BGRIX vs. BRIIX

Last updated Jul 16, 2026

BGRIX (Baron Growth Fund Institutional Shares) and BRIIX (Baron Real Estate Income Fund) are both mutual funds - BGRIX is a Mid Cap Growth Equities fund managed by Baron Capital Group, Inc., while BRIIX is a REIT fund managed by Baron Capital Group, Inc.. Over the past 5 years, BGRIX returned -4.29%/yr vs 4.90%/yr for BRIIX. A 0.70 correlation means they provide meaningful diversification when combined. BGRIX charges 1.05%/yr vs 1.08%/yr for BRIIX.

Performance

BGRIX vs. BRIIX - Performance Comparison

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

Returns By Period

In the year-to-date period, BGRIX achieves a -9.81% return, which is significantly lower than BRIIX's 12.97% return.

BGRIX

• 1D: -2.19%
• 1M: 2.76%
• 6M: -10.52%
• YTD: -9.81%
• 1Y: -18.46%
• 3Y*: -6.32%
• 5Y*: -4.29%
• 10Y*: 7.30%

BRIIX

• 1D: 0.05%
• 1M: 0.58%
• 6M: 10.33%
• YTD: 12.97%
• 1Y: 17.48%
• 3Y*: 12.54%
• 5Y*: 4.90%
• 10Y*: —

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

BGRIX vs. BRIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BGRIX Baron Growth Fund Institutional Shares	-9.81%	-14.21%	4.90%	14.97%	-22.35%	20.13%	33.10%	40.54%	-2.68%	-0.49%
BRIIX Baron Real Estate Income Fund	12.97%	3.73%	17.32%	15.52%	-27.49%	29.29%	22.32%	36.54%	-11.02%	0.00%

Correlation

The correlation between BGRIX and BRIIX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Dec 29, 2017	0.70

Over the past year, the correlation between BGRIX and BRIIX has dropped to 0.36 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

Return for Risk

BGRIX vs. BRIIX — Risk / Return Rank

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

BGRIX

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

BRIIX

BRIIX Risk / Return Rank: 37
BRIIX Sharpe Ratio Rank: 31
BRIIX Sortino Ratio Rank: 29
BRIIX Omega Ratio Rank: 29
BRIIX Calmar Ratio Rank: 50
BRIIX Martin Ratio Rank: 43

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. BRIIX - Risk-Adjusted Trends Comparison

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

	BGRIX	BRIIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.96	1.20	-2.16
Sortino ratio: Return per unit of downside risk	-1.32	1.69	-3.01
Omega ratio: Gain probability vs. loss probability	0.85	1.21	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.79	2.16	-2.95
Martin ratio: Return relative to average drawdown	-1.33	7.21	-8.55

BGRIX vs. BRIIX - Sharpe Ratio Comparison

The current BGRIX Sharpe Ratio is -0.96, which is lower than the BRIIX Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of BGRIX and BRIIX, 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

BGRIX vs. BRIIX - Drawdown Comparison

The maximum BGRIX drawdown since its inception was -41.12%, which is greater than BRIIX's maximum drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for BGRIX and BRIIX.

Drawdown Indicators

	BGRIX	BRIIX	Difference
Max Drawdown Largest peak-to-trough decline	-41.12%	-37.06%	-4.06%
Max Drawdown (1Y) Largest decline over 1 year	-25.51%	-7.61%	-17.90%
Max Drawdown (3Y) Largest decline over 3 years	-32.70%	-17.53%	-15.17%
Max Drawdown (5Y) Largest decline over 5 years	-34.60%	-32.86%	-1.74%
Max Drawdown (10Y) Largest decline over 10 years	-41.12%	—	—
Current Drawdown Current decline from peak	-28.68%	-1.89%	-26.79%
Average Drawdown Average peak-to-trough decline	-7.68%	-8.50%	+0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.91%	2.27%	+13.64%

Volatility

BGRIX vs. BRIIX - Volatility Comparison

Baron Growth Fund Institutional Shares (BGRIX) has a higher volatility of 9.37% compared to Baron Real Estate Income Fund (BRIIX) at 4.74%. This indicates that BGRIX's price experiences larger fluctuations and is considered to be riskier than BRIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGRIX	BRIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.37%	4.74%	+4.63%
Volatility (6M) Calculated over the trailing 6-month period	17.48%	10.42%	+7.06%
Volatility (1Y) Calculated over the trailing 1-year period	21.06%	13.71%	+7.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.55%	18.42%	+2.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.28%	20.56%	+0.72%

BGRIX vs. BRIIX - Expense Ratio Comparison

BGRIX has a 1.05% expense ratio, which is lower than BRIIX's 1.08% expense ratio.

Dividends

BGRIX vs. BRIIX - Dividend Comparison

BGRIX's dividend yield for the trailing twelve months is around 21.86%, more than BRIIX's 1.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGRIX Baron Growth Fund Institutional Shares	21.86%	19.72%	11.30%	1.69%	5.72%	7.38%	4.45%	3.55%	8.12%	11.36%	12.56%	9.37%
BRIIX Baron Real Estate Income Fund	1.43%	1.70%	1.39%	1.95%	2.00%	1.21%	0.77%	1.12%	3.03%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BGRIX and BRIIX in my portfolio?

BGRIX and BRIIX have a correlation of 0.36, 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 BRIIX?

BGRIX has higher volatility (9.37%) compared to BRIIX (4.74%). In terms of maximum drawdown, BGRIX dropped -41.12% vs BRIIX's -37.06%.

Which has better risk-adjusted returns?

BRIIX currently has the higher Sharpe Ratio (1.20 vs -0.96), 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.