BARAX vs. NEEGX

Last updated Jun 26, 2026

BARAX (Baron Asset Fund) and NEEGX (Needham Growth Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, BARAX returned 11.78%/yr vs 16.45%/yr for NEEGX. A 0.77 correlation means they provide meaningful diversification when combined. BARAX charges 1.29%/yr vs 1.78%/yr for NEEGX.

Performance

BARAX vs. NEEGX - Performance Comparison

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

Returns By Period

In the year-to-date period, BARAX achieves a 4.38% return, which is significantly lower than NEEGX's 56.72% return. Over the past 10 years, BARAX has underperformed NEEGX with an annualized return of 11.78%, while NEEGX has yielded a comparatively higher 16.45% annualized return.

BARAX

• 1D: 0.22%
• 1M: 10.48%
• YTD: 4.38%
• 6M: 3.28%
• 1Y: 8.62%
• 3Y*: 11.28%
• 5Y*: 2.31%
• 10Y*: 11.78%

NEEGX

• 1D: -0.15%
• 1M: 3.51%
• YTD: 56.72%
• 6M: 53.39%
• 1Y: 83.17%
• 3Y*: 27.89%
• 5Y*: 13.28%
• 10Y*: 16.45%

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

BARAX vs. NEEGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BARAX Baron Asset Fund	4.38%	7.89%	10.35%	17.05%	-26.06%	13.88%	32.98%	37.64%	-0.15%	26.18%
NEEGX Needham Growth Fund	56.72%	8.76%	14.45%	26.85%	-33.57%	27.63%	41.73%	42.33%	-10.56%	8.33%

Correlation

The correlation between BARAX and NEEGX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Dec 26, 1995	0.77

Over the past year, the correlation between BARAX and NEEGX has dropped to 0.43 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

Return for Risk

BARAX vs. NEEGX — Risk / Return Rank

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

BARAX

BARAX Risk / Return Rank: 8
BARAX Sharpe Ratio Rank: 7
BARAX Sortino Ratio Rank: 8
BARAX Omega Ratio Rank: 8
BARAX Calmar Ratio Rank: 10
BARAX Martin Ratio Rank: 7

NEEGX

NEEGX Risk / Return Rank: 91
NEEGX Sharpe Ratio Rank: 95
NEEGX Sortino Ratio Rank: 83
NEEGX Omega Ratio Rank: 81
NEEGX Calmar Ratio Rank: 97
NEEGX Martin Ratio Rank: 96

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.

BARAX vs. NEEGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Asset Fund (BARAX) and Needham Growth Fund (NEEGX). 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	NEEGX	Difference
Sharpe ratio: Return per unit of total volatility	0.40	2.89	-2.49
Sortino ratio: Return per unit of downside risk	0.83	3.39	-2.56
Omega ratio: Gain probability vs. loss probability	1.11	1.45	-0.35
Calmar ratio: Return relative to maximum drawdown	0.74	6.38	-5.65
Martin ratio: Return relative to average drawdown	1.48	21.11	-19.62

BARAX vs. NEEGX - Sharpe Ratio Comparison

The current BARAX Sharpe Ratio is 0.40, which is lower than the NEEGX Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of BARAX and NEEGX, 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. NEEGX - Drawdown Comparison

The maximum BARAX drawdown since its inception was -59.71%, which is greater than NEEGX's maximum drawdown of -53.60%. Use the drawdown chart below to compare losses from any high point for BARAX and NEEGX.

Drawdown Indicators

	BARAX	NEEGX	Difference
Max Drawdown Largest peak-to-trough decline	-59.71%	-53.60%	-6.11%
Max Drawdown (1Y) Largest decline over 1 year	-10.75%	-13.27%	+2.52%
Max Drawdown (3Y) Largest decline over 3 years	-17.82%	-38.66%	+20.84%
Max Drawdown (5Y) Largest decline over 5 years	-37.53%	-43.35%	+5.82%
Max Drawdown (10Y) Largest decline over 10 years	-37.53%	-43.35%	+5.82%
Current Drawdown Current decline from peak	-9.60%	-5.14%	-4.46%
Average Drawdown Average peak-to-trough decline	-11.41%	-10.88%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.33%	4.00%	+1.33%

Volatility

BARAX vs. NEEGX - Volatility Comparison

Baron Asset Fund (BARAX) and Needham Growth Fund (NEEGX) have volatilities of 13.52% and 14.05%, 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	NEEGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.52%	14.05%	-0.53%
Volatility (6M) Calculated over the trailing 6-month period	15.72%	23.55%	-7.83%
Volatility (1Y) Calculated over the trailing 1-year period	19.78%	29.39%	-9.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.33%	28.80%	-8.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.17%	25.54%	-5.37%

BARAX vs. NEEGX - Expense Ratio Comparison

BARAX has a 1.29% expense ratio, which is lower than NEEGX's 1.78% expense ratio.

Dividends

BARAX vs. NEEGX - Dividend Comparison

BARAX's dividend yield for the trailing twelve months is around 11.02%, more than NEEGX's 4.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BARAX Baron Asset Fund	11.02%	11.51%	19.23%	3.48%	0.01%	7.65%	3.05%	1.78%	7.42%	7.25%	4.88%	11.50%
NEEGX Needham Growth Fund	4.83%	7.57%	3.92%	0.00%	1.78%	6.92%	5.73%	11.31%	17.79%	9.70%	4.22%	6.74%

Frequently Asked Questions

Can I hold both BARAX and NEEGX in my portfolio?

BARAX and NEEGX have a correlation of 0.43, 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 NEEGX?

NEEGX has higher volatility (14.05%) compared to BARAX (13.52%). In terms of maximum drawdown, BARAX dropped -59.71% vs NEEGX's -53.60%.

Which has better risk-adjusted returns?

NEEGX currently has the higher Sharpe Ratio (2.89 vs 0.40), 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.