SPYG vs. BPTRX

Last updated Jun 14, 2026

SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) and BPTRX (Baron Partners Fund) are both funds - SPYG is a S&P 500 fund tracking the S&P 500 Growth Index, while BPTRX is a Large Cap Growth Equities fund actively managed by Baron Capital Group, Inc.. SPYG is passively managed, while BPTRX is actively managed. Over the past 10 years, SPYG returned 17.91%/yr vs 24.68%/yr for BPTRX. A 0.72 correlation means they provide meaningful diversification when combined. SPYG charges 0.04%/yr vs 1.36%/yr for BPTRX.

Performance

SPYG vs. BPTRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) 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, SPYG achieves a 9.70% return, which is significantly higher than BPTRX's 3.60% return. Over the past 10 years, SPYG has underperformed BPTRX with an annualized return of 17.91%, while BPTRX has yielded a comparatively higher 24.68% annualized return.

SPYG

• 1D: 0.41%
• 1M: -2.81%
• YTD: 9.70%
• 6M: 10.60%
• 1Y: 29.17%
• 3Y*: 25.85%
• 5Y*: 14.92%
• 10Y*: 17.91%

BPTRX

• 1D: 0.41%
• 1M: 8.22%
• YTD: 3.60%
• 6M: 2.76%
• 1Y: 40.21%
• 3Y*: 21.70%
• 5Y*: 13.22%
• 10Y*: 24.68%

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

SPYG vs. BPTRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	9.70%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%
BPTRX Baron Partners Fund	3.60%	24.54%	32.75%	43.09%	-42.53%	31.35%	148.81%	44.99%	-2.01%	31.54%

Correlation

The correlation between SPYG and BPTRX is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Oct 2, 2000	0.72

The correlation between SPYG and BPTRX shifts across timeframes, from 0.53 (1 year) to 0.73 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

SPYG vs. BPTRX — Risk / Return Rank

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

SPYG

SPYG Risk / Return Rank: 52
SPYG Sharpe Ratio Rank: 56
SPYG Sortino Ratio Rank: 53
SPYG Omega Ratio Rank: 53
SPYG Calmar Ratio Rank: 45
SPYG Martin Ratio Rank: 53

BPTRX

BPTRX Risk / Return Rank: 66
BPTRX Sharpe Ratio Rank: 40
BPTRX Sortino Ratio Rank: 79
BPTRX Omega Ratio Rank: 66
BPTRX Calmar Ratio Rank: 89
BPTRX Martin Ratio Rank: 56

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.

SPYG vs. BPTRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) 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.

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.

	SPYG	BPTRX	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.43	+0.21
Sortino ratio: Return per unit of downside risk	2.26	3.09	-0.83
Omega ratio: Gain probability vs. loss probability	1.29	1.35	-0.06
Calmar ratio: Return relative to maximum drawdown	2.01	3.70	-1.69
Martin ratio: Return relative to average drawdown	8.08	9.05	-0.97

SPYG vs. BPTRX - Sharpe Ratio Comparison

The current SPYG Sharpe Ratio is 1.65, which is comparable to the BPTRX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of SPYG 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.

Drawdowns

SPYG vs. BPTRX - Drawdown Comparison

The maximum SPYG drawdown since its inception was -67.63%, which is greater than BPTRX's maximum drawdown of -64.11%. Use the drawdown chart below to compare losses from any high point for SPYG and BPTRX.

Drawdown Indicators

	SPYG	BPTRX	Difference
Max Drawdown Largest peak-to-trough decline	-67.63%	-64.11%	-3.52%
Max Drawdown (1Y) Largest decline over 1 year	-13.76%	-10.71%	-3.05%
Max Drawdown (3Y) Largest decline over 3 years	-22.14%	-33.34%	+11.20%
Max Drawdown (5Y) Largest decline over 5 years	-32.67%	-49.87%	+17.20%
Max Drawdown (10Y) Largest decline over 10 years	-32.67%	-51.26%	+18.59%
Current Drawdown Current decline from peak	-4.65%	-1.69%	-2.96%
Average Drawdown Average peak-to-trough decline	-24.30%	-13.77%	-10.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	4.37%	-0.95%

Volatility

SPYG vs. BPTRX - Volatility Comparison

The current volatility for State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) is 6.33%, while Baron Partners Fund (BPTRX) has a volatility of 7.29%. This indicates that SPYG experiences smaller price fluctuations and is considered to be less risky than BPTRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYG	BPTRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.33%	7.29%	-0.96%
Volatility (6M) Calculated over the trailing 6-month period	13.48%	13.45%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	16.81%	27.64%	-10.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.27%	33.72%	-12.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.70%	32.75%	-12.05%

SPYG vs. BPTRX - Expense Ratio Comparison

SPYG has a 0.04% expense ratio, which is lower than BPTRX's 1.36% expense ratio.

Dividends

SPYG vs. BPTRX - Dividend Comparison

SPYG's dividend yield for the trailing twelve months is around 0.48%, less than BPTRX's 3.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BPTRX Baron Partners Fund	3.24%	3.36%	0.76%	0.00%	3.19%	7.72%	3.67%	0.26%	0.00%	0.00%	0.00%	0.35%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.48%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both SPYG and BPTRX in my portfolio?

SPYG and BPTRX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYG or BPTRX?

BPTRX has higher volatility (7.29%) compared to SPYG (6.33%). In terms of maximum drawdown, SPYG dropped -67.63% vs BPTRX's -64.11%.

Which has better risk-adjusted returns?

SPYG currently has the higher Sharpe Ratio (1.65 vs 1.43), 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.