RMBMX vs. BARAX

Last updated Jun 26, 2026

RMBMX (RMB SMID Cap Fund) and BARAX (Baron Asset Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, RMBMX returned 11.59%/yr vs 11.78%/yr for BARAX. Their correlation of 0.91 suggests significant overlap in exposure. RMBMX charges 0.84%/yr vs 1.29%/yr for BARAX.

Performance

RMBMX vs. BARAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RMB SMID Cap Fund (RMBMX) 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, RMBMX achieves a 12.51% return, which is significantly higher than BARAX's 4.38% return. Both investments have delivered pretty close results over the past 10 years, with RMBMX having a 11.59% annualized return and BARAX not far ahead at 11.78%.

RMBMX

• 1D: 1.36%
• 1M: 2.84%
• YTD: 12.51%
• 6M: 10.03%
• 1Y: 16.21%
• 3Y*: 13.16%
• 5Y*: 5.75%
• 10Y*: 11.59%

BARAX

• 1D: 0.22%
• 1M: 10.48%
• YTD: 4.38%
• 6M: 3.28%
• 1Y: 8.62%
• 3Y*: 11.28%
• 5Y*: 2.31%
• 10Y*: 11.78%

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

RMBMX vs. BARAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RMBMX RMB SMID Cap Fund	12.51%	2.46%	10.04%	20.32%	-20.36%	28.05%	24.43%	31.74%	-5.04%	13.65%
BARAX Baron Asset Fund	4.38%	7.89%	10.35%	17.05%	-26.06%	13.88%	32.98%	37.64%	-0.15%	26.18%

Correlation

The correlation between RMBMX and BARAX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Dec 31, 2004	0.91

Over the past year, the correlation between RMBMX and BARAX has dropped to 0.66 - well below their long-term average of 0.91, suggesting their price drivers have been diverging.

Return for Risk

RMBMX vs. BARAX — Risk / Return Rank

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

RMBMX

RMBMX Risk / Return Rank: 20
RMBMX Sharpe Ratio Rank: 17
RMBMX Sortino Ratio Rank: 19
RMBMX Omega Ratio Rank: 16
RMBMX Calmar Ratio Rank: 23
RMBMX Martin Ratio Rank: 26

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.

RMBMX vs. BARAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RMB SMID Cap Fund (RMBMX) 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.

	RMBMX	BARAX	Difference
Sharpe ratio: Return per unit of total volatility	0.93	0.40	+0.53
Sortino ratio: Return per unit of downside risk	1.48	0.83	+0.65
Omega ratio: Gain probability vs. loss probability	1.17	1.11	+0.06
Calmar ratio: Return relative to maximum drawdown	1.45	0.74	+0.71
Martin ratio: Return relative to average drawdown	5.09	1.48	+3.61

RMBMX vs. BARAX - Sharpe Ratio Comparison

The current RMBMX Sharpe Ratio is 0.93, which is higher than the BARAX Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of RMBMX 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

RMBMX vs. BARAX - Drawdown Comparison

The maximum RMBMX drawdown since its inception was -52.47%, smaller than the maximum BARAX drawdown of -59.71%. Use the drawdown chart below to compare losses from any high point for RMBMX and BARAX.

Drawdown Indicators

	RMBMX	BARAX	Difference
Max Drawdown Largest peak-to-trough decline	-52.47%	-59.71%	+7.24%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-10.75%	+0.35%
Max Drawdown (3Y) Largest decline over 3 years	-24.10%	-17.82%	-6.28%
Max Drawdown (5Y) Largest decline over 5 years	-29.03%	-37.53%	+8.50%
Max Drawdown (10Y) Largest decline over 10 years	-39.63%	-37.53%	-2.10%
Current Drawdown Current decline from peak	0.00%	-9.60%	+9.60%
Average Drawdown Average peak-to-trough decline	-7.90%	-11.41%	+3.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	5.33%	-2.38%

Volatility

RMBMX vs. BARAX - Volatility Comparison

The current volatility for RMB SMID Cap Fund (RMBMX) is 4.92%, while Baron Asset Fund (BARAX) has a volatility of 13.52%. This indicates that RMBMX 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

	RMBMX	BARAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	13.52%	-8.60%
Volatility (6M) Calculated over the trailing 6-month period	12.14%	15.72%	-3.58%
Volatility (1Y) Calculated over the trailing 1-year period	16.14%	19.78%	-3.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.83%	20.33%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.84%	20.17%	+0.67%

RMBMX vs. BARAX - Expense Ratio Comparison

RMBMX has a 0.84% expense ratio, which is lower than BARAX's 1.29% expense ratio.

Dividends

RMBMX vs. BARAX - Dividend Comparison

RMBMX's dividend yield for the trailing twelve months is around 17.54%, more than BARAX's 11.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BARAX Baron Asset Fund	11.02%	11.51%	19.23%	3.48%	0.01%	7.65%	3.05%	1.78%	7.42%	7.25%	4.88%	11.50%
RMBMX RMB SMID Cap Fund	17.54%	19.73%	9.50%	10.12%	8.40%	5.53%	5.34%	14.27%	15.63%	14.74%	18.84%	6.38%

Frequently Asked Questions

Can I hold both RMBMX and BARAX in my portfolio?

RMBMX and BARAX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RMBMX or BARAX?

BARAX has higher volatility (13.52%) compared to RMBMX (4.92%). In terms of maximum drawdown, RMBMX dropped -52.47% vs BARAX's -59.71%.

Which has better risk-adjusted returns?

RMBMX currently has the higher Sharpe Ratio (0.93 vs 0.40), 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.