SHSAX vs. BHCHX

Last updated Jun 4, 2026

SHSAX (BlackRock Health Sciences Opportunities Portfolio) and BHCHX (Baron Health Care Fund) are both Health & Biotech Equities funds. Over the past 5 years, SHSAX returned 3.74%/yr vs 0.06%/yr for BHCHX. Their correlation of 0.90 suggests significant overlap in exposure. SHSAX charges 1.09%/yr vs 0.85%/yr for BHCHX.

Performance

SHSAX vs. BHCHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Health Sciences Opportunities Portfolio (SHSAX) and Baron Health Care Fund (BHCHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHSAX achieves a -5.45% return, which is significantly higher than BHCHX's -7.63% return.

SHSAX

• 1D: -1.66%
• 1M: 0.02%
• YTD: -5.45%
• 6M: -5.96%
• 1Y: 12.73%
• 3Y*: 5.72%
• 5Y*: 3.74%
• 10Y*: 9.11%

BHCHX

• 1D: -2.24%
• 1M: -0.66%
• YTD: -7.63%
• 6M: -9.29%
• 1Y: 11.35%
• 3Y*: 2.13%
• 5Y*: 0.06%
• 10Y*: —

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

SHSAX vs. BHCHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SHSAX BlackRock Health Sciences Opportunities Portfolio	-5.45%	15.85%	3.73%	3.59%	-5.94%	11.88%	19.44%	20.40%
BHCHX Baron Health Care Fund	-7.63%	10.28%	1.55%	6.42%	-16.90%	15.71%	47.71%	18.75%

Correlation

The correlation between SHSAX and BHCHX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 20, 2019	0.90

The correlation between SHSAX and BHCHX has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

Return for Risk

SHSAX vs. BHCHX — Risk / Return Rank

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

SHSAX

SHSAX Risk / Return Rank: 12
SHSAX Sharpe Ratio Rank: 12
SHSAX Sortino Ratio Rank: 13
SHSAX Omega Ratio Rank: 11
SHSAX Calmar Ratio Rank: 14
SHSAX Martin Ratio Rank: 11

BHCHX

BHCHX Risk / Return Rank: 9
BHCHX Sharpe Ratio Rank: 10
BHCHX Sortino Ratio Rank: 10
BHCHX Omega Ratio Rank: 9
BHCHX Calmar Ratio Rank: 8
BHCHX 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.

SHSAX vs. BHCHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Health Sciences Opportunities Portfolio (SHSAX) and Baron Health Care Fund (BHCHX). 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.

	SHSAX	BHCHX	Difference
Sharpe ratio Return per unit of total volatility	0.94	0.77	+0.17
Sortino ratio Return per unit of downside risk	1.46	1.20	+0.26
Omega ratio Gain probability vs. loss probability	1.17	1.14	+0.03
Calmar ratio Return relative to maximum drawdown	1.31	0.83	+0.49
Martin ratio Return relative to average drawdown	3.28	1.92	+1.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHSAX vs. BHCHX - Sharpe Ratio Comparison

The current SHSAX Sharpe Ratio is 0.94, which is comparable to the BHCHX Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of SHSAX and BHCHX, 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

	SHSAX	BHCHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	0.77	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.00	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.47	+0.25

Drawdowns

SHSAX vs. BHCHX - Drawdown Comparison

The maximum SHSAX drawdown since its inception was -35.49%, which is greater than BHCHX's maximum drawdown of -28.53%. Use the drawdown chart below to compare losses from any high point for SHSAX and BHCHX.

Drawdown Indicators

	SHSAX	BHCHX	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-28.53%	-6.96%
Max Drawdown (1Y) Largest decline over 1 year	-9.87%	-14.24%	+4.37%
Max Drawdown (3Y) Largest decline over 3 years	-16.08%	-20.51%	+4.43%
Max Drawdown (5Y) Largest decline over 5 years	-17.99%	-28.53%	+10.54%
Max Drawdown (10Y) Largest decline over 10 years	-28.36%	—	—
Current Drawdown Current decline from peak	-8.18%	-12.51%	+4.33%
Average Drawdown Average peak-to-trough decline	-6.18%	-11.06%	+4.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	6.11%	-2.17%

Volatility

SHSAX vs. BHCHX - Volatility Comparison

The current volatility for BlackRock Health Sciences Opportunities Portfolio (SHSAX) is 4.16%, while Baron Health Care Fund (BHCHX) has a volatility of 5.72%. This indicates that SHSAX experiences smaller price fluctuations and is considered to be less risky than BHCHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHSAX	BHCHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	5.72%	-1.56%
Volatility (6M) Calculated over the trailing 6-month period	10.40%	11.95%	-1.55%
Volatility (1Y) Calculated over the trailing 1-year period	13.75%	15.23%	-1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.37%	17.02%	-2.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.53%	19.74%	-3.21%

SHSAX vs. BHCHX - Expense Ratio Comparison

SHSAX has a 1.09% expense ratio, which is higher than BHCHX's 0.85% expense ratio.

Dividends

SHSAX vs. BHCHX - Dividend Comparison

SHSAX's dividend yield for the trailing twelve months is around 11.25%, while BHCHX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BHCHX Baron Health Care Fund	0.00%	0.00%	0.49%	0.00%	0.00%	1.41%	0.99%	0.00%	0.00%	0.00%	0.00%	0.00%
SHSAX BlackRock Health Sciences Opportunities Portfolio	11.25%	10.63%	9.18%	3.84%	7.44%	9.20%	4.34%	3.89%	8.56%	3.53%	2.43%	12.58%

Frequently Asked Questions

Can I hold both SHSAX and BHCHX in my portfolio?

With a correlation of 0.91, SHSAX and BHCHX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SHSAX or BHCHX?

BHCHX has higher volatility (5.72%) compared to SHSAX (4.16%). In terms of maximum drawdown, SHSAX dropped -35.49% vs BHCHX's -28.53%.

Which has better risk-adjusted returns?

SHSAX currently has the higher Sharpe Ratio (0.94 vs 0.77), 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.