FRIAX vs. BGRIX

Last updated Jun 5, 2026

FRIAX (Franklin Income Fund Advisor Class) and BGRIX (Baron Growth Fund Institutional Shares) are both mutual funds - FRIAX is a Diversified Portfolio fund managed by Franklin Templeton, while BGRIX is a Mid Cap Growth Equities fund managed by Baron Capital Group, Inc.. Over the past 10 years, FRIAX returned 7.64%/yr vs 7.24%/yr for BGRIX. A 0.64 correlation means they provide meaningful diversification when combined. FRIAX charges 0.46%/yr vs 1.05%/yr for BGRIX.

Performance

FRIAX vs. BGRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Income Fund Advisor Class (FRIAX) and Baron Growth Fund Institutional Shares (BGRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRIAX achieves a 5.29% return, which is significantly higher than BGRIX's -12.81% return. Over the past 10 years, FRIAX has outperformed BGRIX with an annualized return of 7.64%, while BGRIX has yielded a comparatively lower 7.24% annualized return.

FRIAX

• 1D: 0.00%
• 1M: 0.46%
• YTD: 5.29%
• 6M: 5.72%
• 1Y: 14.62%
• 3Y*: 10.37%
• 5Y*: 6.31%
• 10Y*: 7.64%

BGRIX

• 1D: -1.66%
• 1M: 0.56%
• YTD: -12.81%
• 6M: -10.28%
• 1Y: -21.75%
• 3Y*: -5.97%
• 5Y*: -4.48%
• 10Y*: 7.24%

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

FRIAX vs. BGRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRIAX Franklin Income Fund Advisor Class	5.29%	12.02%	7.29%	8.84%	-5.36%	17.51%	3.72%	16.02%	-5.23%	8.63%
BGRIX Baron Growth Fund Institutional Shares	-12.81%	-14.21%	4.90%	14.97%	-22.35%	20.13%	33.10%	40.54%	-2.68%	27.45%

Correlation

The correlation between FRIAX and BGRIX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jun 1, 2009	0.64

Over the past year, the correlation between FRIAX and BGRIX has dropped to 0.44 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

Return for Risk

FRIAX vs. BGRIX — Risk / Return Rank

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

FRIAX

FRIAX Risk / Return Rank: 90
FRIAX Sharpe Ratio Rank: 88
FRIAX Sortino Ratio Rank: 91
FRIAX Omega Ratio Rank: 90
FRIAX Calmar Ratio Rank: 91
FRIAX Martin Ratio Rank: 91

BGRIX

BGRIX Risk / Return Rank: 0
BGRIX Sharpe Ratio Rank: 0
BGRIX Sortino Ratio Rank: 0
BGRIX Omega Ratio Rank: 0
BGRIX Calmar Ratio Rank: 0
BGRIX Martin Ratio Rank: 1

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.

FRIAX vs. BGRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Income Fund Advisor Class (FRIAX) and Baron Growth Fund Institutional Shares (BGRIX). 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.

	FRIAX	BGRIX	Difference
Sharpe ratio: Return per unit of total volatility	2.92	-1.14	+4.06
Sortino ratio: Return per unit of downside risk	4.54	-1.58	+6.12
Omega ratio: Gain probability vs. loss probability	1.66	0.82	+0.84
Calmar ratio: Return relative to maximum drawdown	4.79	-0.81	+5.60
Martin ratio: Return relative to average drawdown	18.32	-1.46	+19.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRIAX vs. BGRIX - Sharpe Ratio Comparison

The current FRIAX Sharpe Ratio is 2.92, which is higher than the BGRIX Sharpe Ratio of -1.14. The chart below compares the historical Sharpe Ratios of FRIAX and BGRIX, 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

	FRIAX	BGRIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	-1.14	+4.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	-0.22	+1.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	0.34	+0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.52	+0.28

Drawdowns

FRIAX vs. BGRIX - Drawdown Comparison

The maximum FRIAX drawdown since its inception was -43.23%, which is greater than BGRIX's maximum drawdown of -41.12%. Use the drawdown chart below to compare losses from any high point for FRIAX and BGRIX.

Drawdown Indicators

	FRIAX	BGRIX	Difference
Max Drawdown Largest peak-to-trough decline	-43.23%	-41.12%	-2.11%
Max Drawdown (1Y) Largest decline over 1 year	-3.06%	-26.73%	+23.67%
Max Drawdown (3Y) Largest decline over 3 years	-7.35%	-32.37%	+25.02%
Max Drawdown (5Y) Largest decline over 5 years	-13.63%	-34.60%	+20.97%
Max Drawdown (10Y) Largest decline over 10 years	-24.10%	-41.12%	+17.02%
Current Drawdown Current decline from peak	-0.33%	-31.05%	+30.72%
Average Drawdown Average peak-to-trough decline	-3.92%	-7.54%	+3.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	14.90%	-14.10%

Volatility

FRIAX vs. BGRIX - Volatility Comparison

The current volatility for Franklin Income Fund Advisor Class (FRIAX) is 1.11%, while Baron Growth Fund Institutional Shares (BGRIX) has a volatility of 7.54%. This indicates that FRIAX experiences smaller price fluctuations and is considered to be less risky than BGRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRIAX	BGRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	7.54%	-6.43%
Volatility (6M) Calculated over the trailing 6-month period	3.80%	15.18%	-11.38%
Volatility (1Y) Calculated over the trailing 1-year period	5.04%	19.04%	-14.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.98%	20.15%	-12.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.29%	21.15%	-11.86%

FRIAX vs. BGRIX - Expense Ratio Comparison

FRIAX has a 0.46% expense ratio, which is lower than BGRIX's 1.05% expense ratio.

Dividends

FRIAX vs. BGRIX - Dividend Comparison

FRIAX's dividend yield for the trailing twelve months is around 5.71%, less than BGRIX's 22.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGRIX Baron Growth Fund Institutional Shares	22.62%	19.72%	11.30%	1.69%	5.72%	7.38%	4.45%	3.55%	8.12%	11.36%	12.56%	9.37%
FRIAX Franklin Income Fund Advisor Class	5.71%	5.75%	5.74%	5.67%	5.24%	6.70%	5.37%	5.25%	5.80%	5.20%	4.92%	5.93%

Frequently Asked Questions

Can I hold both FRIAX and BGRIX in my portfolio?

FRIAX and BGRIX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRIAX or BGRIX?

BGRIX has higher volatility (7.54%) compared to FRIAX (1.11%). In terms of maximum drawdown, FRIAX dropped -43.23% vs BGRIX's -41.12%.

Which has better risk-adjusted returns?

FRIAX currently has the higher Sharpe Ratio (2.92 vs -1.14), 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.