SMOT vs. BFGIX

Last updated Jun 24, 2026

SMOT (VanEck Morningstar SMID Moat ETF) and BFGIX (Baron Focused Growth Fund Institutional Shares) are both funds - SMOT is a Mid Cap Blend Equities fund tracking the Morningstar US Small-Mid Cap Moat Focus, while BFGIX is a Mid Cap Growth Equities fund actively managed by Baron Capital. SMOT is passively managed, while BFGIX is actively managed. Over the past 3 years, SMOT returned 10.86%/yr vs 21.09%/yr for BFGIX. A 0.79 correlation means they provide meaningful diversification when combined. SMOT charges 0.49%/yr vs 1.05%/yr for BFGIX.

Performance

SMOT vs. BFGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Morningstar SMID Moat ETF (SMOT) 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, SMOT achieves a 5.03% return, which is significantly higher than BFGIX's 4.38% return.

SMOT

• 1D: -0.42%
• 1M: 0.57%
• YTD: 5.03%
• 6M: 4.05%
• 1Y: 13.46%
• 3Y*: 10.86%
• 5Y*: —
• 10Y*: —

BFGIX

• 1D: -6.25%
• 1M: 5.60%
• YTD: 4.38%
• 6M: 2.37%
• 1Y: 24.01%
• 3Y*: 21.09%
• 5Y*: 12.23%
• 10Y*: 21.84%

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

SMOT vs. BFGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SMOT VanEck Morningstar SMID Moat ETF	5.03%	6.46%	10.71%	17.31%	3.85%
BFGIX Baron Focused Growth Fund Institutional Shares	4.38%	22.26%	29.85%	27.78%	-7.11%

Correlation

The correlation between SMOT and BFGIX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (All Time) Calculated using the full available price history since Oct 6, 2022	0.79

The correlation between SMOT and BFGIX shifts across timeframes, from 0.69 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMOT vs. BFGIX — Risk / Return Rank

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

SMOT

SMOT Risk / Return Rank: 29
SMOT Sharpe Ratio Rank: 28
SMOT Sortino Ratio Rank: 28
SMOT Omega Ratio Rank: 25
SMOT Calmar Ratio Rank: 32
SMOT Martin Ratio Rank: 34

BFGIX

BFGIX Risk / Return Rank: 32
BFGIX Sharpe Ratio Rank: 20
BFGIX Sortino Ratio Rank: 28
BFGIX Omega Ratio Rank: 29
BFGIX Calmar Ratio Rank: 51
BFGIX Martin Ratio Rank: 33

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.

SMOT vs. BFGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Morningstar SMID Moat ETF (SMOT) 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.

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.

	SMOT	BFGIX	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.18	-0.24
Sortino ratio: Return per unit of downside risk	1.47	2.06	-0.59
Omega ratio: Gain probability vs. loss probability	1.17	1.26	-0.09
Calmar ratio: Return relative to maximum drawdown	1.52	2.62	-1.10
Martin ratio: Return relative to average drawdown	4.83	7.12	-2.29

SMOT vs. BFGIX - Sharpe Ratio Comparison

The current SMOT Sharpe Ratio is 0.94, which is comparable to the BFGIX Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of SMOT 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.

Drawdowns

SMOT vs. BFGIX - Drawdown Comparison

The maximum SMOT drawdown since its inception was -23.36%, smaller than the maximum BFGIX drawdown of -43.62%. Use the drawdown chart below to compare losses from any high point for SMOT and BFGIX.

Drawdown Indicators

	SMOT	BFGIX	Difference
Max Drawdown Largest peak-to-trough decline	-23.36%	-43.62%	+20.26%
Max Drawdown (1Y) Largest decline over 1 year	-8.91%	-9.92%	+1.01%
Max Drawdown (3Y) Largest decline over 3 years	-23.36%	-20.97%	-2.39%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.71%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.62%	—
Current Drawdown Current decline from peak	-2.78%	-9.92%	+7.14%
Average Drawdown Average peak-to-trough decline	-4.79%	-7.85%	+3.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	3.65%	-0.86%

Volatility

SMOT vs. BFGIX - Volatility Comparison

The current volatility for VanEck Morningstar SMID Moat ETF (SMOT) is 4.83%, while Baron Focused Growth Fund Institutional Shares (BFGIX) has a volatility of 12.08%. This indicates that SMOT experiences smaller price fluctuations and is considered to be less risky than BFGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMOT	BFGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.83%	12.08%	-7.25%
Volatility (6M) Calculated over the trailing 6-month period	10.08%	15.73%	-5.65%
Volatility (1Y) Calculated over the trailing 1-year period	14.35%	22.03%	-7.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.44%	22.85%	-4.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.44%	24.24%	-5.80%

SMOT vs. BFGIX - Expense Ratio Comparison

SMOT has a 0.49% expense ratio, which is lower than BFGIX's 1.05% expense ratio.

Dividends

SMOT vs. BFGIX - Dividend Comparison

SMOT's dividend yield for the trailing twelve months is around 1.31%, 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%
SMOT VanEck Morningstar SMID Moat ETF	1.31%	1.37%	1.18%	0.65%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMOT and BFGIX in my portfolio?

SMOT and BFGIX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMOT or BFGIX?

BFGIX has higher volatility (12.08%) compared to SMOT (4.83%). In terms of maximum drawdown, SMOT dropped -23.36% vs BFGIX's -43.62%.

Which has better risk-adjusted returns?

BFGIX currently has the higher Sharpe Ratio (1.18 vs 0.94), 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.