ADJEX vs. BARAX

Last updated Aug 1, 2026

ADJEX (Azzad Ethical Fund) and BARAX (Baron Asset Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, ADJEX returned 8.69%/yr vs 10.30%/yr for BARAX. Their correlation of 0.87 means they have usually moved in the same direction. ADJEX charges 0.99%/yr vs 1.29%/yr for BARAX.

Performance

ADJEX vs. BARAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Azzad Ethical Fund (ADJEX) and Baron Asset Fund (BARAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADJEX achieves a 6.69% return, which is significantly higher than BARAX's -2.47% return. Over the past 10 years, ADJEX has underperformed BARAX with an annualized return of 8.69%, while BARAX has yielded a comparatively higher 10.30% annualized return.

ADJEX

• 1D: 1.22%
• 1M: -3.12%
• 6M: 6.82%
• YTD: 6.69%
• 1Y: 2.78%
• 3Y*: 3.62%
• 5Y*: 0.31%
• 10Y*: 8.69%
• ALL TIME*: 6.17%

BARAX

• 1D: -0.89%
• 1M: -10.38%
• 6M: 1.29%
• YTD: -2.47%
• 1Y: 3.06%
• 3Y*: 6.65%
• 5Y*: 0.39%
• 10Y*: 10.30%
• ALL TIME*: 9.64%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ADJEX Azzad Ethical Fund	$0.00	$0.00	$0.00
BARAX Baron Asset Fund	$0.00	$0.00	$0.00

ADJEX vs. BARAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ADJEX Azzad Ethical Fund	6.69%	1.43%	1.70%	24.25%	-27.82%	17.60%	30.47%	30.01%	-3.25%	23.40%
BARAX Baron Asset Fund	-2.47%	7.89%	10.35%	17.05%	-26.06%	13.88%	32.98%	37.64%	-0.15%	26.18%

Correlation

The correlation between ADJEX and BARAX is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.68
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.90
Correlation (All Time) Calculated using the full available price history since Nov 30, 2000	0.87

The correlation between ADJEX and BARAX shifts across timeframes, from 0.68 (1 year) to 0.90 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

ADJEX vs. BARAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ADJEX

ADJEX Risk / Return Rank: 5
ADJEX Sharpe Ratio Rank: 5
ADJEX Sortino Ratio Rank: 5
ADJEX Omega Ratio Rank: 5
ADJEX Calmar Ratio Rank: 5
ADJEX Martin Ratio Rank: 5

BARAX

BARAX Risk / Return Rank: 5
BARAX Sharpe Ratio Rank: 5
BARAX Sortino Ratio Rank: 5
BARAX Omega Ratio Rank: 5
BARAX Calmar Ratio Rank: 5
BARAX Martin Ratio Rank: 5

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ADJEX vs. BARAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Azzad Ethical Fund (ADJEX) and Baron Asset Fund (BARAX). 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.

	ADJEX	BARAX	Difference
Sharpe ratio: Return per unit of total volatility	0.02	0.01	+0.01
Sortino ratio: Return per unit of downside risk	0.15	0.18	-0.03
Omega ratio: Gain probability vs. loss probability	1.02	1.02	0.00
Calmar ratio: Return relative to maximum drawdown	0.02	0.01	+0.01
Martin ratio: Return relative to average drawdown	0.06	0.02	+0.04

ADJEX vs. BARAX - Sharpe Ratio Comparison

The current ADJEX Sharpe Ratio is 0.02, which is higher than the BARAX Sharpe Ratio of 0.01. The chart below compares the historical Sharpe Ratios of ADJEX and BARAX, 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

ADJEX vs. BARAX - Drawdown Comparison

The maximum ADJEX drawdown since its inception was -55.62%, smaller than the maximum BARAX drawdown of -59.71%. Use the drawdown chart below to compare losses from any high point for ADJEX and BARAX.

Drawdown Indicators

	ADJEX	BARAX	Difference
Max Drawdown Largest peak-to-trough decline	-55.62%	-59.71%	+4.09%
Max Drawdown (1Y) Largest decline over 1 year	-14.38%	-16.75%	+2.37%
Max Drawdown (3Y) Largest decline over 3 years	-25.81%	-17.82%	-7.99%
Max Drawdown (5Y) Largest decline over 5 years	-37.22%	-37.53%	+0.31%
Max Drawdown (10Y) Largest decline over 10 years	-37.22%	-37.53%	+0.31%
Current Drawdown Current decline from peak	-5.55%	-15.54%	+9.99%
Average Drawdown Average peak-to-trough decline	-12.48%	-11.41%	-1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.70%	6.25%	-1.55%

Volatility

ADJEX vs. BARAX - Volatility Comparison

The current volatility for Azzad Ethical Fund (ADJEX) is 4.30%, while Baron Asset Fund (BARAX) has a volatility of 6.09%. This indicates that ADJEX experiences smaller price fluctuations and is considered to be less risky than BARAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADJEX	BARAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.30%	6.09%	-1.79%
Volatility (6M) Calculated over the trailing 6-month period	14.81%	16.99%	-2.18%
Volatility (1Y) Calculated over the trailing 1-year period	18.57%	20.91%	-2.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.78%	20.53%	+2.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.56%	20.23%	+1.33%

ADJEX vs. BARAX - Expense Ratio Comparison

ADJEX has a 0.99% expense ratio, which is lower than BARAX's 1.29% expense ratio.

Dividends

ADJEX vs. BARAX - Dividend Comparison

ADJEX has not paid dividends to shareholders, while BARAX's dividend yield for the trailing twelve months is around 11.80%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADJEX Azzad Ethical Fund	0.00%	0.00%	5.47%	2.53%	0.06%	12.81%	5.62%	6.35%	6.37%	14.98%	0.09%	0.69%
BARAX Baron Asset Fund	11.80%	11.51%	19.23%	3.48%	0.01%	7.65%	3.05%	1.78%	7.42%	7.25%	4.88%	11.50%

Frequently Asked Questions

Can I hold both ADJEX and BARAX in my portfolio?

ADJEX and BARAX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADJEX or BARAX?

BARAX has higher volatility (6.09%) compared to ADJEX (4.30%). In terms of maximum drawdown, ADJEX dropped -55.62% vs BARAX's -59.71%.

Which has better risk-adjusted returns?

ADJEX currently has the higher Sharpe Ratio (0.02 vs 0.01), 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.