BHCHX vs. BDAIX

Last updated Jun 4, 2026

BHCHX (Baron Health Care Fund) and BDAIX (Baron Durable Advantage Fund) are both mutual funds - BHCHX is a Health & Biotech Equities fund managed by Baron Capital Group, Inc., while BDAIX is a Large Cap Growth Equities fund managed by Baron Capital Group, Inc.. Over the past 5 years, BHCHX returned 0.06%/yr vs 15.51%/yr for BDAIX. A 0.70 correlation means they provide meaningful diversification when combined. BHCHX charges 0.85%/yr vs 1.48%/yr for BDAIX.

Performance

BHCHX vs. BDAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Health Care Fund (BHCHX) and Baron Durable Advantage Fund (BDAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BHCHX achieves a -7.63% return, which is significantly lower than BDAIX's 6.50% return.

BHCHX

• 1D: -2.24%
• 1M: -0.66%
• YTD: -7.63%
• 6M: -9.29%
• 1Y: 11.35%
• 3Y*: 2.13%
• 5Y*: 0.06%
• 10Y*: —

BDAIX

• 1D: -0.34%
• 1M: 1.95%
• YTD: 6.50%
• 6M: 6.95%
• 1Y: 21.35%
• 3Y*: 22.86%
• 5Y*: 15.51%
• 10Y*: —

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

BHCHX vs. BDAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BHCHX Baron Health Care Fund	-7.63%	10.28%	1.55%	6.42%	-16.90%	15.71%	47.71%	18.75%
BDAIX Baron Durable Advantage Fund	6.50%	16.56%	27.14%	45.51%	-24.81%	32.17%	20.32%	19.74%

Correlation

The correlation between BHCHX and BDAIX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since May 20, 2019	0.70

Over the past year, the correlation between BHCHX and BDAIX has dropped to 0.42 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

Return for Risk

BHCHX vs. BDAIX — Risk / Return Rank

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

BHCHX

BHCHX Risk / Return Rank: 9
BHCHX Sharpe Ratio Rank: 10
BHCHX Sortino Ratio Rank: 10
BHCHX Omega Ratio Rank: 9
BHCHX Calmar Ratio Rank: 8
BHCHX Martin Ratio Rank: 7

BDAIX

BDAIX Risk / Return Rank: 22
BDAIX Sharpe Ratio Rank: 24
BDAIX Sortino Ratio Rank: 22
BDAIX Omega Ratio Rank: 24
BDAIX Calmar Ratio Rank: 17
BDAIX Martin Ratio Rank: 22

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.

BHCHX vs. BDAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Health Care Fund (BHCHX) and Baron Durable Advantage Fund (BDAIX). 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.

	BHCHX	BDAIX	Difference
Sharpe ratio: Return per unit of total volatility	0.77	1.38	-0.61
Sortino ratio: Return per unit of downside risk	1.20	1.95	-0.75
Omega ratio: Gain probability vs. loss probability	1.14	1.25	-0.11
Calmar ratio: Return relative to maximum drawdown	0.83	1.49	-0.66
Martin ratio: Return relative to average drawdown	1.92	5.65	-3.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BHCHX vs. BDAIX - Sharpe Ratio Comparison

The current BHCHX Sharpe Ratio is 0.77, which is lower than the BDAIX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of BHCHX and BDAIX, 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

	BHCHX	BDAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.77	1.38	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	0.77	-0.77
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.86	-0.39

Drawdowns

BHCHX vs. BDAIX - Drawdown Comparison

The maximum BHCHX drawdown since its inception was -28.53%, smaller than the maximum BDAIX drawdown of -33.57%. Use the drawdown chart below to compare losses from any high point for BHCHX and BDAIX.

Drawdown Indicators

	BHCHX	BDAIX	Difference
Max Drawdown Largest peak-to-trough decline	-28.53%	-33.57%	+5.04%
Max Drawdown (1Y) Largest decline over 1 year	-14.24%	-14.82%	+0.58%
Max Drawdown (3Y) Largest decline over 3 years	-20.51%	-21.79%	+1.28%
Max Drawdown (5Y) Largest decline over 5 years	-28.53%	-30.25%	+1.72%
Current Drawdown Current decline from peak	-12.51%	-0.56%	-11.95%
Average Drawdown Average peak-to-trough decline	-11.06%	-5.82%	-5.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.11%	3.89%	+2.22%

Volatility

BHCHX vs. BDAIX - Volatility Comparison

Baron Health Care Fund (BHCHX) has a higher volatility of 5.72% compared to Baron Durable Advantage Fund (BDAIX) at 3.29%. This indicates that BHCHX's price experiences larger fluctuations and is considered to be riskier than BDAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BHCHX	BDAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.72%	3.29%	+2.43%
Volatility (6M) Calculated over the trailing 6-month period	11.95%	12.14%	-0.19%
Volatility (1Y) Calculated over the trailing 1-year period	15.23%	15.96%	-0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.02%	20.25%	-3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.74%	21.97%	-2.23%

BHCHX vs. BDAIX - Expense Ratio Comparison

BHCHX has a 0.85% expense ratio, which is lower than BDAIX's 1.48% expense ratio.

Dividends

BHCHX vs. BDAIX - Dividend Comparison

Neither BHCHX nor BDAIX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
BDAIX Baron Durable Advantage Fund	0.00%	0.00%	0.23%	0.10%	0.00%	0.33%	0.12%
BHCHX Baron Health Care Fund	0.00%	0.00%	0.49%	0.00%	0.00%	1.41%	0.99%

Frequently Asked Questions

Can I hold both BHCHX and BDAIX in my portfolio?

BHCHX and BDAIX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BHCHX or BDAIX?

BHCHX has higher volatility (5.72%) compared to BDAIX (3.29%). In terms of maximum drawdown, BHCHX dropped -28.53% vs BDAIX's -33.57%.

Which has better risk-adjusted returns?

BDAIX currently has the higher Sharpe Ratio (1.38 vs 0.77), 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.