APAM vs. MO

Last updated Jun 4, 2026

APAM (Artisan Partners Asset Management Inc.) and MO (Altria Group, Inc.) are both stocks. APAM operates in Asset Management (Financial Services), while MO operates in Tobacco (Consumer Defensive). Over the past 10 years, APAM returned 11.03%/yr vs 7.78%/yr for MO. At a 0.22 correlation, their price movements are largely independent.

Performance

APAM vs. MO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan Partners Asset Management Inc. (APAM) and Altria Group, Inc. (MO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APAM achieves a -4.99% return, which is significantly lower than MO's 23.96% return. Over the past 10 years, APAM has outperformed MO with an annualized return of 11.03%, while MO has yielded a comparatively lower 7.78% annualized return.

APAM

• 1D: -2.12%
• 1M: 1.25%
• YTD: -4.99%
• 6M: -8.92%
• 1Y: -0.82%
• 3Y*: 12.14%
• 5Y*: 1.61%
• 10Y*: 11.03%

MO

• 1D: 1.53%
• 1M: -4.24%
• YTD: 23.96%
• 6M: 24.61%
• 1Y: 24.64%
• 3Y*: 25.16%
• 5Y*: 15.82%
• 10Y*: 7.78%

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

APAM vs. MO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APAM Artisan Partners Asset Management Inc.	-4.99%	2.72%	4.85%	60.26%	-31.31%	2.74%	71.01%	66.94%	-38.17%	45.24%
MO Altria Group, Inc.	23.96%	18.17%	40.76%	-3.70%	4.37%	24.18%	-10.21%	7.87%	-27.14%	9.45%

Correlation

The correlation between APAM and MO is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Mar 8, 2013	0.22

The correlation between APAM and MO shifts across timeframes, from -0.12 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap APAM : $2.60B MO : $117.61B
EPS APAM : $4.04 MO : $4.79
PE Ratio APAM : 9.04 MO : 14.66
PS Ratio APAM : 2.10 MO : 5.41
Total Revenue (TTM) APAM : $1.24B MO : $21.82B
Gross Profit (TTM) APAM : $730.62M MO : $14.80B
EBITDA (TTM) APAM : $499.32M MO : $11.70B

Return for Risk

APAM vs. MO — Risk / Return Rank

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

APAM

APAM Risk / Return Rank: 36
APAM Sharpe Ratio Rank: 39
APAM Sortino Ratio Rank: 33
APAM Omega Ratio Rank: 33
APAM Calmar Ratio Rank: 39
APAM Martin Ratio Rank: 38

MO

MO Risk / Return Rank: 69
MO Sharpe Ratio Rank: 73
MO Sortino Ratio Rank: 66
MO Omega Ratio Rank: 68
MO Calmar Ratio Rank: 68
MO Martin Ratio Rank: 70

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.

APAM vs. MO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan Partners Asset Management Inc. (APAM) and Altria Group, Inc. (MO). 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.

	APAM	MO	Difference
Sharpe ratio Return per unit of total volatility	-0.03	1.10	-1.14
Sortino ratio Return per unit of downside risk	0.12	1.58	-1.46
Omega ratio Gain probability vs. loss probability	1.01	1.22	-0.20
Calmar ratio Return relative to maximum drawdown	-0.04	1.51	-1.55
Martin ratio Return relative to average drawdown	-0.08	3.82	-3.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APAM vs. MO - Sharpe Ratio Comparison

The current APAM Sharpe Ratio is -0.03, which is lower than the MO Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of APAM and MO, 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

	APAM	MO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.03	1.10	-1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	0.77	-0.72
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.34	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.69	-0.43

Drawdowns

APAM vs. MO - Drawdown Comparison

The maximum APAM drawdown since its inception was -59.70%, smaller than the maximum MO drawdown of -65.43%. Use the drawdown chart below to compare losses from any high point for APAM and MO.

Drawdown Indicators

	APAM	MO	Difference
Max Drawdown Largest peak-to-trough decline	-59.70%	-65.43%	+5.73%
Max Drawdown (1Y) Largest decline over 1 year	-21.92%	-16.40%	-5.52%
Max Drawdown (3Y) Largest decline over 3 years	-28.91%	-16.40%	-12.51%
Max Drawdown (5Y) Largest decline over 5 years	-45.68%	-25.83%	-19.85%
Max Drawdown (10Y) Largest decline over 10 years	-51.07%	-53.69%	+2.62%
Current Drawdown Current decline from peak	-17.01%	-5.70%	-11.31%
Average Drawdown Average peak-to-trough decline	-23.70%	-11.93%	-11.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.68%	6.48%	+4.20%

Volatility

APAM vs. MO - Volatility Comparison

The current volatility for Artisan Partners Asset Management Inc. (APAM) is 5.56%, while Altria Group, Inc. (MO) has a volatility of 7.41%. This indicates that APAM experiences smaller price fluctuations and is considered to be less risky than MO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APAM	MO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	7.41%	-1.85%
Volatility (6M) Calculated over the trailing 6-month period	17.79%	17.18%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	23.98%	22.42%	+1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.02%	20.63%	+10.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.39%	22.94%	+10.45%

Dividends

APAM vs. MO - Dividend Comparison

APAM's dividend yield for the trailing twelve months is around 10.84%, more than MO's 5.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APAM Artisan Partners Asset Management Inc.	10.84%	8.91%	7.34%	6.02%	12.36%	8.88%	6.73%	10.49%	14.43%	6.99%	9.41%	9.29%
MO Altria Group, Inc.	5.97%	7.21%	7.65%	9.52%	8.05%	7.43%	8.29%	6.57%	6.07%	3.56%	3.48%	3.73%

Financials

APAM vs. MO - Profitability Comparison

The chart below illustrates the profitability comparison between Artisan Partners Asset Management Inc. and Altria Group, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

APAM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Artisan Partners Asset Management Inc. reported a gross profit of 127.00M and revenue of 303.00M. Therefore, the gross margin over that period was 41.9%.

MO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Altria Group, Inc. reported a gross profit of 3.51B and revenue of 5.43B. Therefore, the gross margin over that period was 64.6%.

APAM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Artisan Partners Asset Management Inc. reported an operating income of 94.20M and revenue of 303.00M, resulting in an operating margin of 31.1%.

MO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Altria Group, Inc. reported an operating income of 2.96B and revenue of 5.43B, resulting in an operating margin of 54.5%.

APAM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Artisan Partners Asset Management Inc. reported a net income of 58.00M and revenue of 303.00M, resulting in a net margin of 19.1%.

MO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Altria Group, Inc. reported a net income of 2.18B and revenue of 5.43B, resulting in a net margin of 40.2%.

Frequently Asked Questions

Can I hold both APAM and MO in my portfolio?

APAM and MO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APAM or MO?

MO has higher volatility (7.41%) compared to APAM (5.56%). In terms of maximum drawdown, APAM dropped -59.70% vs MO's -65.43%.

Which has better risk-adjusted returns?

MO currently has the higher Sharpe Ratio (1.10 vs -0.03), 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.