BPTRX vs. XSMO

Last updated Jun 13, 2026

BPTRX (Baron Partners Fund) and XSMO (Invesco S&P SmallCap Momentum ETF) are both funds - BPTRX is a Large Cap Growth Equities fund actively managed by Baron Capital Group, Inc., while XSMO is a Momentum fund tracking the S&P SmallCap 600 Momentum Index. BPTRX is actively managed, while XSMO is passively managed. Over the past 10 years, BPTRX returned 24.68%/yr vs 15.17%/yr for XSMO. A 0.73 correlation means they provide meaningful diversification when combined. BPTRX charges 1.36%/yr vs 0.36%/yr for XSMO.

Performance

BPTRX vs. XSMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Partners Fund (BPTRX) and Invesco S&P SmallCap Momentum ETF (XSMO). 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 XSMO's 24.80% return. Over the past 10 years, BPTRX has outperformed XSMO with an annualized return of 24.68%, while XSMO has yielded a comparatively lower 15.17% 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%

XSMO

• 1D: 1.22%
• 1M: 3.48%
• YTD: 24.80%
• 6M: 20.56%
• 1Y: 37.87%
• 3Y*: 24.32%
• 5Y*: 11.65%
• 10Y*: 15.17%

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

BPTRX vs. XSMO - 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%
XSMO Invesco S&P SmallCap Momentum ETF	24.80%	9.80%	17.45%	21.55%	-15.44%	19.24%	21.96%	28.65%	-3.44%	23.95%

Correlation

The correlation between BPTRX and XSMO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Mar 3, 2005	0.73

Over the past year, the correlation between BPTRX and XSMO has dropped to 0.47 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

BPTRX vs. XSMO — 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

XSMO

XSMO Risk / Return Rank: 70
XSMO Sharpe Ratio Rank: 63
XSMO Sortino Ratio Rank: 66
XSMO Omega Ratio Rank: 58
XSMO Calmar Ratio Rank: 84
XSMO Martin Ratio Rank: 80

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. XSMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Partners Fund (BPTRX) and Invesco S&P SmallCap Momentum ETF (XSMO). 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	XSMO	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.82	-0.39
Sortino ratio: Return per unit of downside risk	3.09	2.62	+0.47
Omega ratio: Gain probability vs. loss probability	1.35	1.31	+0.04
Calmar ratio: Return relative to maximum drawdown	3.70	3.98	-0.28
Martin ratio: Return relative to average drawdown	9.05	13.44	-4.39

BPTRX vs. XSMO - Sharpe Ratio Comparison

The current BPTRX Sharpe Ratio is 1.43, which is comparable to the XSMO Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of BPTRX and XSMO, 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. XSMO - Drawdown Comparison

The maximum BPTRX drawdown since its inception was -64.11%, which is greater than XSMO's maximum drawdown of -58.06%. Use the drawdown chart below to compare losses from any high point for BPTRX and XSMO.

Drawdown Indicators

	BPTRX	XSMO	Difference
Max Drawdown Largest peak-to-trough decline	-64.11%	-58.06%	-6.05%
Max Drawdown (1Y) Largest decline over 1 year	-10.71%	-8.89%	-1.82%
Max Drawdown (3Y) Largest decline over 3 years	-33.34%	-24.76%	-8.58%
Max Drawdown (5Y) Largest decline over 5 years	-49.87%	-29.62%	-20.25%
Max Drawdown (10Y) Largest decline over 10 years	-51.26%	-39.39%	-11.87%
Current Drawdown Current decline from peak	-1.69%	0.00%	-1.69%
Average Drawdown Average peak-to-trough decline	-13.77%	-11.12%	-2.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.37%	2.63%	+1.74%

Volatility

BPTRX vs. XSMO - Volatility Comparison

The current volatility for Baron Partners Fund (BPTRX) is 7.29%, while Invesco S&P SmallCap Momentum ETF (XSMO) has a volatility of 7.71%. This indicates that BPTRX experiences smaller price fluctuations and is considered to be less risky than XSMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BPTRX	XSMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.29%	7.71%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	13.45%	14.99%	-1.54%
Volatility (1Y) Calculated over the trailing 1-year period	27.64%	19.42%	+8.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.72%	22.63%	+11.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.75%	24.15%	+8.60%

BPTRX vs. XSMO - Expense Ratio Comparison

BPTRX has a 1.36% expense ratio, which is higher than XSMO's 0.36% expense ratio.

Dividends

BPTRX vs. XSMO - Dividend Comparison

BPTRX's dividend yield for the trailing twelve months is around 3.24%, more than XSMO's 0.52% 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%
XSMO Invesco S&P SmallCap Momentum ETF	0.52%	0.75%	0.63%	0.96%	1.19%	0.30%	0.82%	0.69%	0.66%	0.27%	0.30%	0.35%

Frequently Asked Questions

Can I hold both BPTRX and XSMO in my portfolio?

BPTRX and XSMO have a correlation of 0.47, 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 XSMO?

XSMO has higher volatility (7.71%) compared to BPTRX (7.29%). In terms of maximum drawdown, BPTRX dropped -64.11% vs XSMO's -58.06%.

Which has better risk-adjusted returns?

XSMO currently has the higher Sharpe Ratio (1.82 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.