PXQSX vs. BDFIX

Last updated Jun 23, 2026

PXQSX (Virtus KAR Small-Cap Value Fund) and BDFIX (Baron Discovery Fund) are both Small Cap Growth Equities funds. Over the past 10 years, PXQSX returned 8.08%/yr vs 13.96%/yr for BDFIX. A 0.77 correlation means they provide meaningful diversification when combined. PXQSX charges 0.96%/yr vs 1.05%/yr for BDFIX.

Performance

PXQSX vs. BDFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus KAR Small-Cap Value Fund (PXQSX) and Baron Discovery Fund (BDFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PXQSX achieves a 6.39% return, which is significantly higher than BDFIX's 3.07% return. Over the past 10 years, PXQSX has underperformed BDFIX with an annualized return of 8.08%, while BDFIX has yielded a comparatively higher 13.96% annualized return.

PXQSX

• 1D: 1.32%
• 1M: 3.95%
• YTD: 6.39%
• 6M: 3.68%
• 1Y: 5.24%
• 3Y*: 7.67%
• 5Y*: 1.45%
• 10Y*: 8.08%

BDFIX

• 1D: 2.22%
• 1M: 4.22%
• YTD: 3.07%
• 6M: -0.11%
• 1Y: 9.66%
• 3Y*: 12.89%
• 5Y*: 0.01%
• 10Y*: 13.96%

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

PXQSX vs. BDFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXQSX Virtus KAR Small-Cap Value Fund	6.39%	-4.50%	9.63%	19.10%	-24.29%	19.50%	28.16%	24.87%	-15.95%	18.90%
BDFIX Baron Discovery Fund	3.07%	10.96%	16.28%	22.58%	-35.12%	4.84%	66.15%	26.85%	0.66%	35.84%

Correlation

The correlation between PXQSX and BDFIX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013	0.77

The correlation between PXQSX and BDFIX shifts across timeframes, from 0.65 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PXQSX vs. BDFIX — Risk / Return Rank

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

PXQSX

PXQSX Risk / Return Rank: 5
PXQSX Sharpe Ratio Rank: 5
PXQSX Sortino Ratio Rank: 5
PXQSX Omega Ratio Rank: 5
PXQSX Calmar Ratio Rank: 5
PXQSX Martin Ratio Rank: 5

BDFIX

BDFIX Risk / Return Rank: 7
BDFIX Sharpe Ratio Rank: 7
BDFIX Sortino Ratio Rank: 7
BDFIX Omega Ratio Rank: 6
BDFIX Calmar Ratio Rank: 6
BDFIX Martin Ratio Rank: 7

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.

PXQSX vs. BDFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus KAR Small-Cap Value Fund (PXQSX) and Baron Discovery Fund (BDFIX). 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.

	PXQSX	BDFIX	Difference
Sharpe ratio: Return per unit of total volatility	0.29	0.50	-0.20
Sortino ratio: Return per unit of downside risk	0.58	0.85	-0.28
Omega ratio: Gain probability vs. loss probability	1.06	1.10	-0.03
Calmar ratio: Return relative to maximum drawdown	0.37	0.55	-0.17
Martin ratio: Return relative to average drawdown	0.77	1.63	-0.87

PXQSX vs. BDFIX - Sharpe Ratio Comparison

The current PXQSX Sharpe Ratio is 0.29, which is lower than the BDFIX Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of PXQSX and BDFIX, 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

PXQSX vs. BDFIX - Drawdown Comparison

The maximum PXQSX drawdown since its inception was -55.56%, which is greater than BDFIX's maximum drawdown of -46.39%. Use the drawdown chart below to compare losses from any high point for PXQSX and BDFIX.

Drawdown Indicators

	PXQSX	BDFIX	Difference
Max Drawdown Largest peak-to-trough decline	-55.56%	-46.39%	-9.17%
Max Drawdown (1Y) Largest decline over 1 year	-13.25%	-17.94%	+4.69%
Max Drawdown (3Y) Largest decline over 3 years	-22.87%	-24.26%	+1.39%
Max Drawdown (5Y) Largest decline over 5 years	-31.49%	-45.38%	+13.89%
Max Drawdown (10Y) Largest decline over 10 years	-37.65%	-46.39%	+8.74%
Current Drawdown Current decline from peak	-8.57%	-6.28%	-2.29%
Average Drawdown Average peak-to-trough decline	-10.29%	-14.59%	+4.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.46%	5.99%	+0.47%

Volatility

PXQSX vs. BDFIX - Volatility Comparison

The current volatility for Virtus KAR Small-Cap Value Fund (PXQSX) is 4.62%, while Baron Discovery Fund (BDFIX) has a volatility of 6.85%. This indicates that PXQSX experiences smaller price fluctuations and is considered to be less risky than BDFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXQSX	BDFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.62%	6.85%	-2.23%
Volatility (6M) Calculated over the trailing 6-month period	12.47%	15.11%	-2.64%
Volatility (1Y) Calculated over the trailing 1-year period	16.94%	19.77%	-2.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.25%	26.37%	-6.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.53%	25.27%	-4.74%

PXQSX vs. BDFIX - Expense Ratio Comparison

PXQSX has a 0.96% expense ratio, which is lower than BDFIX's 1.05% expense ratio.

Dividends

PXQSX vs. BDFIX - Dividend Comparison

PXQSX's dividend yield for the trailing twelve months is around 5.46%, while BDFIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDFIX Baron Discovery Fund	0.00%	0.00%	0.00%	0.00%	0.00%	3.68%	3.05%	0.13%	8.78%	0.21%	1.97%	0.00%
PXQSX Virtus KAR Small-Cap Value Fund	5.46%	5.81%	4.90%	2.99%	3.37%	1.76%	0.82%	0.80%	2.54%	5.32%	8.89%	7.58%

Frequently Asked Questions

Can I hold both PXQSX and BDFIX in my portfolio?

PXQSX and BDFIX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PXQSX or BDFIX?

BDFIX has higher volatility (6.85%) compared to PXQSX (4.62%). In terms of maximum drawdown, PXQSX dropped -55.56% vs BDFIX's -46.39%.

Which has better risk-adjusted returns?

BDFIX currently has the higher Sharpe Ratio (0.50 vs 0.29), 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.