NALFX vs. BGAIX

Last updated Jun 23, 2026

NALFX (New Alternatives Fund) and BGAIX (Baron Global Advantage Fund) are both Global Equities funds. Over the past 10 years, NALFX returned 10.91%/yr vs 16.49%/yr for BGAIX. A 0.55 correlation means they provide meaningful diversification when combined. NALFX charges 0.89%/yr vs 0.90%/yr for BGAIX.

Performance

NALFX vs. BGAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in New Alternatives Fund (NALFX) 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, NALFX achieves a 17.77% return, which is significantly lower than BGAIX's 19.81% return. Over the past 10 years, NALFX has underperformed BGAIX with an annualized return of 10.91%, while BGAIX has yielded a comparatively higher 16.49% annualized return.

NALFX

• 1D: 1.54%
• 1M: 0.27%
• YTD: 17.77%
• 6M: 17.61%
• 1Y: 30.18%
• 3Y*: 9.77%
• 5Y*: 3.13%
• 10Y*: 10.91%

BGAIX

• 1D: 0.53%
• 1M: 13.22%
• YTD: 19.81%
• 6M: 18.74%
• 1Y: 45.49%
• 3Y*: 26.39%
• 5Y*: 1.90%
• 10Y*: 16.49%

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

NALFX vs. BGAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NALFX New Alternatives Fund	17.77%	28.13%	-6.03%	-2.49%	-15.87%	-4.78%	61.74%	36.98%	-6.91%	21.24%
BGAIX Baron Global Advantage Fund	19.81%	27.53%	26.42%	25.56%	-51.56%	0.90%	79.46%	45.45%	-3.66%	49.82%

Correlation

The correlation between NALFX and BGAIX is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Apr 30, 2012	0.55

The correlation between NALFX and BGAIX has been stable across timeframes, ranging from 0.45 to 0.55 - a consistent structural relationship.

Return for Risk

NALFX vs. BGAIX — Risk / Return Rank

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

NALFX

NALFX Risk / Return Rank: 59
NALFX Sharpe Ratio Rank: 53
NALFX Sortino Ratio Rank: 48
NALFX Omega Ratio Rank: 46
NALFX Calmar Ratio Rank: 87
NALFX Martin Ratio Rank: 63

BGAIX

BGAIX Risk / Return Rank: 68
BGAIX Sharpe Ratio Rank: 55
BGAIX Sortino Ratio Rank: 63
BGAIX Omega Ratio Rank: 56
BGAIX Calmar Ratio Rank: 89
BGAIX Martin Ratio Rank: 75

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.

NALFX vs. BGAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for New Alternatives Fund (NALFX) 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.

	NALFX	BGAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.01	-0.03
Sortino ratio: Return per unit of downside risk	2.68	3.04	-0.35
Omega ratio: Gain probability vs. loss probability	1.34	1.38	-0.04
Calmar ratio: Return relative to maximum drawdown	3.97	4.19	-0.21
Martin ratio: Return relative to average drawdown	11.61	13.28	-1.67

NALFX vs. BGAIX - Sharpe Ratio Comparison

The current NALFX Sharpe Ratio is 1.98, which is comparable to the BGAIX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of NALFX 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

NALFX vs. BGAIX - Drawdown Comparison

The maximum NALFX drawdown since its inception was -59.67%, roughly equal to the maximum BGAIX drawdown of -61.14%. Use the drawdown chart below to compare losses from any high point for NALFX and BGAIX.

Drawdown Indicators

	NALFX	BGAIX	Difference
Max Drawdown Largest peak-to-trough decline	-59.67%	-61.14%	+1.47%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-10.69%	+3.16%
Max Drawdown (3Y) Largest decline over 3 years	-24.35%	-26.52%	+2.17%
Max Drawdown (5Y) Largest decline over 5 years	-38.03%	-61.14%	+23.11%
Max Drawdown (10Y) Largest decline over 10 years	-42.35%	-61.14%	+18.79%
Current Drawdown Current decline from peak	-1.23%	-2.45%	+1.22%
Average Drawdown Average peak-to-trough decline	-14.82%	-16.99%	+2.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	3.36%	-0.79%

Volatility

NALFX vs. BGAIX - Volatility Comparison

The current volatility for New Alternatives Fund (NALFX) is 4.92%, while Baron Global Advantage Fund (BGAIX) has a volatility of 9.94%. This indicates that NALFX 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

	NALFX	BGAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	9.94%	-5.02%
Volatility (6M) Calculated over the trailing 6-month period	12.47%	15.53%	-3.06%
Volatility (1Y) Calculated over the trailing 1-year period	15.11%	22.32%	-7.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.87%	30.37%	-12.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	26.86%	-8.82%

NALFX vs. BGAIX - Expense Ratio Comparison

NALFX has a 0.89% expense ratio, which is lower than BGAIX's 0.90% expense ratio.

Dividends

NALFX vs. BGAIX - Dividend Comparison

NALFX's dividend yield for the trailing twelve months is around 0.99%, more than BGAIX's 0.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGAIX Baron Global Advantage Fund	0.16%	0.19%	0.00%	0.00%	1.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.42%
NALFX New Alternatives Fund	0.99%	1.17%	2.04%	4.47%	4.63%	5.14%	4.93%	5.55%	6.62%	4.16%	3.71%	1.71%

Frequently Asked Questions

Can I hold both NALFX and BGAIX in my portfolio?

NALFX and BGAIX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NALFX or BGAIX?

BGAIX has higher volatility (9.94%) compared to NALFX (4.92%). In terms of maximum drawdown, NALFX dropped -59.67% vs BGAIX's -61.14%.

Which has better risk-adjusted returns?

BGAIX currently has the higher Sharpe Ratio (2.01 vs 1.98), 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.