BPTRX vs. DIA

Last updated Jun 13, 2026

BPTRX (Baron Partners Fund) and DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) are both funds - BPTRX is a Large Cap Growth Equities fund actively managed by Baron Capital Group, Inc., while DIA is a Large Cap Blend Equities fund tracking the Dow Jones Industrial Average. BPTRX is actively managed, while DIA is passively managed. Over the past 10 years, BPTRX returned 24.68%/yr vs 13.40%/yr for DIA. A 0.60 correlation means they provide meaningful diversification when combined. BPTRX charges 1.36%/yr vs 0.16%/yr for DIA.

Performance

BPTRX vs. DIA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Partners Fund (BPTRX) and State Street SPDR Dow Jones Industrial Average ETF Trust (DIA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BPTRX achieves a 3.60% return, which is significantly lower than DIA's 7.27% return. Over the past 10 years, BPTRX has outperformed DIA with an annualized return of 24.68%, while DIA has yielded a comparatively lower 13.40% annualized return.

BPTRX

• 1D: 0.41%
• 1M: 8.22%
• YTD: 3.60%
• 6M: 2.76%
• 1Y: 40.21%
• 3Y*: 21.70%
• 5Y*: 13.22%
• 10Y*: 24.68%

DIA

• 1D: 0.73%
• 1M: 2.50%
• YTD: 7.27%
• 6M: 6.43%
• 1Y: 23.20%
• 3Y*: 16.29%
• 5Y*: 10.14%
• 10Y*: 13.40%

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

BPTRX vs. DIA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BPTRX Baron Partners Fund	3.60%	24.54%	32.75%	43.09%	-42.53%	31.35%	148.81%	44.99%	-2.01%	31.54%
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	7.27%	14.71%	14.82%	16.02%	-7.02%	20.83%	9.59%	24.70%	-3.74%	28.08%

Correlation

The correlation between BPTRX and DIA is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jan 20, 1998	0.60

The correlation between BPTRX and DIA has been stable across timeframes, ranging from 0.54 to 0.61 - a consistent structural relationship.

Return for Risk

BPTRX vs. DIA — Risk / Return Rank

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

BPTRX

BPTRX Risk / Return Rank: 66
BPTRX Sharpe Ratio Rank: 40
BPTRX Sortino Ratio Rank: 79
BPTRX Omega Ratio Rank: 66
BPTRX Calmar Ratio Rank: 89
BPTRX Martin Ratio Rank: 56

DIA

DIA Risk / Return Rank: 55
DIA Sharpe Ratio Rank: 57
DIA Sortino Ratio Rank: 60
DIA Omega Ratio Rank: 55
DIA Calmar Ratio Rank: 49
DIA Martin Ratio Rank: 55

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.

BPTRX vs. DIA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Partners Fund (BPTRX) and State Street SPDR Dow Jones Industrial Average ETF Trust (DIA). 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.

	BPTRX	DIA	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.69	-0.25
Sortino ratio: Return per unit of downside risk	3.09	2.46	+0.63
Omega ratio: Gain probability vs. loss probability	1.35	1.30	+0.05
Calmar ratio: Return relative to maximum drawdown	3.70	2.16	+1.54
Martin ratio: Return relative to average drawdown	9.05	8.35	+0.70

BPTRX vs. DIA - Sharpe Ratio Comparison

The current BPTRX Sharpe Ratio is 1.43, which is comparable to the DIA Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of BPTRX and DIA, 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

BPTRX vs. DIA - Drawdown Comparison

The maximum BPTRX drawdown since its inception was -64.11%, which is greater than DIA's maximum drawdown of -51.87%. Use the drawdown chart below to compare losses from any high point for BPTRX and DIA.

Drawdown Indicators

	BPTRX	DIA	Difference
Max Drawdown Largest peak-to-trough decline	-64.11%	-51.87%	-12.24%
Max Drawdown (1Y) Largest decline over 1 year	-10.71%	-9.76%	-0.95%
Max Drawdown (3Y) Largest decline over 3 years	-33.34%	-15.95%	-17.39%
Max Drawdown (5Y) Largest decline over 5 years	-49.87%	-20.76%	-29.11%
Max Drawdown (10Y) Largest decline over 10 years	-51.26%	-36.70%	-14.56%
Current Drawdown Current decline from peak	-1.69%	-0.70%	-0.99%
Average Drawdown Average peak-to-trough decline	-13.77%	-7.14%	-6.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.37%	2.53%	+1.84%

Volatility

BPTRX vs. DIA - Volatility Comparison

Baron Partners Fund (BPTRX) has a higher volatility of 7.29% compared to State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) at 4.32%. This indicates that BPTRX's price experiences larger fluctuations and is considered to be riskier than DIA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BPTRX	DIA	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.29%	4.32%	+2.97%
Volatility (6M) Calculated over the trailing 6-month period	13.45%	9.78%	+3.67%
Volatility (1Y) Calculated over the trailing 1-year period	27.64%	12.52%	+15.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.72%	14.85%	+18.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.75%	17.56%	+15.19%

BPTRX vs. DIA - Expense Ratio Comparison

BPTRX has a 1.36% expense ratio, which is higher than DIA's 0.16% expense ratio.

Dividends

BPTRX vs. DIA - Dividend Comparison

BPTRX's dividend yield for the trailing twelve months is around 3.24%, more than DIA's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BPTRX Baron Partners Fund	3.24%	3.36%	0.76%	0.00%	3.19%	7.72%	3.67%	0.26%	0.00%	0.00%	0.00%	0.35%
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	1.37%	1.43%	1.61%	1.81%	1.91%	1.58%	1.87%	1.85%	2.24%	1.97%	2.26%	2.33%

Frequently Asked Questions

Can I hold both BPTRX and DIA in my portfolio?

BPTRX and DIA have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BPTRX or DIA?

BPTRX has higher volatility (7.29%) compared to DIA (4.32%). In terms of maximum drawdown, BPTRX dropped -64.11% vs DIA's -51.87%.

Which has better risk-adjusted returns?

DIA currently has the higher Sharpe Ratio (1.69 vs 1.43), 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.