GLIFX vs. BGAIX

Last updated Jun 25, 2026

GLIFX (Lazard Global Listed Infrastructure Portfolio Institutional Shares) and BGAIX (Baron Global Advantage Fund) are both Global Equities funds. Over the past 10 years, GLIFX returned 10.77%/yr vs 16.17%/yr for BGAIX. At a 0.39 correlation, their price movements are largely independent. GLIFX charges 0.97%/yr vs 0.90%/yr for BGAIX.

Performance

GLIFX vs. BGAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lazard Global Listed Infrastructure Portfolio Institutional Shares (GLIFX) and Baron Global Advantage Fund (BGAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLIFX achieves a 8.86% return, which is significantly lower than BGAIX's 13.30% return. Over the past 10 years, GLIFX has underperformed BGAIX with an annualized return of 10.77%, while BGAIX has yielded a comparatively higher 16.17% annualized return.

GLIFX

• 1D: 0.05%
• 1M: -0.68%
• YTD: 8.86%
• 6M: 9.16%
• 1Y: 16.78%
• 3Y*: 14.89%
• 5Y*: 11.47%
• 10Y*: 10.77%

BGAIX

• 1D: -1.05%
• 1M: 7.07%
• YTD: 13.30%
• 6M: 12.28%
• 1Y: 32.75%
• 3Y*: 26.08%
• 5Y*: 0.30%
• 10Y*: 16.17%

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

GLIFX vs. BGAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLIFX Lazard Global Listed Infrastructure Portfolio Institutional Shares	8.86%	23.85%	6.71%	10.89%	-1.33%	19.91%	-4.51%	22.27%	-3.82%	20.77%
BGAIX Baron Global Advantage Fund	13.30%	27.53%	26.42%	25.56%	-51.56%	0.90%	79.46%	45.45%	-3.66%	49.82%

Correlation

The correlation between GLIFX and BGAIX is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Apr 30, 2012	0.39

Over the past year, the correlation between GLIFX and BGAIX has dropped to 0.02 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.

Return for Risk

GLIFX vs. BGAIX — Risk / Return Rank

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

GLIFX

GLIFX Risk / Return Rank: 32
GLIFX Sharpe Ratio Rank: 35
GLIFX Sortino Ratio Rank: 31
GLIFX Omega Ratio Rank: 35
GLIFX Calmar Ratio Rank: 30
GLIFX Martin Ratio Rank: 27

BGAIX

BGAIX Risk / Return Rank: 52
BGAIX Sharpe Ratio Rank: 38
BGAIX Sortino Ratio Rank: 43
BGAIX Omega Ratio Rank: 42
BGAIX Calmar Ratio Rank: 81
BGAIX Martin Ratio Rank: 59

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.

GLIFX vs. BGAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard Global Listed Infrastructure Portfolio Institutional Shares (GLIFX) and Baron Global Advantage Fund (BGAIX). 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.

	GLIFX	BGAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.58	-0.02
Sortino ratio: Return per unit of downside risk	2.11	2.42	-0.31
Omega ratio: Gain probability vs. loss probability	1.29	1.31	-0.02
Calmar ratio: Return relative to maximum drawdown	1.87	3.37	-1.50
Martin ratio: Return relative to average drawdown	5.86	10.56	-4.70

GLIFX vs. BGAIX - Sharpe Ratio Comparison

The current GLIFX Sharpe Ratio is 1.57, which is comparable to the BGAIX Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of GLIFX and BGAIX, 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

GLIFX vs. BGAIX - Drawdown Comparison

The maximum GLIFX drawdown since its inception was -29.65%, smaller than the maximum BGAIX drawdown of -61.14%. Use the drawdown chart below to compare losses from any high point for GLIFX and BGAIX.

Drawdown Indicators

	GLIFX	BGAIX	Difference
Max Drawdown Largest peak-to-trough decline	-29.65%	-61.14%	+31.49%
Max Drawdown (1Y) Largest decline over 1 year	-9.00%	-10.69%	+1.69%
Max Drawdown (3Y) Largest decline over 3 years	-10.02%	-26.52%	+16.50%
Max Drawdown (5Y) Largest decline over 5 years	-17.15%	-61.14%	+43.99%
Max Drawdown (10Y) Largest decline over 10 years	-29.65%	-61.14%	+31.49%
Current Drawdown Current decline from peak	-4.44%	-7.75%	+3.31%
Average Drawdown Average peak-to-trough decline	-3.36%	-16.99%	+13.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	3.41%	-0.54%

Volatility

GLIFX vs. BGAIX - Volatility Comparison

The current volatility for Lazard Global Listed Infrastructure Portfolio Institutional Shares (GLIFX) is 2.55%, while Baron Global Advantage Fund (BGAIX) has a volatility of 11.29%. This indicates that GLIFX experiences smaller price fluctuations and is considered to be less risky than BGAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLIFX	BGAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.55%	11.29%	-8.74%
Volatility (6M) Calculated over the trailing 6-month period	9.37%	16.15%	-6.78%
Volatility (1Y) Calculated over the trailing 1-year period	10.79%	22.81%	-12.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.00%	30.45%	-19.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.22%	26.86%	-13.64%

GLIFX vs. BGAIX - Expense Ratio Comparison

GLIFX has a 0.97% expense ratio, which is higher than BGAIX's 0.90% expense ratio.

Dividends

GLIFX vs. BGAIX - Dividend Comparison

GLIFX's dividend yield for the trailing twelve months is around 7.21%, more than BGAIX's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGAIX Baron Global Advantage Fund	0.17%	0.19%	0.00%	0.00%	1.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.42%
GLIFX Lazard Global Listed Infrastructure Portfolio Institutional Shares	7.21%	6.22%	4.26%	2.95%	14.81%	6.21%	2.59%	4.44%	14.29%	6.94%	1.91%	11.33%

Frequently Asked Questions

Can I hold both GLIFX and BGAIX in my portfolio?

GLIFX and BGAIX have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLIFX or BGAIX?

BGAIX has higher volatility (11.29%) compared to GLIFX (2.55%). In terms of maximum drawdown, GLIFX dropped -29.65% vs BGAIX's -61.14%.

Which has better risk-adjusted returns?

BGAIX currently has the higher Sharpe Ratio (1.58 vs 1.57), 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.