BARIX vs. SSMHX

Last updated Jun 4, 2026

BARIX (Baron Asset Fund Institutional Class) and SSMHX (State Street Small/Mid Cap Equity Index Portfolio) are both Mid Cap Growth Equities funds. Over the past 10 years, BARIX returned 10.80%/yr vs 11.94%/yr for SSMHX. Their correlation of 0.85 suggests significant overlap in exposure. BARIX charges 1.03%/yr vs 0.02%/yr for SSMHX.

Performance

BARIX vs. SSMHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Asset Fund Institutional Class (BARIX) and State Street Small/Mid Cap Equity Index Portfolio (SSMHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BARIX achieves a -3.78% return, which is significantly lower than SSMHX's 14.18% return. Over the past 10 years, BARIX has underperformed SSMHX with an annualized return of 10.80%, while SSMHX has yielded a comparatively higher 11.94% annualized return.

BARIX

• 1D: -0.63%
• 1M: 1.76%
• YTD: -3.78%
• 6M: 1.13%
• 1Y: 0.80%
• 3Y*: 8.49%
• 5Y*: 2.17%
• 10Y*: 10.80%

SSMHX

• 1D: 1.00%
• 1M: 5.71%
• YTD: 14.18%
• 6M: 13.12%
• 1Y: 29.97%
• 3Y*: 18.16%
• 5Y*: 6.39%
• 10Y*: 11.94%

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

BARIX vs. SSMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BARIX Baron Asset Fund Institutional Class	-3.78%	8.17%	10.64%	17.36%	-25.87%	14.17%	33.32%	37.98%	0.13%	26.55%
SSMHX State Street Small/Mid Cap Equity Index Portfolio	14.18%	12.90%	10.73%	25.21%	-25.43%	13.08%	32.46%	28.00%	-9.21%	18.26%

Correlation

The correlation between BARIX and SSMHX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Aug 18, 2015	0.85

The correlation between BARIX and SSMHX shifts across timeframes, from 0.72 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BARIX vs. SSMHX — Risk / Return Rank

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

BARIX

BARIX Risk / Return Rank: 3
BARIX Sharpe Ratio Rank: 3
BARIX Sortino Ratio Rank: 3
BARIX Omega Ratio Rank: 3
BARIX Calmar Ratio Rank: 3
BARIX Martin Ratio Rank: 3

SSMHX

SSMHX Risk / Return Rank: 49
SSMHX Sharpe Ratio Rank: 42
SSMHX Sortino Ratio Rank: 40
SSMHX Omega Ratio Rank: 37
SSMHX Calmar Ratio Rank: 68
SSMHX Martin Ratio Rank: 58

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. SSMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Asset Fund Institutional Class (BARIX) and State Street Small/Mid Cap Equity Index Portfolio (SSMHX). 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.

	BARIX	SSMHX	Difference
Sharpe ratio: Return per unit of total volatility	0.10	1.89	-1.79
Sortino ratio: Return per unit of downside risk	0.28	2.64	-2.37
Omega ratio: Gain probability vs. loss probability	1.03	1.32	-0.29
Calmar ratio: Return relative to maximum drawdown	0.14	3.18	-3.04
Martin ratio: Return relative to average drawdown	0.29	11.56	-11.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BARIX vs. SSMHX - Sharpe Ratio Comparison

The current BARIX Sharpe Ratio is 0.10, which is lower than the SSMHX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of BARIX and SSMHX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BARIX	SSMHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.10	1.89	-1.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.29	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.54	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.48	+0.18

Drawdowns

BARIX vs. SSMHX - Drawdown Comparison

The maximum BARIX drawdown since its inception was -37.44%, smaller than the maximum SSMHX drawdown of -41.61%. Use the drawdown chart below to compare losses from any high point for BARIX and SSMHX.

Drawdown Indicators

	BARIX	SSMHX	Difference
Max Drawdown Largest peak-to-trough decline	-37.44%	-41.61%	+4.17%
Max Drawdown (1Y) Largest decline over 1 year	-10.68%	-10.03%	-0.65%
Max Drawdown (3Y) Largest decline over 3 years	-17.78%	-30.38%	+12.60%
Max Drawdown (5Y) Largest decline over 5 years	-37.44%	-34.84%	-2.60%
Max Drawdown (10Y) Largest decline over 10 years	-37.44%	-41.61%	+4.17%
Current Drawdown Current decline from peak	-5.24%	0.00%	-5.24%
Average Drawdown Average peak-to-trough decline	-6.74%	-9.15%	+2.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.15%	2.76%	+2.39%

Volatility

BARIX vs. SSMHX - Volatility Comparison

The current volatility for Baron Asset Fund Institutional Class (BARIX) is 3.28%, while State Street Small/Mid Cap Equity Index Portfolio (SSMHX) has a volatility of 4.70%. This indicates that BARIX experiences smaller price fluctuations and is considered to be less risky than SSMHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BARIX	SSMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	4.70%	-1.42%
Volatility (6M) Calculated over the trailing 6-month period	10.84%	12.36%	-1.52%
Volatility (1Y) Calculated over the trailing 1-year period	14.75%	16.90%	-2.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.55%	22.41%	-2.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.84%	22.39%	-2.55%

BARIX vs. SSMHX - Expense Ratio Comparison

BARIX has a 1.03% expense ratio, which is higher than SSMHX's 0.02% expense ratio.

Dividends

BARIX vs. SSMHX - Dividend Comparison

BARIX's dividend yield for the trailing twelve months is around 11.00%, more than SSMHX's 6.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BARIX Baron Asset Fund Institutional Class	11.00%	10.59%	17.88%	3.28%	0.01%	7.26%	2.92%	1.70%	7.14%	7.01%	4.74%	11.23%
SSMHX State Street Small/Mid Cap Equity Index Portfolio	6.24%	7.12%	0.00%	1.56%	2.31%	16.30%	2.91%	3.65%	6.43%	4.01%	1.71%	0.73%

Frequently Asked Questions

Can I hold both BARIX and SSMHX in my portfolio?

BARIX and SSMHX have a correlation of 0.72, 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 SSMHX?

SSMHX has higher volatility (4.70%) compared to BARIX (3.28%). In terms of maximum drawdown, BARIX dropped -37.44% vs SSMHX's -41.61%.

Which has better risk-adjusted returns?

SSMHX currently has the higher Sharpe Ratio (1.89 vs 0.10), 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.