ARGFX vs. ^SP400
ARGFX (Ariel Fund) is Mid Cap Value Equities fund managed by Ariel Investments, while ^SP400 (S&P 400 Index) is an index. Over the past 10 years, ARGFX returned 10.38%/yr vs 9.41%/yr for ^SP400. Their correlation of 0.85 suggests significant overlap in exposure.
Performance
ARGFX vs. ^SP400 - Performance Comparison
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Returns By Period
In the year-to-date period, ARGFX achieves a 11.11% return, which is significantly lower than ^SP400's 14.87% return. Over the past 10 years, ARGFX has outperformed ^SP400 with an annualized return of 10.38%, while ^SP400 has yielded a comparatively lower 9.41% annualized return.
ARGFX
- 1D
- 0.85%
- 1M
- 2.51%
- 6M
- 3.00%
- YTD
- 11.11%
- 1Y
- 25.99%
- 3Y*
- 13.14%
- 5Y*
- 7.29%
- 10Y*
- 10.38%
^SP400
- 1D
- 0.48%
- 1M
- 0.02%
- 6M
- 7.95%
- YTD
- 14.87%
- 1Y
- 20.92%
- 3Y*
- 12.16%
- 5Y*
- 7.73%
- 10Y*
- 9.41%
ARGFX vs. ^SP400 - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ARGFX Ariel Fund | 11.11% | 14.08% | 11.56% | 15.78% | -18.68% | 30.29% | 10.05% | 24.64% | -13.59% | 15.99% |
^SP400 S&P 400 Index | 14.87% | 5.90% | 12.20% | 14.45% | -14.48% | 23.21% | 11.81% | 24.05% | -12.50% | 14.45% |
Correlation
The correlation between ARGFX and ^SP400 is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 1986 | 0.85 |
The correlation between ARGFX and ^SP400 has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.
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Return for Risk
ARGFX vs. ^SP400 — Risk / Return Rank
ARGFX
^SP400
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.
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.
| ARGFX | ^SP400 | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.24 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 2.35 | -0.16 |
| Martin ratioReturn relative to average drawdown | 6.39 | 8.36 | -1.97 |
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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.
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Drawdown Indicators
| ARGFX | ^SP400 | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.02% | -56.32% | -14.70% |
Max Drawdown (1Y)Largest decline over 1 year | -12.36% | -8.96% | -3.40% |
Max Drawdown (3Y)Largest decline over 3 years | -28.07% | -24.46% | -3.61% |
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 DrawdownCurrent decline from peak | -0.98% | -1.45% | +0.47% |
Average DrawdownAverage peak-to-trough decline | -8.44% | -7.11% | -1.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.21% | 2.51% | +1.70% |
Volatility
ARGFX vs. ^SP400 - Volatility Comparison
Ariel Fund (ARGFX) has a higher volatility of 4.58% compared to S&P 400 Index (^SP400) at 3.48%. 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.
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Volatility by Period
| ARGFX | ^SP400 | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.58% | 3.48% | +1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 13.67% | 11.61% | +2.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.98% | 15.63% | +3.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.46% | 19.62% | +2.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.68% | 20.95% | +1.73% |
Frequently Asked Questions
ARGFX and ^SP400 have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ARGFX has higher volatility (4.58%) compared to ^SP400 (3.48%). In terms of maximum drawdown, ARGFX dropped -71.02% vs ^SP400's -56.32%.
ARGFX currently has the higher Sharpe Ratio (1.43 vs 1.34), 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.
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