- ISIN
- US0403372065
- CUSIP
- 040337206
- Issuer
- Ariel Investments
- Inception Date
- Dec 1, 1989
- Category
- Mid Cap Value Equities
- Min. Investment
- $1,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Value
Share Price Chart
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Performance
CAAPX Performance Chart
Ariel Appreciation Fund (CAAPX) is up 12.3% since the beginning of the year. CAAPX is currently trading at $43 per share. Investors who bought $1,000 worth of CAAPX shares 5 years ago would now be looking at an investment worth $1,375.
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Returns By Period
Ariel Appreciation Fund (CAAPX) has returned 12.31% so far this year and 32.06% over the past 12 months. Over the last ten years, CAAPX has returned 8.79% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
Ariel Appreciation Fund
- 1D
- 1.05%
- 1M
- 4.46%
- YTD
- 12.31%
- 6M
- 10.62%
- 1Y
- 32.06%
- 3Y*
- 11.42%
- 5Y*
- 6.57%
- 10Y*
- 8.79%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
CAAPX Monthly Returns History
Based on dividend-adjusted daily data since Nov 30, 1989, CAAPX's average daily return is +0.05%, while the average monthly return is +0.94%. At this rate, an investment would double in approximately 6.2 years.
Historically, 62% of months were positive and 38% were negative. The best month was Apr 2009 with a return of +24.5%, while the worst month was Oct 2008 at -25.0%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 5 months.
On a daily basis, CAAPX closed higher 52% of trading days. The best single day was Nov 18, 2021 with a return of +13.6%, while the worst single day was Nov 19, 2021 at -13.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 5.94% | 3.99% | -8.19% | 7.30% | 0.53% | 2.95% | 12.31% | ||||||
| 2025 | 4.11% | -4.31% | -6.58% | -7.26% | 6.27% | 7.37% | 4.51% | 5.01% | -0.21% | -1.37% | 1.06% | 3.32% | 11.04% |
| 2024 | -3.42% | 2.99% | 4.62% | -6.92% | 3.09% | -2.61% | 11.04% | -1.16% | 0.14% | 0.36% | 7.43% | -7.94% | 6.07% |
| 2023 | 9.14% | -2.28% | -4.63% | -0.52% | -3.58% | 9.50% | 4.72% | -5.38% | -5.62% | -8.01% | 9.63% | 9.74% | 10.58% |
| 2022 | -3.19% | -1.45% | 0.02% | -7.69% | 4.00% | -11.92% | 9.19% | -4.00% | -10.01% | 11.34% | 7.50% | -3.72% | -12.27% |
| 2021 | 3.07% | 6.14% | 5.72% | 5.47% | 1.91% | -2.54% | -0.06% | 1.56% | -4.39% | 5.67% | -4.35% | 5.79% | 25.72% |
Benchmark Metrics
Ariel Appreciation Fund has an annualized alpha of 2.05%, beta of 0.95, and R2 of 0.75 versus S&P 500 Index. Calculated based on daily prices since November 30, 1989.
- This fund captured 106.28% of S&P 500 Index gains and 100.33% of its losses - amplifying both gains and losses, but participating more in upside than downside.
- This fund generated an annualized alpha of 2.05% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- With beta of 0.95 and R2 of 0.75, this fund moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- 2.05%
- Beta
- 0.95
- R²
- 0.75
- Upside Capture
- 106.28%
- Downside Capture
- 100.33%
Expense Ratio
CAAPX has a high expense ratio of 1.12%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
CAAPX ranks 47 for risk / return — on par with similar mutual funds. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Ariel Appreciation Fund (CAAPX) and compare them to S&P 500 Index.
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.
| CAAPX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.37 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.84 | 2.78 | +0.06 |
| Martin ratioReturn relative to average drawdown | 8.75 | 12.44 | -3.69 |
Dividends
Dividend History
Ariel Appreciation Fund provided a 11.45% dividend yield over the last twelve months, with an annual payout of $4.96 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $4.96 | $4.96 | $2.40 | $2.47 | $3.98 | $6.78 | $4.27 | $3.38 | $2.85 | $6.00 | $3.71 | $5.43 |
Dividend yield | 11.45% | 12.86% | 6.11% | 6.31% | 10.51% | 14.21% | 9.85% | 7.58% | 7.37% | 12.53% | 7.88% | 12.05% |
Monthly Dividends
The table displays the monthly dividend distributions for Ariel Appreciation Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $4.96 | $4.96 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.40 | $2.40 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.15 | $0.32 | $2.47 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.73 | $0.25 | $3.98 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $6.57 | $0.21 | $6.78 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Ariel Appreciation Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Ariel Appreciation Fund was 61.92%, occurring on Mar 9, 2009. Recovery took 444 trading sessions.
The current Ariel Appreciation Fund drawdown is 0.66%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -61.92%Mar 2009 | 1y 7mo | 1y 9mo | 3y 4moJul 2007 - Dec 2010 |
COVID crash2020 | -42.58%Mar 2020 | 2mo 2d | 8mo 6d | 10mo 8dJan 2020 - Nov 2020 |
Bear market2022 | -33.40%Sep 2022 | 10mo 15d | 3y 2mo | 4y 22dNov 2021 - Dec 2025 |
2003 bear market2003 | -30.45%Mar 2003 | 11mo 4d | 7mo | 1y 5moApr 2002 - Oct 2003 |
2011 bear market2011 | -29.27%Oct 2011 | 2mo 27d | 1y 2mo | 1y 5moJul 2011 - Dec 2012 |
Drawdown Indicators
| CAAPX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.92% | -56.78% | -5.14% |
Max Drawdown (1Y)Largest decline over 1 year | -11.70% | -9.10% | -2.60% |
Max Drawdown (3Y)Largest decline over 3 years | -27.29% | -18.90% | -8.39% |
Max Drawdown (5Y)Largest decline over 5 years | -33.40% | -25.43% | -7.97% |
Max Drawdown (10Y)Largest decline over 10 years | -42.58% | -33.92% | -8.66% |
Current DrawdownCurrent decline from peak | -0.66% | -1.80% | +1.14% |
Average DrawdownAverage peak-to-trough decline | -8.05% | -10.71% | +2.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.79% | 2.03% | +1.76% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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