HCMDX vs. BPTRX

Last updated Jun 4, 2026

HCMDX (HCM Tactical Growth Fund) and BPTRX (Baron Partners Fund) are both Large Cap Growth Equities funds. Over the past 10 years, HCMDX returned 19.05%/yr vs 24.08%/yr for BPTRX. A 0.75 correlation means they provide meaningful diversification when combined. HCMDX charges 2.84%/yr vs 1.36%/yr for BPTRX.

Performance

HCMDX vs. BPTRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HCM Tactical Growth Fund (HCMDX) and Baron Partners Fund (BPTRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HCMDX achieves a 13.58% return, which is significantly higher than BPTRX's -0.19% return. Over the past 10 years, HCMDX has underperformed BPTRX with an annualized return of 19.05%, while BPTRX has yielded a comparatively higher 24.08% annualized return.

HCMDX

• 1D: 0.77%
• 1M: 13.21%
• YTD: 13.58%
• 6M: 11.29%
• 1Y: 41.18%
• 3Y*: 29.92%
• 5Y*: 15.18%
• 10Y*: 19.05%

BPTRX

• 1D: -1.21%
• 1M: 4.90%
• YTD: -0.19%
• 6M: 19.80%
• 1Y: 31.83%
• 3Y*: 22.85%
• 5Y*: 13.31%
• 10Y*: 24.08%

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

HCMDX vs. BPTRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HCMDX HCM Tactical Growth Fund	13.58%	16.55%	49.90%	32.05%	-39.00%	38.72%	52.10%	21.79%	-7.68%	32.41%
BPTRX Baron Partners Fund	-0.19%	24.54%	32.75%	43.09%	-42.53%	31.35%	148.81%	44.99%	-2.01%	31.54%

Correlation

The correlation between HCMDX and BPTRX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.75

Over the past year, the correlation between HCMDX and BPTRX has dropped to 0.55 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.

Return for Risk

HCMDX vs. BPTRX — Risk / Return Rank

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

HCMDX

HCMDX Risk / Return Rank: 37
HCMDX Sharpe Ratio Rank: 42
HCMDX Sortino Ratio Rank: 34
HCMDX Omega Ratio Rank: 36
HCMDX Calmar Ratio Rank: 44
HCMDX Martin Ratio Rank: 29

BPTRX

BPTRX Risk / Return Rank: 35
BPTRX Sharpe Ratio Rank: 17
BPTRX Sortino Ratio Rank: 34
BPTRX Omega Ratio Rank: 30
BPTRX Calmar Ratio Rank: 62
BPTRX Martin Ratio Rank: 32

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.

HCMDX vs. BPTRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HCM Tactical Growth Fund (HCMDX) and Baron Partners Fund (BPTRX). 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.

	HCMDX	BPTRX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.18	+0.73
Sortino ratio: Return per unit of downside risk	2.41	2.41	0.00
Omega ratio: Gain probability vs. loss probability	1.32	1.29	+0.03
Calmar ratio: Return relative to maximum drawdown	2.53	3.04	-0.51
Martin ratio: Return relative to average drawdown	6.87	7.36	-0.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HCMDX vs. BPTRX - Sharpe Ratio Comparison

The current HCMDX Sharpe Ratio is 1.91, which is higher than the BPTRX Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of HCMDX and BPTRX, 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

	HCMDX	BPTRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	1.18	+0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.40	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.74	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.55	+0.12

Drawdowns

HCMDX vs. BPTRX - Drawdown Comparison

The maximum HCMDX drawdown since its inception was -40.89%, smaller than the maximum BPTRX drawdown of -64.11%. Use the drawdown chart below to compare losses from any high point for HCMDX and BPTRX.

Drawdown Indicators

	HCMDX	BPTRX	Difference
Max Drawdown Largest peak-to-trough decline	-40.89%	-64.11%	+23.22%
Max Drawdown (1Y) Largest decline over 1 year	-17.00%	-10.71%	-6.29%
Max Drawdown (3Y) Largest decline over 3 years	-25.96%	-33.34%	+7.38%
Max Drawdown (5Y) Largest decline over 5 years	-40.89%	-49.87%	+8.98%
Max Drawdown (10Y) Largest decline over 10 years	-40.89%	-51.26%	+10.37%
Current Drawdown Current decline from peak	0.00%	-3.63%	+3.63%
Average Drawdown Average peak-to-trough decline	-11.42%	-13.78%	+2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.24%	4.41%	+1.83%

Volatility

HCMDX vs. BPTRX - Volatility Comparison

HCM Tactical Growth Fund (HCMDX) has a higher volatility of 5.83% compared to Baron Partners Fund (BPTRX) at 3.43%. This indicates that HCMDX's price experiences larger fluctuations and is considered to be riskier than BPTRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCMDX	BPTRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.83%	3.43%	+2.40%
Volatility (6M) Calculated over the trailing 6-month period	15.67%	21.24%	-5.57%
Volatility (1Y) Calculated over the trailing 1-year period	22.51%	27.58%	-5.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.08%	33.62%	-9.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.11%	32.70%	-8.59%

HCMDX vs. BPTRX - Expense Ratio Comparison

HCMDX has a 2.84% expense ratio, which is higher than BPTRX's 1.36% expense ratio.

Dividends

HCMDX vs. BPTRX - Dividend Comparison

HCMDX's dividend yield for the trailing twelve months is around 2.62%, less than BPTRX's 3.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BPTRX Baron Partners Fund	3.37%	3.36%	0.76%	0.00%	3.19%	7.72%	3.67%	0.26%	0.00%	0.00%	0.00%	0.35%
HCMDX HCM Tactical Growth Fund	2.62%	2.98%	23.23%	0.00%	0.72%	0.99%	3.24%	0.00%	5.05%	0.00%	0.00%	1.47%

Frequently Asked Questions

Can I hold both HCMDX and BPTRX in my portfolio?

HCMDX and BPTRX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HCMDX or BPTRX?

HCMDX has higher volatility (5.83%) compared to BPTRX (3.43%). In terms of maximum drawdown, HCMDX dropped -40.89% vs BPTRX's -64.11%.

Which has better risk-adjusted returns?

HCMDX currently has the higher Sharpe Ratio (1.91 vs 1.18), 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.