PMBMX vs. BARIX

Last updated Jun 5, 2026

PMBMX (Principal MidCap Fund) and BARIX (Baron Asset Fund Institutional Class) are both Mid Cap Growth Equities funds. Over the past 10 years, PMBMX returned 11.23%/yr vs 10.73%/yr for BARIX. Their correlation of 0.91 suggests significant overlap in exposure. PMBMX charges 1.15%/yr vs 1.03%/yr for BARIX.

Performance

PMBMX vs. BARIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal MidCap Fund (PMBMX) 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, PMBMX achieves a -8.91% return, which is significantly lower than BARIX's -4.35% return. Both investments have delivered pretty close results over the past 10 years, with PMBMX having a 11.23% annualized return and BARIX not far behind at 10.73%.

PMBMX

• 1D: -1.45%
• 1M: -0.65%
• YTD: -8.91%
• 6M: -9.65%
• 1Y: -10.31%
• 3Y*: 9.28%
• 5Y*: 4.29%
• 10Y*: 11.23%

BARIX

• 1D: -0.60%
• 1M: 0.99%
• YTD: -4.35%
• 6M: 0.62%
• 1Y: -0.95%
• 3Y*: 8.27%
• 5Y*: 1.83%
• 10Y*: 10.73%

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

PMBMX vs. BARIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMBMX Principal MidCap Fund	-8.91%	1.16%	23.38%	25.36%	-23.52%	24.63%	17.69%	49.09%	-7.28%	24.73%
BARIX Baron Asset Fund Institutional Class	-4.35%	8.17%	10.64%	17.36%	-25.87%	14.17%	33.32%	37.98%	0.13%	26.55%

Correlation

The correlation between PMBMX and BARIX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jun 1, 2009	0.91

The correlation between PMBMX and BARIX shifts across timeframes, from 0.76 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PMBMX vs. BARIX — Risk / Return Rank

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

PMBMX

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

BARIX

BARIX Risk / Return Rank: 3
BARIX Sharpe Ratio Rank: 3
BARIX Sortino Ratio Rank: 3
BARIX Omega Ratio Rank: 3
BARIX Calmar Ratio Rank: 3
BARIX Martin Ratio Rank: 3

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.

PMBMX vs. BARIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal MidCap Fund (PMBMX) 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.

	PMBMX	BARIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	0.01	-0.74
Sortino ratio: Return per unit of downside risk	-0.96	0.14	-1.10
Omega ratio: Gain probability vs. loss probability	0.89	1.02	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.53	0.02	-0.55
Martin ratio: Return relative to average drawdown	-1.17	0.04	-1.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMBMX vs. BARIX - Sharpe Ratio Comparison

The current PMBMX Sharpe Ratio is -0.73, which is lower than the BARIX Sharpe Ratio of 0.01. The chart below compares the historical Sharpe Ratios of PMBMX 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.

Sharpe Ratios by Period

	PMBMX	BARIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.73	0.01	-0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.09	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.54	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.65	-0.09

Drawdowns

PMBMX vs. BARIX - Drawdown Comparison

The maximum PMBMX drawdown since its inception was -50.69%, which is greater than BARIX's maximum drawdown of -37.44%. Use the drawdown chart below to compare losses from any high point for PMBMX and BARIX.

Drawdown Indicators

	PMBMX	BARIX	Difference
Max Drawdown Largest peak-to-trough decline	-50.69%	-37.44%	-13.25%
Max Drawdown (1Y) Largest decline over 1 year	-19.53%	-10.68%	-8.85%
Max Drawdown (3Y) Largest decline over 3 years	-19.53%	-17.78%	-1.75%
Max Drawdown (5Y) Largest decline over 5 years	-31.48%	-37.44%	+5.96%
Max Drawdown (10Y) Largest decline over 10 years	-40.60%	-37.44%	-3.16%
Current Drawdown Current decline from peak	-15.01%	-5.80%	-9.21%
Average Drawdown Average peak-to-trough decline	-6.73%	-6.74%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.88%	5.16%	+3.72%

Volatility

PMBMX vs. BARIX - Volatility Comparison

Principal MidCap Fund (PMBMX) has a higher volatility of 4.20% compared to Baron Asset Fund Institutional Class (BARIX) at 3.34%. This indicates that PMBMX's price experiences larger fluctuations and is considered to be riskier than BARIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMBMX	BARIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	3.34%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	11.24%	10.81%	+0.43%
Volatility (1Y) Calculated over the trailing 1-year period	14.31%	14.76%	-0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.66%	19.55%	-0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.18%	19.84%	-0.66%

PMBMX vs. BARIX - Expense Ratio Comparison

PMBMX has a 1.15% expense ratio, which is higher than BARIX's 1.03% expense ratio.

Dividends

PMBMX vs. BARIX - Dividend Comparison

PMBMX's dividend yield for the trailing twelve months is around 7.04%, less than BARIX's 11.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BARIX Baron Asset Fund Institutional Class	11.07%	10.59%	17.88%	3.28%	0.01%	7.26%	2.92%	1.70%	7.14%	7.01%	4.74%	11.23%
PMBMX Principal MidCap Fund	7.04%	6.41%	6.86%	2.68%	3.43%	8.51%	1.15%	9.00%	12.79%	3.39%	2.16%	6.38%

Frequently Asked Questions

Can I hold both PMBMX and BARIX in my portfolio?

PMBMX and BARIX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMBMX or BARIX?

PMBMX has higher volatility (4.20%) compared to BARIX (3.34%). In terms of maximum drawdown, PMBMX dropped -50.69% vs BARIX's -37.44%.

Which has better risk-adjusted returns?

BARIX currently has the higher Sharpe Ratio (0.01 vs -0.73), 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.