TMCGX vs. BEXIX

Last updated Jun 25, 2026

TMCGX (Thrivent Mid Cap Growth Fund) and BEXIX (Baron Emerging Markets Fund) are both mutual funds - TMCGX is a Mid Cap Growth Equities fund managed by Thrivent, while BEXIX is a Emerging Markets Diversified fund managed by Baron Capital Group, Inc.. Over the past 5 years, TMCGX returned 1.34%/yr vs 3.50%/yr for BEXIX. A 0.64 correlation means they provide meaningful diversification when combined. TMCGX charges 0.90%/yr vs 1.12%/yr for BEXIX.

Performance

TMCGX vs. BEXIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Mid Cap Growth Fund (TMCGX) and Baron Emerging Markets Fund (BEXIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMCGX achieves a 8.90% return, which is significantly lower than BEXIX's 17.15% return.

TMCGX

• 1D: -2.00%
• 1M: 2.97%
• YTD: 8.90%
• 6M: 6.46%
• 1Y: 11.08%
• 3Y*: 9.63%
• 5Y*: 1.34%
• 10Y*: —

BEXIX

• 1D: -5.32%
• 1M: 0.40%
• YTD: 17.15%
• 6M: 18.32%
• 1Y: 29.04%
• 3Y*: 18.69%
• 5Y*: 3.50%
• 10Y*: 8.49%

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

TMCGX vs. BEXIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TMCGX Thrivent Mid Cap Growth Fund	8.90%	2.48%	10.20%	16.94%	-28.27%	11.39%	53.73%
BEXIX Baron Emerging Markets Fund	17.15%	30.11%	7.91%	8.29%	-25.82%	-6.06%	37.45%

Correlation

The correlation between TMCGX and BEXIX 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	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Feb 28, 2020	0.64

The correlation between TMCGX and BEXIX has been stable across timeframes, ranging from 0.59 to 0.64 - a consistent structural relationship.

Return for Risk

TMCGX vs. BEXIX — Risk / Return Rank

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

TMCGX

TMCGX Risk / Return Rank: 11
TMCGX Sharpe Ratio Rank: 11
TMCGX Sortino Ratio Rank: 11
TMCGX Omega Ratio Rank: 11
TMCGX Calmar Ratio Rank: 11
TMCGX Martin Ratio Rank: 13

BEXIX

BEXIX Risk / Return Rank: 38
BEXIX Sharpe Ratio Rank: 34
BEXIX Sortino Ratio Rank: 29
BEXIX Omega Ratio Rank: 38
BEXIX Calmar Ratio Rank: 48
BEXIX Martin Ratio Rank: 42

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.

TMCGX vs. BEXIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Mid Cap Growth Fund (TMCGX) and Baron Emerging Markets Fund (BEXIX). 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.

	TMCGX	BEXIX	Difference
Sharpe ratio: Return per unit of total volatility	0.72	1.47	-0.75
Sortino ratio: Return per unit of downside risk	1.11	1.96	-0.85
Omega ratio: Gain probability vs. loss probability	1.13	1.29	-0.15
Calmar ratio: Return relative to maximum drawdown	0.88	2.44	-1.57
Martin ratio: Return relative to average drawdown	2.88	8.08	-5.20

TMCGX vs. BEXIX - Sharpe Ratio Comparison

The current TMCGX Sharpe Ratio is 0.72, which is lower than the BEXIX Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of TMCGX and BEXIX, 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

TMCGX vs. BEXIX - Drawdown Comparison

The maximum TMCGX drawdown since its inception was -39.66%, smaller than the maximum BEXIX drawdown of -45.58%. Use the drawdown chart below to compare losses from any high point for TMCGX and BEXIX.

Drawdown Indicators

	TMCGX	BEXIX	Difference
Max Drawdown Largest peak-to-trough decline	-39.66%	-45.58%	+5.92%
Max Drawdown (1Y) Largest decline over 1 year	-14.58%	-13.32%	-1.26%
Max Drawdown (3Y) Largest decline over 3 years	-25.28%	-16.63%	-8.65%
Max Drawdown (5Y) Largest decline over 5 years	-39.66%	-41.65%	+1.99%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.58%	—
Current Drawdown Current decline from peak	-4.37%	-5.32%	+0.95%
Average Drawdown Average peak-to-trough decline	-15.83%	-13.74%	-2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.44%	4.02%	+0.42%

Volatility

TMCGX vs. BEXIX - Volatility Comparison

The current volatility for Thrivent Mid Cap Growth Fund (TMCGX) is 6.50%, while Baron Emerging Markets Fund (BEXIX) has a volatility of 12.11%. This indicates that TMCGX experiences smaller price fluctuations and is considered to be less risky than BEXIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMCGX	BEXIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.50%	12.11%	-5.61%
Volatility (6M) Calculated over the trailing 6-month period	14.60%	19.55%	-4.95%
Volatility (1Y) Calculated over the trailing 1-year period	17.85%	22.15%	-4.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.38%	18.15%	+4.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.19%	18.27%	+5.92%

TMCGX vs. BEXIX - Expense Ratio Comparison

TMCGX has a 0.90% expense ratio, which is lower than BEXIX's 1.12% expense ratio.

Dividends

TMCGX vs. BEXIX - Dividend Comparison

TMCGX has not paid dividends to shareholders, while BEXIX's dividend yield for the trailing twelve months is around 1.74%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BEXIX Baron Emerging Markets Fund	1.74%	2.04%	0.81%	0.69%	0.00%	1.88%	0.35%	0.46%	0.49%	0.45%	0.76%	0.39%
TMCGX Thrivent Mid Cap Growth Fund	0.00%	0.00%	0.00%	0.00%	0.00%	3.13%	2.82%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMCGX and BEXIX in my portfolio?

TMCGX and BEXIX 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, TMCGX or BEXIX?

BEXIX has higher volatility (12.11%) compared to TMCGX (6.50%). In terms of maximum drawdown, TMCGX dropped -39.66% vs BEXIX's -45.58%.

Which has better risk-adjusted returns?

BEXIX currently has the higher Sharpe Ratio (1.47 vs 0.72), 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.