PRFDX vs. BARIX

Last updated Jun 9, 2026

PRFDX (T. Rowe Price Equity Income Fund) and BARIX (Baron Asset Fund Institutional Class) are both mutual funds - PRFDX is a Large Cap Value Equities fund managed by T. Rowe Price, while BARIX is a Mid Cap Growth Equities fund managed by Baron Capital Group. Over the past 10 years, PRFDX returned 11.50%/yr vs 11.26%/yr for BARIX. A 0.77 correlation means they provide meaningful diversification when combined. PRFDX charges 0.63%/yr vs 1.03%/yr for BARIX.

Performance

PRFDX vs. BARIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Equity Income Fund (PRFDX) 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, PRFDX achieves a 11.11% return, which is significantly higher than BARIX's 1.25% return. Both investments have delivered pretty close results over the past 10 years, with PRFDX having a 11.50% annualized return and BARIX not far behind at 11.26%.

PRFDX

• 1D: -1.50%
• 1M: 0.75%
• YTD: 11.11%
• 6M: 13.55%
• 1Y: 22.00%
• 3Y*: 16.28%
• 5Y*: 9.22%
• 10Y*: 11.50%

BARIX

• 1D: -1.05%
• 1M: 8.19%
• YTD: 1.25%
• 6M: 0.95%
• 1Y: 4.40%
• 3Y*: 10.44%
• 5Y*: 2.99%
• 10Y*: 11.26%

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

PRFDX vs. BARIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRFDX T. Rowe Price Equity Income Fund	11.11%	14.60%	11.85%	9.75%	-3.25%	25.60%	1.28%	33.66%	-9.29%	15.46%
BARIX Baron Asset Fund Institutional Class	1.25%	8.17%	10.64%	17.36%	-25.87%	14.17%	33.32%	37.98%	0.13%	26.55%

Correlation

The correlation between PRFDX and BARIX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since May 29, 2009	0.77

The correlation between PRFDX and BARIX shifts across timeframes, from 0.61 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PRFDX vs. BARIX — Risk / Return Rank

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

PRFDX

PRFDX Risk / Return Rank: 62
PRFDX Sharpe Ratio Rank: 59
PRFDX Sortino Ratio Rank: 60
PRFDX Omega Ratio Rank: 55
PRFDX Calmar Ratio Rank: 73
PRFDX Martin Ratio Rank: 63

BARIX

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

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.

PRFDX vs. BARIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Equity Income Fund (PRFDX) 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.

	PRFDX	BARIX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	0.30	+1.87
Sortino ratio: Return per unit of downside risk	3.11	0.66	+2.46
Omega ratio: Gain probability vs. loss probability	1.39	1.07	+0.32
Calmar ratio: Return relative to maximum drawdown	3.19	0.46	+2.73
Martin ratio: Return relative to average drawdown	11.86	0.94	+10.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRFDX vs. BARIX - Sharpe Ratio Comparison

The current PRFDX Sharpe Ratio is 2.17, which is higher than the BARIX Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of PRFDX 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

	PRFDX	BARIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	0.30	+1.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.15	+0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.57	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.67	-0.06

Drawdowns

PRFDX vs. BARIX - Drawdown Comparison

The maximum PRFDX drawdown since its inception was -58.12%, which is greater than BARIX's maximum drawdown of -37.44%. Use the drawdown chart below to compare losses from any high point for PRFDX and BARIX.

Drawdown Indicators

	PRFDX	BARIX	Difference
Max Drawdown Largest peak-to-trough decline	-58.12%	-37.44%	-20.68%
Max Drawdown (1Y) Largest decline over 1 year	-7.34%	-10.68%	+3.34%
Max Drawdown (3Y) Largest decline over 3 years	-14.35%	-17.78%	+3.43%
Max Drawdown (5Y) Largest decline over 5 years	-18.08%	-37.44%	+19.36%
Max Drawdown (10Y) Largest decline over 10 years	-39.71%	-37.44%	-2.27%
Current Drawdown Current decline from peak	-1.50%	-1.05%	-0.45%
Average Drawdown Average peak-to-trough decline	-6.26%	-6.74%	+0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	5.16%	-3.19%

Volatility

PRFDX vs. BARIX - Volatility Comparison

The current volatility for T. Rowe Price Equity Income Fund (PRFDX) is 2.94%, while Baron Asset Fund Institutional Class (BARIX) has a volatility of 7.62%. This indicates that PRFDX 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

	PRFDX	BARIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.94%	7.62%	-4.68%
Volatility (6M) Calculated over the trailing 6-month period	8.16%	12.78%	-4.62%
Volatility (1Y) Calculated over the trailing 1-year period	10.80%	16.31%	-5.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.95%	19.79%	-4.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.87%	19.95%	-2.08%

PRFDX vs. BARIX - Expense Ratio Comparison

PRFDX has a 0.63% expense ratio, which is lower than BARIX's 1.03% expense ratio.

Dividends

PRFDX vs. BARIX - Dividend Comparison

PRFDX's dividend yield for the trailing twelve months is around 2.45%, less than BARIX's 10.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BARIX Baron Asset Fund Institutional Class	10.46%	10.59%	17.88%	3.28%	0.01%	7.26%	2.92%	1.70%	7.14%	7.01%	4.74%	11.23%
PRFDX T. Rowe Price Equity Income Fund	2.45%	2.76%	8.91%	6.19%	6.61%	8.78%	3.55%	12.53%	11.43%	8.97%	7.75%	7.48%

Frequently Asked Questions

Can I hold both PRFDX and BARIX in my portfolio?

PRFDX and BARIX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRFDX or BARIX?

BARIX has higher volatility (7.62%) compared to PRFDX (2.94%). In terms of maximum drawdown, PRFDX dropped -58.12% vs BARIX's -37.44%.

Which has better risk-adjusted returns?

PRFDX currently has the higher Sharpe Ratio (2.17 vs 0.30), 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.