BTLSX vs. IVFIX

Last updated Jun 24, 2026

BTLSX (Baillie Gifford International Concentrated Growth Equities Fund) and IVFIX (Federated Hermes International Strategic Value Dividend Fund) are both Foreign Large Cap Equities funds. Over the past 5 years, BTLSX returned -2.81%/yr vs 9.20%/yr for IVFIX. At a 0.48 correlation, their price movements are largely independent. BTLSX charges 0.81%/yr vs 0.86%/yr for IVFIX.

Performance

BTLSX vs. IVFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baillie Gifford International Concentrated Growth Equities Fund (BTLSX) and Federated Hermes International Strategic Value Dividend Fund (IVFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTLSX achieves a -7.50% return, which is significantly lower than IVFIX's 5.96% return.

BTLSX

• 1D: 0.00%
• 1M: 0.00%
• YTD: -7.50%
• 6M: -7.18%
• 1Y: -7.71%
• 3Y*: 8.52%
• 5Y*: -2.81%
• 10Y*: —

IVFIX

• 1D: 0.16%
• 1M: -2.50%
• YTD: 5.96%
• 6M: 6.20%
• 1Y: 15.78%
• 3Y*: 13.84%
• 5Y*: 9.20%
• 10Y*: 7.34%

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

BTLSX vs. IVFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTLSX Baillie Gifford International Concentrated Growth Equities Fund	-7.50%	16.56%	18.34%	14.75%	-39.64%	0.71%	100.15%	45.32%	-13.23%	-0.69%
IVFIX Federated Hermes International Strategic Value Dividend Fund	5.96%	31.79%	1.91%	11.05%	-2.54%	11.58%	-1.74%	20.15%	-11.96%	1.72%

Correlation

The correlation between BTLSX and IVFIX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Dec 18, 2017	0.48

Over the past year, the correlation between BTLSX and IVFIX has dropped to 0.24 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.

Return for Risk

BTLSX vs. IVFIX — Risk / Return Rank

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

BTLSX

BTLSX Risk / Return Rank: 1
BTLSX Sharpe Ratio Rank: 1
BTLSX Sortino Ratio Rank: 1
BTLSX Omega Ratio Rank: 1
BTLSX Calmar Ratio Rank: 1
BTLSX Martin Ratio Rank: 1

IVFIX

IVFIX Risk / Return Rank: 43
IVFIX Sharpe Ratio Rank: 39
IVFIX Sortino Ratio Rank: 38
IVFIX Omega Ratio Rank: 39
IVFIX Calmar Ratio Rank: 62
IVFIX Martin Ratio Rank: 33

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.

BTLSX vs. IVFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baillie Gifford International Concentrated Growth Equities Fund (BTLSX) and Federated Hermes International Strategic Value Dividend Fund (IVFIX). 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	IVFIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.43	1.69	-2.11
Sortino ratio: Return per unit of downside risk	-0.48	2.40	-2.88
Omega ratio: Gain probability vs. loss probability	0.94	1.31	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.39	2.90	-3.29
Martin ratio: Return relative to average drawdown	-0.91	7.05	-7.96

BTLSX vs. IVFIX - Sharpe Ratio Comparison

The current BTLSX Sharpe Ratio is -0.43, which is lower than the IVFIX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of BTLSX and IVFIX, 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

BTLSX vs. IVFIX - Drawdown Comparison

The maximum BTLSX drawdown since its inception was -56.26%, which is greater than IVFIX's maximum drawdown of -51.49%. Use the drawdown chart below to compare losses from any high point for BTLSX and IVFIX.

Drawdown Indicators

	BTLSX	IVFIX	Difference
Max Drawdown Largest peak-to-trough decline	-56.26%	-51.49%	-4.77%
Max Drawdown (1Y) Largest decline over 1 year	-21.66%	-6.97%	-14.69%
Max Drawdown (3Y) Largest decline over 3 years	-25.32%	-10.75%	-14.57%
Max Drawdown (5Y) Largest decline over 5 years	-55.86%	-21.29%	-34.57%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.46%	—
Current Drawdown Current decline from peak	-24.08%	-5.92%	-18.16%
Average Drawdown Average peak-to-trough decline	-20.64%	-11.60%	-9.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.35%	2.65%	+6.70%

Volatility

BTLSX vs. IVFIX - Volatility Comparison

Baillie Gifford International Concentrated Growth Equities Fund (BTLSX) has a higher volatility of 3.86% compared to Federated Hermes International Strategic Value Dividend Fund (IVFIX) at 3.00%. This indicates that BTLSX's price experiences larger fluctuations and is considered to be riskier than IVFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTLSX	IVFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.86%	3.00%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	15.70%	9.38%	+6.32%
Volatility (1Y) Calculated over the trailing 1-year period	20.01%	12.02%	+7.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.12%	13.13%	+15.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.38%	14.73%	+13.65%

BTLSX vs. IVFIX - Expense Ratio Comparison

BTLSX has a 0.81% expense ratio, which is lower than IVFIX's 0.86% expense ratio.

Dividends

BTLSX vs. IVFIX - Dividend Comparison

BTLSX has not paid dividends to shareholders, while IVFIX's dividend yield for the trailing twelve months is around 3.75%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTLSX Baillie Gifford International Concentrated Growth Equities Fund	0.00%	0.00%	0.00%	0.00%	6.18%	25.27%	102.72%	0.17%	0.00%	0.00%	0.00%	0.00%
IVFIX Federated Hermes International Strategic Value Dividend Fund	3.75%	3.37%	4.44%	4.01%	3.99%	3.67%	3.62%	3.98%	4.97%	4.17%	3.38%	3.95%

Frequently Asked Questions

Can I hold both BTLSX and IVFIX in my portfolio?

BTLSX and IVFIX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTLSX or IVFIX?

BTLSX has higher volatility (3.86%) compared to IVFIX (3.00%). In terms of maximum drawdown, BTLSX dropped -56.26% vs IVFIX's -51.49%.

Which has better risk-adjusted returns?

IVFIX currently has the higher Sharpe Ratio (1.69 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.