 5Y*: 12.95%
• 10Y*: —

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

BGRFX vs. NEEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BGRFX Baron Growth Fund	-9.93%	-14.51%	4.62%	14.68%	-22.55%	19.82%	32.77%	40.18%	-2.93%	27.14%
NEEIX Needham Growth Fund Institutional Class	46.24%	9.32%	19.26%	27.30%	-33.26%	28.13%	42.39%	43.15%	-10.13%	8.47%

Correlation

The correlation between BGRFX and NEEIX is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.67

The correlation between BGRFX and NEEIX shifts across timeframes, from -0.01 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BGRFX vs. NEEIX — 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: 1
BGRFX Calmar Ratio Rank: 0
BGRFX Martin Ratio Rank: 0

NEEIX

NEEIX Risk / Return Rank: 82
NEEIX Sharpe Ratio Rank: 81
NEEIX Sortino Ratio Rank: 69
NEEIX Omega Ratio Rank: 69
NEEIX Calmar Ratio Rank: 96
NEEIX Martin Ratio Rank: 92

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. NEEIX - Risk-Adjusted Trends Comparison

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

	BGRFX	NEEIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	2.11	-3.08
Sortino ratio: Return per unit of downside risk	-1.34	2.60	-3.94
Omega ratio: Gain probability vs. loss probability	0.85	1.34	-0.49
Calmar ratio: Return relative to maximum drawdown	-0.80	4.94	-5.74
Martin ratio: Return relative to average drawdown	-1.34	14.52	-15.86

BGRFX vs. NEEIX - Sharpe Ratio Comparison

The current BGRFX Sharpe Ratio is -0.97, which is lower than the NEEIX Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of BGRFX and NEEIX, 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

BGRFX vs. NEEIX - Drawdown Comparison

The maximum BGRFX drawdown since its inception was -56.10%, which is greater than NEEIX's maximum drawdown of -43.11%. Use the drawdown chart below to compare losses from any high point for BGRFX and NEEIX.

Drawdown Indicators

	BGRFX	NEEIX	Difference
Max Drawdown Largest peak-to-trough decline	-56.10%	-43.11%	-12.99%
Max Drawdown (1Y) Largest decline over 1 year	-25.75%	-13.22%	-12.53%
Max Drawdown (3Y) Largest decline over 3 years	-33.03%	-36.13%	+3.10%
Max Drawdown (5Y) Largest decline over 5 years	-35.02%	-43.11%	+8.09%
Max Drawdown (10Y) Largest decline over 10 years	-41.14%	—	—
Current Drawdown Current decline from peak	-29.60%	-11.71%	-17.89%
Average Drawdown Average peak-to-trough decline	-8.92%	-10.80%	+1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.07%	4.49%	+11.58%

Volatility

BGRFX vs. NEEIX - Volatility Comparison

The current volatility for Baron Growth Fund (BGRFX) is 9.37%, while Needham Growth Fund Institutional Class (NEEIX) has a volatility of 13.75%. This indicates that BGRFX experiences smaller price fluctuations and is considered to be less risky than NEEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGRFX	NEEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.37%	13.75%	-4.38%
Volatility (6M) Calculated over the trailing 6-month period	17.48%	25.31%	-7.83%
Volatility (1Y) Calculated over the trailing 1-year period	21.08%	30.96%	-9.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.55%	29.17%	-8.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.28%	26.18%	-4.90%

BGRFX vs. NEEIX - Expense Ratio Comparison

BGRFX has a 1.29% expense ratio, which is higher than NEEIX's 1.21% expense ratio.

Dividends

BGRFX vs. NEEIX - Dividend Comparison

BGRFX's dividend yield for the trailing twelve months is around 23.22%, more than NEEIX's 4.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGRFX Baron Growth Fund	23.22%	20.91%	12.05%	1.79%	6.02%	7.73%	4.64%	3.68%	8.38%	11.68%	12.84%	9.53%
NEEIX Needham Growth Fund Institutional Class	4.90%	7.16%	7.48%	0.00%	1.72%	6.70%	5.58%	11.09%	17.58%	9.64%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BGRFX and NEEIX in my portfolio?

BGRFX and NEEIX have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BGRFX or NEEIX?

NEEIX has higher volatility (13.75%) compared to BGRFX (9.37%). In terms of maximum drawdown, BGRFX dropped -56.10% vs NEEIX's -43.11%.

Which has better risk-adjusted returns?

NEEIX currently has the higher Sharpe Ratio (2.11 vs -0.97), 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.