ARGFX vs. ^SP400

Last updated Apr 2, 2026

Compare and contrast key facts about Ariel Fund (ARGFX) and S&P 400 Index (^SP400).

ARGFX is managed by Ariel Investments. It was launched on Nov 6, 1986.

Performance

ARGFX vs. ^SP400 - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ariel Fund (ARGFX) and S&P 400 Index (^SP400). The values are adjusted to include any dividend payments, if applicable.

ARGFX vs. ^SP400 - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARGFX Ariel Fund	-1.48%	14.08%	11.56%	15.78%	-18.68%	30.29%	10.05%	24.64%	-13.59%	15.99%
^SP400 S&P 400 Index	3.02%	5.90%	12.20%	14.45%	-14.48%	23.21%	11.81%	24.05%	-12.50%	14.45%

Returns By Period

In the year-to-date period, ARGFX achieves a -1.48% return, which is significantly lower than ^SP400's 3.02% return. Both investments have delivered pretty close results over the past 10 years, with ARGFX having a 9.35% annualized return and ^SP400 not far behind at 8.90%.

ARGFX

• 1D: 3.37%
• 1M: -7.96%
• YTD: -1.48%
• 6M: 1.18%
• 1Y: 22.08%
• 3Y*: 10.82%
• 5Y*: 4.86%
• 10Y*: 9.35%

^SP400

• 1D: 0.85%
• 1M: -5.55%
• YTD: 3.02%
• 6M: 3.99%
• 1Y: 15.98%
• 3Y*: 10.67%
• 5Y*: 5.16%
• 10Y*: 8.90%

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

Return for Risk

ARGFX vs. ^SP400 — Risk / Return Rank

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

ARGFX

ARGFX Risk / Return Rank: 45
ARGFX Sharpe Ratio Rank: 41
ARGFX Sortino Ratio Rank: 46
ARGFX Omega Ratio Rank: 39
ARGFX Calmar Ratio Rank: 57
ARGFX Martin Ratio Rank: 43

^SP400

^SP400 Risk / Return Rank: 50
^SP400 Sharpe Ratio Rank: 46
^SP400 Sortino Ratio Rank: 48
^SP400 Omega Ratio Rank: 49
^SP400 Calmar Ratio Rank: 47
^SP400 Martin Ratio Rank: 58

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.

ARGFX vs. ^SP400 - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ariel Fund (ARGFX) and S&P 400 Index (^SP400). 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.

	ARGFX	^SP400	Difference
Sharpe ratio Return per unit of total volatility	0.90	0.77	+0.14
Sortino ratio Return per unit of downside risk	1.41	1.22	+0.19
Omega ratio Gain probability vs. loss probability	1.19	1.17	+0.02
Calmar ratio Return relative to maximum drawdown	1.43	1.18	+0.25
Martin ratio Return relative to average drawdown	4.66	4.99	-0.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARGFX vs. ^SP400 - Sharpe Ratio Comparison

The current ARGFX Sharpe Ratio is 0.90, which is comparable to the ^SP400 Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of ARGFX and ^SP400, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ARGFX	^SP400	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.90	0.77	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.26	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.43	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.48	+0.06

Correlation

The correlation between ARGFX and ^SP400 is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

ARGFX vs. ^SP400 - Drawdown Comparison

The maximum ARGFX drawdown since its inception was -71.02%, which is greater than ^SP400's maximum drawdown of -56.32%. Use the drawdown chart below to compare losses from any high point for ARGFX and ^SP400.

Drawdown Indicators

	ARGFX	^SP400	Difference
Max Drawdown Largest peak-to-trough decline	-71.02%	-56.32%	-14.70%
Max Drawdown (1Y) Largest decline over 1 year	-15.50%	-14.11%	-1.39%
Max Drawdown (5Y) Largest decline over 5 years	-33.00%	-24.46%	-8.54%
Max Drawdown (10Y) Largest decline over 10 years	-45.29%	-42.14%	-3.15%
Current Drawdown Current decline from peak	-9.41%	-5.60%	-3.81%
Average Drawdown Average peak-to-trough decline	-8.47%	-7.18%	-1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.76%	3.34%	+1.42%

Volatility

ARGFX vs. ^SP400 - Volatility Comparison

Ariel Fund (ARGFX) has a higher volatility of 7.12% compared to S&P 400 Index (^SP400) at 6.38%. This indicates that ARGFX's price experiences larger fluctuations and is considered to be riskier than ^SP400 based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARGFX	^SP400	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.12%	6.38%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	14.19%	11.84%	+2.35%
Volatility (1Y) Calculated over the trailing 1-year period	24.69%	20.98%	+3.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.34%	19.63%	+2.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.77%	20.97%	+1.80%