BTLSX vs. STEZX

Last updated Jun 4, 2026

BTLSX (Baillie Gifford International Concentrated Growth Equities Fund) and STEZX (AB International Strategic Equities Portfolio) are both Foreign Large Cap Equities funds. Over the past 5 years, BTLSX returned -2.46%/yr vs 13.07%/yr for STEZX. A 0.79 correlation means they provide meaningful diversification when combined. BTLSX charges 0.81%/yr vs 0.71%/yr for STEZX.

Performance

BTLSX vs. STEZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baillie Gifford International Concentrated Growth Equities Fund (BTLSX) and AB International Strategic Equities Portfolio (STEZX). 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 STEZX's 21.69% return.

BTLSX

• 1D: 0.00%
• 1M: -2.51%
• YTD: -7.50%
• 6M: -7.50%
• 1Y: -8.44%
• 3Y*: 8.52%
• 5Y*: -2.46%
• 10Y*: —

STEZX

• 1D: 0.56%
• 1M: 5.25%
• YTD: 21.69%
• 6M: 25.95%
• 1Y: 45.94%
• 3Y*: 27.86%
• 5Y*: 13.07%
• 10Y*: 11.07%

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

BTLSX vs. STEZX - 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%
STEZX AB International Strategic Equities Portfolio	21.69%	43.11%	12.75%	13.56%	-17.62%	10.32%	4.38%	19.93%	-14.94%	0.71%

Correlation

The correlation between BTLSX and STEZX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Dec 19, 2017	0.79

The correlation between BTLSX and STEZX has been stable across timeframes, ranging from 0.71 to 0.79 - a consistent structural relationship.

Return for Risk

BTLSX vs. STEZX — 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

STEZX

STEZX Risk / Return Rank: 82
STEZX Sharpe Ratio Rank: 85
STEZX Sortino Ratio Rank: 76
STEZX Omega Ratio Rank: 79
STEZX Calmar Ratio Rank: 82
STEZX Martin Ratio Rank: 85

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. STEZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baillie Gifford International Concentrated Growth Equities Fund (BTLSX) and AB International Strategic Equities Portfolio (STEZX). 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.

	BTLSX	STEZX	Difference
Sharpe ratio: Return per unit of total volatility	-0.44	2.78	-3.22
Sortino ratio: Return per unit of downside risk	-0.49	3.66	-4.15
Omega ratio: Gain probability vs. loss probability	0.94	1.52	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.40	3.81	-4.21
Martin ratio: Return relative to average drawdown	-0.93	16.17	-17.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTLSX vs. STEZX - Sharpe Ratio Comparison

The current BTLSX Sharpe Ratio is -0.44, which is lower than the STEZX Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of BTLSX and STEZX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BTLSX	STEZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.44	2.78	-3.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.09	0.80	-0.89
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.67	-0.32

Drawdowns

BTLSX vs. STEZX - Drawdown Comparison

The maximum BTLSX drawdown since its inception was -56.26%, which is greater than STEZX's maximum drawdown of -36.51%. Use the drawdown chart below to compare losses from any high point for BTLSX and STEZX.

Drawdown Indicators

	BTLSX	STEZX	Difference
Max Drawdown Largest peak-to-trough decline	-56.26%	-36.51%	-19.75%
Max Drawdown (1Y) Largest decline over 1 year	-21.66%	-12.02%	-9.64%
Max Drawdown (3Y) Largest decline over 3 years	-25.32%	-14.01%	-11.31%
Max Drawdown (5Y) Largest decline over 5 years	-55.86%	-29.85%	-26.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.51%	—
Current Drawdown Current decline from peak	-24.08%	0.00%	-24.08%
Average Drawdown Average peak-to-trough decline	-20.64%	-7.31%	-13.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.30%	2.82%	+6.48%

Volatility

BTLSX vs. STEZX - Volatility Comparison

The current volatility for Baillie Gifford International Concentrated Growth Equities Fund (BTLSX) is 4.05%, while AB International Strategic Equities Portfolio (STEZX) has a volatility of 5.88%. This indicates that BTLSX experiences smaller price fluctuations and is considered to be less risky than STEZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTLSX	STEZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	5.88%	-1.83%
Volatility (6M) Calculated over the trailing 6-month period	15.72%	14.08%	+1.64%
Volatility (1Y) Calculated over the trailing 1-year period	20.04%	16.50%	+3.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.13%	16.34%	+12.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.39%	16.27%	+12.12%

BTLSX vs. STEZX - Expense Ratio Comparison

BTLSX has a 0.81% expense ratio, which is higher than STEZX's 0.71% expense ratio.

Dividends

BTLSX vs. STEZX - Dividend Comparison

BTLSX has not paid dividends to shareholders, while STEZX's dividend yield for the trailing twelve months is around 10.32%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
STEZX AB International Strategic Equities Portfolio	10.32%	12.56%	2.45%	3.08%	4.12%	5.96%	1.29%	2.05%	3.23%	2.92%	1.72%

Frequently Asked Questions

Can I hold both BTLSX and STEZX in my portfolio?

BTLSX and STEZX have a correlation of 0.71, 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 STEZX?

STEZX has higher volatility (5.88%) compared to BTLSX (4.05%). In terms of maximum drawdown, BTLSX dropped -56.26% vs STEZX's -36.51%.

Which has better risk-adjusted returns?

STEZX currently has the higher Sharpe Ratio (2.78 vs -0.44), 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.