TRPWX vs. BARAX
TRPWX (TIAA-CREF Mid-Cap Growth Fund) and BARAX (Baron Asset Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, TRPWX returned 7.49%/yr vs 10.30%/yr for BARAX. Their correlation of 0.91 means they have usually moved in the same direction. TRPWX charges 0.46%/yr vs 1.29%/yr for BARAX.
Performance
TRPWX vs. BARAX - Performance Comparison
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Returns By Period
In the year-to-date period, TRPWX achieves a -0.49% return, which is significantly higher than BARAX's -2.47% return. Over the past 10 years, TRPWX has underperformed BARAX with an annualized return of 7.49%, while BARAX has yielded a comparatively higher 10.30% annualized return.
TRPWX
- 1D
- 2.64%
- 1M
- -1.99%
- 6M
- 0.95%
- YTD
- -0.49%
- 1Y
- -2.11%
- 3Y*
- 3.87%
- 5Y*
- -3.17%
- 10Y*
- 7.49%
- ALL TIME*
- 9.73%
BARAX
- 1D
- -0.89%
- 1M
- -10.38%
- 6M
- 1.29%
- YTD
- -2.47%
- 1Y
- 3.06%
- 3Y*
- 6.65%
- 5Y*
- 0.39%
- 10Y*
- 10.30%
- ALL TIME*
- 9.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
BARAX Baron Asset Fund | $0.00 | $0.00 | $0.00 |
| $0.00 | $0.00 | $0.00 |
TRPWX vs. BARAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRPWX TIAA-CREF Mid-Cap Growth Fund | -0.49% | 4.26% | 8.50% | 21.45% | -33.08% | 2.88% | 45.32% | 33.47% | -8.63% | 25.57% |
BARAX Baron Asset Fund | -2.47% | 7.89% | 10.35% | 17.05% | -26.06% | 13.88% | 32.98% | 37.64% | -0.15% | 26.18% |
Correlation
The correlation between TRPWX and BARAX is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.69 |
Correlation (3Y) Balances recent behavior with more history. | 0.78 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.86 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2002 | 0.91 |
Over the past year, the correlation between TRPWX and BARAX has dropped to 0.69 - well below their long-term average of 0.91, suggesting their price drivers have been diverging.
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Return for Risk
TRPWX vs. BARAX — Risk / Return Rank
TRPWX
BARAX
TRPWX vs. BARAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Mid-Cap Growth Fund (TRPWX) 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.
| TRPWX | BARAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.02 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 0.01 | -0.30 |
| Martin ratioReturn relative to average drawdown | -0.73 | 0.02 | -0.75 |
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Drawdowns
TRPWX vs. BARAX - Drawdown Comparison
The maximum TRPWX drawdown since its inception was -58.68%, roughly equal to the maximum BARAX drawdown of -59.71%. Use the drawdown chart below to compare losses from any high point for TRPWX and BARAX.
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Drawdown Indicators
| TRPWX | BARAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.68% | -59.71% | +1.03% |
Max Drawdown (1Y)Largest decline over 1 year | -15.51% | -16.75% | +1.24% |
Max Drawdown (3Y)Largest decline over 3 years | -26.39% | -17.82% | -8.57% |
Max Drawdown (5Y)Largest decline over 5 years | -44.12% | -37.53% | -6.59% |
Max Drawdown (10Y)Largest decline over 10 years | -44.12% | -37.53% | -6.59% |
Current DrawdownCurrent decline from peak | -17.42% | -15.54% | -1.88% |
Average DrawdownAverage peak-to-trough decline | -11.44% | -11.41% | -0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.14% | 6.25% | -0.11% |
Volatility
TRPWX vs. BARAX - Volatility Comparison
The current volatility for TIAA-CREF Mid-Cap Growth Fund (TRPWX) is 5.42%, while Baron Asset Fund (BARAX) has a volatility of 6.09%. This indicates that TRPWX 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.
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Volatility by Period
| TRPWX | BARAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.42% | 6.09% | -0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 14.68% | 16.99% | -2.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.50% | 20.91% | -2.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.57% | 20.53% | +3.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.32% | 20.23% | +3.09% |
TRPWX vs. BARAX - Expense Ratio Comparison
TRPWX has a 0.46% expense ratio, which is lower than BARAX's 1.29% expense ratio.
Dividends
TRPWX vs. BARAX - Dividend Comparison
TRPWX's dividend yield for the trailing twelve months is around 11.03%, less than BARAX's 11.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BARAX Baron Asset Fund | 11.80% | 11.51% | 19.23% | 3.48% | 0.01% | 7.65% | 3.05% | 1.78% | 7.42% | 7.25% | 4.88% | 11.50% |
TRPWX TIAA-CREF Mid-Cap Growth Fund | 11.03% | 10.97% | 0.00% | 0.18% | 0.60% | 15.18% | 11.52% | 11.22% | 17.00% | 9.47% | 0.51% | 8.63% |
Frequently Asked Questions
TRPWX and BARAX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BARAX has higher volatility (6.09%) compared to TRPWX (5.42%). In terms of maximum drawdown, TRPWX dropped -58.68% vs BARAX's -59.71%.
BARAX currently has the higher Sharpe Ratio (0.01 vs -0.24), 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.
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