BGRIX vs. ^GSPC

Last updated Jun 3, 2026

BGRIX (Baron Growth Fund Institutional Shares) is Mid Cap Growth Equities fund managed by Baron Capital Group, Inc., while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, BGRIX returned 7.74%/yr vs 13.66%/yr for ^GSPC. Their correlation of 0.83 suggests significant overlap in exposure.

Performance

BGRIX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Growth Fund Institutional Shares (BGRIX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BGRIX achieves a -8.64% return, which is significantly lower than ^GSPC's 10.35% return. Over the past 10 years, BGRIX has underperformed ^GSPC with an annualized return of 7.74%, while ^GSPC has yielded a comparatively higher 13.66% annualized return.

BGRIX

• 1D: 2.88%
• 1M: 4.30%
• YTD: -8.64%
• 6M: -6.60%
• 1Y: -17.68%
• 3Y*: -4.50%
• 5Y*: -3.51%
• 10Y*: 7.74%

^GSPC

• 1D: -0.74%
• 1M: 4.90%
• YTD: 10.35%
• 6M: 10.28%
• 1Y: 26.52%
• 3Y*: 20.83%
• 5Y*: 12.30%
• 10Y*: 13.66%

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

BGRIX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BGRIX Baron Growth Fund Institutional Shares	-8.64%	-14.21%	4.90%	14.97%	-22.35%	20.13%	33.10%	40.54%	-2.68%	27.45%
^GSPC S&P 500 Index	10.35%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Correlation

The correlation between BGRIX and ^GSPC is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 1, 2009	0.83

Over the past year, the correlation between BGRIX and ^GSPC has dropped to 0.34 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

Return for Risk

BGRIX vs. ^GSPC — Risk / Return Rank

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

BGRIX

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

^GSPC

^GSPC Risk / Return Rank: 73
^GSPC Sharpe Ratio Rank: 71
^GSPC Sortino Ratio Rank: 71
^GSPC Omega Ratio Rank: 72
^GSPC Calmar Ratio Rank: 67
^GSPC Martin Ratio Rank: 81

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.

BGRIX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Growth Fund Institutional Shares (BGRIX) and S&P 500 Index (^GSPC). 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.

	BGRIX	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	-0.95	2.24	-3.20
Sortino ratio Return per unit of downside risk	-1.29	3.07	-4.36
Omega ratio Gain probability vs. loss probability	0.85	1.41	-0.55
Calmar ratio Return relative to maximum drawdown	-0.67	2.93	-3.60
Martin ratio Return relative to average drawdown	-1.21	13.52	-14.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BGRIX vs. ^GSPC - Sharpe Ratio Comparison

The current BGRIX Sharpe Ratio is -0.95, which is lower than the ^GSPC Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of BGRIX and ^GSPC, 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

	BGRIX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.95	2.24	-3.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.18	0.73	-0.91
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.76	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.47	+0.07

Drawdowns

BGRIX vs. ^GSPC - Drawdown Comparison

The maximum BGRIX drawdown since its inception was -41.12%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for BGRIX and ^GSPC.

Drawdown Indicators

	BGRIX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-41.12%	-56.78%	+15.66%
Max Drawdown (1Y) Largest decline over 1 year	-26.73%	-9.10%	-17.63%
Max Drawdown (3Y) Largest decline over 3 years	-32.37%	-18.90%	-13.47%
Max Drawdown (5Y) Largest decline over 5 years	-34.60%	-25.43%	-9.17%
Max Drawdown (10Y) Largest decline over 10 years	-41.12%	-33.92%	-7.20%
Current Drawdown Current decline from peak	-27.76%	-0.74%	-27.02%
Average Drawdown Average peak-to-trough decline	-7.53%	-10.72%	+3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.75%	1.97%	+12.78%

Volatility

BGRIX vs. ^GSPC - Volatility Comparison

Baron Growth Fund Institutional Shares (BGRIX) has a higher volatility of 6.93% compared to S&P 500 Index (^GSPC) at 2.93%. This indicates that BGRIX's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGRIX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.93%	2.93%	+4.00%
Volatility (6M) Calculated over the trailing 6-month period	14.83%	8.99%	+5.84%
Volatility (1Y) Calculated over the trailing 1-year period	18.80%	11.89%	+6.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.09%	16.90%	+3.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.13%	18.06%	+3.07%

Frequently Asked Questions

Can I hold both BGRIX and ^GSPC in my portfolio?

BGRIX and ^GSPC have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BGRIX or ^GSPC?

BGRIX has higher volatility (6.93%) compared to ^GSPC (2.93%). In terms of maximum drawdown, BGRIX dropped -41.12% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

^GSPC currently has the higher Sharpe Ratio (2.24 vs -0.95), 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.