APDKX vs. LZEMX

Last updated Aug 6, 2026

APDKX (Artisan International Value Fund Advisor Class) and LZEMX (Lazard Emerging Markets Equity Portfolio) are both mutual funds - APDKX is a Foreign Large Cap Equities fund actively managed by Artisan, while LZEMX is a Emerging Markets Equities fund managed by Lazard. Over the past 10 years, APDKX returned 11.16%/yr vs 10.03%/yr for LZEMX. Their 0.72 correlation means they have sometimes moved together and sometimes differently. Both charge a 1.06% expense ratio.

Performance

APDKX vs. LZEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan International Value Fund Advisor Class (APDKX) and Lazard Emerging Markets Equity Portfolio (LZEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APDKX achieves a 16.16% return, which is significantly lower than LZEMX's 27.25% return. Over the past 10 years, APDKX has outperformed LZEMX with an annualized return of 11.16%, while LZEMX has yielded a comparatively lower 10.03% annualized return.

APDKX

• 1D: 0.46%
• 1M: 1.52%
• 6M: 10.64%
• YTD: 16.16%
• 1Y: 26.28%
• 3Y*: 17.76%
• 5Y*: 11.65%
• 10Y*: 11.16%
• ALL TIME*: 10.92%

LZEMX

• 1D: 0.73%
• 1M: 2.50%
• 6M: 14.93%
• YTD: 27.25%
• 1Y: 47.85%
• 3Y*: 27.44%
• 5Y*: 14.32%
• 10Y*: 10.03%
• ALL TIME*: 7.84%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
APDKX Artisan International Value Fund Advisor Class	$0.00	$0.00	$0.00
LZEMX Lazard Emerging Markets Equity Portfolio	$0.00	$0.00	$0.00

APDKX vs. LZEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APDKX Artisan International Value Fund Advisor Class	16.16%	22.69%	6.55%	22.81%	-6.85%	16.83%	8.70%	24.12%	-15.56%	20.50%
LZEMX Lazard Emerging Markets Equity Portfolio	27.25%	41.35%	7.60%	22.44%	-14.86%	5.37%	-0.07%	18.06%	-18.11%	28.02%

Correlation

The correlation between APDKX and LZEMX is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (3Y) Balances recent behavior with more history.	0.62
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (10Y) Provides a long-term view across more market conditions.	0.71
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.72

The correlation between APDKX and LZEMX shifts across timeframes, from 0.55 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

Return for Risk

APDKX vs. LZEMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

APDKX

APDKX Risk / Return Rank: 70
APDKX Sharpe Ratio Rank: 71
APDKX Sortino Ratio Rank: 75
APDKX Omega Ratio Rank: 77
APDKX Calmar Ratio Rank: 71
APDKX Martin Ratio Rank: 59

LZEMX

LZEMX Risk / Return Rank: 96
LZEMX Sharpe Ratio Rank: 98
LZEMX Sortino Ratio Rank: 96
LZEMX Omega Ratio Rank: 96
LZEMX Calmar Ratio Rank: 95
LZEMX Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

APDKX vs. LZEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan International Value Fund Advisor Class (APDKX) and Lazard Emerging Markets Equity Portfolio (LZEMX). 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.

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.

	APDKX	LZEMX	Difference
Sharpe ratio: Return per unit of total volatility	1.88	3.32	-1.43
Sortino ratio: Return per unit of downside risk	2.75	4.22	-1.47
Omega ratio: Gain probability vs. loss probability	1.38	1.58	-0.21
Calmar ratio: Return relative to maximum drawdown	2.66	4.69	-2.03
Martin ratio: Return relative to average drawdown	8.97	15.90	-6.93

APDKX vs. LZEMX - Sharpe Ratio Comparison

The current APDKX Sharpe Ratio is 1.88, which is lower than the LZEMX Sharpe Ratio of 3.32. The chart below compares the historical Sharpe Ratios of APDKX and LZEMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

APDKX vs. LZEMX - Drawdown Comparison

The maximum APDKX drawdown since its inception was -38.09%, smaller than the maximum LZEMX drawdown of -60.08%. Use the drawdown chart below to compare losses from any high point for APDKX and LZEMX.

Drawdown Indicators

	APDKX	LZEMX	Difference
Max Drawdown Largest peak-to-trough decline	-38.09%	-60.08%	+21.99%
Max Drawdown (1Y) Largest decline over 1 year	-9.95%	-10.42%	+0.47%
Max Drawdown (3Y) Largest decline over 3 years	-10.88%	-14.27%	+3.39%
Max Drawdown (5Y) Largest decline over 5 years	-24.88%	-29.13%	+4.25%
Max Drawdown (10Y) Largest decline over 10 years	-38.09%	-44.08%	+5.99%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.33%	-16.55%	+11.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	3.06%	-0.13%

Volatility

APDKX vs. LZEMX - Volatility Comparison

The current volatility for Artisan International Value Fund Advisor Class (APDKX) is 3.03%, while Lazard Emerging Markets Equity Portfolio (LZEMX) has a volatility of 4.78%. This indicates that APDKX experiences smaller price fluctuations and is considered to be less risky than LZEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APDKX	LZEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	4.78%	-1.75%
Volatility (6M) Calculated over the trailing 6-month period	10.29%	12.94%	-2.65%
Volatility (1Y) Calculated over the trailing 1-year period	14.08%	14.77%	-0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.97%	14.58%	-0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.89%	16.36%	-0.47%

APDKX vs. LZEMX - Expense Ratio Comparison

Both APDKX and LZEMX have an expense ratio of 1.06%.

Dividends

APDKX vs. LZEMX - Dividend Comparison

APDKX's dividend yield for the trailing twelve months is around 6.19%, more than LZEMX's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APDKX Artisan International Value Fund Advisor Class	6.19%	7.05%	4.26%	3.02%	2.23%	9.92%	0.91%	3.83%	5.61%	1.25%	3.27%	0.00%
LZEMX Lazard Emerging Markets Equity Portfolio	1.61%	2.05%	3.11%	3.76%	5.92%	4.89%	2.11%	2.45%	2.10%	1.99%	1.48%	2.14%

Frequently Asked Questions

Can I hold both APDKX and LZEMX in my portfolio?

APDKX and LZEMX have a correlation of 0.55, 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 LZEMX?

LZEMX has higher volatility (4.78%) compared to APDKX (3.03%). In terms of maximum drawdown, APDKX dropped -38.09% vs LZEMX's -60.08%.

Which has better risk-adjusted returns?

LZEMX currently has the higher Sharpe Ratio (3.32 vs 1.88), 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.