APDKX vs. GTMIX

Last updated Jun 4, 2026

APDKX (Artisan International Value Fund Advisor Class) and GTMIX (GMO Tax-Managed International Equities Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, APDKX returned 10.55%/yr vs 10.16%/yr for GTMIX. Their correlation of 0.86 suggests significant overlap in exposure. APDKX charges 1.06%/yr vs 0.68%/yr for GTMIX.

Performance

APDKX vs. GTMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan International Value Fund Advisor Class (APDKX) and GMO Tax-Managed International Equities Fund (GTMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APDKX achieves a 10.60% return, which is significantly lower than GTMIX's 14.34% return. Both investments have delivered pretty close results over the past 10 years, with APDKX having a 10.55% annualized return and GTMIX not far behind at 10.16%.

APDKX

• 1D: 0.58%
• 1M: 5.73%
• YTD: 10.60%
• 6M: 13.93%
• 1Y: 23.20%
• 3Y*: 16.84%
• 5Y*: 10.44%
• 10Y*: 10.55%

GTMIX

• 1D: 0.75%
• 1M: 3.02%
• YTD: 14.34%
• 6M: 18.93%
• 1Y: 39.04%
• 3Y*: 22.47%
• 5Y*: 11.01%
• 10Y*: 10.16%

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

APDKX vs. GTMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APDKX Artisan International Value Fund Advisor Class	10.60%	22.69%	6.55%	22.81%	-6.85%	16.83%	8.70%	24.12%	-15.56%	20.50%
GTMIX GMO Tax-Managed International Equities Fund	14.34%	46.17%	1.54%	14.96%	-10.13%	10.71%	7.50%	23.35%	-21.23%	28.45%

Correlation

The correlation between APDKX and GTMIX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.86

The correlation between APDKX and GTMIX shifts across timeframes, from 0.75 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

APDKX vs. GTMIX — Risk / Return Rank

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

APDKX

APDKX Risk / Return Rank: 36
APDKX Sharpe Ratio Rank: 34
APDKX Sortino Ratio Rank: 35
APDKX Omega Ratio Rank: 41
APDKX Calmar Ratio Rank: 37
APDKX Martin Ratio Rank: 35

GTMIX

GTMIX Risk / Return Rank: 88
GTMIX Sharpe Ratio Rank: 90
GTMIX Sortino Ratio Rank: 86
GTMIX Omega Ratio Rank: 81
GTMIX Calmar Ratio Rank: 91
GTMIX Martin Ratio Rank: 91

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.

APDKX vs. GTMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan International Value Fund Advisor Class (APDKX) and GMO Tax-Managed International Equities Fund (GTMIX). 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.

	APDKX	GTMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.98	-1.29
Sortino ratio: Return per unit of downside risk	2.47	4.08	-1.61
Omega ratio: Gain probability vs. loss probability	1.35	1.54	-0.19
Calmar ratio: Return relative to maximum drawdown	2.31	4.84	-2.53
Martin ratio: Return relative to average drawdown	7.78	18.65	-10.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APDKX vs. GTMIX - Sharpe Ratio Comparison

The current APDKX Sharpe Ratio is 1.69, which is lower than the GTMIX Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of APDKX and GTMIX, 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

	APDKX	GTMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	2.98	-1.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.74	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.64	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.41	+0.25

Drawdowns

APDKX vs. GTMIX - Drawdown Comparison

The maximum APDKX drawdown since its inception was -38.09%, smaller than the maximum GTMIX drawdown of -58.31%. Use the drawdown chart below to compare losses from any high point for APDKX and GTMIX.

Drawdown Indicators

	APDKX	GTMIX	Difference
Max Drawdown Largest peak-to-trough decline	-38.09%	-58.31%	+20.22%
Max Drawdown (1Y) Largest decline over 1 year	-9.95%	-7.90%	-2.05%
Max Drawdown (3Y) Largest decline over 3 years	-10.88%	-14.11%	+3.23%
Max Drawdown (5Y) Largest decline over 5 years	-24.88%	-28.81%	+3.93%
Max Drawdown (10Y) Largest decline over 10 years	-38.09%	-40.32%	+2.23%
Current Drawdown Current decline from peak	0.00%	-0.27%	+0.27%
Average Drawdown Average peak-to-trough decline	-5.40%	-12.68%	+7.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	2.05%	+0.89%

Volatility

APDKX vs. GTMIX - Volatility Comparison

Artisan International Value Fund Advisor Class (APDKX) has a higher volatility of 4.38% compared to GMO Tax-Managed International Equities Fund (GTMIX) at 3.49%. This indicates that APDKX's price experiences larger fluctuations and is considered to be riskier than GTMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APDKX	GTMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	3.49%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	10.63%	9.67%	+0.96%
Volatility (1Y) Calculated over the trailing 1-year period	13.63%	12.85%	+0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.94%	14.93%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.17%	16.05%	+0.12%

APDKX vs. GTMIX - Expense Ratio Comparison

APDKX has a 1.06% expense ratio, which is higher than GTMIX's 0.68% expense ratio.

Dividends

APDKX vs. GTMIX - Dividend Comparison

APDKX's dividend yield for the trailing twelve months is around 6.41%, less than GTMIX's 19.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APDKX Artisan International Value Fund Advisor Class	6.41%	7.05%	4.26%	3.02%	2.23%	9.92%	0.91%	3.83%	5.61%	1.25%	3.27%	0.00%
GTMIX GMO Tax-Managed International Equities Fund	19.62%	22.43%	5.94%	0.36%	5.44%	16.55%	2.25%	4.13%	7.25%	2.96%	4.05%	3.26%

Frequently Asked Questions

Can I hold both APDKX and GTMIX in my portfolio?

APDKX and GTMIX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APDKX or GTMIX?

APDKX has higher volatility (4.38%) compared to GTMIX (3.49%). In terms of maximum drawdown, APDKX dropped -38.09% vs GTMIX's -58.31%.

Which has better risk-adjusted returns?

GTMIX currently has the higher Sharpe Ratio (2.98 vs 1.69), 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.