OPTFX vs. BPTRX

Last updated Jun 5, 2026

OPTFX (Invesco Capital Appreciation Fund) and BPTRX (Baron Partners Fund) are both Large Cap Growth Equities funds. Over the past 10 years, OPTFX returned 15.73%/yr vs 23.95%/yr for BPTRX. A 0.61 correlation means they provide meaningful diversification when combined. OPTFX charges 0.95%/yr vs 1.36%/yr for BPTRX.

Performance

OPTFX vs. BPTRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Capital Appreciation Fund (OPTFX) 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, OPTFX achieves a 10.57% return, which is significantly higher than BPTRX's -1.17% return. Over the past 10 years, OPTFX has underperformed BPTRX with an annualized return of 15.73%, while BPTRX has yielded a comparatively higher 23.95% annualized return.

OPTFX

• 1D: -0.58%
• 1M: 4.30%
• YTD: 10.57%
• 6M: 9.78%
• 1Y: 23.89%
• 3Y*: 23.72%
• 5Y*: 12.07%
• 10Y*: 15.73%

BPTRX

• 1D: -0.98%
• 1M: 4.39%
• YTD: -1.17%
• 6M: 18.45%
• 1Y: 31.97%
• 3Y*: 22.44%
• 5Y*: 12.59%
• 10Y*: 23.95%

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

OPTFX vs. BPTRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OPTFX Invesco Capital Appreciation Fund	10.57%	12.84%	34.05%	35.51%	-31.10%	21.42%	36.33%	36.22%	-5.96%	26.50%
BPTRX Baron Partners Fund	-1.17%	24.54%	32.75%	43.09%	-42.53%	31.35%	148.81%	44.99%	-2.01%	31.54%

Correlation

The correlation between OPTFX and BPTRX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Feb 3, 1992	0.61

Over the past year, the correlation between OPTFX and BPTRX has dropped to 0.39 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

Return for Risk

OPTFX vs. BPTRX — Risk / Return Rank

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

OPTFX

OPTFX Risk / Return Rank: 23
OPTFX Sharpe Ratio Rank: 26
OPTFX Sortino Ratio Rank: 24
OPTFX Omega Ratio Rank: 24
OPTFX Calmar Ratio Rank: 20
OPTFX Martin Ratio Rank: 21

BPTRX

BPTRX Risk / Return Rank: 32
BPTRX Sharpe Ratio Rank: 16
BPTRX Sortino Ratio Rank: 30
BPTRX Omega Ratio Rank: 27
BPTRX Calmar Ratio Rank: 55
BPTRX Martin Ratio Rank: 30

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.

OPTFX vs. BPTRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Capital Appreciation Fund (OPTFX) 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.

	OPTFX	BPTRX	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.11	+0.34
Sortino ratio: Return per unit of downside risk	2.06	2.30	-0.23
Omega ratio: Gain probability vs. loss probability	1.26	1.27	-0.02
Calmar ratio: Return relative to maximum drawdown	1.64	2.86	-1.23
Martin ratio: Return relative to average drawdown	5.26	6.97	-1.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OPTFX vs. BPTRX - Sharpe Ratio Comparison

The current OPTFX Sharpe Ratio is 1.45, which is higher than the BPTRX Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of OPTFX 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

	OPTFX	BPTRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	1.11	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.38	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.74	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.55	-0.03

Drawdowns

OPTFX vs. BPTRX - Drawdown Comparison

The maximum OPTFX drawdown since its inception was -57.95%, smaller than the maximum BPTRX drawdown of -64.11%. Use the drawdown chart below to compare losses from any high point for OPTFX and BPTRX.

Drawdown Indicators

	OPTFX	BPTRX	Difference
Max Drawdown Largest peak-to-trough decline	-57.95%	-64.11%	+6.16%
Max Drawdown (1Y) Largest decline over 1 year	-16.85%	-10.71%	-6.14%
Max Drawdown (3Y) Largest decline over 3 years	-26.46%	-33.34%	+6.88%
Max Drawdown (5Y) Largest decline over 5 years	-35.89%	-49.87%	+13.98%
Max Drawdown (10Y) Largest decline over 10 years	-35.89%	-51.26%	+15.37%
Current Drawdown Current decline from peak	-0.58%	-4.57%	+3.99%
Average Drawdown Average peak-to-trough decline	-13.99%	-13.78%	-0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.99%	4.42%	+0.57%

Volatility

OPTFX vs. BPTRX - Volatility Comparison

Invesco Capital Appreciation Fund (OPTFX) has a higher volatility of 5.28% compared to Baron Partners Fund (BPTRX) at 3.59%. This indicates that OPTFX'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

	OPTFX	BPTRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	3.59%	+1.69%
Volatility (6M) Calculated over the trailing 6-month period	15.45%	21.25%	-5.80%
Volatility (1Y) Calculated over the trailing 1-year period	19.02%	27.59%	-8.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.27%	33.61%	-11.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.46%	32.69%	-11.23%

OPTFX vs. BPTRX - Expense Ratio Comparison

OPTFX has a 0.95% expense ratio, which is lower than BPTRX's 1.36% expense ratio.

Dividends

OPTFX vs. BPTRX - Dividend Comparison

OPTFX's dividend yield for the trailing twelve months is around 9.88%, more than BPTRX's 3.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BPTRX Baron Partners Fund	3.40%	3.36%	0.76%	0.00%	3.19%	7.72%	3.67%	0.26%	0.00%	0.00%	0.00%	0.35%
OPTFX Invesco Capital Appreciation Fund	9.88%	10.93%	2.92%	0.00%	0.88%	28.43%	3.20%	23.53%	9.18%	9.34%	4.29%	13.78%

Frequently Asked Questions

Can I hold both OPTFX and BPTRX in my portfolio?

OPTFX and BPTRX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OPTFX or BPTRX?

OPTFX has higher volatility (5.28%) compared to BPTRX (3.59%). In terms of maximum drawdown, OPTFX dropped -57.95% vs BPTRX's -64.11%.

Which has better risk-adjusted returns?

OPTFX currently has the higher Sharpe Ratio (1.45 vs 1.11), 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.