BARAX vs. BARIX

Last updated Aug 4, 2026

BARAX (Baron Asset Fund) and BARIX (Baron Asset Fund Institutional Class) are both Mid Cap Growth Equities funds from Baron Capital. Over the past 10 years, BARAX returned 10.20%/yr vs 10.49%/yr for BARIX. Their 1.00 correlation means they have historically moved very closely together. BARAX charges 1.29%/yr vs 1.03%/yr for BARIX.

Performance

BARAX vs. BARIX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with BARAX having a -3.48% return and BARIX slightly higher at -3.34%. Both investments have delivered pretty close results over the past 10 years, with BARAX having a 10.20% annualized return and BARIX not far ahead at 10.49%.

BARAX

• 1D: -1.03%
• 1M: -11.30%
• 6M: 0.78%
• YTD: -3.48%
• 1Y: 1.99%
• 3Y*: 6.61%
• 5Y*: 0.19%
• 10Y*: 10.20%
• ALL TIME*: 9.61%

BARIX

• 1D: -1.02%
• 1M: -11.29%
• 6M: 0.91%
• YTD: -3.34%
• 1Y: 2.25%
• 3Y*: 6.89%
• 5Y*: 0.45%
• 10Y*: 10.49%
• ALL TIME*: 12.35%

*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)
BARAX Baron Asset Fund	$0.00	$0.00	$0.00
BARIX Baron Asset Fund Institutional Class	$0.00	$0.00	$0.00

BARAX vs. BARIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BARAX Baron Asset Fund	-3.48%	7.89%	10.35%	17.05%	-26.06%	13.88%	32.98%	37.64%	-0.15%	26.18%
BARIX Baron Asset Fund Institutional Class	-3.34%	8.17%	10.64%	17.36%	-25.87%	14.17%	33.32%	37.98%	0.13%	26.55%

Correlation

The correlation between BARAX and BARIX is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (3Y) Balances recent behavior with more history.	0.99
Correlation (5Y) Shows whether the relationship held over a longer period.	1.00
Correlation (10Y) Provides a long-term view across more market conditions.	1.00
Correlation (All Time) Calculated using the full available price history since May 29, 2009	1.00

The correlation between BARAX and BARIX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

BARAX vs. BARIX — Risk / Return Rank

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

BARAX

BARAX Risk / Return Rank: 5
BARAX Sharpe Ratio Rank: 4
BARAX Sortino Ratio Rank: 5
BARAX Omega Ratio Rank: 5
BARAX Calmar Ratio Rank: 4
BARAX Martin Ratio Rank: 4

BARIX

BARIX Risk / Return Rank: 5
BARIX Sharpe Ratio Rank: 4
BARIX Sortino Ratio Rank: 5
BARIX Omega Ratio Rank: 5
BARIX Calmar Ratio Rank: 4
BARIX 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.

BARAX vs. BARIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Asset Fund (BARAX) and Baron Asset Fund Institutional Class (BARIX). 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.

	BARAX	BARIX	Difference
Sharpe ratio: Return per unit of total volatility	0.02	0.03	-0.01
Sortino ratio: Return per unit of downside risk	0.21	0.23	-0.02
Omega ratio: Gain probability vs. loss probability	1.03	1.03	0.00
Calmar ratio: Return relative to maximum drawdown	0.03	0.04	-0.02
Martin ratio: Return relative to average drawdown	0.07	0.11	-0.04

BARAX vs. BARIX - Sharpe Ratio Comparison

The current BARAX Sharpe Ratio is 0.02, which is lower than the BARIX Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of BARAX and BARIX, 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

BARAX vs. BARIX - Drawdown Comparison

The maximum BARAX drawdown since its inception was -59.71%, which is greater than BARIX's maximum drawdown of -37.44%. Use the drawdown chart below to compare losses from any high point for BARAX and BARIX.

Drawdown Indicators

	BARAX	BARIX	Difference
Max Drawdown Largest peak-to-trough decline	-59.71%	-37.44%	-22.27%
Max Drawdown (1Y) Largest decline over 1 year	-16.75%	-16.73%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-17.82%	-17.78%	-0.04%
Max Drawdown (5Y) Largest decline over 5 years	-37.53%	-37.44%	-0.09%
Max Drawdown (10Y) Largest decline over 10 years	-37.53%	-37.44%	-0.09%
Current Drawdown Current decline from peak	-16.41%	-16.38%	-0.03%
Average Drawdown Average peak-to-trough decline	-11.41%	-6.76%	-4.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.31%	6.26%	+0.05%

Volatility

BARAX vs. BARIX - Volatility Comparison

Baron Asset Fund (BARAX) and Baron Asset Fund Institutional Class (BARIX) have volatilities of 5.85% and 5.85%, 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

	BARAX	BARIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	5.85%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	16.99%	16.99%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	20.93%	20.94%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.53%	20.62%	-0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.23%	20.28%	-0.05%

BARAX vs. BARIX - Expense Ratio Comparison

BARAX has a 1.29% expense ratio, which is higher than BARIX's 1.03% expense ratio.

Dividends

BARAX vs. BARIX - Dividend Comparison

BARAX's dividend yield for the trailing twelve months is around 11.93%, more than BARIX's 10.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BARAX Baron Asset Fund	11.93%	11.51%	19.23%	3.48%	0.01%	7.65%	3.05%	1.78%	7.42%	7.25%	4.88%	11.50%
BARIX Baron Asset Fund Institutional Class	10.96%	10.59%	17.88%	3.28%	0.01%	7.26%	2.92%	1.70%	7.14%	7.01%	4.74%	11.23%

Frequently Asked Questions

Can I hold both BARAX and BARIX in my portfolio?

With a correlation of 1.00, BARAX and BARIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BARAX or BARIX?

BARIX has higher volatility (5.85%) compared to BARAX (5.85%). In terms of maximum drawdown, BARAX dropped -59.71% vs BARIX's -37.44%.

Which has better risk-adjusted returns?

BARIX currently has the higher Sharpe Ratio (0.03 vs 0.02), 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.