SPSM vs. BDFIX
Compare and contrast key facts about SPDR Portfolio S&P 600 Small Cap ETF (SPSM) and Baron Discovery Fund (BDFIX).
SPSM is a passively managed fund by State Street that tracks the performance of the S&P SmallCap 600 Index. It was launched on Jul 8, 2013. BDFIX is managed by Baron Capital Group, Inc.. It was launched on Sep 30, 2013.
Performance
SPSM vs. BDFIX - Performance Comparison
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SPSM vs. BDFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPSM SPDR Portfolio S&P 600 Small Cap ETF | 3.48% | 6.11% | 8.55% | 16.11% | -16.12% | 26.67% | 11.69% | 25.85% | -11.17% | 15.44% |
BDFIX Baron Discovery Fund | -13.78% | 10.96% | 16.28% | 22.58% | -35.12% | 4.84% | 66.15% | 26.85% | 0.66% | 35.84% |
Returns By Period
In the year-to-date period, SPSM achieves a 3.48% return, which is significantly higher than BDFIX's -13.78% return. Over the past 10 years, SPSM has underperformed BDFIX with an annualized return of 10.05%, while BDFIX has yielded a comparatively higher 12.88% annualized return.
SPSM
- 1D
- 2.81%
- 1M
- -4.07%
- YTD
- 3.48%
- 6M
- 5.20%
- 1Y
- 20.56%
- 3Y*
- 10.51%
- 5Y*
- 4.16%
- 10Y*
- 10.05%
BDFIX
- 1D
- -0.57%
- 1M
- -12.67%
- YTD
- -13.78%
- 6M
- -13.61%
- 1Y
- 1.96%
- 3Y*
- 7.04%
- 5Y*
- -2.90%
- 10Y*
- 12.88%
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SPSM vs. BDFIX - Expense Ratio Comparison
SPSM has a 0.05% expense ratio, which is lower than BDFIX's 1.05% expense ratio.
Return for Risk
SPSM vs. BDFIX — Risk / Return Rank
SPSM
BDFIX
SPSM vs. BDFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 600 Small Cap ETF (SPSM) 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.
| SPSM | BDFIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.92 | 0.06 | +0.86 |
Sortino ratioReturn per unit of downside risk | 1.41 | 0.27 | +1.15 |
Omega ratioGain probability vs. loss probability | 1.19 | 1.03 | +0.16 |
Calmar ratioReturn relative to maximum drawdown | 1.42 | -0.05 | +1.47 |
Martin ratioReturn relative to average drawdown | 5.73 | -0.19 | +5.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPSM | BDFIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.92 | 0.06 | +0.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | -0.11 | +0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.51 | -0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.46 | -0.05 |
Correlation
The correlation between SPSM and BDFIX is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SPSM vs. BDFIX - Dividend Comparison
SPSM's dividend yield for the trailing twelve months is around 1.59%, while BDFIX has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPSM SPDR Portfolio S&P 600 Small Cap ETF | 1.59% | 1.62% | 1.85% | 1.61% | 1.38% | 1.40% | 1.34% | 1.58% | 1.82% | 1.51% | 1.49% | 2.37% |
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% |
Drawdowns
SPSM vs. BDFIX - Drawdown Comparison
The maximum SPSM drawdown since its inception was -42.89%, smaller than the maximum BDFIX drawdown of -46.39%. Use the drawdown chart below to compare losses from any high point for SPSM and BDFIX.
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Drawdown Indicators
| SPSM | BDFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.89% | -46.39% | +3.50% |
Max Drawdown (1Y)Largest decline over 1 year | -14.82% | -17.94% | +3.12% |
Max Drawdown (5Y)Largest decline over 5 years | -27.94% | -45.38% | +17.44% |
Max Drawdown (10Y)Largest decline over 10 years | -42.89% | -46.39% | +3.50% |
Current DrawdownCurrent decline from peak | -5.81% | -21.60% | +15.79% |
Average DrawdownAverage peak-to-trough decline | -8.02% | -14.64% | +6.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.67% | 4.86% | -1.19% |
Volatility
SPSM vs. BDFIX - Volatility Comparison
SPDR Portfolio S&P 600 Small Cap ETF (SPSM) and Baron Discovery Fund (BDFIX) have volatilities of 6.26% and 6.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPSM | BDFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.26% | 6.26% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 12.94% | 13.70% | -0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.56% | 24.03% | -1.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.54% | 26.33% | -4.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.98% | 25.13% | -2.15% |