BIOPX vs. BGAIX

Last updated Jun 3, 2026

BIOPX (Baron Opportunity Fund) and BGAIX (Baron Global Advantage Fund) are both mutual funds - BIOPX is a Large Cap Growth Equities fund managed by Baron Capital Group, Inc., while BGAIX is a Global Equities fund managed by Baron Capital Group, Inc.. Over the past 10 years, BIOPX returned 21.51%/yr vs 15.57%/yr for BGAIX. Their correlation of 0.91 suggests significant overlap in exposure. BIOPX charges 1.31%/yr vs 0.90%/yr for BGAIX.

Performance

BIOPX vs. BGAIX - Performance Comparison

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

Returns By Period

In the year-to-date period, BIOPX achieves a 11.30% return, which is significantly lower than BGAIX's 12.33% return. Over the past 10 years, BIOPX has outperformed BGAIX with an annualized return of 21.51%, while BGAIX has yielded a comparatively lower 15.57% annualized return.

BIOPX

• 1D: 1.66%
• 1M: 9.77%
• YTD: 11.30%
• 6M: 15.47%
• 1Y: 30.18%
• 3Y*: 28.28%
• 5Y*: 11.47%
• 10Y*: 21.51%

BGAIX

• 1D: 2.34%
• 1M: 9.08%
• YTD: 12.33%
• 6M: 21.91%
• 1Y: 35.59%
• 3Y*: 25.01%
• 5Y*: 1.70%
• 10Y*: 15.57%

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

BIOPX vs. BGAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIOPX Baron Opportunity Fund	11.30%	19.44%	39.87%	49.55%	-42.96%	11.90%	88.78%	40.34%	8.06%	40.58%
BGAIX Baron Global Advantage Fund	12.33%	27.53%	26.42%	25.56%	-51.56%	0.90%	79.46%	45.45%	-3.66%	49.82%

Correlation

The correlation between BIOPX and BGAIX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since May 1, 2012	0.91

The correlation between BIOPX and BGAIX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

BIOPX vs. BGAIX — Risk / Return Rank

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

BIOPX

BIOPX Risk / Return Rank: 32
BIOPX Sharpe Ratio Rank: 34
BIOPX Sortino Ratio Rank: 32
BIOPX Omega Ratio Rank: 33
BIOPX Calmar Ratio Rank: 32
BIOPX Martin Ratio Rank: 31

BGAIX

BGAIX Risk / Return Rank: 51
BGAIX Sharpe Ratio Rank: 39
BGAIX Sortino Ratio Rank: 42
BGAIX Omega Ratio Rank: 41
BGAIX Calmar Ratio Rank: 76
BGAIX Martin Ratio Rank: 54

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.

BIOPX vs. BGAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Opportunity Fund (BIOPX) and Baron Global Advantage Fund (BGAIX). 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.

	BIOPX	BGAIX	Difference
Sharpe ratio Return per unit of total volatility	1.71	1.82	-0.11
Sortino ratio Return per unit of downside risk	2.38	2.73	-0.35
Omega ratio Gain probability vs. loss probability	1.30	1.35	-0.04
Calmar ratio Return relative to maximum drawdown	2.18	3.45	-1.26
Martin ratio Return relative to average drawdown	7.23	11.08	-3.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIOPX vs. BGAIX - Sharpe Ratio Comparison

The current BIOPX Sharpe Ratio is 1.71, which is comparable to the BGAIX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of BIOPX and BGAIX, 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

	BIOPX	BGAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	1.82	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.06	+0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	0.59	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.56	-0.15

Drawdowns

BIOPX vs. BGAIX - Drawdown Comparison

The maximum BIOPX drawdown since its inception was -67.91%, which is greater than BGAIX's maximum drawdown of -61.14%. Use the drawdown chart below to compare losses from any high point for BIOPX and BGAIX.

Drawdown Indicators

	BIOPX	BGAIX	Difference
Max Drawdown Largest peak-to-trough decline	-67.91%	-61.14%	-6.77%
Max Drawdown (1Y) Largest decline over 1 year	-14.16%	-10.69%	-3.47%
Max Drawdown (3Y) Largest decline over 3 years	-26.34%	-26.52%	+0.18%
Max Drawdown (5Y) Largest decline over 5 years	-51.45%	-61.14%	+9.69%
Max Drawdown (10Y) Largest decline over 10 years	-51.45%	-61.14%	+9.69%
Current Drawdown Current decline from peak	0.00%	-8.54%	+8.54%
Average Drawdown Average peak-to-trough decline	-16.88%	-17.03%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	3.33%	+0.94%

Volatility

BIOPX vs. BGAIX - Volatility Comparison

The current volatility for Baron Opportunity Fund (BIOPX) is 3.26%, while Baron Global Advantage Fund (BGAIX) has a volatility of 4.35%. This indicates that BIOPX experiences smaller price fluctuations and is considered to be less risky than BGAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIOPX	BGAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.26%	4.35%	-1.09%
Volatility (6M) Calculated over the trailing 6-month period	12.89%	15.69%	-2.80%
Volatility (1Y) Calculated over the trailing 1-year period	18.34%	20.40%	-2.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.69%	30.13%	-3.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.85%	26.71%	-1.86%

BIOPX vs. BGAIX - Expense Ratio Comparison

BIOPX has a 1.31% expense ratio, which is higher than BGAIX's 0.90% expense ratio.

Dividends

BIOPX vs. BGAIX - Dividend Comparison

BIOPX's dividend yield for the trailing twelve months is around 3.81%, more than BGAIX's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGAIX Baron Global Advantage Fund	0.17%	0.19%	0.00%	0.00%	1.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.42%
BIOPX Baron Opportunity Fund	3.81%	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 BIOPX and BGAIX in my portfolio?

BIOPX and BGAIX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIOPX or BGAIX?

BGAIX has higher volatility (4.35%) compared to BIOPX (3.26%). In terms of maximum drawdown, BIOPX dropped -67.91% vs BGAIX's -61.14%.

Which has better risk-adjusted returns?

BGAIX currently has the higher Sharpe Ratio (1.82 vs 1.71), 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.