BGRIX vs. NEEIX

Last updated Jun 4, 2026

BGRIX (Baron Growth Fund Institutional Shares) and NEEIX (Needham Growth Fund Institutional Class) are both Mid Cap Growth Equities funds. Over the past 5 years, BGRIX returned -3.95%/yr vs 16.33%/yr for NEEIX. A 0.69 correlation means they provide meaningful diversification when combined. BGRIX charges 1.05%/yr vs 1.21%/yr for NEEIX.

Performance

BGRIX vs. NEEIX - Performance Comparison

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

Returns By Period

In the year-to-date period, BGRIX achieves a -11.33% return, which is significantly lower than NEEIX's 59.61% return.

BGRIX

• 1D: -2.94%
• 1M: 3.20%
• YTD: -11.33%
• 6M: -9.84%
• 1Y: -20.32%
• 3Y*: -5.45%
• 5Y*: -3.95%
• 10Y*: 7.42%

NEEIX

• 1D: 4.73%
• 1M: 16.98%
• YTD: 59.61%
• 6M: 57.27%
• 1Y: 98.30%
• 3Y*: 30.88%
• 5Y*: 16.33%
• 10Y*: —

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

BGRIX vs. NEEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BGRIX Baron Growth Fund Institutional Shares	-11.33%	-14.21%	4.90%	14.97%	-22.35%	20.13%	33.10%	40.54%	-2.68%	26.85%
NEEIX Needham Growth Fund Institutional Class	59.61%	9.32%	19.26%	27.30%	-33.26%	28.13%	42.39%	43.15%	-10.13%	8.47%

Correlation

The correlation between BGRIX and NEEIX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.69

Over the past year, the correlation between BGRIX and NEEIX has dropped to 0.17 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

Return for Risk

BGRIX vs. NEEIX — 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: 1

NEEIX

NEEIX Risk / Return Rank: 93
NEEIX Sharpe Ratio Rank: 98
NEEIX Sortino Ratio Rank: 88
NEEIX Omega Ratio Rank: 83
NEEIX Calmar Ratio Rank: 98
NEEIX Martin Ratio Rank: 97

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. NEEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Growth Fund Institutional Shares (BGRIX) and Needham Growth Fund Institutional Class (NEEIX). 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	NEEIX	Difference
Sharpe ratio: Return per unit of total volatility	-1.06	3.83	-4.89
Sortino ratio: Return per unit of downside risk	-1.45	4.35	-5.80
Omega ratio: Gain probability vs. loss probability	0.83	1.57	-0.73
Calmar ratio: Return relative to maximum drawdown	-0.75	7.85	-8.60
Martin ratio: Return relative to average drawdown	-1.36	26.70	-28.06
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. NEEIX - Sharpe Ratio Comparison

The current BGRIX Sharpe Ratio is -1.06, which is lower than the NEEIX Sharpe Ratio of 3.83. The chart below compares the historical Sharpe Ratios of BGRIX and NEEIX, 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	NEEIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.06	3.83	-4.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.20	0.58	-0.78
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.67	-0.15

Drawdowns

BGRIX vs. NEEIX - Drawdown Comparison

The maximum BGRIX drawdown since its inception was -41.12%, roughly equal to the maximum NEEIX drawdown of -43.11%. Use the drawdown chart below to compare losses from any high point for BGRIX and NEEIX.

Drawdown Indicators

	BGRIX	NEEIX	Difference
Max Drawdown Largest peak-to-trough decline	-41.12%	-43.11%	+1.99%
Max Drawdown (1Y) Largest decline over 1 year	-26.73%	-13.22%	-13.51%
Max Drawdown (3Y) Largest decline over 3 years	-32.37%	-36.13%	+3.76%
Max Drawdown (5Y) Largest decline over 5 years	-34.60%	-43.11%	+8.51%
Max Drawdown (10Y) Largest decline over 10 years	-41.12%	—	—
Current Drawdown Current decline from peak	-29.88%	0.00%	-29.88%
Average Drawdown Average peak-to-trough decline	-7.53%	-10.87%	+3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.82%	3.88%	+10.94%

Volatility

BGRIX vs. NEEIX - Volatility Comparison

The current volatility for Baron Growth Fund Institutional Shares (BGRIX) is 7.60%, while Needham Growth Fund Institutional Class (NEEIX) has a volatility of 9.69%. This indicates that BGRIX experiences smaller price fluctuations and is considered to be less risky than NEEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGRIX	NEEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.60%	9.69%	-2.09%
Volatility (6M) Calculated over the trailing 6-month period	15.11%	20.89%	-5.78%
Volatility (1Y) Calculated over the trailing 1-year period	18.98%	27.10%	-8.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.14%	28.31%	-8.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.15%	25.79%	-4.64%

BGRIX vs. NEEIX - Expense Ratio Comparison

BGRIX has a 1.05% expense ratio, which is lower than NEEIX's 1.21% expense ratio.

Dividends

BGRIX vs. NEEIX - Dividend Comparison

BGRIX's dividend yield for the trailing twelve months is around 22.24%, more than NEEIX's 4.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGRIX Baron Growth Fund Institutional Shares	22.24%	19.72%	11.30%	1.69%	5.72%	7.38%	4.45%	3.55%	8.12%	11.36%	12.56%	9.37%
NEEIX Needham Growth Fund Institutional Class	4.49%	7.16%	7.48%	0.00%	1.72%	6.70%	5.58%	11.09%	17.58%	9.64%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BGRIX and NEEIX in my portfolio?

BGRIX and NEEIX have a correlation of 0.17, 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 NEEIX?

NEEIX has higher volatility (9.69%) compared to BGRIX (7.60%). In terms of maximum drawdown, BGRIX dropped -41.12% vs NEEIX's -43.11%.

Which has better risk-adjusted returns?

NEEIX currently has the higher Sharpe Ratio (3.83 vs -1.06), 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.