APDIX vs. EFA

Last updated Jun 4, 2026

APDIX (Artisan International Fund Advisor Class) and EFA (iShares MSCI EAFE ETF) are both funds - APDIX is a International Equity fund actively managed by Artisan, while EFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index (Net). APDIX is actively managed, while EFA is passively managed. Over the past 10 years, APDIX returned 9.95%/yr vs 9.11%/yr for EFA. Their correlation of 0.87 suggests significant overlap in exposure. APDIX charges 1.05%/yr vs 0.32%/yr for EFA.

Performance

APDIX vs. EFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan International Fund Advisor Class (APDIX) and iShares MSCI EAFE ETF (EFA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APDIX achieves a 13.79% return, which is significantly higher than EFA's 8.42% return. Over the past 10 years, APDIX has outperformed EFA with an annualized return of 9.95%, while EFA has yielded a comparatively lower 9.11% annualized return.

APDIX

• 1D: -0.35%
• 1M: -1.55%
• YTD: 13.79%
• 6M: 17.34%
• 1Y: 26.31%
• 3Y*: 22.73%
• 5Y*: 10.08%
• 10Y*: 9.95%

EFA

• 1D: -0.86%
• 1M: 3.40%
• YTD: 8.42%
• 6M: 10.94%
• 1Y: 21.06%
• 3Y*: 16.44%
• 5Y*: 8.29%
• 10Y*: 9.11%

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

APDIX vs. EFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APDIX Artisan International Fund Advisor Class	13.79%	36.36%	10.78%	14.44%	-19.44%	9.01%	7.75%	29.33%	-10.86%	31.12%
EFA iShares MSCI EAFE ETF	8.42%	31.55%	3.49%	18.36%	-14.39%	11.45%	7.60%	22.04%	-13.82%	25.07%

Correlation

The correlation between APDIX and EFA is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.87

The correlation between APDIX and EFA shifts across timeframes, from 0.70 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

Return for Risk

APDIX vs. EFA — Risk / Return Rank

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

APDIX

APDIX Risk / Return Rank: 42
APDIX Sharpe Ratio Rank: 38
APDIX Sortino Ratio Rank: 39
APDIX Omega Ratio Rank: 38
APDIX Calmar Ratio Rank: 48
APDIX Martin Ratio Rank: 46

EFA

EFA Risk / Return Rank: 39
EFA Sharpe Ratio Rank: 39
EFA Sortino Ratio Rank: 39
EFA Omega Ratio Rank: 38
EFA Calmar Ratio Rank: 37
EFA 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.

APDIX vs. EFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan International Fund Advisor Class (APDIX) and iShares MSCI EAFE ETF (EFA). 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	EFA	Difference
Sharpe ratio Return per unit of total volatility	1.79	1.41	+0.38
Sortino ratio Return per unit of downside risk	2.63	2.04	+0.59
Omega ratio Gain probability vs. loss probability	1.33	1.26	+0.07
Calmar ratio Return relative to maximum drawdown	2.66	1.85	+0.81
Martin ratio Return relative to average drawdown	9.70	6.94	+2.76
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. EFA - Sharpe Ratio Comparison

The current APDIX Sharpe Ratio is 1.79, which is comparable to the EFA Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of APDIX and EFA, 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	EFA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	1.41	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.51	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.53	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.31	+0.28

Drawdowns

APDIX vs. EFA - Drawdown Comparison

The maximum APDIX drawdown since its inception was -33.79%, smaller than the maximum EFA drawdown of -61.04%. Use the drawdown chart below to compare losses from any high point for APDIX and EFA.

Drawdown Indicators

	APDIX	EFA	Difference
Max Drawdown Largest peak-to-trough decline	-33.79%	-61.04%	+27.25%
Max Drawdown (1Y) Largest decline over 1 year	-9.77%	-11.42%	+1.65%
Max Drawdown (3Y) Largest decline over 3 years	-13.39%	-14.05%	+0.66%
Max Drawdown (5Y) Largest decline over 5 years	-33.79%	-29.53%	-4.26%
Max Drawdown (10Y) Largest decline over 10 years	-33.79%	-34.19%	+0.40%
Current Drawdown Current decline from peak	-5.04%	-1.46%	-3.58%
Average Drawdown Average peak-to-trough decline	-6.99%	-11.93%	+4.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	3.04%	-0.37%

Volatility

APDIX vs. EFA - Volatility Comparison

Artisan International Fund Advisor Class (APDIX) has a higher volatility of 5.75% compared to iShares MSCI EAFE ETF (EFA) at 4.98%. This indicates that APDIX's price experiences larger fluctuations and is considered to be riskier than EFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APDIX	EFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	4.98%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	11.89%	12.51%	-0.62%
Volatility (1Y) Calculated over the trailing 1-year period	14.56%	15.05%	-0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.85%	16.48%	-0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.31%	17.26%	-0.95%

APDIX vs. EFA - Expense Ratio Comparison

APDIX has a 1.05% expense ratio, which is higher than EFA's 0.32% expense ratio.

Dividends

APDIX vs. EFA - Dividend Comparison

APDIX's dividend yield for the trailing twelve months is around 20.07%, more than EFA's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APDIX Artisan International Fund Advisor Class	20.07%	22.84%	10.42%	2.00%	2.74%	23.63%	3.39%	5.41%	9.98%	0.83%	1.45%	0.00%
EFA iShares MSCI EAFE ETF	3.12%	3.38%	3.24%	2.98%	2.69%	3.33%	2.13%	3.10%	3.39%	2.57%	3.07%	2.76%

Frequently Asked Questions

Can I hold both APDIX and EFA in my portfolio?

APDIX and EFA have a correlation of 0.70, 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 EFA?

APDIX has higher volatility (5.75%) compared to EFA (4.98%). In terms of maximum drawdown, APDIX dropped -33.79% vs EFA's -61.04%.

Which has better risk-adjusted returns?

APDIX currently has the higher Sharpe Ratio (1.79 vs 1.41), 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.