BIAGX vs. BIOPX

Last updated Jun 24, 2026

BIAGX (Brown Advisory Growth Equity Fund) and BIOPX (Baron Opportunity Fund) are both Large Cap Growth Equities funds. Over the past 10 years, BIAGX returned 13.43%/yr vs 22.04%/yr for BIOPX. Their correlation of 0.87 suggests significant overlap in exposure. BIAGX charges 0.81%/yr vs 1.31%/yr for BIOPX.

Performance

BIAGX vs. BIOPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown Advisory Growth Equity Fund (BIAGX) and Baron Opportunity Fund (BIOPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIAGX achieves a 6.22% return, which is significantly lower than BIOPX's 11.84% return. Over the past 10 years, BIAGX has underperformed BIOPX with an annualized return of 13.43%, while BIOPX has yielded a comparatively higher 22.04% annualized return.

BIAGX

• 1D: -1.24%
• 1M: 1.27%
• YTD: 6.22%
• 6M: 5.17%
• 1Y: 3.06%
• 3Y*: 11.49%
• 5Y*: 3.31%
• 10Y*: 13.43%

BIOPX

• 1D: -4.27%
• 1M: 4.88%
• YTD: 11.84%
• 6M: 10.12%
• 1Y: 28.22%
• 3Y*: 27.67%
• 5Y*: 10.02%
• 10Y*: 22.04%

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

BIAGX vs. BIOPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIAGX Brown Advisory Growth Equity Fund	6.22%	0.61%	16.60%	33.90%	-33.60%	18.56%	32.41%	47.97%	4.66%	30.37%
BIOPX Baron Opportunity Fund	11.84%	19.44%	39.87%	49.55%	-42.96%	11.90%	88.78%	40.34%	8.06%	40.58%

Correlation

The correlation between BIAGX and BIOPX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Feb 29, 2000	0.87

The correlation between BIAGX and BIOPX has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

Return for Risk

BIAGX vs. BIOPX — Risk / Return Rank

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

BIAGX

BIAGX Risk / Return Rank: 4
BIAGX Sharpe Ratio Rank: 5
BIAGX Sortino Ratio Rank: 5
BIAGX Omega Ratio Rank: 5
BIAGX Calmar Ratio Rank: 4
BIAGX Martin Ratio Rank: 4

BIOPX

BIOPX Risk / Return Rank: 31
BIOPX Sharpe Ratio Rank: 30
BIOPX Sortino Ratio Rank: 29
BIOPX Omega Ratio Rank: 30
BIOPX Calmar Ratio Rank: 35
BIOPX Martin Ratio Rank: 33

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.

BIAGX vs. BIOPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown Advisory Growth Equity Fund (BIAGX) and Baron Opportunity Fund (BIOPX). 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.

	BIAGX	BIOPX	Difference
Sharpe ratio: Return per unit of total volatility	0.27	1.46	-1.19
Sortino ratio: Return per unit of downside risk	0.47	2.09	-1.62
Omega ratio: Gain probability vs. loss probability	1.06	1.27	-0.21
Calmar ratio: Return relative to maximum drawdown	0.20	2.13	-1.92
Martin ratio: Return relative to average drawdown	0.49	6.95	-6.45

BIAGX vs. BIOPX - Sharpe Ratio Comparison

The current BIAGX Sharpe Ratio is 0.27, which is lower than the BIOPX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of BIAGX and BIOPX, 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

BIAGX vs. BIOPX - Drawdown Comparison

The maximum BIAGX drawdown since its inception was -56.68%, smaller than the maximum BIOPX drawdown of -67.91%. Use the drawdown chart below to compare losses from any high point for BIAGX and BIOPX.

Drawdown Indicators

	BIAGX	BIOPX	Difference
Max Drawdown Largest peak-to-trough decline	-56.68%	-67.91%	+11.23%
Max Drawdown (1Y) Largest decline over 1 year	-20.56%	-14.16%	-6.40%
Max Drawdown (3Y) Largest decline over 3 years	-56.68%	-26.34%	-30.34%
Max Drawdown (5Y) Largest decline over 5 years	-56.68%	-51.45%	-5.23%
Max Drawdown (10Y) Largest decline over 10 years	-56.68%	-51.45%	-5.23%
Current Drawdown Current decline from peak	-44.38%	-5.64%	-38.74%
Average Drawdown Average peak-to-trough decline	-15.04%	-16.85%	+1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.43%	4.33%	+4.10%

Volatility

BIAGX vs. BIOPX - Volatility Comparison

The current volatility for Brown Advisory Growth Equity Fund (BIAGX) is 6.32%, while Baron Opportunity Fund (BIOPX) has a volatility of 10.38%. This indicates that BIAGX experiences smaller price fluctuations and is considered to be less risky than BIOPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIAGX	BIOPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.32%	10.38%	-4.06%
Volatility (6M) Calculated over the trailing 6-month period	12.45%	15.20%	-2.75%
Volatility (1Y) Calculated over the trailing 1-year period	15.55%	20.65%	-5.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.31%	27.01%	+20.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.39%	25.02%	+11.37%

BIAGX vs. BIOPX - Expense Ratio Comparison

BIAGX has a 0.81% expense ratio, which is lower than BIOPX's 1.31% expense ratio.

Dividends

BIAGX vs. BIOPX - Dividend Comparison

BIAGX's dividend yield for the trailing twelve months is around 81.44%, more than BIOPX's 3.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIAGX Brown Advisory Growth Equity Fund	81.44%	86.50%	91.52%	6.80%	7.75%	13.04%	4.95%	9.82%	12.64%	8.09%	9.13%	6.59%
BIOPX Baron Opportunity Fund	3.79%	4.24%	4.95%	0.00%	0.00%	8.71%	6.96%	7.33%	5.29%	15.58%	13.52%	10.92%

Frequently Asked Questions

Can I hold both BIAGX and BIOPX in my portfolio?

BIAGX and BIOPX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIAGX or BIOPX?

BIOPX has higher volatility (10.38%) compared to BIAGX (6.32%). In terms of maximum drawdown, BIAGX dropped -56.68% vs BIOPX's -67.91%.

Which has better risk-adjusted returns?

BIOPX currently has the higher Sharpe Ratio (1.46 vs 0.27), 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.