BPTIX vs. BDAFX

Last updated Aug 1, 2026

BPTIX (Baron Partners Fund Institutional Class) and BDAFX (Baron Durable Advantage Fund Retail Shares) are both Large Cap Growth Equities funds from Baron Capital. Over the past 5 years, BPTIX returned 10.65%/yr vs 12.25%/yr for BDAFX. Their 0.68 correlation means they have sometimes moved together and sometimes differently. BPTIX charges 1.99%/yr vs 0.95%/yr for BDAFX.

Performance

BPTIX vs. BDAFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Partners Fund Institutional Class (BPTIX) and Baron Durable Advantage Fund Retail Shares (BDAFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BPTIX achieves a -3.44% return, which is significantly lower than BDAFX's 2.59% return.

BPTIX

• 1D: -2.14%
• 1M: -12.59%
• 6M: 0.04%
• YTD: -3.44%
• 1Y: 28.88%
• 3Y*: 16.33%
• 5Y*: 10.65%
• 10Y*: 23.45%
• ALL TIME*: 20.60%

BDAFX

• 1D: 2.59%
• 1M: -0.50%
• 6M: 0.87%
• YTD: 2.59%
• 1Y: 7.88%
• 3Y*: 17.91%
• 5Y*: 12.25%
• 10Y*: —
• ALL TIME*: 17.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BDAFX Baron Durable Advantage Fund Retail Shares	$0.00	$0.00	$0.00
BPTIX Baron Partners Fund Institutional Class	$0.00	$0.00	$0.00

BPTIX vs. BDAFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BPTIX Baron Partners Fund Institutional Class	-3.44%	24.86%	33.09%	43.47%	-42.39%	31.69%	149.45%	27.37%
BDAFX Baron Durable Advantage Fund Retail Shares	2.59%	16.25%	26.87%	45.11%	-24.99%	31.79%	20.11%	27.13%

Correlation

The correlation between BPTIX and BDAFX is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.52
Correlation (3Y) Balances recent behavior with more history.	0.59
Correlation (5Y) Shows whether the relationship held over a longer period.	0.67
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019	0.68

The correlation between BPTIX and BDAFX shifts across timeframes, from 0.52 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BPTIX vs. BDAFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BPTIX

BPTIX Risk / Return Rank: 35
BPTIX Sharpe Ratio Rank: 26
BPTIX Sortino Ratio Rank: 47
BPTIX Omega Ratio Rank: 40
BPTIX Calmar Ratio Rank: 31
BPTIX Martin Ratio Rank: 31

BDAFX

BDAFX Risk / Return Rank: 10
BDAFX Sharpe Ratio Rank: 10
BDAFX Sortino Ratio Rank: 10
BDAFX Omega Ratio Rank: 10
BDAFX Calmar Ratio Rank: 10
BDAFX Martin Ratio Rank: 12

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BPTIX vs. BDAFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Partners Fund Institutional Class (BPTIX) and Baron Durable Advantage Fund Retail Shares (BDAFX). 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.

	BPTIX	BDAFX	Difference
Sharpe ratio: Return per unit of total volatility	0.85	0.37	+0.48
Sortino ratio: Return per unit of downside risk	1.82	0.63	+1.19
Omega ratio: Gain probability vs. loss probability	1.22	1.08	+0.14
Calmar ratio: Return relative to maximum drawdown	1.32	0.43	+0.89
Martin ratio: Return relative to average drawdown	4.30	1.52	+2.78

BPTIX vs. BDAFX - Sharpe Ratio Comparison

The current BPTIX Sharpe Ratio is 0.85, which is higher than the BDAFX Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of BPTIX and BDAFX, 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

BPTIX vs. BDAFX - Drawdown Comparison

The maximum BPTIX drawdown since its inception was -51.26%, which is greater than BDAFX's maximum drawdown of -33.59%. Use the drawdown chart below to compare losses from any high point for BPTIX and BDAFX.

Drawdown Indicators

	BPTIX	BDAFX	Difference
Max Drawdown Largest peak-to-trough decline	-51.26%	-33.59%	-17.67%
Max Drawdown (1Y) Largest decline over 1 year	-19.57%	-14.85%	-4.72%
Max Drawdown (3Y) Largest decline over 3 years	-33.29%	-21.82%	-11.47%
Max Drawdown (5Y) Largest decline over 5 years	-49.72%	-30.44%	-19.28%
Max Drawdown (10Y) Largest decline over 10 years	-51.26%	—	—
Current Drawdown Current decline from peak	-18.13%	-4.10%	-14.03%
Average Drawdown Average peak-to-trough decline	-10.78%	-5.81%	-4.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.01%	4.19%	+1.82%

Volatility

BPTIX vs. BDAFX - Volatility Comparison

Baron Partners Fund Institutional Class (BPTIX) has a higher volatility of 7.29% compared to Baron Durable Advantage Fund Retail Shares (BDAFX) at 4.84%. This indicates that BPTIX's price experiences larger fluctuations and is considered to be riskier than BDAFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BPTIX	BDAFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.29%	4.84%	+2.45%
Volatility (6M) Calculated over the trailing 6-month period	19.10%	13.64%	+5.46%
Volatility (1Y) Calculated over the trailing 1-year period	30.34%	17.35%	+12.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.24%	20.49%	+13.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.94%	21.92%	+11.02%

BPTIX vs. BDAFX - Expense Ratio Comparison

BPTIX has a 1.99% expense ratio, which is higher than BDAFX's 0.95% expense ratio.

Dividends

BPTIX vs. BDAFX - Dividend Comparison

BPTIX's dividend yield for the trailing twelve months is around 3.32%, while BDAFX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDAFX Baron Durable Advantage Fund Retail Shares	0.00%	0.00%	0.01%	0.00%	0.00%	0.33%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%
BPTIX Baron Partners Fund Institutional Class	3.32%	3.21%	0.73%	0.00%	3.07%	7.46%	3.57%	1.27%	0.00%	0.00%	0.00%	0.62%

Frequently Asked Questions

Can I hold both BPTIX and BDAFX in my portfolio?

BPTIX and BDAFX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BPTIX or BDAFX?

BPTIX has higher volatility (7.29%) compared to BDAFX (4.84%). In terms of maximum drawdown, BPTIX dropped -51.26% vs BDAFX's -33.59%.

Which has better risk-adjusted returns?

BPTIX currently has the higher Sharpe Ratio (0.85 vs 0.37), 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.