BARAX vs. NCTWX

Last updated Aug 4, 2026

BARAX (Baron Asset Fund) and NCTWX (Nicholas II Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, BARAX returned 10.20%/yr vs 9.86%/yr for NCTWX. Their correlation of 0.85 means they have usually moved in the same direction. BARAX charges 1.29%/yr vs 0.59%/yr for NCTWX.

Performance

BARAX vs. NCTWX - Performance Comparison

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

Returns By Period

In the year-to-date period, BARAX achieves a -3.48% return, which is significantly lower than NCTWX's 5.84% return. Both investments have delivered pretty close results over the past 10 years, with BARAX having a 10.20% annualized return and NCTWX not far behind at 9.86%.

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%

NCTWX

• 1D: -0.06%
• 1M: 2.31%
• 6M: 3.44%
• YTD: 5.84%
• 1Y: 3.31%
• 3Y*: 5.46%
• 5Y*: 2.69%
• 10Y*: 9.86%
• ALL TIME*: 9.92%

*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
NCTWX Nicholas II Fund	$0.00	$0.00	$0.00

BARAX vs. NCTWX - 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%
NCTWX Nicholas II Fund	5.84%	-1.27%	6.74%	19.89%	-18.03%	21.58%	15.73%	34.90%	-4.20%	25.65%

Correlation

The correlation between BARAX and NCTWX is 0.79, 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.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.90
Correlation (All Time) Calculated using the full available price history since Jun 12, 1987	0.85

The correlation between BARAX and NCTWX shifts across timeframes, from 0.79 (1 year) to 0.90 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BARAX vs. NCTWX — 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

NCTWX

NCTWX Risk / Return Rank: 5
NCTWX Sharpe Ratio Rank: 5
NCTWX Sortino Ratio Rank: 5
NCTWX Omega Ratio Rank: 5
NCTWX Calmar Ratio Rank: 5
NCTWX 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. NCTWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Asset Fund (BARAX) and Nicholas II Fund (NCTWX). 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	NCTWX	Difference
Sharpe ratio: Return per unit of total volatility	0.02	0.13	-0.10
Sortino ratio: Return per unit of downside risk	0.21	0.29	-0.08
Omega ratio: Gain probability vs. loss probability	1.03	1.03	-0.01
Calmar ratio: Return relative to maximum drawdown	0.03	0.13	-0.10
Martin ratio: Return relative to average drawdown	0.07	0.33	-0.26

BARAX vs. NCTWX - Sharpe Ratio Comparison

The current BARAX Sharpe Ratio is 0.02, which is lower than the NCTWX Sharpe Ratio of 0.13. The chart below compares the historical Sharpe Ratios of BARAX and NCTWX, 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. NCTWX - Drawdown Comparison

The maximum BARAX drawdown since its inception was -59.71%, which is greater than NCTWX's maximum drawdown of -46.46%. Use the drawdown chart below to compare losses from any high point for BARAX and NCTWX.

Drawdown Indicators

	BARAX	NCTWX	Difference
Max Drawdown Largest peak-to-trough decline	-59.71%	-46.46%	-13.25%
Max Drawdown (1Y) Largest decline over 1 year	-16.75%	-14.83%	-1.92%
Max Drawdown (3Y) Largest decline over 3 years	-17.82%	-20.63%	+2.81%
Max Drawdown (5Y) Largest decline over 5 years	-37.53%	-25.89%	-11.64%
Max Drawdown (10Y) Largest decline over 10 years	-37.53%	-36.61%	-0.92%
Current Drawdown Current decline from peak	-16.41%	-2.89%	-13.52%
Average Drawdown Average peak-to-trough decline	-11.41%	-6.89%	-4.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.31%	5.81%	+0.50%

Volatility

BARAX vs. NCTWX - Volatility Comparison

Baron Asset Fund (BARAX) has a higher volatility of 5.85% compared to Nicholas II Fund (NCTWX) at 3.83%. This indicates that BARAX's price experiences larger fluctuations and is considered to be riskier than NCTWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BARAX	NCTWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	3.83%	+2.02%
Volatility (6M) Calculated over the trailing 6-month period	16.99%	11.85%	+5.14%
Volatility (1Y) Calculated over the trailing 1-year period	20.93%	15.41%	+5.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.53%	18.17%	+2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.23%	18.25%	+1.98%

BARAX vs. NCTWX - Expense Ratio Comparison

BARAX has a 1.29% expense ratio, which is higher than NCTWX's 0.59% expense ratio.

Dividends

BARAX vs. NCTWX - Dividend Comparison

BARAX's dividend yield for the trailing twelve months is around 11.93%, more than NCTWX's 11.75% 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%
NCTWX Nicholas II Fund	11.75%	12.43%	5.21%	0.72%	3.92%	9.86%	3.79%	11.36%	12.57%	11.02%	5.11%	6.40%

Frequently Asked Questions

Can I hold both BARAX and NCTWX in my portfolio?

BARAX and NCTWX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BARAX or NCTWX?

BARAX has higher volatility (5.85%) compared to NCTWX (3.83%). In terms of maximum drawdown, BARAX dropped -59.71% vs NCTWX's -46.46%.

Which has better risk-adjusted returns?

NCTWX currently has the higher Sharpe Ratio (0.13 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.