BIOPX vs. BSCFX

Last updated Jun 4, 2026

BIOPX (Baron Opportunity Fund) and BSCFX (Baron Small Cap Fund) are both mutual funds - BIOPX is a Large Cap Growth Equities fund managed by Baron Capital Group, Inc., while BSCFX is a Small Cap Growth Equities fund managed by Baron Capital Group, Inc.. Over the past 10 years, BIOPX returned 21.51%/yr vs 10.21%/yr for BSCFX. Their correlation of 0.85 suggests significant overlap in exposure. BIOPX charges 1.31%/yr vs 1.29%/yr for BSCFX.

Performance

BIOPX vs. BSCFX - Performance Comparison

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

Returns By Period

In the year-to-date period, BIOPX achieves a 11.24% return, which is significantly higher than BSCFX's -1.94% return. Over the past 10 years, BIOPX has outperformed BSCFX with an annualized return of 21.51%, while BSCFX has yielded a comparatively lower 10.21% annualized return.

BIOPX

• 1D: -0.05%
• 1M: 9.24%
• YTD: 11.24%
• 6M: 15.26%
• 1Y: 29.20%
• 3Y*: 28.25%
• 5Y*: 11.77%
• 10Y*: 21.51%

BSCFX

• 1D: -1.03%
• 1M: 3.00%
• YTD: -1.94%
• 6M: -2.17%
• 1Y: -0.10%
• 3Y*: 8.85%
• 5Y*: 1.04%
• 10Y*: 10.21%

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

BIOPX vs. BSCFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIOPX Baron Opportunity Fund	11.24%	19.44%	39.87%	49.55%	-42.96%	11.90%	88.78%	40.34%	8.06%	40.58%
BSCFX Baron Small Cap Fund	-1.94%	-0.92%	13.11%	26.90%	-31.19%	15.42%	40.38%	34.60%	-7.39%	27.34%

Correlation

The correlation between BIOPX and BSCFX is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Mar 1, 2000	0.85

Over the past year, the correlation between BIOPX and BSCFX has dropped to 0.60 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

Return for Risk

BIOPX vs. BSCFX — 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: 33
BIOPX Sortino Ratio Rank: 31
BIOPX Omega Ratio Rank: 32
BIOPX Calmar Ratio Rank: 32
BIOPX Martin Ratio Rank: 30

BSCFX

BSCFX Risk / Return Rank: 3
BSCFX Sharpe Ratio Rank: 3
BSCFX Sortino Ratio Rank: 3
BSCFX Omega Ratio Rank: 3
BSCFX Calmar Ratio Rank: 3
BSCFX Martin Ratio Rank: 3

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. BSCFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Opportunity Fund (BIOPX) and Baron Small Cap Fund (BSCFX). 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	BSCFX	Difference
Sharpe ratio: Return per unit of total volatility	1.65	0.07	+1.58
Sortino ratio: Return per unit of downside risk	2.32	0.23	+2.08
Omega ratio: Gain probability vs. loss probability	1.30	1.03	+0.27
Calmar ratio: Return relative to maximum drawdown	2.14	0.09	+2.05
Martin ratio: Return relative to average drawdown	7.06	0.23	+6.84
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. BSCFX - Sharpe Ratio Comparison

The current BIOPX Sharpe Ratio is 1.65, which is higher than the BSCFX Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of BIOPX and BSCFX, 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	BSCFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	0.07	+1.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.05	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	0.46	+0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.42	-0.01

Drawdowns

BIOPX vs. BSCFX - Drawdown Comparison

The maximum BIOPX drawdown since its inception was -67.91%, which is greater than BSCFX's maximum drawdown of -55.59%. Use the drawdown chart below to compare losses from any high point for BIOPX and BSCFX.

Drawdown Indicators

	BIOPX	BSCFX	Difference
Max Drawdown Largest peak-to-trough decline	-67.91%	-55.59%	-12.32%
Max Drawdown (1Y) Largest decline over 1 year	-14.16%	-15.00%	+0.84%
Max Drawdown (3Y) Largest decline over 3 years	-26.34%	-26.91%	+0.57%
Max Drawdown (5Y) Largest decline over 5 years	-51.45%	-37.94%	-13.51%
Max Drawdown (10Y) Largest decline over 10 years	-51.45%	-39.58%	-11.87%
Current Drawdown Current decline from peak	-0.05%	-11.02%	+10.97%
Average Drawdown Average peak-to-trough decline	-16.88%	-11.08%	-5.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	5.63%	-1.36%

Volatility

BIOPX vs. BSCFX - Volatility Comparison

The current volatility for Baron Opportunity Fund (BIOPX) is 3.29%, while Baron Small Cap Fund (BSCFX) has a volatility of 4.22%. This indicates that BIOPX experiences smaller price fluctuations and is considered to be less risky than BSCFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIOPX	BSCFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	4.22%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	12.89%	13.09%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	18.30%	17.67%	+0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.69%	22.33%	+4.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.85%	22.37%	+2.48%

BIOPX vs. BSCFX - Expense Ratio Comparison

BIOPX has a 1.31% expense ratio, which is higher than BSCFX's 1.29% expense ratio.

Dividends

BIOPX vs. BSCFX - Dividend Comparison

BIOPX's dividend yield for the trailing twelve months is around 3.81%, less than BSCFX's 9.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
BSCFX Baron Small Cap Fund	9.69%	9.50%	13.96%	3.04%	5.90%	12.47%	11.17%	9.60%	10.91%	13.57%	22.41%	12.56%

Frequently Asked Questions

Can I hold both BIOPX and BSCFX in my portfolio?

BIOPX and BSCFX have a correlation of 0.60, 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 BSCFX?

BSCFX has higher volatility (4.22%) compared to BIOPX (3.29%). In terms of maximum drawdown, BIOPX dropped -67.91% vs BSCFX's -55.59%.

Which has better risk-adjusted returns?

BIOPX currently has the higher Sharpe Ratio (1.65 vs 0.07), 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.