APDIX vs. BRK-B

Last updated Jun 3, 2026

APDIX (Artisan International Fund Advisor Class) is International Equity fund actively managed by Artisan, while BRK-B (Berkshire Hathaway Inc.) is a stock. Over the past 10 years, APDIX returned 9.99%/yr vs 12.82%/yr for BRK-B. At a 0.47 correlation, their price movements are largely independent.

Performance

APDIX vs. BRK-B - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan International Fund Advisor Class (APDIX) and Berkshire Hathaway Inc. (BRK-B). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APDIX achieves a 14.20% return, which is significantly higher than BRK-B's -6.20% return. Over the past 10 years, APDIX has underperformed BRK-B with an annualized return of 9.99%, while BRK-B has yielded a comparatively higher 12.82% annualized return.

APDIX

• 1D: -0.41%
• 1M: -1.23%
• YTD: 14.20%
• 6M: 18.19%
• 1Y: 26.19%
• 3Y*: 22.87%
• 5Y*: 9.99%
• 10Y*: 9.99%

BRK-B

• 1D: 0.26%
• 1M: -0.32%
• YTD: -6.20%
• 6M: -6.94%
• 1Y: -6.23%
• 3Y*: 12.69%
• 5Y*: 10.06%
• 10Y*: 12.82%

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

APDIX vs. BRK-B - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APDIX Artisan International Fund Advisor Class	14.20%	36.36%	10.78%	14.44%	-19.44%	9.01%	7.75%	29.33%	-10.86%	31.12%
BRK-B Berkshire Hathaway Inc.	-6.20%	10.89%	27.09%	15.46%	3.31%	28.95%	2.37%	10.93%	3.01%	21.62%

Correlation

The correlation between APDIX and BRK-B is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.47

Over the past year, the correlation between APDIX and BRK-B has dropped to 0.11 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.

Return for Risk

APDIX vs. BRK-B — Risk / Return Rank

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

APDIX

APDIX Risk / Return Rank: 49
APDIX Sharpe Ratio Rank: 45
APDIX Sortino Ratio Rank: 46
APDIX Omega Ratio Rank: 43
APDIX Calmar Ratio Rank: 59
APDIX Martin Ratio Rank: 53

BRK-B

BRK-B Risk / Return Rank: 17
BRK-B Sharpe Ratio Rank: 21
BRK-B Sortino Ratio Rank: 19
BRK-B Omega Ratio Rank: 19
BRK-B Calmar Ratio Rank: 15
BRK-B Martin Ratio Rank: 8

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.

APDIX vs. BRK-B - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan International Fund Advisor Class (APDIX) and Berkshire Hathaway Inc. (BRK-B). 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.

	APDIX	BRK-B	Difference
Sharpe ratio Return per unit of total volatility	1.95	-0.44	+2.39
Sortino ratio Return per unit of downside risk	2.84	-0.51	+3.34
Omega ratio Gain probability vs. loss probability	1.36	0.94	+0.42
Calmar ratio Return relative to maximum drawdown	2.94	-0.68	+3.63
Martin ratio Return relative to average drawdown	10.86	-1.36	+12.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APDIX vs. BRK-B - Sharpe Ratio Comparison

The current APDIX Sharpe Ratio is 1.95, which is higher than the BRK-B Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of APDIX and BRK-B, 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

	APDIX	BRK-B	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	-0.44	+2.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.59	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.66	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.48	+0.12

Drawdowns

APDIX vs. BRK-B - Drawdown Comparison

The maximum APDIX drawdown since its inception was -33.79%, smaller than the maximum BRK-B drawdown of -53.86%. Use the drawdown chart below to compare losses from any high point for APDIX and BRK-B.

Drawdown Indicators

	APDIX	BRK-B	Difference
Max Drawdown Largest peak-to-trough decline	-33.79%	-53.86%	+20.07%
Max Drawdown (1Y) Largest decline over 1 year	-9.77%	-9.42%	-0.35%
Max Drawdown (3Y) Largest decline over 3 years	-13.39%	-14.95%	+1.56%
Max Drawdown (5Y) Largest decline over 5 years	-33.79%	-26.58%	-7.21%
Max Drawdown (10Y) Largest decline over 10 years	-33.79%	-29.57%	-4.22%
Current Drawdown Current decline from peak	-4.70%	-12.65%	+7.95%
Average Drawdown Average peak-to-trough decline	-6.99%	-11.07%	+4.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	4.73%	-2.08%

Volatility

APDIX vs. BRK-B - Volatility Comparison

Artisan International Fund Advisor Class (APDIX) has a higher volatility of 5.75% compared to Berkshire Hathaway Inc. (BRK-B) at 3.79%. This indicates that APDIX's price experiences larger fluctuations and is considered to be riskier than BRK-B based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APDIX	BRK-B	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	3.79%	+1.96%
Volatility (6M) Calculated over the trailing 6-month period	11.92%	10.68%	+1.24%
Volatility (1Y) Calculated over the trailing 1-year period	14.58%	14.31%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.85%	17.11%	-1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.31%	19.43%	-3.12%

Dividends

APDIX vs. BRK-B - Dividend Comparison

APDIX's dividend yield for the trailing twelve months is around 20.00%, while BRK-B has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
APDIX Artisan International Fund Advisor Class	20.00%	22.84%	10.42%	2.00%	2.74%	23.63%	3.39%	5.41%	9.98%	0.83%	1.45%
BRK-B Berkshire Hathaway Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APDIX and BRK-B in my portfolio?

APDIX and BRK-B have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APDIX or BRK-B?

APDIX has higher volatility (5.75%) compared to BRK-B (3.79%). In terms of maximum drawdown, APDIX dropped -33.79% vs BRK-B's -53.86%.

Which has better risk-adjusted returns?

APDIX currently has the higher Sharpe Ratio (1.95 vs -0.44), 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.