BTLSX vs. BGCBX
BTLSX (Baillie Gifford International Concentrated Growth Equities Fund) and BGCBX (Baillie Gifford China Equities Fund) are both mutual funds - BTLSX is a Foreign Large Cap Equities fund managed by Baillie Gifford Funds, while BGCBX is a China Equities fund managed by Baillie Gifford Funds. Over the past 3 years, BTLSX returned 8.52%/yr vs 9.63%/yr for BGCBX. A 0.60 correlation means they provide meaningful diversification when combined. BTLSX charges 0.81%/yr vs 0.96%/yr for BGCBX.
Performance
BTLSX vs. BGCBX - Performance Comparison
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Returns By Period
In the year-to-date period, BTLSX achieves a -7.50% return, which is significantly lower than BGCBX's -2.61% return.
BTLSX
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- -7.50%
- 6M
- -7.18%
- 1Y
- -7.71%
- 3Y*
- 8.52%
- 5Y*
- -2.81%
- 10Y*
- —
BGCBX
- 1D
- 0.60%
- 1M
- -1.03%
- YTD
- -2.61%
- 6M
- -3.28%
- 1Y
- 16.70%
- 3Y*
- 9.63%
- 5Y*
- —
- 10Y*
- —
BTLSX vs. BGCBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BTLSX Baillie Gifford International Concentrated Growth Equities Fund | -7.50% | 16.56% | 18.34% | 14.75% | -39.64% | -5.78% |
BGCBX Baillie Gifford China Equities Fund | -2.61% | 36.51% | 9.74% | -18.00% | -28.56% | -17.30% |
Correlation
The correlation between BTLSX and BGCBX is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jul 7, 2021 | 0.60 |
The correlation between BTLSX and BGCBX has been stable across timeframes, ranging from 0.52 to 0.60 - a consistent structural relationship.
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Return for Risk
BTLSX vs. BGCBX — Risk / Return Rank
BTLSX
BGCBX
BTLSX vs. BGCBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Baillie Gifford International Concentrated Growth Equities Fund (BTLSX) and Baillie Gifford China Equities Fund (BGCBX). 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.
| BTLSX | BGCBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.40 | ||
| Sortino ratioReturn per unit of downside risk | -1.92 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.18 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.39 | 1.32 | -1.71 |
| Martin ratioReturn relative to average drawdown | -0.91 | 3.08 | -3.99 |
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Drawdowns
BTLSX vs. BGCBX - Drawdown Comparison
The maximum BTLSX drawdown since its inception was -56.26%, roughly equal to the maximum BGCBX drawdown of -59.07%. Use the drawdown chart below to compare losses from any high point for BTLSX and BGCBX.
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Drawdown Indicators
| BTLSX | BGCBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.26% | -59.07% | +2.81% |
Max Drawdown (1Y)Largest decline over 1 year | -21.66% | -13.48% | -8.18% |
Max Drawdown (3Y)Largest decline over 3 years | -25.32% | -28.54% | +3.22% |
Max Drawdown (5Y)Largest decline over 5 years | -55.86% | — | — |
Current DrawdownCurrent decline from peak | -24.08% | -30.28% | +6.20% |
Average DrawdownAverage peak-to-trough decline | -20.64% | -38.18% | +17.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.35% | 5.76% | +3.59% |
Volatility
BTLSX vs. BGCBX - Volatility Comparison
The current volatility for Baillie Gifford International Concentrated Growth Equities Fund (BTLSX) is 3.86%, while Baillie Gifford China Equities Fund (BGCBX) has a volatility of 5.58%. This indicates that BTLSX experiences smaller price fluctuations and is considered to be less risky than BGCBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTLSX | BGCBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.86% | 5.58% | -1.72% |
Volatility (6M)Calculated over the trailing 6-month period | 15.70% | 12.94% | +2.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.01% | 18.36% | +1.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.12% | 26.95% | +2.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.38% | 26.95% | +1.43% |
BTLSX vs. BGCBX - Expense Ratio Comparison
BTLSX has a 0.81% expense ratio, which is lower than BGCBX's 0.96% expense ratio.
Dividends
BTLSX vs. BGCBX - Dividend Comparison
BTLSX has not paid dividends to shareholders, while BGCBX's dividend yield for the trailing twelve months is around 0.94%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BGCBX Baillie Gifford China Equities Fund | 0.94% | 0.91% | 2.03% | 1.50% | 0.66% | 0.00% | 0.00% | 0.00% |
BTLSX Baillie Gifford International Concentrated Growth Equities Fund | 0.00% | 0.00% | 0.00% | 0.00% | 6.18% | 25.27% | 102.72% | 0.17% |
Frequently Asked Questions
BTLSX and BGCBX 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.
BGCBX has higher volatility (5.58%) compared to BTLSX (3.86%). In terms of maximum drawdown, BTLSX dropped -56.26% vs BGCBX's -59.07%.
BGCBX currently has the higher Sharpe Ratio (0.97 vs -0.43), 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.
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