BIOPX vs. FTEC

Last updated Jun 23, 2026

BIOPX (Baron Opportunity Fund) and FTEC (Fidelity MSCI Information Technology Index ETF) are both funds - BIOPX is a Large Cap Growth Equities fund managed by Baron Capital Group, Inc., while FTEC is a Technology Equities fund tracking the MSCI USA IMI Information Technology 25/50 Index. Over the past 10 years, BIOPX returned 22.22%/yr vs 25.75%/yr for FTEC. Their correlation of 0.89 suggests significant overlap in exposure. BIOPX charges 1.31%/yr vs 0.08%/yr for FTEC.

Performance

BIOPX vs. FTEC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Opportunity Fund (BIOPX) and Fidelity MSCI Information Technology Index ETF (FTEC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIOPX achieves a 16.82% return, which is significantly lower than FTEC's 28.31% return. Over the past 10 years, BIOPX has underperformed FTEC with an annualized return of 22.22%, while FTEC has yielded a comparatively higher 25.75% annualized return.

BIOPX

• 1D: 0.77%
• 1M: 9.55%
• YTD: 16.82%
• 6M: 15.41%
• 1Y: 35.79%
• 3Y*: 28.78%
• 5Y*: 11.36%
• 10Y*: 22.22%

FTEC

• 1D: 0.40%
• 1M: 4.21%
• YTD: 28.31%
• 6M: 27.06%
• 1Y: 54.89%
• 3Y*: 32.23%
• 5Y*: 20.85%
• 10Y*: 25.75%

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

BIOPX vs. FTEC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIOPX Baron Opportunity Fund	16.82%	19.44%	39.87%	49.55%	-42.96%	11.90%	88.78%	40.34%	8.06%	40.58%
FTEC Fidelity MSCI Information Technology Index ETF	28.31%	22.11%	29.40%	53.30%	-29.59%	30.49%	45.83%	48.93%	-0.39%	36.83%

Correlation

The correlation between BIOPX and FTEC is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.89

The correlation between BIOPX and FTEC has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.

Return for Risk

BIOPX vs. FTEC — Risk / Return Rank

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

BIOPX

BIOPX Risk / Return Rank: 41
BIOPX Sharpe Ratio Rank: 41
BIOPX Sortino Ratio Rank: 40
BIOPX Omega Ratio Rank: 40
BIOPX Calmar Ratio Rank: 46
BIOPX Martin Ratio Rank: 39

FTEC

FTEC Risk / Return Rank: 70
FTEC Sharpe Ratio Rank: 80
FTEC Sortino Ratio Rank: 69
FTEC Omega Ratio Rank: 71
FTEC Calmar Ratio Rank: 70
FTEC Martin Ratio Rank: 60

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. FTEC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Opportunity Fund (BIOPX) and Fidelity MSCI Information Technology Index ETF (FTEC). 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.

	BIOPX	FTEC	Difference
Sharpe ratio: Return per unit of total volatility	1.73	2.46	-0.72
Sortino ratio: Return per unit of downside risk	2.47	3.02	-0.55
Omega ratio: Gain probability vs. loss probability	1.31	1.40	-0.09
Calmar ratio: Return relative to maximum drawdown	2.47	3.39	-0.92
Martin ratio: Return relative to average drawdown	8.08	10.46	-2.38

BIOPX vs. FTEC - Sharpe Ratio Comparison

The current BIOPX Sharpe Ratio is 1.73, which is comparable to the FTEC Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of BIOPX and FTEC, 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

BIOPX vs. FTEC - Drawdown Comparison

The maximum BIOPX drawdown since its inception was -67.91%, which is greater than FTEC's maximum drawdown of -34.95%. Use the drawdown chart below to compare losses from any high point for BIOPX and FTEC.

Drawdown Indicators

	BIOPX	FTEC	Difference
Max Drawdown Largest peak-to-trough decline	-67.91%	-34.95%	-32.96%
Max Drawdown (1Y) Largest decline over 1 year	-14.16%	-16.26%	+2.10%
Max Drawdown (3Y) Largest decline over 3 years	-26.34%	-27.30%	+0.96%
Max Drawdown (5Y) Largest decline over 5 years	-51.45%	-34.95%	-16.50%
Max Drawdown (10Y) Largest decline over 10 years	-51.45%	-34.95%	-16.50%
Current Drawdown Current decline from peak	-1.44%	-4.17%	+2.73%
Average Drawdown Average peak-to-trough decline	-16.85%	-5.57%	-11.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.31%	5.26%	-0.95%

Volatility

BIOPX vs. FTEC - Volatility Comparison

The current volatility for Baron Opportunity Fund (BIOPX) is 9.18%, while Fidelity MSCI Information Technology Index ETF (FTEC) has a volatility of 10.69%. This indicates that BIOPX experiences smaller price fluctuations and is considered to be less risky than FTEC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIOPX	FTEC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.18%	10.69%	-1.51%
Volatility (6M) Calculated over the trailing 6-month period	14.64%	18.25%	-3.61%
Volatility (1Y) Calculated over the trailing 1-year period	20.15%	22.50%	-2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.93%	25.54%	+1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.99%	24.87%	+0.12%

BIOPX vs. FTEC - Expense Ratio Comparison

BIOPX has a 1.31% expense ratio, which is higher than FTEC's 0.08% expense ratio.

Dividends

BIOPX vs. FTEC - Dividend Comparison

BIOPX's dividend yield for the trailing twelve months is around 3.63%, more than FTEC's 0.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIOPX Baron Opportunity Fund	3.63%	4.24%	4.95%	0.00%	0.00%	8.71%	6.96%	7.33%	5.29%	15.58%	13.52%	10.92%
FTEC Fidelity MSCI Information Technology Index ETF	0.35%	0.43%	0.49%	0.77%	0.93%	0.63%	0.83%	1.03%	1.20%	0.96%	1.25%	1.27%

Frequently Asked Questions

Can I hold both BIOPX and FTEC in my portfolio?

BIOPX and FTEC have a correlation of 0.84, 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 FTEC?

FTEC has higher volatility (10.69%) compared to BIOPX (9.18%). In terms of maximum drawdown, BIOPX dropped -67.91% vs FTEC's -34.95%.

Which has better risk-adjusted returns?

FTEC currently has the higher Sharpe Ratio (2.46 vs 1.73), 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.