NCTWX vs. BARIX

Last updated Jun 24, 2026

NCTWX (Nicholas II Fund) and BARIX (Baron Asset Fund Institutional Class) are both Mid Cap Growth Equities funds. Over the past 10 years, NCTWX returned 9.55%/yr vs 12.04%/yr for BARIX. Their correlation of 0.93 suggests significant overlap in exposure. NCTWX charges 0.59%/yr vs 1.03%/yr for BARIX.

Performance

NCTWX vs. BARIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas II Fund (NCTWX) 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, NCTWX achieves a -2.15% return, which is significantly lower than BARIX's 4.14% return. Over the past 10 years, NCTWX has underperformed BARIX with an annualized return of 9.55%, while BARIX has yielded a comparatively higher 12.04% annualized return.

NCTWX

• 1D: -0.52%
• 1M: 1.31%
• YTD: -2.15%
• 6M: -3.69%
• 1Y: -3.66%
• 3Y*: 4.66%
• 5Y*: 2.04%
• 10Y*: 9.55%

BARIX

• 1D: -6.28%
• 1M: 10.34%
• YTD: 4.14%
• 6M: 3.09%
• 1Y: 8.85%
• 3Y*: 11.44%
• 5Y*: 2.73%
• 10Y*: 12.04%

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

NCTWX vs. BARIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NCTWX Nicholas II Fund	-2.15%	-1.27%	6.74%	19.89%	-18.03%	21.58%	15.73%	34.90%	-4.20%	25.65%
BARIX Baron Asset Fund Institutional Class	4.14%	8.17%	10.64%	17.36%	-25.87%	14.17%	33.32%	37.98%	0.13%	26.55%

Correlation

The correlation between NCTWX and BARIX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 29, 2009	0.93

The correlation between NCTWX and BARIX has been stable across timeframes, ranging from 0.84 to 0.93 - a consistent structural relationship.

Return for Risk

NCTWX vs. BARIX — Risk / Return Rank

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

NCTWX

NCTWX Risk / Return Rank: 2
NCTWX Sharpe Ratio Rank: 2
NCTWX Sortino Ratio Rank: 2
NCTWX Omega Ratio Rank: 2
NCTWX Calmar Ratio Rank: 2
NCTWX Martin Ratio Rank: 2

BARIX

BARIX Risk / Return Rank: 8
BARIX Sharpe Ratio Rank: 7
BARIX Sortino Ratio Rank: 8
BARIX Omega Ratio Rank: 8
BARIX Calmar Ratio Rank: 10
BARIX Martin Ratio Rank: 7

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.

NCTWX vs. BARIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas II Fund (NCTWX) 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.

	NCTWX	BARIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.16	0.50	-0.66
Sortino ratio: Return per unit of downside risk	-0.13	0.99	-1.11
Omega ratio: Gain probability vs. loss probability	0.99	1.13	-0.14
Calmar ratio: Return relative to maximum drawdown	-0.16	0.92	-1.09
Martin ratio: Return relative to average drawdown	-0.38	1.89	-2.27

NCTWX vs. BARIX - Sharpe Ratio Comparison

The current NCTWX Sharpe Ratio is -0.16, which is lower than the BARIX Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of NCTWX 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

NCTWX vs. BARIX - Drawdown Comparison

The maximum NCTWX drawdown since its inception was -46.46%, which is greater than BARIX's maximum drawdown of -37.44%. Use the drawdown chart below to compare losses from any high point for NCTWX and BARIX.

Drawdown Indicators

	NCTWX	BARIX	Difference
Max Drawdown Largest peak-to-trough decline	-46.46%	-37.44%	-9.02%
Max Drawdown (1Y) Largest decline over 1 year	-15.43%	-10.68%	-4.75%
Max Drawdown (3Y) Largest decline over 3 years	-20.63%	-17.78%	-2.85%
Max Drawdown (5Y) Largest decline over 5 years	-25.89%	-37.44%	+11.55%
Max Drawdown (10Y) Largest decline over 10 years	-36.61%	-37.44%	+0.83%
Current Drawdown Current decline from peak	-10.22%	-9.91%	-0.31%
Average Drawdown Average peak-to-trough decline	-6.90%	-6.73%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.57%	5.20%	+1.37%

Volatility

NCTWX vs. BARIX - Volatility Comparison

The current volatility for Nicholas II Fund (NCTWX) is 4.81%, while Baron Asset Fund Institutional Class (BARIX) has a volatility of 13.52%. This indicates that NCTWX 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

	NCTWX	BARIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	13.52%	-8.71%
Volatility (6M) Calculated over the trailing 6-month period	11.97%	15.74%	-3.77%
Volatility (1Y) Calculated over the trailing 1-year period	15.28%	19.84%	-4.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.16%	20.42%	-2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.32%	20.27%	-1.95%

NCTWX vs. BARIX - Expense Ratio Comparison

NCTWX has a 0.59% expense ratio, which is lower than BARIX's 1.03% expense ratio.

Dividends

NCTWX vs. BARIX - Dividend Comparison

NCTWX's dividend yield for the trailing twelve months is around 12.71%, more than BARIX's 10.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BARIX Baron Asset Fund Institutional Class	10.16%	10.59%	17.88%	3.28%	0.01%	7.26%	2.92%	1.70%	7.14%	7.01%	4.74%	11.23%
NCTWX Nicholas II Fund	12.71%	12.43%	5.21%	0.72%	3.92%	9.86%	3.79%	11.36%	12.57%	11.02%	5.11%	6.40%

Frequently Asked Questions

Can I hold both NCTWX and BARIX in my portfolio?

NCTWX and BARIX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCTWX or BARIX?

BARIX has higher volatility (13.52%) compared to NCTWX (4.81%). In terms of maximum drawdown, NCTWX dropped -46.46% vs BARIX's -37.44%.

Which has better risk-adjusted returns?

BARIX currently has the higher Sharpe Ratio (0.50 vs -0.16), 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.