BGRIX vs. FBALX

Last updated Jul 15, 2026

BGRIX (Baron Growth Fund Institutional Shares) and FBALX (Fidelity Balanced Fund) are both mutual funds - BGRIX is a Mid Cap Growth Equities fund managed by Baron Capital Group, Inc., while FBALX is a Diversified Portfolio fund actively managed by Fidelity. Over the past 10 years, BGRIX returned 7.53%/yr vs 11.49%/yr for FBALX. Their correlation of 0.82 suggests significant overlap in exposure. BGRIX charges 1.05%/yr vs 0.46%/yr for FBALX.

Performance

BGRIX vs. FBALX - Performance Comparison

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

Returns By Period

In the year-to-date period, BGRIX achieves a -7.80% return, which is significantly lower than FBALX's 9.49% return. Over the past 10 years, BGRIX has underperformed FBALX with an annualized return of 7.53%, while FBALX has yielded a comparatively higher 11.49% annualized return.

BGRIX

• 1D: 2.25%
• 1M: 5.39%
• 6M: -7.51%
• YTD: -7.80%
• 1Y: -18.35%
• 3Y*: -5.63%
• 5Y*: -3.83%
• 10Y*: 7.53%

FBALX

• 1D: -0.68%
• 1M: 0.43%
• 6M: 7.91%
• YTD: 9.49%
• 1Y: 19.22%
• 3Y*: 15.22%
• 5Y*: 8.74%
• 10Y*: 11.49%

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

BGRIX vs. FBALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BGRIX Baron Growth Fund Institutional Shares	-7.80%	-14.21%	4.90%	14.97%	-22.35%	20.13%	33.10%	40.54%	-2.68%	27.45%
FBALX Fidelity Balanced Fund	9.49%	15.11%	16.09%	20.31%	-18.29%	18.27%	22.45%	24.40%	-3.98%	16.52%

Correlation

The correlation between BGRIX and FBALX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since May 29, 2009	0.82

Over the past year, the correlation between BGRIX and FBALX has dropped to 0.16 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

Return for Risk

BGRIX vs. FBALX — 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

FBALX

FBALX Risk / Return Rank: 83
FBALX Sharpe Ratio Rank: 81
FBALX Sortino Ratio Rank: 80
FBALX Omega Ratio Rank: 79
FBALX Calmar Ratio Rank: 82
FBALX Martin Ratio Rank: 91

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. FBALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Growth Fund Institutional Shares (BGRIX) and Fidelity Balanced Fund (FBALX). 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	FBALX	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	2.10	-2.96
Sortino ratio: Return per unit of downside risk	-1.15	2.94	-4.10
Omega ratio: Gain probability vs. loss probability	0.87	1.40	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.68	3.00	-3.68
Martin ratio: Return relative to average drawdown	-1.13	13.90	-15.03

BGRIX vs. FBALX - Sharpe Ratio Comparison

The current BGRIX Sharpe Ratio is -0.86, which is lower than the FBALX Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of BGRIX and FBALX, 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. FBALX - Drawdown Comparison

The maximum BGRIX drawdown since its inception was -41.12%, smaller than the maximum FBALX drawdown of -43.57%. Use the drawdown chart below to compare losses from any high point for BGRIX and FBALX.

Drawdown Indicators

	BGRIX	FBALX	Difference
Max Drawdown Largest peak-to-trough decline	-41.12%	-43.57%	+2.45%
Max Drawdown (1Y) Largest decline over 1 year	-25.51%	-6.47%	-19.04%
Max Drawdown (3Y) Largest decline over 3 years	-32.70%	-12.88%	-19.82%
Max Drawdown (5Y) Largest decline over 5 years	-34.60%	-22.89%	-11.71%
Max Drawdown (10Y) Largest decline over 10 years	-41.12%	-26.68%	-14.44%
Current Drawdown Current decline from peak	-27.09%	-0.99%	-26.10%
Average Drawdown Average peak-to-trough decline	-7.67%	-4.36%	-3.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.86%	1.39%	+14.47%

Volatility

BGRIX vs. FBALX - Volatility Comparison

Baron Growth Fund Institutional Shares (BGRIX) has a higher volatility of 9.13% compared to Fidelity Balanced Fund (FBALX) at 3.10%. This indicates that BGRIX's price experiences larger fluctuations and is considered to be riskier than FBALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGRIX	FBALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.13%	3.10%	+6.03%
Volatility (6M) Calculated over the trailing 6-month period	17.36%	7.62%	+9.74%
Volatility (1Y) Calculated over the trailing 1-year period	21.00%	9.27%	+11.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.53%	12.27%	+8.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.27%	12.78%	+8.49%

BGRIX vs. FBALX - Expense Ratio Comparison

BGRIX has a 1.05% expense ratio, which is higher than FBALX's 0.46% expense ratio.

Dividends

BGRIX vs. FBALX - Dividend Comparison

BGRIX's dividend yield for the trailing twelve months is around 21.39%, more than FBALX's 4.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGRIX Baron Growth Fund Institutional Shares	21.39%	19.72%	11.30%	1.69%	5.72%	7.38%	4.45%	3.55%	8.12%	11.36%	12.56%	9.37%
FBALX Fidelity Balanced Fund	4.76%	5.69%	5.67%	2.28%	8.06%	9.66%	5.90%	4.24%	10.99%	7.90%	3.07%	7.70%

Frequently Asked Questions

Can I hold both BGRIX and FBALX in my portfolio?

BGRIX and FBALX 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.

Which is riskier, BGRIX or FBALX?

BGRIX has higher volatility (9.13%) compared to FBALX (3.10%). In terms of maximum drawdown, BGRIX dropped -41.12% vs FBALX's -43.57%.

Which has better risk-adjusted returns?

FBALX currently has the higher Sharpe Ratio (2.10 vs -0.86), 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.