BARIX vs. PRFDX

Last updated Jun 13, 2026

BARIX (Baron Asset Fund Institutional Class) and PRFDX (T. Rowe Price Equity Income Fund) are both mutual funds - BARIX is a Mid Cap Growth Equities fund managed by Baron Capital Group, while PRFDX is a Large Cap Value Equities fund managed by T. Rowe Price. Over the past 10 years, BARIX returned 11.45%/yr vs 11.90%/yr for PRFDX. A 0.77 correlation means they provide meaningful diversification when combined. BARIX charges 1.03%/yr vs 0.63%/yr for PRFDX.

Performance

BARIX vs. PRFDX - Performance Comparison

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

Returns By Period

In the year-to-date period, BARIX achieves a 0.84% return, which is significantly lower than PRFDX's 12.54% return. Both investments have delivered pretty close results over the past 10 years, with BARIX having a 11.45% annualized return and PRFDX not far ahead at 11.90%.

BARIX

• 1D: 0.43%
• 1M: 9.20%
• YTD: 0.84%
• 6M: 0.23%
• 1Y: 5.81%
• 3Y*: 10.21%
• 5Y*: 2.48%
• 10Y*: 11.45%

PRFDX

• 1D: 1.76%
• 1M: 2.70%
• YTD: 12.54%
• 6M: 12.89%
• 1Y: 23.91%
• 3Y*: 16.25%
• 5Y*: 9.69%
• 10Y*: 11.90%

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

BARIX vs. PRFDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BARIX Baron Asset Fund Institutional Class	0.84%	8.17%	10.64%	17.36%	-25.87%	14.17%	33.32%	37.98%	0.13%	26.55%
PRFDX T. Rowe Price Equity Income Fund	12.54%	14.60%	11.85%	9.75%	-3.25%	25.60%	1.28%	33.66%	-9.29%	15.46%

Correlation

The correlation between BARIX and PRFDX is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since May 29, 2009	0.77

The correlation between BARIX and PRFDX shifts across timeframes, from 0.62 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BARIX vs. PRFDX — Risk / Return Rank

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

BARIX

BARIX Risk / Return Rank: 7
BARIX Sharpe Ratio Rank: 7
BARIX Sortino Ratio Rank: 8
BARIX Omega Ratio Rank: 7
BARIX Calmar Ratio Rank: 8
BARIX Martin Ratio Rank: 6

PRFDX

PRFDX Risk / Return Rank: 78
PRFDX Sharpe Ratio Rank: 77
PRFDX Sortino Ratio Rank: 78
PRFDX Omega Ratio Rank: 73
PRFDX Calmar Ratio Rank: 81
PRFDX Martin Ratio Rank: 79

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.

BARIX vs. PRFDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Asset Fund Institutional Class (BARIX) and T. Rowe Price Equity Income Fund (PRFDX). 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.

	BARIX	PRFDX	Difference
Sharpe ratio: Return per unit of total volatility	0.29	2.11	-1.82
Sortino ratio: Return per unit of downside risk	0.64	3.04	-2.41
Omega ratio: Gain probability vs. loss probability	1.07	1.38	-0.31
Calmar ratio: Return relative to maximum drawdown	0.44	3.15	-2.71
Martin ratio: Return relative to average drawdown	0.91	11.66	-10.75

BARIX vs. PRFDX - Sharpe Ratio Comparison

The current BARIX Sharpe Ratio is 0.29, which is lower than the PRFDX Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of BARIX and PRFDX, 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

BARIX vs. PRFDX - Drawdown Comparison

The maximum BARIX drawdown since its inception was -37.44%, smaller than the maximum PRFDX drawdown of -58.12%. Use the drawdown chart below to compare losses from any high point for BARIX and PRFDX.

Drawdown Indicators

	BARIX	PRFDX	Difference
Max Drawdown Largest peak-to-trough decline	-37.44%	-58.12%	+20.68%
Max Drawdown (1Y) Largest decline over 1 year	-10.68%	-7.34%	-3.34%
Max Drawdown (3Y) Largest decline over 3 years	-17.78%	-14.35%	-3.43%
Max Drawdown (5Y) Largest decline over 5 years	-37.44%	-18.08%	-19.36%
Max Drawdown (10Y) Largest decline over 10 years	-37.44%	-39.71%	+2.27%
Current Drawdown Current decline from peak	-1.45%	-0.23%	-1.22%
Average Drawdown Average peak-to-trough decline	-6.73%	-6.25%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.16%	1.97%	+3.19%

Volatility

BARIX vs. PRFDX - Volatility Comparison

Baron Asset Fund Institutional Class (BARIX) has a higher volatility of 7.48% compared to T. Rowe Price Equity Income Fund (PRFDX) at 3.56%. This indicates that BARIX's price experiences larger fluctuations and is considered to be riskier than PRFDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BARIX	PRFDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.48%	3.56%	+3.92%
Volatility (6M) Calculated over the trailing 6-month period	11.11%	8.40%	+2.71%
Volatility (1Y) Calculated over the trailing 1-year period	16.36%	10.96%	+5.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.80%	14.98%	+4.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.96%	17.87%	+2.09%

BARIX vs. PRFDX - Expense Ratio Comparison

BARIX has a 1.03% expense ratio, which is higher than PRFDX's 0.63% expense ratio.

Dividends

BARIX vs. PRFDX - Dividend Comparison

BARIX's dividend yield for the trailing twelve months is around 10.50%, more than PRFDX's 2.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BARIX Baron Asset Fund Institutional Class	10.50%	10.59%	17.88%	3.28%	0.01%	7.26%	2.92%	1.70%	7.14%	7.01%	4.74%	11.23%
PRFDX T. Rowe Price Equity Income Fund	2.42%	2.76%	8.91%	6.19%	6.61%	8.78%	3.55%	12.53%	11.43%	8.97%	7.75%	7.48%

Frequently Asked Questions

Can I hold both BARIX and PRFDX in my portfolio?

BARIX and PRFDX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BARIX or PRFDX?

BARIX has higher volatility (7.48%) compared to PRFDX (3.56%). In terms of maximum drawdown, BARIX dropped -37.44% vs PRFDX's -58.12%.

Which has better risk-adjusted returns?

PRFDX currently has the higher Sharpe Ratio (2.11 vs 0.29), 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.