APSGX vs. BARAX

Last updated Jun 23, 2026

APSGX (Fiera Capital Small/Mid-Cap Growth Fund) and BARAX (Baron Asset Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, APSGX returned 11.40%/yr vs 12.18%/yr for BARAX. Their correlation of 0.88 suggests significant overlap in exposure. APSGX charges 1.05%/yr vs 1.29%/yr for BARAX.

Performance

APSGX vs. BARAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fiera Capital Small/Mid-Cap Growth Fund (APSGX) 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, APSGX achieves a 3.80% return, which is significantly lower than BARAX's 10.99% return. Over the past 10 years, APSGX has underperformed BARAX with an annualized return of 11.40%, while BARAX has yielded a comparatively higher 12.18% annualized return.

APSGX

• 1D: 1.73%
• 1M: 3.69%
• YTD: 3.80%
• 6M: 1.16%
• 1Y: 16.52%
• 3Y*: 8.23%
• 5Y*: 3.65%
• 10Y*: 11.40%

BARAX

• 1D: -1.09%
• 1M: 17.71%
• YTD: 10.99%
• 6M: 9.46%
• 1Y: 16.88%
• 3Y*: 12.92%
• 5Y*: 4.14%
• 10Y*: 12.18%

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

APSGX vs. BARAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APSGX Fiera Capital Small/Mid-Cap Growth Fund	3.80%	5.74%	4.69%	26.12%	-23.71%	17.09%	44.67%	31.20%	-10.38%	26.60%
BARAX Baron Asset Fund	10.99%	7.89%	10.35%	17.05%	-26.06%	13.88%	32.98%	37.64%	-0.15%	26.18%

Correlation

The correlation between APSGX and BARAX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jun 29, 2012	0.88

The correlation between APSGX and BARAX shifts across timeframes, from 0.74 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

Return for Risk

APSGX vs. BARAX — Risk / Return Rank

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

APSGX

APSGX Risk / Return Rank: 14
APSGX Sharpe Ratio Rank: 13
APSGX Sortino Ratio Rank: 14
APSGX Omega Ratio Rank: 12
APSGX Calmar Ratio Rank: 15
APSGX Martin Ratio Rank: 16

BARAX

BARAX Risk / Return Rank: 16
BARAX Sharpe Ratio Rank: 11
BARAX Sortino Ratio Rank: 21
BARAX Omega Ratio Rank: 17
BARAX Calmar Ratio Rank: 20
BARAX Martin Ratio Rank: 12

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.

APSGX vs. BARAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fiera Capital Small/Mid-Cap Growth Fund (APSGX) 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.

	APSGX	BARAX	Difference
Sharpe ratio: Return per unit of total volatility	0.96	0.89	+0.07
Sortino ratio: Return per unit of downside risk	1.46	1.78	-0.32
Omega ratio: Gain probability vs. loss probability	1.17	1.20	-0.04
Calmar ratio: Return relative to maximum drawdown	1.25	1.55	-0.30
Martin ratio: Return relative to average drawdown	4.03	3.19	+0.83

APSGX vs. BARAX - Sharpe Ratio Comparison

The current APSGX Sharpe Ratio is 0.96, which is comparable to the BARAX Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of APSGX 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

APSGX vs. BARAX - Drawdown Comparison

The maximum APSGX drawdown since its inception was -35.77%, smaller than the maximum BARAX drawdown of -59.71%. Use the drawdown chart below to compare losses from any high point for APSGX and BARAX.

Drawdown Indicators

	APSGX	BARAX	Difference
Max Drawdown Largest peak-to-trough decline	-35.77%	-59.71%	+23.94%
Max Drawdown (1Y) Largest decline over 1 year	-13.30%	-10.75%	-2.55%
Max Drawdown (3Y) Largest decline over 3 years	-28.15%	-17.82%	-10.33%
Max Drawdown (5Y) Largest decline over 5 years	-33.52%	-37.53%	+4.01%
Max Drawdown (10Y) Largest decline over 10 years	-35.77%	-37.53%	+1.76%
Current Drawdown Current decline from peak	0.00%	-3.87%	+3.87%
Average Drawdown Average peak-to-trough decline	-7.54%	-11.41%	+3.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.12%	5.22%	-1.10%

Volatility

APSGX vs. BARAX - Volatility Comparison

The current volatility for Fiera Capital Small/Mid-Cap Growth Fund (APSGX) is 5.45%, while Baron Asset Fund (BARAX) has a volatility of 11.34%. This indicates that APSGX 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

	APSGX	BARAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.45%	11.34%	-5.89%
Volatility (6M) Calculated over the trailing 6-month period	12.99%	14.30%	-1.31%
Volatility (1Y) Calculated over the trailing 1-year period	17.40%	18.75%	-1.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.36%	20.13%	+2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.57%	20.12%	+2.45%

APSGX vs. BARAX - Expense Ratio Comparison

APSGX has a 1.05% expense ratio, which is lower than BARAX's 1.29% expense ratio.

Dividends

APSGX vs. BARAX - Dividend Comparison

APSGX's dividend yield for the trailing twelve months is around 2.34%, less than BARAX's 10.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APSGX Fiera Capital Small/Mid-Cap Growth Fund	2.34%	2.43%	2.91%	2.48%	16.83%	11.57%	21.15%	11.48%	28.25%	0.00%	0.28%	1.03%
BARAX Baron Asset Fund	10.37%	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 APSGX and BARAX in my portfolio?

APSGX and BARAX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APSGX or BARAX?

BARAX has higher volatility (11.34%) compared to APSGX (5.45%). In terms of maximum drawdown, APSGX dropped -35.77% vs BARAX's -59.71%.

Which has better risk-adjusted returns?

APSGX currently has the higher Sharpe Ratio (0.96 vs 0.89), 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.