CTIGX vs. BFGIX

Last updated Jun 23, 2026

CTIGX (Calamos Timpani SMID Growth Fund) and BFGIX (Baron Focused Growth Fund Institutional Shares) are both Mid Cap Growth Equities funds. Over the past 5 years, CTIGX returned 11.16%/yr vs 14.46%/yr for BFGIX. A 0.75 correlation means they provide meaningful diversification when combined. CTIGX charges 1.10%/yr vs 1.05%/yr for BFGIX.

Performance

CTIGX vs. BFGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Timpani SMID Growth Fund (CTIGX) and Baron Focused Growth Fund Institutional Shares (BFGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CTIGX achieves a 28.65% return, which is significantly higher than BFGIX's 11.34% return.

CTIGX

• 1D: 2.47%
• 1M: 2.94%
• YTD: 28.65%
• 6M: 24.09%
• 1Y: 58.14%
• 3Y*: 31.80%
• 5Y*: 11.16%
• 10Y*: —

BFGIX

• 1D: -0.75%
• 1M: 12.65%
• YTD: 11.34%
• 6M: 8.40%
• 1Y: 34.28%
• 3Y*: 23.23%
• 5Y*: 14.46%
• 10Y*: 22.23%

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

CTIGX vs. BFGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CTIGX Calamos Timpani SMID Growth Fund	28.65%	21.21%	44.09%	12.26%	-34.88%	7.64%	58.94%	-3.80%
BFGIX Baron Focused Growth Fund Institutional Shares	11.34%	22.26%	29.85%	27.78%	-28.05%	19.00%	122.92%	9.75%

Correlation

The correlation between CTIGX and BFGIX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jul 31, 2019	0.75

Over the past year, the correlation between CTIGX and BFGIX has dropped to 0.46 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.

Return for Risk

CTIGX vs. BFGIX — Risk / Return Rank

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

CTIGX

CTIGX Risk / Return Rank: 69
CTIGX Sharpe Ratio Rank: 60
CTIGX Sortino Ratio Rank: 49
CTIGX Omega Ratio Rank: 48
CTIGX Calmar Ratio Rank: 94
CTIGX Martin Ratio Rank: 94

BFGIX

BFGIX Risk / Return Rank: 54
BFGIX Sharpe Ratio Rank: 36
BFGIX Sortino Ratio Rank: 59
BFGIX Omega Ratio Rank: 46
BFGIX Calmar Ratio Rank: 81
BFGIX Martin Ratio Rank: 49

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.

CTIGX vs. BFGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Timpani SMID Growth Fund (CTIGX) and Baron Focused Growth Fund Institutional Shares (BFGIX). 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.

	CTIGX	BFGIX	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.62	+0.48
Sortino ratio: Return per unit of downside risk	2.69	2.95	-0.25
Omega ratio: Gain probability vs. loss probability	1.35	1.34	+0.01
Calmar ratio: Return relative to maximum drawdown	5.02	3.51	+1.50
Martin ratio: Return relative to average drawdown	19.09	9.46	+9.63

CTIGX vs. BFGIX - Sharpe Ratio Comparison

The current CTIGX Sharpe Ratio is 2.10, which is comparable to the BFGIX Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of CTIGX and BFGIX, 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

CTIGX vs. BFGIX - Drawdown Comparison

The maximum CTIGX drawdown since its inception was -46.26%, which is greater than BFGIX's maximum drawdown of -43.62%. Use the drawdown chart below to compare losses from any high point for CTIGX and BFGIX.

Drawdown Indicators

	CTIGX	BFGIX	Difference
Max Drawdown Largest peak-to-trough decline	-46.26%	-43.62%	-2.64%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-9.69%	-1.87%
Max Drawdown (3Y) Largest decline over 3 years	-29.30%	-20.97%	-8.33%
Max Drawdown (5Y) Largest decline over 5 years	-46.26%	-35.71%	-10.55%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.62%	—
Current Drawdown Current decline from peak	-0.93%	-3.91%	+2.98%
Average Drawdown Average peak-to-trough decline	-18.49%	-7.85%	-10.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	3.59%	-0.56%

Volatility

CTIGX vs. BFGIX - Volatility Comparison

Calamos Timpani SMID Growth Fund (CTIGX) has a higher volatility of 10.51% compared to Baron Focused Growth Fund Institutional Shares (BFGIX) at 9.76%. This indicates that CTIGX's price experiences larger fluctuations and is considered to be riskier than BFGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CTIGX	BFGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.51%	9.76%	+0.75%
Volatility (6M) Calculated over the trailing 6-month period	21.94%	14.32%	+7.62%
Volatility (1Y) Calculated over the trailing 1-year period	27.64%	21.04%	+6.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.26%	22.68%	+4.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.22%	24.16%	+5.06%

CTIGX vs. BFGIX - Expense Ratio Comparison

CTIGX has a 1.10% expense ratio, which is higher than BFGIX's 1.05% expense ratio.

Dividends

CTIGX vs. BFGIX - Dividend Comparison

CTIGX's dividend yield for the trailing twelve months is around 3.57%, while BFGIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BFGIX Baron Focused Growth Fund Institutional Shares	0.00%	0.00%	0.00%	0.00%	11.79%	15.01%	2.78%	1.74%	1.05%	2.07%	5.92%	6.01%
CTIGX Calamos Timpani SMID Growth Fund	3.57%	4.59%	2.80%	0.00%	0.00%	11.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CTIGX and BFGIX in my portfolio?

CTIGX and BFGIX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CTIGX or BFGIX?

CTIGX has higher volatility (10.51%) compared to BFGIX (9.76%). In terms of maximum drawdown, CTIGX dropped -46.26% vs BFGIX's -43.62%.

Which has better risk-adjusted returns?

CTIGX currently has the higher Sharpe Ratio (2.10 vs 1.62), 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.