BEXIX vs. TEQLX

Last updated Jul 17, 2026

BEXIX (Baron Emerging Markets Fund) and TEQLX (TIAA-CREF Emerging Markets Equity Index Fund) are both Emerging Markets Diversified funds. Over the past 10 years, BEXIX returned 7.47%/yr vs 9.08%/yr for TEQLX. Their correlation of 0.92 suggests significant overlap in exposure. BEXIX charges 1.12%/yr vs 0.19%/yr for TEQLX.

Performance

BEXIX vs. TEQLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Emerging Markets Fund (BEXIX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BEXIX achieves a 14.64% return, which is significantly lower than TEQLX's 20.73% return. Over the past 10 years, BEXIX has underperformed TEQLX with an annualized return of 7.47%, while TEQLX has yielded a comparatively higher 9.08% annualized return.

BEXIX

• 1D: 0.60%
• 1M: -3.56%
• 6M: 8.08%
• YTD: 14.64%
• 1Y: 25.70%
• 3Y*: 16.37%
• 5Y*: 3.60%
• 10Y*: 7.47%

TEQLX

• 1D: 0.24%
• 1M: -4.35%
• 6M: 13.91%
• YTD: 20.73%
• 1Y: 37.51%
• 3Y*: 20.01%
• 5Y*: 6.95%
• 10Y*: 9.08%

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

BEXIX vs. TEQLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BEXIX Baron Emerging Markets Fund	14.64%	30.11%	7.91%	8.29%	-25.82%	-6.06%	29.71%	18.85%	-18.48%	40.63%
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	20.73%	34.10%	6.71%	9.23%	-20.22%	-3.07%	17.67%	18.59%	-14.60%	37.47%

Correlation

The correlation between BEXIX and TEQLX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011	0.92

The correlation between BEXIX and TEQLX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

BEXIX vs. TEQLX — Risk / Return Rank

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

BEXIX

BEXIX Risk / Return Rank: 29
BEXIX Sharpe Ratio Rank: 24
BEXIX Sortino Ratio Rank: 22
BEXIX Omega Ratio Rank: 28
BEXIX Calmar Ratio Rank: 38
BEXIX Martin Ratio Rank: 33

TEQLX

TEQLX Risk / Return Rank: 62
TEQLX Sharpe Ratio Rank: 59
TEQLX Sortino Ratio Rank: 47
TEQLX Omega Ratio Rank: 64
TEQLX Calmar Ratio Rank: 78
TEQLX Martin Ratio Rank: 64

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.

BEXIX vs. TEQLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Emerging Markets Fund (BEXIX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX). 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.

	BEXIX	TEQLX	Difference
Sharpe ratio: Return per unit of total volatility	1.12	1.73	-0.61
Sortino ratio: Return per unit of downside risk	1.55	2.21	-0.66
Omega ratio: Gain probability vs. loss probability	1.22	1.33	-0.11
Calmar ratio: Return relative to maximum drawdown	1.94	2.85	-0.91
Martin ratio: Return relative to average drawdown	6.01	9.78	-3.77

BEXIX vs. TEQLX - Sharpe Ratio Comparison

The current BEXIX Sharpe Ratio is 1.12, which is lower than the TEQLX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of BEXIX and TEQLX, 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

BEXIX vs. TEQLX - Drawdown Comparison

The maximum BEXIX drawdown since its inception was -45.58%, which is greater than TEQLX's maximum drawdown of -39.33%. Use the drawdown chart below to compare losses from any high point for BEXIX and TEQLX.

Drawdown Indicators

	BEXIX	TEQLX	Difference
Max Drawdown Largest peak-to-trough decline	-45.58%	-39.33%	-6.25%
Max Drawdown (1Y) Largest decline over 1 year	-13.32%	-13.32%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-16.63%	-15.97%	-0.66%
Max Drawdown (5Y) Largest decline over 5 years	-40.16%	-34.64%	-5.52%
Max Drawdown (10Y) Largest decline over 10 years	-45.58%	-39.33%	-6.25%
Current Drawdown Current decline from peak	-7.35%	-7.53%	+0.18%
Average Drawdown Average peak-to-trough decline	-13.71%	-14.53%	+0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.29%	3.87%	+0.42%

Volatility

BEXIX vs. TEQLX - Volatility Comparison

Baron Emerging Markets Fund (BEXIX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX) have volatilities of 10.45% and 10.43%, 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

	BEXIX	TEQLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.45%	10.43%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	20.60%	20.13%	+0.47%
Volatility (1Y) Calculated over the trailing 1-year period	23.07%	22.01%	+1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.39%	17.91%	+0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	18.01%	+0.36%

BEXIX vs. TEQLX - Expense Ratio Comparison

BEXIX has a 1.12% expense ratio, which is higher than TEQLX's 0.19% expense ratio.

Dividends

BEXIX vs. TEQLX - Dividend Comparison

BEXIX's dividend yield for the trailing twelve months is around 1.78%, less than TEQLX's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BEXIX Baron Emerging Markets Fund	1.78%	2.04%	0.81%	0.69%	0.00%	1.88%	0.35%	0.46%	0.49%	0.45%	0.76%	0.39%
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	2.34%	2.83%	2.93%	3.08%	2.51%	2.27%	2.04%	2.77%	2.43%	1.98%	1.88%	2.40%

Frequently Asked Questions

Can I hold both BEXIX and TEQLX in my portfolio?

With a correlation of 0.95, BEXIX and TEQLX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BEXIX or TEQLX?

BEXIX has higher volatility (10.45%) compared to TEQLX (10.43%). In terms of maximum drawdown, BEXIX dropped -45.58% vs TEQLX's -39.33%.

Which has better risk-adjusted returns?

TEQLX currently has the higher Sharpe Ratio (1.73 vs 1.12), 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.