BHCHX vs. SHSSX

Last updated Jun 4, 2026

BHCHX (Baron Health Care Fund) and SHSSX (Health Sciences Opportunities Fund Class Institutional) are both Health & Biotech Equities funds. Over the past 5 years, BHCHX returned 0.06%/yr vs 4.00%/yr for SHSSX. Their correlation of 0.90 suggests significant overlap in exposure. BHCHX charges 0.85%/yr vs 0.84%/yr for SHSSX.

Performance

BHCHX vs. SHSSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Health Care Fund (BHCHX) and Health Sciences Opportunities Fund Class Institutional (SHSSX). 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 SHSSX's -5.37% return.

BHCHX

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

SHSSX

• 1D: -1.67%
• 1M: 0.03%
• YTD: -5.37%
• 6M: -5.86%
• 1Y: 13.01%
• 3Y*: 5.98%
• 5Y*: 4.00%
• 10Y*: 9.37%

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

BHCHX vs. SHSSX - 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%
SHSSX Health Sciences Opportunities Fund Class Institutional	-5.37%	16.13%	4.00%	3.86%	-5.72%	12.17%	19.54%	20.62%

Correlation

The correlation between BHCHX and SHSSX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 20, 2019	0.90

The correlation between BHCHX and SHSSX has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

Return for Risk

BHCHX vs. SHSSX — 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

SHSSX

SHSSX Risk / Return Rank: 13
SHSSX Sharpe Ratio Rank: 13
SHSSX Sortino Ratio Rank: 13
SHSSX Omega Ratio Rank: 12
SHSSX Calmar Ratio Rank: 15
SHSSX Martin Ratio Rank: 11

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. SHSSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Health Care Fund (BHCHX) and Health Sciences Opportunities Fund Class Institutional (SHSSX). 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	SHSSX	Difference
Sharpe ratio Return per unit of total volatility	0.77	0.96	-0.19
Sortino ratio Return per unit of downside risk	1.20	1.49	-0.29
Omega ratio Gain probability vs. loss probability	1.14	1.17	-0.03
Calmar ratio Return relative to maximum drawdown	0.83	1.35	-0.52
Martin ratio Return relative to average drawdown	1.92	3.38	-1.46
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. SHSSX - Sharpe Ratio Comparison

The current BHCHX Sharpe Ratio is 0.77, which is comparable to the SHSSX Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of BHCHX and SHSSX, 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	SHSSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.77	0.96	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	0.28	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.69	-0.22

Drawdowns

BHCHX vs. SHSSX - Drawdown Comparison

The maximum BHCHX drawdown since its inception was -28.53%, smaller than the maximum SHSSX drawdown of -35.40%. Use the drawdown chart below to compare losses from any high point for BHCHX and SHSSX.

Drawdown Indicators

	BHCHX	SHSSX	Difference
Max Drawdown Largest peak-to-trough decline	-28.53%	-35.40%	+6.87%
Max Drawdown (1Y) Largest decline over 1 year	-14.24%	-9.83%	-4.41%
Max Drawdown (3Y) Largest decline over 3 years	-20.51%	-15.95%	-4.56%
Max Drawdown (5Y) Largest decline over 5 years	-28.53%	-17.90%	-10.63%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.34%	—
Current Drawdown Current decline from peak	-12.51%	-8.10%	-4.41%
Average Drawdown Average peak-to-trough decline	-11.06%	-5.98%	-5.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.11%	3.91%	+2.20%

Volatility

BHCHX vs. SHSSX - Volatility Comparison

Baron Health Care Fund (BHCHX) has a higher volatility of 5.72% compared to Health Sciences Opportunities Fund Class Institutional (SHSSX) at 4.16%. This indicates that BHCHX's price experiences larger fluctuations and is considered to be riskier than SHSSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BHCHX	SHSSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.72%	4.16%	+1.56%
Volatility (6M) Calculated over the trailing 6-month period	11.95%	10.40%	+1.55%
Volatility (1Y) Calculated over the trailing 1-year period	15.23%	13.76%	+1.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.02%	14.37%	+2.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.74%	16.54%	+3.20%

BHCHX vs. SHSSX - Expense Ratio Comparison

BHCHX has a 0.85% expense ratio, which is higher than SHSSX's 0.84% expense ratio.

Dividends

BHCHX vs. SHSSX - Dividend Comparison

BHCHX has not paid dividends to shareholders, while SHSSX's dividend yield for the trailing twelve months is around 10.47%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BHCHX Baron Health Care Fund	0.00%	0.00%	0.49%	0.00%	0.00%	1.41%	0.99%	0.00%	0.00%	0.00%	0.00%	0.00%
SHSSX Health Sciences Opportunities Fund Class Institutional	10.47%	9.90%	8.68%	3.82%	7.20%	8.96%	4.18%	3.87%	8.44%	3.59%	2.33%	12.29%

Frequently Asked Questions

Can I hold both BHCHX and SHSSX in my portfolio?

With a correlation of 0.91, BHCHX and SHSSX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BHCHX or SHSSX?

BHCHX has higher volatility (5.72%) compared to SHSSX (4.16%). In terms of maximum drawdown, BHCHX dropped -28.53% vs SHSSX's -35.40%.

Which has better risk-adjusted returns?

SHSSX currently has the higher Sharpe Ratio (0.96 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.