BGRIX vs. BSCFX

Last updated Aug 5, 2026

BGRIX (Baron Growth Fund Institutional Shares) and BSCFX (Baron Small Cap Fund) are both mutual funds - BGRIX is a Mid Cap Growth Equities fund managed by Baron Capital, while BSCFX is a Small Cap Growth Equities fund managed by Baron Capital. Over the past 10 years, BGRIX returned 7.46%/yr vs 10.38%/yr for BSCFX. Their correlation of 0.90 means they have usually moved in the same direction. BGRIX charges 1.05%/yr vs 1.29%/yr for BSCFX.

Performance

BGRIX vs. BSCFX - Performance Comparison

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

Returns By Period

In the year-to-date period, BGRIX achieves a -6.83% return, which is significantly lower than BSCFX's 3.84% return. Over the past 10 years, BGRIX has underperformed BSCFX with an annualized return of 7.46%, while BSCFX has yielded a comparatively higher 10.38% annualized return.

BGRIX

• 1D: 0.77%
• 1M: 2.33%
• 6M: 1.19%
• YTD: -6.83%
• 1Y: -15.40%
• 3Y*: -4.53%
• 5Y*: -4.37%
• 10Y*: 7.46%
• ALL TIME*: 10.49%

BSCFX

• 1D: 2.87%
• 1M: -0.91%
• 6M: 5.46%
• YTD: 3.84%
• 1Y: 0.62%
• 3Y*: 7.61%
• 5Y*: 1.11%
• 10Y*: 10.38%
• ALL TIME*: 9.10%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BGRIX Baron Growth Fund Institutional Shares	$0.00	$0.00	$0.00
BSCFX Baron Small Cap Fund	$0.00	$0.00	$0.00

BGRIX vs. BSCFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BGRIX Baron Growth Fund Institutional Shares	-6.83%	-14.21%	4.90%	14.97%	-22.35%	20.13%	33.10%	40.54%	-2.68%	27.45%
BSCFX Baron Small Cap Fund	3.84%	-0.92%	13.11%	26.90%	-31.19%	15.42%	40.38%	34.60%	-7.39%	27.34%

Correlation

The correlation between BGRIX and BSCFX is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.86
Correlation (All Time) Calculated using the full available price history since May 29, 2009	0.90

Over the past year, the correlation between BGRIX and BSCFX has dropped to 0.55 - well below their long-term average of 0.90, suggesting their price drivers have been diverging.

Return for Risk

BGRIX vs. BSCFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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

BSCFX

BSCFX Risk / Return Rank: 5
BSCFX Sharpe Ratio Rank: 5
BSCFX Sortino Ratio Rank: 5
BSCFX Omega Ratio Rank: 5
BSCFX Calmar Ratio Rank: 5
BSCFX Martin Ratio Rank: 5

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BGRIX vs. BSCFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Growth Fund Institutional Shares (BGRIX) and Baron Small Cap Fund (BSCFX). 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	BSCFX	Difference
Sharpe ratio: Return per unit of total volatility	-0.60	0.11	-0.70
Sortino ratio: Return per unit of downside risk	-0.74	0.29	-1.03
Omega ratio: Gain probability vs. loss probability	0.91	1.03	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.56	0.13	-0.69
Martin ratio: Return relative to average drawdown	-0.93	0.33	-1.26

BGRIX vs. BSCFX - Sharpe Ratio Comparison

The current BGRIX Sharpe Ratio is -0.60, which is lower than the BSCFX Sharpe Ratio of 0.11. The chart below compares the historical Sharpe Ratios of BGRIX and BSCFX, 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. BSCFX - Drawdown Comparison

The maximum BGRIX drawdown since its inception was -41.12%, smaller than the maximum BSCFX drawdown of -55.59%. Use the drawdown chart below to compare losses from any high point for BGRIX and BSCFX.

Drawdown Indicators

	BGRIX	BSCFX	Difference
Max Drawdown Largest peak-to-trough decline	-41.12%	-55.59%	+14.47%
Max Drawdown (1Y) Largest decline over 1 year	-23.63%	-15.00%	-8.63%
Max Drawdown (3Y) Largest decline over 3 years	-32.70%	-26.91%	-5.79%
Max Drawdown (5Y) Largest decline over 5 years	-34.60%	-37.94%	+3.34%
Max Drawdown (10Y) Largest decline over 10 years	-41.12%	-39.58%	-1.54%
Current Drawdown Current decline from peak	-26.33%	-5.77%	-20.56%
Average Drawdown Average peak-to-trough decline	-7.74%	-11.07%	+3.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.61%	5.95%	+8.66%

Volatility

BGRIX vs. BSCFX - Volatility Comparison

Baron Growth Fund Institutional Shares (BGRIX) has a higher volatility of 10.20% compared to Baron Small Cap Fund (BSCFX) at 5.46%. This indicates that BGRIX's price experiences larger fluctuations and is considered to be riskier than BSCFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGRIX	BSCFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.20%	5.46%	+4.74%
Volatility (6M) Calculated over the trailing 6-month period	19.45%	14.05%	+5.40%
Volatility (1Y) Calculated over the trailing 1-year period	22.85%	18.44%	+4.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.91%	22.48%	-1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.47%	22.41%	-0.94%

BGRIX vs. BSCFX - Expense Ratio Comparison

BGRIX has a 1.05% expense ratio, which is lower than BSCFX's 1.29% expense ratio.

Dividends

BGRIX vs. BSCFX - Dividend Comparison

BGRIX's dividend yield for the trailing twelve months is around 21.17%, more than BSCFX's 9.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGRIX Baron Growth Fund Institutional Shares	21.17%	19.72%	11.30%	1.69%	5.72%	7.38%	4.45%	3.55%	8.12%	11.36%	12.56%	9.37%
BSCFX Baron Small Cap Fund	9.57%	9.50%	13.96%	3.04%	5.90%	12.47%	11.17%	9.60%	10.91%	13.57%	22.41%	12.56%

Frequently Asked Questions

Can I hold both BGRIX and BSCFX in my portfolio?

BGRIX and BSCFX have a correlation of 0.55, 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 BSCFX?

BGRIX has higher volatility (10.20%) compared to BSCFX (5.46%). In terms of maximum drawdown, BGRIX dropped -41.12% vs BSCFX's -55.59%.

Which has better risk-adjusted returns?

BSCFX currently has the higher Sharpe Ratio (0.11 vs -0.60), 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.