ARGFX vs. CAAPX

Last updated Jun 4, 2026

ARGFX (Ariel Fund) and CAAPX (Ariel Appreciation Fund) are both Mid Cap Value Equities funds from Ariel Investments. Over the past 10 years, ARGFX returned 9.80%/yr vs 8.54%/yr for CAAPX. Their correlation of 0.93 suggests significant overlap in exposure. ARGFX charges 1.00%/yr vs 1.12%/yr for CAAPX.

Performance

ARGFX vs. CAAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ariel Fund (ARGFX) and Ariel Appreciation Fund (CAAPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARGFX achieves a 4.63% return, which is significantly lower than CAAPX's 9.88% return. Over the past 10 years, ARGFX has outperformed CAAPX with an annualized return of 9.80%, while CAAPX has yielded a comparatively lower 8.54% annualized return.

ARGFX

• 1D: -0.14%
• 1M: 2.97%
• YTD: 4.63%
• 6M: 7.63%
• 1Y: 27.71%
• 3Y*: 13.22%
• 5Y*: 4.77%
• 10Y*: 9.80%

CAAPX

• 1D: 0.33%
• 1M: 3.01%
• YTD: 9.88%
• 6M: 12.22%
• 1Y: 32.01%
• 3Y*: 11.98%
• 5Y*: 4.76%
• 10Y*: 8.54%

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

ARGFX vs. CAAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARGFX Ariel Fund	4.63%	14.08%	11.56%	15.78%	-18.68%	30.29%	10.05%	24.64%	-13.59%	15.99%
CAAPX Ariel Appreciation Fund	9.88%	11.04%	6.07%	10.58%	-12.27%	25.72%	7.42%	24.58%	-13.93%	15.24%

Correlation

The correlation between ARGFX and CAAPX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 1, 1989	0.93

The correlation between ARGFX and CAAPX has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

Return for Risk

ARGFX vs. CAAPX — Risk / Return Rank

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

ARGFX

ARGFX Risk / Return Rank: 31
ARGFX Sharpe Ratio Rank: 30
ARGFX Sortino Ratio Rank: 31
ARGFX Omega Ratio Rank: 27
ARGFX Calmar Ratio Rank: 39
ARGFX Martin Ratio Rank: 30

CAAPX

CAAPX Risk / Return Rank: 44
CAAPX Sharpe Ratio Rank: 42
CAAPX Sortino Ratio Rank: 42
CAAPX Omega Ratio Rank: 38
CAAPX Calmar Ratio Rank: 58
CAAPX Martin Ratio Rank: 42

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. CAAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ariel Fund (ARGFX) and Ariel Appreciation Fund (CAAPX). 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	CAAPX	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.89	-0.33
Sortino ratio: Return per unit of downside risk	2.30	2.72	-0.42
Omega ratio: Gain probability vs. loss probability	1.27	1.33	-0.06
Calmar ratio: Return relative to maximum drawdown	2.38	2.92	-0.54
Martin ratio: Return relative to average drawdown	7.01	8.98	-1.97
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. CAAPX - Sharpe Ratio Comparison

The current ARGFX Sharpe Ratio is 1.56, which is comparable to the CAAPX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of ARGFX and CAAPX, 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

	ARGFX	CAAPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	1.89	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.22	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.39	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.51	+0.03

Drawdowns

ARGFX vs. CAAPX - Drawdown Comparison

The maximum ARGFX drawdown since its inception was -71.02%, which is greater than CAAPX's maximum drawdown of -61.92%. Use the drawdown chart below to compare losses from any high point for ARGFX and CAAPX.

Drawdown Indicators

	ARGFX	CAAPX	Difference
Max Drawdown Largest peak-to-trough decline	-71.02%	-61.92%	-9.10%
Max Drawdown (1Y) Largest decline over 1 year	-12.36%	-11.70%	-0.66%
Max Drawdown (3Y) Largest decline over 3 years	-28.07%	-27.29%	-0.78%
Max Drawdown (5Y) Largest decline over 5 years	-33.00%	-33.40%	+0.40%
Max Drawdown (10Y) Largest decline over 10 years	-45.29%	-42.58%	-2.71%
Current Drawdown Current decline from peak	-3.79%	-0.98%	-2.81%
Average Drawdown Average peak-to-trough decline	-8.46%	-8.06%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	3.79%	+0.39%

Volatility

ARGFX vs. CAAPX - Volatility Comparison

Ariel Fund (ARGFX) has a higher volatility of 5.02% compared to Ariel Appreciation Fund (CAAPX) at 4.13%. This indicates that ARGFX's price experiences larger fluctuations and is considered to be riskier than CAAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARGFX	CAAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.02%	4.13%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	13.29%	12.73%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	18.91%	18.10%	+0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.41%	22.25%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.80%	22.17%	+0.63%

ARGFX vs. CAAPX - Expense Ratio Comparison

ARGFX has a 1.00% expense ratio, which is lower than CAAPX's 1.12% expense ratio.

Dividends

ARGFX vs. CAAPX - Dividend Comparison

ARGFX's dividend yield for the trailing twelve months is around 11.28%, less than CAAPX's 11.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARGFX Ariel Fund	11.28%	11.80%	5.49%	5.09%	9.01%	5.56%	5.33%	5.81%	10.35%	6.30%	6.56%	16.28%
CAAPX Ariel Appreciation Fund	11.71%	12.86%	6.11%	6.31%	10.51%	14.21%	9.85%	7.58%	7.37%	12.53%	7.88%	12.05%

Frequently Asked Questions

Can I hold both ARGFX and CAAPX in my portfolio?

With a correlation of 0.96, ARGFX and CAAPX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ARGFX or CAAPX?

ARGFX has higher volatility (5.02%) compared to CAAPX (4.13%). In terms of maximum drawdown, ARGFX dropped -71.02% vs CAAPX's -61.92%.

Which has better risk-adjusted returns?

CAAPX currently has the higher Sharpe Ratio (1.89 vs 1.56), 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.