OEGAX vs. BARAX

Last updated Jun 24, 2026

OEGAX (Invesco Discovery Mid Cap Growth Fund Class A) and BARAX (Baron Asset Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, OEGAX returned 13.96%/yr vs 11.75%/yr for BARAX. Their correlation of 0.88 suggests significant overlap in exposure. OEGAX charges 1.05%/yr vs 1.29%/yr for BARAX.

Performance

OEGAX vs. BARAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Discovery Mid Cap Growth Fund Class A (OEGAX) 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, OEGAX achieves a 28.34% return, which is significantly higher than BARAX's 4.02% return. Over the past 10 years, OEGAX has outperformed BARAX with an annualized return of 13.96%, while BARAX has yielded a comparatively lower 11.75% annualized return.

OEGAX

• 1D: 1.53%
• 1M: 5.28%
• YTD: 28.34%
• 6M: 25.35%
• 1Y: 32.75%
• 3Y*: 21.07%
• 5Y*: 7.37%
• 10Y*: 13.96%

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)

OEGAX vs. BARAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OEGAX Invesco Discovery Mid Cap Growth Fund Class A	28.34%	4.85%	24.09%	12.96%	-31.09%	18.44%	40.12%	38.98%	-6.72%	27.95%
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 OEGAX and BARAX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Oct 31, 2000	0.88

Over the past year, the correlation between OEGAX and BARAX has dropped to 0.46 - well below their long-term average of 0.88, suggesting their price drivers have been diverging.

Return for Risk

OEGAX vs. BARAX — Risk / Return Rank

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

OEGAX

OEGAX Risk / Return Rank: 56
OEGAX Sharpe Ratio Rank: 41
OEGAX Sortino Ratio Rank: 40
OEGAX Omega Ratio Rank: 38
OEGAX Calmar Ratio Rank: 84
OEGAX Martin Ratio Rank: 77

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.

OEGAX vs. BARAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Discovery Mid Cap Growth Fund Class A (OEGAX) 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.

	OEGAX	BARAX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	0.48	+1.26
Sortino ratio: Return per unit of downside risk	2.45	0.96	+1.48
Omega ratio: Gain probability vs. loss probability	1.31	1.12	+0.18
Calmar ratio: Return relative to maximum drawdown	3.77	0.89	+2.88
Martin ratio: Return relative to average drawdown	13.44	1.82	+11.62

OEGAX vs. BARAX - Sharpe Ratio Comparison

The current OEGAX Sharpe Ratio is 1.74, which is higher than the BARAX Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of OEGAX 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

OEGAX vs. BARAX - Drawdown Comparison

The maximum OEGAX drawdown since its inception was -53.73%, smaller than the maximum BARAX drawdown of -59.71%. Use the drawdown chart below to compare losses from any high point for OEGAX and BARAX.

Drawdown Indicators

	OEGAX	BARAX	Difference
Max Drawdown Largest peak-to-trough decline	-53.73%	-59.71%	+5.98%
Max Drawdown (1Y) Largest decline over 1 year	-10.16%	-10.75%	+0.59%
Max Drawdown (3Y) Largest decline over 3 years	-28.64%	-17.82%	-10.82%
Max Drawdown (5Y) Largest decline over 5 years	-39.38%	-37.53%	-1.85%
Max Drawdown (10Y) Largest decline over 10 years	-39.38%	-37.53%	-1.85%
Current Drawdown Current decline from peak	0.00%	-9.91%	+9.91%
Average Drawdown Average peak-to-trough decline	-12.75%	-11.41%	-1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	5.26%	-2.53%

Volatility

OEGAX vs. BARAX - Volatility Comparison

The current volatility for Invesco Discovery Mid Cap Growth Fund Class A (OEGAX) is 7.60%, while Baron Asset Fund (BARAX) has a volatility of 13.52%. This indicates that OEGAX 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

	OEGAX	BARAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.60%	13.52%	-5.92%
Volatility (6M) Calculated over the trailing 6-month period	17.81%	15.74%	+2.07%
Volatility (1Y) Calculated over the trailing 1-year period	22.01%	19.83%	+2.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.37%	20.33%	+2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.20%	20.22%	+1.98%

OEGAX vs. BARAX - Expense Ratio Comparison

OEGAX has a 1.05% expense ratio, which is lower than BARAX's 1.29% expense ratio.

Dividends

OEGAX vs. BARAX - Dividend Comparison

OEGAX's dividend yield for the trailing twelve months is around 7.09%, less 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%
OEGAX Invesco Discovery Mid Cap Growth Fund Class A	7.09%	9.10%	4.95%	0.00%	0.00%	18.94%	3.55%	4.40%	10.54%	9.32%	0.89%	4.27%

Frequently Asked Questions

Can I hold both OEGAX and BARAX in my portfolio?

OEGAX and BARAX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OEGAX or BARAX?

BARAX has higher volatility (13.52%) compared to OEGAX (7.60%). In terms of maximum drawdown, OEGAX dropped -53.73% vs BARAX's -59.71%.

Which has better risk-adjusted returns?

OEGAX currently has the higher Sharpe Ratio (1.74 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.