Buddypress Caching

My site keeps growing, and my gut instinct is that it feels a bit laggy. I've done some reading and found that some recommend w3 cache, others like wp-super cache.

This is a straight up BuddyPress install, without individual blogs. Curious whether the experts here have a preferred method of optimizing/speeding up a Buddypress install.

Keep in mind, I'm a pretty much a total hack when it comes to this stuff, so I'm looking for out of the box, simple settings.

Oh, and if it matters, I'm hosted on Bluehost.

Thanks!