BARAX vs. TRMSX

Last updated Apr 2, 2026

Compare and contrast key facts about Baron Asset Fund (BARAX) and T. Rowe Price Mid-Cap Index Fund (TRMSX).

BARAX is managed by Baron Capital Group, Inc.. It was launched on Jun 12, 1987. TRMSX is managed by T. Rowe Price. It was launched on Dec 8, 2015.

Performance

BARAX vs. TRMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Asset Fund (BARAX) and T. Rowe Price Mid-Cap Index Fund (TRMSX). The values are adjusted to include any dividend payments, if applicable.

BARAX vs. TRMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BARAX Baron Asset Fund	-7.87%	7.89%	10.35%	17.05%	-26.06%	14.99%
TRMSX T. Rowe Price Mid-Cap Index Fund	-2.45%	12.61%	19.98%	29.90%	-28.56%	7.68%

Returns By Period

In the year-to-date period, BARAX achieves a -7.87% return, which is significantly lower than TRMSX's -2.45% return.

BARAX

• 1D: 1.64%
• 1M: -5.84%
• YTD: -7.87%
• 6M: -0.37%
• 1Y: 2.50%
• 3Y*: 6.84%
• 5Y*: 1.42%
• 10Y*: 10.32%

TRMSX

• 1D: 3.41%
• 1M: -5.44%
• YTD: -2.45%
• 6M: -3.15%
• 1Y: 18.13%
• 3Y*: 16.63%
• 5Y*: —
• 10Y*: —

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

BARAX vs. TRMSX - Expense Ratio Comparison

BARAX has a 1.29% expense ratio, which is higher than TRMSX's 0.14% expense ratio.

BARAX

Baron Asset Fund

TRMSX

T. Rowe Price Mid-Cap Index Fund

Return for Risk

BARAX vs. TRMSX — Risk / Return Rank

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

BARAX

BARAX Risk / Return Rank: 9
BARAX Sharpe Ratio Rank: 6
BARAX Sortino Ratio Rank: 7
BARAX Omega Ratio Rank: 7
BARAX Calmar Ratio Rank: 12
BARAX Martin Ratio Rank: 11

TRMSX

TRMSX Risk / Return Rank: 24
TRMSX Sharpe Ratio Rank: 34
TRMSX Sortino Ratio Rank: 39
TRMSX Omega Ratio Rank: 37
TRMSX Calmar Ratio Rank: 5
TRMSX Martin Ratio Rank: 5

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. TRMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Asset Fund (BARAX) and T. Rowe Price Mid-Cap Index Fund (TRMSX). 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.

	BARAX	TRMSX	Difference
Sharpe ratio Return per unit of total volatility	0.13	0.88	-0.75
Sortino ratio Return per unit of downside risk	0.35	1.41	-1.06
Omega ratio Gain probability vs. loss probability	1.04	1.20	-0.15
Calmar ratio Return relative to maximum drawdown	0.36	0.09	+0.27
Martin ratio Return relative to average drawdown	0.90	0.32	+0.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BARAX vs. TRMSX - Sharpe Ratio Comparison

The current BARAX Sharpe Ratio is 0.13, which is lower than the TRMSX Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of BARAX and TRMSX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BARAX	TRMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.13	0.88	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.26	+0.23

Correlation

The correlation between BARAX and TRMSX is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BARAX vs. TRMSX - Dividend Comparison

BARAX's dividend yield for the trailing twelve months is around 12.49%, more than TRMSX's 6.65% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BARAX Baron Asset Fund	12.49%	11.51%	19.23%	3.48%	0.01%	7.65%	3.05%	1.78%	7.42%	7.25%	4.88%	11.50%
TRMSX T. Rowe Price Mid-Cap Index Fund	6.65%	6.49%	1.98%	0.86%	1.92%	4.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

BARAX vs. TRMSX - Drawdown Comparison

The maximum BARAX drawdown since its inception was -59.71%, which is greater than TRMSX's maximum drawdown of -37.34%. Use the drawdown chart below to compare losses from any high point for BARAX and TRMSX.

Drawdown Indicators

	BARAX	TRMSX	Difference
Max Drawdown Largest peak-to-trough decline	-59.71%	-37.34%	-22.37%
Max Drawdown (1Y) Largest decline over 1 year	-11.12%	-14.85%	+3.73%
Max Drawdown (5Y) Largest decline over 5 years	-37.53%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.53%	—	—
Current Drawdown Current decline from peak	-9.28%	-6.43%	-2.85%
Average Drawdown Average peak-to-trough decline	-11.44%	-14.34%	+2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.44%	7.31%	-2.87%

Volatility

BARAX vs. TRMSX - Volatility Comparison

The current volatility for Baron Asset Fund (BARAX) is 3.90%, while T. Rowe Price Mid-Cap Index Fund (TRMSX) has a volatility of 6.71%. This indicates that BARAX experiences smaller price fluctuations and is considered to be less risky than TRMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BARAX	TRMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	6.71%	-2.81%
Volatility (6M) Calculated over the trailing 6-month period	11.83%	13.35%	-1.52%
Volatility (1Y) Calculated over the trailing 1-year period	19.02%	25.34%	-6.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.56%	23.16%	-3.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.79%	23.16%	-3.37%