NMCIX vs. BARAX

Last updated Jun 24, 2026

NMCIX (Voya MidCap Opportunities Fund) and BARAX (Baron Asset Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, NMCIX returned 12.23%/yr vs 11.75%/yr for BARAX. Their correlation of 0.87 suggests significant overlap in exposure. NMCIX charges 0.93%/yr vs 1.29%/yr for BARAX.

Performance

NMCIX vs. BARAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya MidCap Opportunities Fund (NMCIX) and Baron Asset Fund (BARAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NMCIX achieves a 9.18% return, which is significantly higher than BARAX's 4.02% return. Both investments have delivered pretty close results over the past 10 years, with NMCIX having a 12.23% annualized return and BARAX not far behind at 11.75%.

NMCIX

• 1D: 0.24%
• 1M: 5.97%
• YTD: 9.18%
• 6M: 7.09%
• 1Y: 9.37%
• 3Y*: 12.97%
• 5Y*: 4.28%
• 10Y*: 12.23%

BARAX

• 1D: -6.28%
• 1M: 10.31%
• YTD: 4.02%
• 6M: 2.97%
• 1Y: 8.57%
• 3Y*: 11.15%
• 5Y*: 2.47%
• 10Y*: 11.75%

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

NMCIX vs. BARAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMCIX Voya MidCap Opportunities Fund	9.18%	3.45%	15.64%	23.34%	-25.31%	11.38%	40.69%	37.57%	-7.98%	24.98%
BARAX Baron Asset Fund	4.02%	7.89%	10.35%	17.05%	-26.06%	13.88%	32.98%	37.64%	-0.15%	26.18%

Correlation

The correlation between NMCIX and BARAX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Aug 20, 1998	0.87

Over the past year, the correlation between NMCIX and BARAX has dropped to 0.65 - well below their long-term average of 0.87, suggesting their price drivers have been diverging.

Return for Risk

NMCIX vs. BARAX — Risk / Return Rank

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

NMCIX

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

BARAX

BARAX Risk / Return Rank: 8
BARAX Sharpe Ratio Rank: 7
BARAX Sortino Ratio Rank: 8
BARAX Omega Ratio Rank: 8
BARAX Calmar Ratio Rank: 10
BARAX 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.

NMCIX vs. BARAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya MidCap Opportunities Fund (NMCIX) and Baron Asset Fund (BARAX). 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.

	NMCIX	BARAX	Difference
Sharpe ratio: Return per unit of total volatility	0.58	0.48	+0.09
Sortino ratio: Return per unit of downside risk	0.95	0.96	-0.01
Omega ratio: Gain probability vs. loss probability	1.11	1.12	-0.01
Calmar ratio: Return relative to maximum drawdown	0.64	0.89	-0.25
Martin ratio: Return relative to average drawdown	1.88	1.82	+0.06

NMCIX vs. BARAX - Sharpe Ratio Comparison

The current NMCIX Sharpe Ratio is 0.58, which is comparable to the BARAX Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of NMCIX and BARAX, 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

NMCIX vs. BARAX - Drawdown Comparison

The maximum NMCIX drawdown since its inception was -68.41%, which is greater than BARAX's maximum drawdown of -59.71%. Use the drawdown chart below to compare losses from any high point for NMCIX and BARAX.

Drawdown Indicators

	NMCIX	BARAX	Difference
Max Drawdown Largest peak-to-trough decline	-68.41%	-59.71%	-8.70%
Max Drawdown (1Y) Largest decline over 1 year	-17.38%	-10.75%	-6.63%
Max Drawdown (3Y) Largest decline over 3 years	-26.22%	-17.82%	-8.40%
Max Drawdown (5Y) Largest decline over 5 years	-39.00%	-37.53%	-1.47%
Max Drawdown (10Y) Largest decline over 10 years	-39.00%	-37.53%	-1.47%
Current Drawdown Current decline from peak	0.00%	-9.91%	+9.91%
Average Drawdown Average peak-to-trough decline	-20.86%	-11.41%	-9.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.67%	5.26%	+0.41%

Volatility

NMCIX vs. BARAX - Volatility Comparison

The current volatility for Voya MidCap Opportunities Fund (NMCIX) is 6.82%, while Baron Asset Fund (BARAX) has a volatility of 13.52%. This indicates that NMCIX experiences smaller price fluctuations and is considered to be less risky than BARAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NMCIX	BARAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.82%	13.52%	-6.70%
Volatility (6M) Calculated over the trailing 6-month period	15.29%	15.74%	-0.45%
Volatility (1Y) Calculated over the trailing 1-year period	19.31%	19.83%	-0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.08%	20.33%	+2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.14%	20.22%	+1.92%

NMCIX vs. BARAX - Expense Ratio Comparison

NMCIX has a 0.93% expense ratio, which is lower than BARAX's 1.29% expense ratio.

Dividends

NMCIX vs. BARAX - Dividend Comparison

NMCIX's dividend yield for the trailing twelve months is around 12.78%, more than BARAX's 11.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BARAX Baron Asset Fund	11.06%	11.51%	19.23%	3.48%	0.01%	7.65%	3.05%	1.78%	7.42%	7.25%	4.88%	11.50%
NMCIX Voya MidCap Opportunities Fund	12.78%	13.96%	10.01%	0.72%	0.00%	21.64%	17.74%	12.19%	19.82%	13.64%	6.06%	8.73%

Frequently Asked Questions

Can I hold both NMCIX and BARAX in my portfolio?

NMCIX and BARAX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NMCIX or BARAX?

BARAX has higher volatility (13.52%) compared to NMCIX (6.82%). In terms of maximum drawdown, NMCIX dropped -68.41% vs BARAX's -59.71%.

Which has better risk-adjusted returns?

NMCIX currently has the higher Sharpe Ratio (0.58 vs 0.48), 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.