OEGAX vs. BFGIX

Last updated Jun 4, 2026

OEGAX (Invesco Discovery Mid Cap Growth Fund Class A) and BFGIX (Baron Focused Growth Fund Institutional Shares) are both Mid Cap Growth Equities funds. Both are actively managed. Over the past 10 years, OEGAX returned 13.50%/yr vs 21.20%/yr for BFGIX. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 1.05% expense ratio.

Performance

OEGAX vs. BFGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Discovery Mid Cap Growth Fund Class A (OEGAX) 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, OEGAX achieves a 25.96% return, which is significantly higher than BFGIX's 1.95% return. Over the past 10 years, OEGAX has underperformed BFGIX with an annualized return of 13.50%, while BFGIX has yielded a comparatively higher 21.20% annualized return.

OEGAX

• 1D: 2.36%
• 1M: 5.88%
• YTD: 25.96%
• 6M: 23.23%
• 1Y: 33.55%
• 3Y*: 20.83%
• 5Y*: 8.07%
• 10Y*: 13.50%

BFGIX

• 1D: -1.89%
• 1M: 6.02%
• YTD: 1.95%
• 6M: 13.06%
• 1Y: 22.30%
• 3Y*: 21.02%
• 5Y*: 13.09%
• 10Y*: 21.20%

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

OEGAX vs. BFGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OEGAX Invesco Discovery Mid Cap Growth Fund Class A	25.96%	4.85%	24.09%	12.96%	-31.09%	18.44%	40.12%	38.98%	-6.72%	27.95%
BFGIX Baron Focused Growth Fund Institutional Shares	1.95%	22.26%	29.85%	27.78%	-28.05%	19.00%	122.92%	30.34%	4.08%	26.58%

Correlation

The correlation between OEGAX and BFGIX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 1, 2009	0.81

Over the past year, the correlation between OEGAX and BFGIX has dropped to 0.47 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

Return for Risk

OEGAX vs. BFGIX — Risk / Return Rank

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

OEGAX

OEGAX Risk / Return Rank: 54
OEGAX Sharpe Ratio Rank: 40
OEGAX Sortino Ratio Rank: 38
OEGAX Omega Ratio Rank: 37
OEGAX Calmar Ratio Rank: 82
OEGAX Martin Ratio Rank: 73

BFGIX

BFGIX Risk / Return Rank: 27
BFGIX Sharpe Ratio Rank: 18
BFGIX Sortino Ratio Rank: 28
BFGIX Omega Ratio Rank: 24
BFGIX Calmar Ratio Rank: 39
BFGIX Martin Ratio Rank: 26

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.

OEGAX vs. BFGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Discovery Mid Cap Growth Fund Class A (OEGAX) 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.

	OEGAX	BFGIX	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.20	+0.64
Sortino ratio: Return per unit of downside risk	2.60	2.20	+0.40
Omega ratio: Gain probability vs. loss probability	1.32	1.25	+0.07
Calmar ratio: Return relative to maximum drawdown	3.80	2.37	+1.43
Martin ratio: Return relative to average drawdown	13.80	6.40	+7.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OEGAX vs. BFGIX - Sharpe Ratio Comparison

The current OEGAX Sharpe Ratio is 1.85, which is higher than the BFGIX Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of OEGAX 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.

Sharpe Ratios by Period

	OEGAX	BFGIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	1.20	+0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.59	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.89	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.78	-0.41

Drawdowns

OEGAX vs. BFGIX - Drawdown Comparison

The maximum OEGAX drawdown since its inception was -53.73%, which is greater than BFGIX's maximum drawdown of -43.62%. Use the drawdown chart below to compare losses from any high point for OEGAX and BFGIX.

Drawdown Indicators

	OEGAX	BFGIX	Difference
Max Drawdown Largest peak-to-trough decline	-53.73%	-43.62%	-10.11%
Max Drawdown (1Y) Largest decline over 1 year	-10.16%	-9.69%	-0.47%
Max Drawdown (3Y) Largest decline over 3 years	-28.64%	-20.97%	-7.67%
Max Drawdown (5Y) Largest decline over 5 years	-39.38%	-35.71%	-3.67%
Max Drawdown (10Y) Largest decline over 10 years	-39.38%	-43.62%	+4.24%
Current Drawdown Current decline from peak	0.00%	-1.89%	+1.89%
Average Drawdown Average peak-to-trough decline	-12.78%	-7.87%	-4.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	3.57%	-0.89%

Volatility

OEGAX vs. BFGIX - Volatility Comparison

Invesco Discovery Mid Cap Growth Fund Class A (OEGAX) has a higher volatility of 6.46% compared to Baron Focused Growth Fund Institutional Shares (BFGIX) at 5.17%. This indicates that OEGAX'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

	OEGAX	BFGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.46%	5.17%	+1.29%
Volatility (6M) Calculated over the trailing 6-month period	17.78%	15.66%	+2.12%
Volatility (1Y) Calculated over the trailing 1-year period	20.93%	19.06%	+1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.19%	22.36%	-0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.11%	23.99%	-1.88%

OEGAX vs. BFGIX - Expense Ratio Comparison

Both OEGAX and BFGIX have an expense ratio of 1.05%.

Dividends

OEGAX vs. BFGIX - Dividend Comparison

OEGAX's dividend yield for the trailing twelve months is around 7.22%, 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%
OEGAX Invesco Discovery Mid Cap Growth Fund Class A	7.22%	9.10%	4.95%	0.00%	0.00%	18.94%	3.55%	4.40%	10.54%	9.32%	0.89%	4.27%

Frequently Asked Questions

Can I hold both OEGAX and BFGIX in my portfolio?

OEGAX and BFGIX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OEGAX or BFGIX?

OEGAX has higher volatility (6.46%) compared to BFGIX (5.17%). In terms of maximum drawdown, OEGAX dropped -53.73% vs BFGIX's -43.62%.

Which has better risk-adjusted returns?

OEGAX currently has the higher Sharpe Ratio (1.85 vs 1.20), 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.