BREIX vs. BGRFX

Last updated Jun 24, 2026

BREIX (Baron Real Estate Fund) and BGRFX (Baron Growth Fund) are both mutual funds - BREIX is a REIT fund managed by Baron Capital Group, Inc., while BGRFX is a Mid Cap Growth Equities fund managed by Baron Capital Group, Inc.. Over the past 10 years, BREIX returned 11.82%/yr vs 6.76%/yr for BGRFX. Their correlation of 0.84 suggests significant overlap in exposure. BREIX charges 1.05%/yr vs 1.29%/yr for BGRFX.

Performance

BREIX vs. BGRFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Real Estate Fund (BREIX) and Baron Growth Fund (BGRFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BREIX achieves a 3.45% return, which is significantly higher than BGRFX's -16.71% return. Over the past 10 years, BREIX has outperformed BGRFX with an annualized return of 11.82%, while BGRFX has yielded a comparatively lower 6.76% annualized return.

BREIX

• 1D: -0.54%
• 1M: 3.81%
• YTD: 3.45%
• 6M: 2.21%
• 1Y: 13.51%
• 3Y*: 11.64%
• 5Y*: 3.16%
• 10Y*: 11.82%

BGRFX

• 1D: -2.42%
• 1M: -6.28%
• YTD: -16.71%
• 6M: -17.75%
• 1Y: -24.91%
• 3Y*: -7.28%
• 5Y*: -6.07%
• 10Y*: 6.76%

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

BREIX vs. BGRFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BREIX Baron Real Estate Fund	3.45%	5.18%	12.46%	25.04%	-28.45%	24.41%	44.35%	44.60%	-22.05%	31.44%
BGRFX Baron Growth Fund	-16.71%	-14.51%	4.62%	14.68%	-22.55%	19.82%	32.77%	40.18%	-2.93%	27.14%

Correlation

The correlation between BREIX and BGRFX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Dec 31, 2009	0.84

Over the past year, the correlation between BREIX and BGRFX has dropped to 0.48 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

Return for Risk

BREIX vs. BGRFX — Risk / Return Rank

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

BREIX

BREIX Risk / Return Rank: 13
BREIX Sharpe Ratio Rank: 13
BREIX Sortino Ratio Rank: 14
BREIX Omega Ratio Rank: 12
BREIX Calmar Ratio Rank: 14
BREIX Martin Ratio Rank: 13

BGRFX

BGRFX Risk / Return Rank: 0
BGRFX Sharpe Ratio Rank: 0
BGRFX Sortino Ratio Rank: 0
BGRFX Omega Ratio Rank: 0
BGRFX Calmar Ratio Rank: 0
BGRFX Martin Ratio Rank: 0

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.

BREIX vs. BGRFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Real Estate Fund (BREIX) and Baron Growth Fund (BGRFX). 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.

	BREIX	BGRFX	Difference
Sharpe ratio: Return per unit of total volatility	0.91	-1.23	+2.14
Sortino ratio: Return per unit of downside risk	1.41	-1.71	+3.12
Omega ratio: Gain probability vs. loss probability	1.16	0.81	+0.36
Calmar ratio: Return relative to maximum drawdown	1.23	-0.88	+2.11
Martin ratio: Return relative to average drawdown	3.49	-1.50	+4.99

BREIX vs. BGRFX - Sharpe Ratio Comparison

The current BREIX Sharpe Ratio is 0.91, which is higher than the BGRFX Sharpe Ratio of -1.23. The chart below compares the historical Sharpe Ratios of BREIX and BGRFX, 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

BREIX vs. BGRFX - Drawdown Comparison

The maximum BREIX drawdown since its inception was -38.47%, smaller than the maximum BGRFX drawdown of -56.10%. Use the drawdown chart below to compare losses from any high point for BREIX and BGRFX.

Drawdown Indicators

	BREIX	BGRFX	Difference
Max Drawdown Largest peak-to-trough decline	-38.47%	-56.10%	+17.63%
Max Drawdown (1Y) Largest decline over 1 year	-12.56%	-27.19%	+14.63%
Max Drawdown (3Y) Largest decline over 3 years	-23.91%	-32.90%	+8.99%
Max Drawdown (5Y) Largest decline over 5 years	-33.93%	-34.90%	+0.97%
Max Drawdown (10Y) Largest decline over 10 years	-38.47%	-41.14%	+2.67%
Current Drawdown Current decline from peak	-1.89%	-34.90%	+33.01%
Average Drawdown Average peak-to-trough decline	-7.54%	-8.87%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.42%	15.93%	-11.51%

Volatility

BREIX vs. BGRFX - Volatility Comparison

The current volatility for Baron Real Estate Fund (BREIX) is 5.04%, while Baron Growth Fund (BGRFX) has a volatility of 6.99%. This indicates that BREIX experiences smaller price fluctuations and is considered to be less risky than BGRFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BREIX	BGRFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	6.99%	-1.95%
Volatility (6M) Calculated over the trailing 6-month period	12.59%	15.66%	-3.07%
Volatility (1Y) Calculated over the trailing 1-year period	17.03%	19.56%	-2.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.79%	20.24%	+0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.24%	21.20%	+0.04%

BREIX vs. BGRFX - Expense Ratio Comparison

BREIX has a 1.05% expense ratio, which is lower than BGRFX's 1.29% expense ratio.

Dividends

BREIX vs. BGRFX - Dividend Comparison

BREIX's dividend yield for the trailing twelve months is around 3.67%, less than BGRFX's 25.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGRFX Baron Growth Fund	25.11%	20.91%	12.05%	1.79%	6.02%	7.73%	4.64%	3.68%	8.38%	11.68%	12.84%	9.53%
BREIX Baron Real Estate Fund	3.67%	3.79%	0.40%	0.43%	2.85%	7.95%	6.18%	13.78%	12.19%	4.71%	1.17%	1.96%

Frequently Asked Questions

Can I hold both BREIX and BGRFX in my portfolio?

BREIX and BGRFX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BREIX or BGRFX?

BGRFX has higher volatility (6.99%) compared to BREIX (5.04%). In terms of maximum drawdown, BREIX dropped -38.47% vs BGRFX's -56.10%.

Which has better risk-adjusted returns?

BREIX currently has the higher Sharpe Ratio (0.91 vs -1.23), 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.