APHMX vs. LSHAX

Last updated Jul 29, 2026

APHMX (Artisan Mid Cap Fund Institutional Class) and LSHAX (Kinetics Spin-Off and Corporate Restructuring Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, APHMX returned 11.02%/yr vs 17.44%/yr for LSHAX. Their 0.62 correlation means they have sometimes moved together and sometimes differently. APHMX charges 0.98%/yr vs 1.68%/yr for LSHAX.

Performance

APHMX vs. LSHAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan Mid Cap Fund Institutional Class (APHMX) and Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APHMX achieves a 3.12% return, which is significantly lower than LSHAX's 33.10% return. Over the past 10 years, APHMX has underperformed LSHAX with an annualized return of 11.02%, while LSHAX has yielded a comparatively higher 17.44% annualized return.

APHMX

• 1D: -1.15%
• 1M: -4.15%
• 6M: -1.01%
• YTD: 3.12%
• 1Y: 10.16%
• 3Y*: 10.98%
• 5Y*: 0.84%
• 10Y*: 11.02%
• ALL TIME*: 7.42%

LSHAX

• 1D: -4.01%
• 1M: 0.95%
• 6M: 13.24%
• YTD: 33.10%
• 1Y: 19.79%
• 3Y*: 26.08%
• 5Y*: 14.55%
• 10Y*: 17.44%
• ALL TIME*: 8.48%

*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)
APHMX Artisan Mid Cap Fund Institutional Class	$0.00	$0.00	$0.00
LSHAX Kinetics Spin-Off and Corporate Restructuring Fund	$0.00	$0.00	$0.00

APHMX vs. LSHAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APHMX Artisan Mid Cap Fund Institutional Class	3.12%	15.18%	12.04%	24.30%	-36.67%	10.41%	58.98%	38.32%	-4.04%	20.87%
LSHAX Kinetics Spin-Off and Corporate Restructuring Fund	33.10%	-19.53%	82.16%	-19.74%	39.45%	42.75%	5.23%	31.30%	-8.18%	15.65%

Correlation

The correlation between APHMX and LSHAX is 0.24, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.24
Correlation (3Y) Balances recent behavior with more history.	0.31
Correlation (5Y) Shows whether the relationship held over a longer period.	0.36
Correlation (10Y) Provides a long-term view across more market conditions.	0.43
Correlation (All Time) Calculated using the full available price history since May 11, 2007	0.62

Over the past year, the correlation between APHMX and LSHAX has dropped to 0.24 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

Return for Risk

APHMX vs. LSHAX — Risk / Return Rank

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

APHMX

APHMX Risk / Return Rank: 15
APHMX Sharpe Ratio Rank: 14
APHMX Sortino Ratio Rank: 15
APHMX Omega Ratio Rank: 13
APHMX Calmar Ratio Rank: 15
APHMX Martin Ratio Rank: 19

LSHAX

LSHAX Risk / Return Rank: 14
LSHAX Sharpe Ratio Rank: 13
LSHAX Sortino Ratio Rank: 15
LSHAX Omega Ratio Rank: 16
LSHAX Calmar Ratio Rank: 14
LSHAX Martin Ratio Rank: 11

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.

APHMX vs. LSHAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan Mid Cap Fund Institutional Class (APHMX) and Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX). 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.

	APHMX	LSHAX	Difference
Sharpe ratio: Return per unit of total volatility	0.56	0.50	+0.06
Sortino ratio: Return per unit of downside risk	0.92	0.94	-0.02
Omega ratio: Gain probability vs. loss probability	1.11	1.12	-0.02
Calmar ratio: Return relative to maximum drawdown	0.78	0.68	+0.09
Martin ratio: Return relative to average drawdown	2.81	1.50	+1.31

APHMX vs. LSHAX - Sharpe Ratio Comparison

The current APHMX Sharpe Ratio is 0.56, which is comparable to the LSHAX Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of APHMX and LSHAX, 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

APHMX vs. LSHAX - Drawdown Comparison

The maximum APHMX drawdown since its inception was -64.45%, smaller than the maximum LSHAX drawdown of -69.03%. Use the drawdown chart below to compare losses from any high point for APHMX and LSHAX.

Drawdown Indicators

	APHMX	LSHAX	Difference
Max Drawdown Largest peak-to-trough decline	-64.45%	-69.03%	+4.58%
Max Drawdown (1Y) Largest decline over 1 year	-13.30%	-28.39%	+15.09%
Max Drawdown (3Y) Largest decline over 3 years	-24.61%	-45.79%	+21.18%
Max Drawdown (5Y) Largest decline over 5 years	-43.56%	-45.79%	+2.23%
Max Drawdown (10Y) Largest decline over 10 years	-43.56%	-50.78%	+7.22%
Current Drawdown Current decline from peak	-7.13%	-25.15%	+18.02%
Average Drawdown Average peak-to-trough decline	-14.78%	-21.96%	+7.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	12.90%	-9.24%

Volatility

APHMX vs. LSHAX - Volatility Comparison

The current volatility for Artisan Mid Cap Fund Institutional Class (APHMX) is 5.38%, while Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX) has a volatility of 10.99%. This indicates that APHMX experiences smaller price fluctuations and is considered to be less risky than LSHAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APHMX	LSHAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.38%	10.99%	-5.61%
Volatility (6M) Calculated over the trailing 6-month period	15.36%	30.12%	-14.76%
Volatility (1Y) Calculated over the trailing 1-year period	18.49%	39.03%	-20.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.23%	34.60%	-10.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.54%	30.98%	-8.44%

APHMX vs. LSHAX - Expense Ratio Comparison

APHMX has a 0.98% expense ratio, which is lower than LSHAX's 1.68% expense ratio.

Dividends

APHMX vs. LSHAX - Dividend Comparison

APHMX's dividend yield for the trailing twelve months is around 14.71%, more than LSHAX's 8.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APHMX Artisan Mid Cap Fund Institutional Class	14.71%	15.17%	12.57%	0.00%	0.48%	16.18%	12.92%	11.35%	24.76%	13.75%	8.55%	15.38%
LSHAX Kinetics Spin-Off and Corporate Restructuring Fund	8.71%	11.59%	4.66%	9.40%	1.76%	0.11%	0.53%	0.00%	4.85%	3.94%	1.84%	0.00%

Frequently Asked Questions

Can I hold both APHMX and LSHAX in my portfolio?

APHMX and LSHAX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APHMX or LSHAX?

LSHAX has higher volatility (10.99%) compared to APHMX (5.38%). In terms of maximum drawdown, APHMX dropped -64.45% vs LSHAX's -69.03%.

Which has better risk-adjusted returns?

APHMX currently has the higher Sharpe Ratio (0.56 vs 0.50), 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.