CCSMX vs. BARIX

Last updated Aug 1, 2026

CCSMX (Conestoga SMid Cap Fund) and BARIX (Baron Asset Fund Institutional Class) are both Mid Cap Growth Equities funds. Over the past 10 years, CCSMX returned 8.93%/yr vs 10.59%/yr for BARIX. Their correlation of 0.89 means they have usually moved in the same direction. CCSMX charges 1.10%/yr vs 1.03%/yr for BARIX.

Performance

CCSMX vs. BARIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Conestoga SMid Cap Fund (CCSMX) and Baron Asset Fund Institutional Class (BARIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CCSMX achieves a -7.81% return, which is significantly lower than BARIX's -2.34% return. Over the past 10 years, CCSMX has underperformed BARIX with an annualized return of 8.93%, while BARIX has yielded a comparatively higher 10.59% annualized return.

CCSMX

• 1D: 0.65%
• 1M: -4.27%
• 6M: -7.85%
• YTD: -7.81%
• 1Y: -11.03%
• 3Y*: 0.28%
• 5Y*: -3.11%
• 10Y*: 8.93%
• ALL TIME*: 6.78%

BARIX

• 1D: -0.90%
• 1M: -10.37%
• 6M: 1.40%
• YTD: -2.34%
• 1Y: 3.31%
• 3Y*: 6.93%
• 5Y*: 0.65%
• 10Y*: 10.59%
• ALL TIME*: 12.42%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BARIX Baron Asset Fund Institutional Class	$0.00	$0.00	$0.00
CCSMX Conestoga SMid Cap Fund	$0.00	$0.00	$0.00

CCSMX vs. BARIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CCSMX Conestoga SMid Cap Fund	-7.81%	-5.91%	10.44%	25.77%	-29.47%	15.26%	28.44%	33.48%	-0.09%	34.11%
BARIX Baron Asset Fund Institutional Class	-2.34%	8.17%	10.64%	17.36%	-25.87%	14.17%	33.32%	37.98%	0.13%	26.55%

Correlation

The correlation between CCSMX and BARIX is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.89
Correlation (All Time) Calculated using the full available price history since Jan 22, 2014	0.89

The correlation between CCSMX and BARIX shifts across timeframes, from 0.73 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CCSMX vs. BARIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CCSMX

CCSMX Risk / Return Rank: 1
CCSMX Sharpe Ratio Rank: 1
CCSMX Sortino Ratio Rank: 1
CCSMX Omega Ratio Rank: 1
CCSMX Calmar Ratio Rank: 0
CCSMX Martin Ratio Rank: 0

BARIX

BARIX Risk / Return Rank: 5
BARIX Sharpe Ratio Rank: 5
BARIX Sortino Ratio Rank: 6
BARIX Omega Ratio Rank: 6
BARIX Calmar Ratio Rank: 5
BARIX Martin Ratio Rank: 5

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CCSMX vs. BARIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Conestoga SMid Cap Fund (CCSMX) and Baron Asset Fund Institutional Class (BARIX). 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.

	CCSMX	BARIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	0.02	-0.76
Sortino ratio: Return per unit of downside risk	-1.02	0.20	-1.22
Omega ratio: Gain probability vs. loss probability	0.89	1.02	-0.13
Calmar ratio: Return relative to maximum drawdown	-0.70	0.02	-0.72
Martin ratio: Return relative to average drawdown	-1.29	0.06	-1.35

CCSMX vs. BARIX - Sharpe Ratio Comparison

The current CCSMX Sharpe Ratio is -0.75, which is lower than the BARIX Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of CCSMX and BARIX, 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

CCSMX vs. BARIX - Drawdown Comparison

The maximum CCSMX drawdown since its inception was -37.34%, roughly equal to the maximum BARIX drawdown of -37.44%. Use the drawdown chart below to compare losses from any high point for CCSMX and BARIX.

Drawdown Indicators

	CCSMX	BARIX	Difference
Max Drawdown Largest peak-to-trough decline	-37.34%	-37.44%	+0.10%
Max Drawdown (1Y) Largest decline over 1 year	-18.40%	-16.73%	-1.67%
Max Drawdown (3Y) Largest decline over 3 years	-25.00%	-17.78%	-7.22%
Max Drawdown (5Y) Largest decline over 5 years	-37.34%	-37.44%	+0.10%
Max Drawdown (10Y) Largest decline over 10 years	-37.34%	-37.44%	+0.10%
Current Drawdown Current decline from peak	-21.19%	-15.52%	-5.67%
Average Drawdown Average peak-to-trough decline	-10.34%	-6.76%	-3.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.89%	6.20%	+3.69%

Volatility

CCSMX vs. BARIX - Volatility Comparison

The current volatility for Conestoga SMid Cap Fund (CCSMX) is 4.75%, while Baron Asset Fund Institutional Class (BARIX) has a volatility of 6.09%. This indicates that CCSMX experiences smaller price fluctuations and is considered to be less risky than BARIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CCSMX	BARIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	6.09%	-1.34%
Volatility (6M) Calculated over the trailing 6-month period	12.37%	17.00%	-4.63%
Volatility (1Y) Calculated over the trailing 1-year period	17.13%	20.92%	-3.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.61%	20.62%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.37%	20.28%	+0.09%

CCSMX vs. BARIX - Expense Ratio Comparison

CCSMX has a 1.10% expense ratio, which is higher than BARIX's 1.03% expense ratio.

Dividends

CCSMX vs. BARIX - Dividend Comparison

CCSMX's dividend yield for the trailing twelve months is around 2.36%, less than BARIX's 10.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BARIX Baron Asset Fund Institutional Class	10.84%	10.59%	17.88%	3.28%	0.01%	7.26%	2.92%	1.70%	7.14%	7.01%	4.74%	11.23%
CCSMX Conestoga SMid Cap Fund	2.36%	2.18%	0.00%	0.00%	0.00%	0.00%	0.00%	1.33%	1.04%	0.33%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CCSMX and BARIX in my portfolio?

CCSMX and BARIX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CCSMX or BARIX?

BARIX has higher volatility (6.09%) compared to CCSMX (4.75%). In terms of maximum drawdown, CCSMX dropped -37.34% vs BARIX's -37.44%.

Which has better risk-adjusted returns?

BARIX currently has the higher Sharpe Ratio (0.02 vs -0.75), 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.