BGRFX vs. SPY
BGRFX (Baron Growth Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - BGRFX is a Mid Cap Growth Equities fund managed by Baron Capital, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, BGRFX returned 7.24%/yr vs 15.07%/yr for SPY. Their 0.79 correlation means they have sometimes moved together and sometimes differently. BGRFX charges 1.29%/yr vs 0.09%/yr for SPY.
Performance
BGRFX vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, BGRFX achieves a -7.22% return, which is significantly lower than SPY's 10.13% return. Over the past 10 years, BGRFX has underperformed SPY with an annualized return of 7.24%, while SPY has yielded a comparatively higher 15.07% annualized return.
BGRFX
- 1D
- -4.18%
- 1M
- 2.01%
- 6M
- -4.70%
- YTD
- -7.22%
- 1Y
- -14.10%
- 3Y*
- -5.92%
- 5Y*
- -4.58%
- 10Y*
- 7.24%
- ALL TIME*
- 9.61%
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) |
|---|---|---|---|
BGRFX Baron Growth Fund | $0.00 | $0.00 | $0.00 |
| $37.27B | $35.99B | $39.23B |
BGRFX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BGRFX Baron Growth Fund | -7.22% | -14.51% | 4.62% | 14.68% | -22.55% | 19.82% | 32.77% | 40.18% | -2.93% | 27.14% |
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% | 21.71% |
Correlation
The correlation between BGRFX and SPY is 0.16, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.16 |
Correlation (3Y) Balances recent behavior with more history. | 0.51 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.69 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.76 |
Correlation (All Time) Calculated using the full available price history since Aug 7, 1995 | 0.79 |
Over the past year, the correlation between BGRFX and SPY has dropped to 0.16 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.
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Return for Risk
BGRFX vs. SPY — Risk / Return Rank
BGRFX
SPY
BGRFX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Baron Growth Fund (BGRFX) 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.
| BGRFX | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.20 | ||
| Sortino ratioReturn per unit of downside risk | -2.99 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.27 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.63 | 2.20 | -2.84 |
| Martin ratioReturn relative to average drawdown | -1.06 | 9.40 | -10.46 |
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Drawdowns
BGRFX vs. SPY - Drawdown Comparison
The maximum BGRFX drawdown since its inception was -56.10%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BGRFX and SPY.
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Drawdown Indicators
| BGRFX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.10% | -55.19% | -0.91% |
Max Drawdown (1Y)Largest decline over 1 year | -24.67% | -8.88% | -15.79% |
Max Drawdown (3Y)Largest decline over 3 years | -33.03% | -18.76% | -14.27% |
Max Drawdown (5Y)Largest decline over 5 years | -35.02% | -24.50% | -10.52% |
Max Drawdown (10Y)Largest decline over 10 years | -41.14% | -33.72% | -7.42% |
Current DrawdownCurrent decline from peak | -27.48% | -1.40% | -26.08% |
Average DrawdownAverage peak-to-trough decline | -8.95% | -9.01% | +0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.71% | 2.08% | +12.63% |
Volatility
BGRFX vs. SPY - Volatility Comparison
Baron Growth Fund (BGRFX) has a higher volatility of 10.92% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that BGRFX'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
| BGRFX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.92% | 3.58% | +7.34% |
Volatility (6M)Calculated over the trailing 6-month period | 19.46% | 10.14% | +9.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.83% | 12.89% | +9.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.91% | 17.18% | +3.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.46% | 17.95% | +3.51% |
BGRFX vs. SPY - Expense Ratio Comparison
BGRFX has a 1.29% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
BGRFX vs. SPY - Dividend Comparison
BGRFX's dividend yield for the trailing twelve months is around 22.54%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BGRFX Baron Growth Fund | 22.54% | 20.91% | 12.05% | 1.79% | 6.02% | 7.73% | 4.64% | 3.68% | 8.38% | 11.68% | 12.84% | 9.53% |
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
BGRFX and SPY have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BGRFX has higher volatility (10.92%) compared to SPY (3.58%). In terms of maximum drawdown, BGRFX dropped -56.10% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (1.52 vs -0.68), 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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