APHIX vs. CIOVX

Last updated Jun 23, 2026

APHIX (Artisan International Fund Institutional Class) and CIOVX (Causeway International Opps Fd) are both Foreign Large Cap Equities funds. Over the past 10 years, APHIX returned 10.35%/yr vs 10.66%/yr for CIOVX. Their correlation of 0.87 suggests significant overlap in exposure. APHIX charges 0.96%/yr vs 1.20%/yr for CIOVX.

Performance

APHIX vs. CIOVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan International Fund Institutional Class (APHIX) and Causeway International Opps Fd (CIOVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with APHIX having a 14.80% return and CIOVX slightly lower at 14.29%. Both investments have delivered pretty close results over the past 10 years, with APHIX having a 10.35% annualized return and CIOVX not far ahead at 10.66%.

APHIX

• 1D: 0.06%
• 1M: -0.32%
• YTD: 14.80%
• 6M: 15.42%
• 1Y: 25.55%
• 3Y*: 21.92%
• 5Y*: 10.58%
• 10Y*: 10.35%

CIOVX

• 1D: 1.38%
• 1M: 3.86%
• YTD: 14.29%
• 6M: 15.42%
• 1Y: 34.76%
• 3Y*: 21.38%
• 5Y*: 12.68%
• 10Y*: 10.66%

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

APHIX vs. CIOVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APHIX Artisan International Fund Institutional Class	14.80%	36.49%	10.89%	14.52%	-19.35%	9.10%	7.84%	29.43%	-10.81%	31.25%
CIOVX Causeway International Opps Fd	14.29%	36.68%	8.35%	24.39%	-11.28%	6.38%	5.21%	21.40%	-18.62%	29.39%

Correlation

The correlation between APHIX and CIOVX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010	0.87

The correlation between APHIX and CIOVX shifts across timeframes, from 0.73 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

Return for Risk

APHIX vs. CIOVX — Risk / Return Rank

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

APHIX

APHIX Risk / Return Rank: 46
APHIX Sharpe Ratio Rank: 43
APHIX Sortino Ratio Rank: 43
APHIX Omega Ratio Rank: 42
APHIX Calmar Ratio Rank: 56
APHIX Martin Ratio Rank: 45

CIOVX

CIOVX Risk / Return Rank: 50
CIOVX Sharpe Ratio Rank: 57
CIOVX Sortino Ratio Rank: 53
CIOVX Omega Ratio Rank: 60
CIOVX Calmar Ratio Rank: 41
CIOVX Martin Ratio Rank: 41

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.

APHIX vs. CIOVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan International Fund Institutional Class (APHIX) and Causeway International Opps Fd (CIOVX). 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.

	APHIX	CIOVX	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.05	-0.28
Sortino ratio: Return per unit of downside risk	2.56	2.80	-0.25
Omega ratio: Gain probability vs. loss probability	1.32	1.39	-0.07
Calmar ratio: Return relative to maximum drawdown	2.73	2.33	+0.40
Martin ratio: Return relative to average drawdown	8.97	8.36	+0.61

APHIX vs. CIOVX - Sharpe Ratio Comparison

The current APHIX Sharpe Ratio is 1.77, which is comparable to the CIOVX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of APHIX and CIOVX, 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

APHIX vs. CIOVX - Drawdown Comparison

The maximum APHIX drawdown since its inception was -68.47%, which is greater than CIOVX's maximum drawdown of -43.70%. Use the drawdown chart below to compare losses from any high point for APHIX and CIOVX.

Drawdown Indicators

	APHIX	CIOVX	Difference
Max Drawdown Largest peak-to-trough decline	-68.47%	-43.70%	-24.77%
Max Drawdown (1Y) Largest decline over 1 year	-9.77%	-14.92%	+5.15%
Max Drawdown (3Y) Largest decline over 3 years	-13.37%	-16.43%	+3.06%
Max Drawdown (5Y) Largest decline over 5 years	-33.73%	-29.10%	-4.63%
Max Drawdown (10Y) Largest decline over 10 years	-33.73%	-43.70%	+9.97%
Current Drawdown Current decline from peak	-4.22%	-0.09%	-4.13%
Average Drawdown Average peak-to-trough decline	-23.04%	-8.58%	-14.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	4.12%	-1.16%

Volatility

APHIX vs. CIOVX - Volatility Comparison

The current volatility for Artisan International Fund Institutional Class (APHIX) is 5.06%, while Causeway International Opps Fd (CIOVX) has a volatility of 7.12%. This indicates that APHIX experiences smaller price fluctuations and is considered to be less risky than CIOVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APHIX	CIOVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	7.12%	-2.06%
Volatility (6M) Calculated over the trailing 6-month period	12.64%	14.73%	-2.09%
Volatility (1Y) Calculated over the trailing 1-year period	15.09%	16.97%	-1.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.97%	17.40%	-1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.33%	18.51%	-2.18%

APHIX vs. CIOVX - Expense Ratio Comparison

APHIX has a 0.96% expense ratio, which is lower than CIOVX's 1.20% expense ratio.

Dividends

APHIX vs. CIOVX - Dividend Comparison

APHIX's dividend yield for the trailing twelve months is around 19.71%, more than CIOVX's 7.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APHIX Artisan International Fund Institutional Class	19.71%	22.63%	10.37%	2.10%	2.84%	23.52%	3.45%	5.44%	10.02%	0.91%	1.50%	0.73%
CIOVX Causeway International Opps Fd	7.63%	8.72%	9.86%	2.51%	2.52%	1.38%	1.20%	2.34%	2.53%	1.33%	3.74%	1.44%

Frequently Asked Questions

Can I hold both APHIX and CIOVX in my portfolio?

APHIX and CIOVX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APHIX or CIOVX?

CIOVX has higher volatility (7.12%) compared to APHIX (5.06%). In terms of maximum drawdown, APHIX dropped -68.47% vs CIOVX's -43.70%.

Which has better risk-adjusted returns?

CIOVX currently has the higher Sharpe Ratio (2.05 vs 1.77), 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.