APHMX vs. NEEGX

Last updated Jul 29, 2026

APHMX (Artisan Mid Cap Fund Institutional Class) and NEEGX (Needham Growth Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, APHMX returned 11.02%/yr vs 14.35%/yr for NEEGX. Their correlation of 0.86 means they have usually moved in the same direction. APHMX charges 0.98%/yr vs 1.78%/yr for NEEGX.

Performance

APHMX vs. NEEGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan Mid Cap Fund Institutional Class (APHMX) and Needham Growth Fund (NEEGX). 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 NEEGX's 37.92% return. Over the past 10 years, APHMX has underperformed NEEGX with an annualized return of 11.02%, while NEEGX has yielded a comparatively higher 14.35% 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%

NEEGX

• 1D: -1.40%
• 1M: -11.68%
• 6M: 17.74%
• YTD: 37.92%
• 1Y: 48.60%
• 3Y*: 17.88%
• 5Y*: 9.47%
• 10Y*: 14.35%
• ALL TIME*: 12.68%

*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
NEEGX Needham Growth Fund	$0.00	$0.00	$0.00

APHMX vs. NEEGX - 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%
NEEGX Needham Growth Fund	37.92%	8.76%	14.45%	26.85%	-33.57%	27.63%	41.73%	42.33%	-10.56%	8.33%

Correlation

The correlation between APHMX and NEEGX is 0.79, 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.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (10Y) Provides a long-term view across more market conditions.	0.81
Correlation (All Time) Calculated using the full available price history since Jul 3, 2000	0.86

The correlation between APHMX and NEEGX has been stable across timeframes, ranging from 0.78 to 0.86 - a consistent structural relationship.

Return for Risk

APHMX vs. NEEGX — 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

NEEGX

NEEGX Risk / Return Rank: 72
NEEGX Sharpe Ratio Rank: 71
NEEGX Sortino Ratio Rank: 61
NEEGX Omega Ratio Rank: 61
NEEGX Calmar Ratio Rank: 87
NEEGX Martin Ratio Rank: 79

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. NEEGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan Mid Cap Fund Institutional Class (APHMX) and Needham Growth Fund (NEEGX). 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	NEEGX	Difference
Sharpe ratio: Return per unit of total volatility	0.56	1.64	-1.09
Sortino ratio: Return per unit of downside risk	0.92	2.15	-1.23
Omega ratio: Gain probability vs. loss probability	1.11	1.27	-0.17
Calmar ratio: Return relative to maximum drawdown	0.78	3.12	-2.34
Martin ratio: Return relative to average drawdown	2.81	9.74	-6.93

APHMX vs. NEEGX - Sharpe Ratio Comparison

The current APHMX Sharpe Ratio is 0.56, which is lower than the NEEGX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of APHMX and NEEGX, 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. NEEGX - Drawdown Comparison

The maximum APHMX drawdown since its inception was -64.45%, which is greater than NEEGX's maximum drawdown of -53.60%. Use the drawdown chart below to compare losses from any high point for APHMX and NEEGX.

Drawdown Indicators

	APHMX	NEEGX	Difference
Max Drawdown Largest peak-to-trough decline	-64.45%	-53.60%	-10.85%
Max Drawdown (1Y) Largest decline over 1 year	-13.30%	-16.58%	+3.28%
Max Drawdown (3Y) Largest decline over 3 years	-24.61%	-38.66%	+14.05%
Max Drawdown (5Y) Largest decline over 5 years	-43.56%	-43.35%	-0.21%
Max Drawdown (10Y) Largest decline over 10 years	-43.56%	-43.35%	-0.21%
Current Drawdown Current decline from peak	-7.13%	-16.58%	+9.45%
Average Drawdown Average peak-to-trough decline	-14.78%	-10.88%	-3.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	5.30%	-1.64%

Volatility

APHMX vs. NEEGX - Volatility Comparison

The current volatility for Artisan Mid Cap Fund Institutional Class (APHMX) is 5.38%, while Needham Growth Fund (NEEGX) has a volatility of 11.60%. This indicates that APHMX experiences smaller price fluctuations and is considered to be less risky than NEEGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APHMX	NEEGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.38%	11.60%	-6.22%
Volatility (6M) Calculated over the trailing 6-month period	15.36%	25.60%	-10.24%
Volatility (1Y) Calculated over the trailing 1-year period	18.49%	31.51%	-13.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.23%	29.20%	-4.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.54%	25.78%	-3.24%

APHMX vs. NEEGX - Expense Ratio Comparison

APHMX has a 0.98% expense ratio, which is lower than NEEGX's 1.78% expense ratio.

Dividends

APHMX vs. NEEGX - Dividend Comparison

APHMX's dividend yield for the trailing twelve months is around 14.71%, more than NEEGX's 5.49% 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%
NEEGX Needham Growth Fund	5.49%	7.57%	3.92%	0.00%	1.78%	6.92%	5.73%	11.31%	17.79%	9.70%	4.22%	6.74%

Frequently Asked Questions

Can I hold both APHMX and NEEGX in my portfolio?

APHMX and NEEGX have a correlation of 0.79, 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 NEEGX?

NEEGX has higher volatility (11.60%) compared to APHMX (5.38%). In terms of maximum drawdown, APHMX dropped -64.45% vs NEEGX's -53.60%.

Which has better risk-adjusted returns?

NEEGX currently has the higher Sharpe Ratio (1.64 vs 0.56), 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.