APHIX vs. ICMPX

Last updated Jun 23, 2026

APHIX (Artisan International Fund Institutional Class) and ICMPX (Lazard International Quality Growth Portfolio) are both Foreign Large Cap Equities funds. Over the past 5 years, APHIX returned 10.58%/yr vs 1.44%/yr for ICMPX. Their correlation of 0.84 suggests significant overlap in exposure. APHIX charges 0.96%/yr vs 0.85%/yr for ICMPX.

Performance

APHIX vs. ICMPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan International Fund Institutional Class (APHIX) and Lazard International Quality Growth Portfolio (ICMPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APHIX achieves a 14.80% return, which is significantly higher than ICMPX's -4.10% return.

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%

ICMPX

• 1D: 0.24%
• 1M: -1.38%
• YTD: -4.10%
• 6M: -4.04%
• 1Y: -0.54%
• 3Y*: 5.29%
• 5Y*: 1.44%
• 10Y*: —

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

APHIX vs. ICMPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
APHIX Artisan International Fund Institutional Class	14.80%	36.49%	10.89%	14.52%	-19.35%	9.10%	7.84%	30.19%
ICMPX Lazard International Quality Growth Portfolio	-4.10%	11.70%	5.62%	17.84%	-20.11%	10.02%	23.95%	32.86%

Correlation

The correlation between APHIX and ICMPX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jan 3, 2019	0.84

Over the past year, the correlation between APHIX and ICMPX has dropped to 0.61 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

Return for Risk

APHIX vs. ICMPX — 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

ICMPX

ICMPX Risk / Return Rank: 2
ICMPX Sharpe Ratio Rank: 2
ICMPX Sortino Ratio Rank: 2
ICMPX Omega Ratio Rank: 2
ICMPX Calmar Ratio Rank: 2
ICMPX Martin Ratio Rank: 2

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. ICMPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan International Fund Institutional Class (APHIX) and Lazard International Quality Growth Portfolio (ICMPX). 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	ICMPX	Difference
Sharpe ratio: Return per unit of total volatility	1.77	-0.13	+1.90
Sortino ratio: Return per unit of downside risk	2.56	-0.08	+2.64
Omega ratio: Gain probability vs. loss probability	1.32	0.99	+0.33
Calmar ratio: Return relative to maximum drawdown	2.73	-0.12	+2.85
Martin ratio: Return relative to average drawdown	8.97	-0.32	+9.29

APHIX vs. ICMPX - Sharpe Ratio Comparison

The current APHIX Sharpe Ratio is 1.77, which is higher than the ICMPX Sharpe Ratio of -0.13. The chart below compares the historical Sharpe Ratios of APHIX and ICMPX, 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. ICMPX - Drawdown Comparison

The maximum APHIX drawdown since its inception was -68.47%, which is greater than ICMPX's maximum drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for APHIX and ICMPX.

Drawdown Indicators

	APHIX	ICMPX	Difference
Max Drawdown Largest peak-to-trough decline	-68.47%	-34.70%	-33.77%
Max Drawdown (1Y) Largest decline over 1 year	-9.77%	-15.45%	+5.68%
Max Drawdown (3Y) Largest decline over 3 years	-13.37%	-15.45%	+2.08%
Max Drawdown (5Y) Largest decline over 5 years	-33.73%	-34.70%	+0.97%
Max Drawdown (10Y) Largest decline over 10 years	-33.73%	—	—
Current Drawdown Current decline from peak	-4.22%	-7.98%	+3.76%
Average Drawdown Average peak-to-trough decline	-23.04%	-8.78%	-14.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	5.62%	-2.66%

Volatility

APHIX vs. ICMPX - Volatility Comparison

Artisan International Fund Institutional Class (APHIX) has a higher volatility of 5.06% compared to Lazard International Quality Growth Portfolio (ICMPX) at 4.08%. This indicates that APHIX's price experiences larger fluctuations and is considered to be riskier than ICMPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APHIX	ICMPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	4.08%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	12.64%	11.37%	+1.27%
Volatility (1Y) Calculated over the trailing 1-year period	15.09%	14.03%	+1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.97%	16.42%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.33%	17.63%	-1.30%

APHIX vs. ICMPX - Expense Ratio Comparison

APHIX has a 0.96% expense ratio, which is higher than ICMPX's 0.85% expense ratio.

Dividends

APHIX vs. ICMPX - Dividend Comparison

APHIX's dividend yield for the trailing twelve months is around 19.71%, more than ICMPX's 4.54% 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%
ICMPX Lazard International Quality Growth Portfolio	4.54%	4.35%	2.92%	0.62%	1.07%	2.04%	0.87%	2.47%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APHIX and ICMPX in my portfolio?

APHIX and ICMPX have a correlation of 0.61, 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 ICMPX?

APHIX has higher volatility (5.06%) compared to ICMPX (4.08%). In terms of maximum drawdown, APHIX dropped -68.47% vs ICMPX's -34.70%.

Which has better risk-adjusted returns?

APHIX currently has the higher Sharpe Ratio (1.77 vs -0.13), 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.