VAPPX vs. BPTRX

Last updated Jun 4, 2026

VAPPX (VALIC Company I Capital Appreciation Fund) and BPTRX (Baron Partners Fund) are both Large Cap Growth Equities funds. Over the past 3 years, VAPPX returned 23.55%/yr vs 22.85%/yr for BPTRX. A 0.70 correlation means they provide meaningful diversification when combined. VAPPX charges 0.60%/yr vs 1.36%/yr for BPTRX.

Performance

VAPPX vs. BPTRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VALIC Company I Capital Appreciation Fund (VAPPX) 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, VAPPX achieves a 8.74% return, which is significantly higher than BPTRX's -0.19% return.

VAPPX

• 1D: 0.20%
• 1M: 7.70%
• YTD: 8.74%
• 6M: 8.74%
• 1Y: 24.77%
• 3Y*: 23.55%
• 5Y*: —
• 10Y*: —

BPTRX

• 1D: -1.21%
• 1M: 4.90%
• YTD: -0.19%
• 6M: 19.80%
• 1Y: 31.83%
• 3Y*: 22.85%
• 5Y*: 13.31%
• 10Y*: 24.08%

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

VAPPX vs. BPTRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VAPPX VALIC Company I Capital Appreciation Fund	8.74%	11.88%	31.97%	40.53%	-25.71%	11.78%
BPTRX Baron Partners Fund	-0.19%	24.54%	32.75%	43.09%	-42.53%	33.17%

Correlation

The correlation between VAPPX 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	0.62
Correlation (All Time) Calculated using the full available price history since Jun 16, 2021	0.70

The correlation between VAPPX and BPTRX shifts across timeframes, from 0.53 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VAPPX vs. BPTRX — Risk / Return Rank

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

VAPPX

VAPPX Risk / Return Rank: 28
VAPPX Sharpe Ratio Rank: 36
VAPPX Sortino Ratio Rank: 33
VAPPX Omega Ratio Rank: 32
VAPPX Calmar Ratio Rank: 19
VAPPX Martin Ratio Rank: 21

BPTRX

BPTRX Risk / Return Rank: 35
BPTRX Sharpe Ratio Rank: 17
BPTRX Sortino Ratio Rank: 34
BPTRX Omega Ratio Rank: 30
BPTRX Calmar Ratio Rank: 62
BPTRX Martin Ratio Rank: 32

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.

VAPPX vs. BPTRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I Capital Appreciation Fund (VAPPX) 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.

	VAPPX	BPTRX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.18	+0.56
Sortino ratio: Return per unit of downside risk	2.40	2.41	-0.01
Omega ratio: Gain probability vs. loss probability	1.30	1.29	+0.01
Calmar ratio: Return relative to maximum drawdown	1.58	3.04	-1.46
Martin ratio: Return relative to average drawdown	5.30	7.36	-2.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VAPPX vs. BPTRX - Sharpe Ratio Comparison

The current VAPPX Sharpe Ratio is 1.74, which is higher than the BPTRX Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of VAPPX 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.

Sharpe Ratios by Period

	VAPPX	BPTRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	1.18	+0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.40	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.74	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.55	+0.10

Drawdowns

VAPPX vs. BPTRX - Drawdown Comparison

The maximum VAPPX drawdown since its inception was -30.00%, smaller than the maximum BPTRX drawdown of -64.11%. Use the drawdown chart below to compare losses from any high point for VAPPX and BPTRX.

Drawdown Indicators

	VAPPX	BPTRX	Difference
Max Drawdown Largest peak-to-trough decline	-30.00%	-64.11%	+34.11%
Max Drawdown (1Y) Largest decline over 1 year	-16.59%	-10.71%	-5.88%
Max Drawdown (3Y) Largest decline over 3 years	-25.00%	-33.34%	+8.34%
Max Drawdown (5Y) Largest decline over 5 years	—	-49.87%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.26%	—
Current Drawdown Current decline from peak	0.00%	-3.63%	+3.63%
Average Drawdown Average peak-to-trough decline	-8.33%	-13.78%	+5.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.92%	4.41%	+0.51%

Volatility

VAPPX vs. BPTRX - Volatility Comparison

VALIC Company I Capital Appreciation Fund (VAPPX) and Baron Partners Fund (BPTRX) have volatilities of 3.36% and 3.43%, 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.

Volatility by Period

	VAPPX	BPTRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	3.43%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	11.45%	21.24%	-9.79%
Volatility (1Y) Calculated over the trailing 1-year period	15.02%	27.58%	-12.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.87%	33.62%	-12.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.87%	32.70%	-11.83%

VAPPX vs. BPTRX - Expense Ratio Comparison

VAPPX has a 0.60% expense ratio, which is lower than BPTRX's 1.36% expense ratio.

Dividends

VAPPX vs. BPTRX - Dividend Comparison

VAPPX's dividend yield for the trailing twelve months is around 4.53%, more than BPTRX's 3.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BPTRX Baron Partners Fund	3.37%	3.36%	0.76%	0.00%	3.19%	7.72%	3.67%	0.26%	0.00%	0.00%	0.00%	0.35%
VAPPX VALIC Company I Capital Appreciation Fund	4.53%	0.00%	8.31%	29.25%	6.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VAPPX and BPTRX in my portfolio?

VAPPX 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, VAPPX or BPTRX?

BPTRX has higher volatility (3.43%) compared to VAPPX (3.36%). In terms of maximum drawdown, VAPPX dropped -30.00% vs BPTRX's -64.11%.

Which has better risk-adjusted returns?

VAPPX currently has the higher Sharpe Ratio (1.74 vs 1.18), 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.