APHKX vs. PZRIX

Last updated Jun 4, 2026

APHKX (Artisan International Value Fund) and PZRIX (PIMCO RAE Global ex-US Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, APHKX returned 10.96%/yr vs 10.31%/yr for PZRIX. Their correlation of 0.86 suggests significant overlap in exposure. APHKX charges 0.97%/yr vs 0.00%/yr for PZRIX.

Performance

APHKX vs. PZRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan International Value Fund (APHKX) and PIMCO RAE Global ex-US Fund (PZRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APHKX achieves a 10.64% return, which is significantly lower than PZRIX's 15.07% return. Over the past 10 years, APHKX has outperformed PZRIX with an annualized return of 10.96%, while PZRIX has yielded a comparatively lower 10.31% annualized return.

APHKX

• 1D: 0.59%
• 1M: 5.75%
• YTD: 10.64%
• 6M: 14.00%
• 1Y: 23.35%
• 3Y*: 16.96%
• 5Y*: 10.55%
• 10Y*: 10.96%

PZRIX

• 1D: 0.31%
• 1M: 2.37%
• YTD: 15.07%
• 6M: 17.95%
• 1Y: 34.46%
• 3Y*: 21.22%
• 5Y*: 10.30%
• 10Y*: 10.31%

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

APHKX vs. PZRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APHKX Artisan International Value Fund	10.64%	22.84%	6.64%	22.95%	-6.78%	16.94%	8.81%	24.22%	-15.48%	24.09%
PZRIX PIMCO RAE Global ex-US Fund	15.07%	34.05%	3.29%	19.31%	-9.11%	12.08%	1.74%	15.94%	-14.93%	26.00%

Correlation

The correlation between APHKX and PZRIX 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	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.84
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	0.86

The correlation between APHKX and PZRIX shifts across timeframes, from 0.73 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

APHKX vs. PZRIX — Risk / Return Rank

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

APHKX

APHKX Risk / Return Rank: 37
APHKX Sharpe Ratio Rank: 35
APHKX Sortino Ratio Rank: 36
APHKX Omega Ratio Rank: 42
APHKX Calmar Ratio Rank: 38
APHKX Martin Ratio Rank: 35

PZRIX

PZRIX Risk / Return Rank: 84
PZRIX Sharpe Ratio Rank: 90
PZRIX Sortino Ratio Rank: 84
PZRIX Omega Ratio Rank: 81
PZRIX Calmar Ratio Rank: 86
PZRIX Martin Ratio Rank: 80

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.

APHKX vs. PZRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan International Value Fund (APHKX) and PIMCO RAE Global ex-US Fund (PZRIX). 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.

	APHKX	PZRIX	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.96	-1.26
Sortino ratio: Return per unit of downside risk	2.50	3.97	-1.48
Omega ratio: Gain probability vs. loss probability	1.35	1.53	-0.18
Calmar ratio: Return relative to maximum drawdown	2.32	4.17	-1.85
Martin ratio: Return relative to average drawdown	7.83	15.05	-7.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APHKX vs. PZRIX - Sharpe Ratio Comparison

The current APHKX Sharpe Ratio is 1.70, which is lower than the PZRIX Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of APHKX and PZRIX, 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

	APHKX	PZRIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	2.96	-1.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.66	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.61	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.61	-0.17

Drawdowns

APHKX vs. PZRIX - Drawdown Comparison

The maximum APHKX drawdown since its inception was -56.33%, which is greater than PZRIX's maximum drawdown of -43.53%. Use the drawdown chart below to compare losses from any high point for APHKX and PZRIX.

Drawdown Indicators

	APHKX	PZRIX	Difference
Max Drawdown Largest peak-to-trough decline	-56.33%	-43.53%	-12.80%
Max Drawdown (1Y) Largest decline over 1 year	-9.96%	-8.18%	-1.78%
Max Drawdown (3Y) Largest decline over 3 years	-10.87%	-13.81%	+2.94%
Max Drawdown (5Y) Largest decline over 5 years	-24.83%	-30.85%	+6.02%
Max Drawdown (10Y) Largest decline over 10 years	-38.07%	-43.53%	+5.46%
Current Drawdown Current decline from peak	0.00%	-0.76%	+0.76%
Average Drawdown Average peak-to-trough decline	-9.10%	-8.89%	-0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	2.26%	+0.68%

Volatility

APHKX vs. PZRIX - Volatility Comparison

Artisan International Value Fund (APHKX) has a higher volatility of 4.36% compared to PIMCO RAE Global ex-US Fund (PZRIX) at 3.09%. This indicates that APHKX's price experiences larger fluctuations and is considered to be riskier than PZRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APHKX	PZRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	3.09%	+1.27%
Volatility (6M) Calculated over the trailing 6-month period	10.61%	8.89%	+1.72%
Volatility (1Y) Calculated over the trailing 1-year period	13.59%	11.54%	+2.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.94%	15.78%	-1.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.16%	16.94%	-0.78%

APHKX vs. PZRIX - Expense Ratio Comparison

APHKX has a 0.97% expense ratio, which is higher than PZRIX's 0.00% expense ratio.

Dividends

APHKX vs. PZRIX - Dividend Comparison

APHKX's dividend yield for the trailing twelve months is around 6.45%, more than PZRIX's 5.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APHKX Artisan International Value Fund	6.45%	7.10%	4.34%	3.10%	2.28%	10.00%	0.98%	3.92%	5.69%	4.15%	3.31%	6.40%
PZRIX PIMCO RAE Global ex-US Fund	5.70%	6.56%	6.70%	9.19%	8.80%	11.99%	2.04%	6.32%	2.80%	4.13%	2.58%	0.00%

Frequently Asked Questions

Can I hold both APHKX and PZRIX in my portfolio?

APHKX and PZRIX 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, APHKX or PZRIX?

APHKX has higher volatility (4.36%) compared to PZRIX (3.09%). In terms of maximum drawdown, APHKX dropped -56.33% vs PZRIX's -43.53%.

Which has better risk-adjusted returns?

PZRIX currently has the higher Sharpe Ratio (2.96 vs 1.70), 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.