ARTIX vs. GTMIX

Last updated Jun 23, 2026

ARTIX (Artisan International Fund) and GTMIX (GMO Tax-Managed International Equities Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, ARTIX returned 10.09%/yr vs 10.27%/yr for GTMIX. Their correlation of 0.85 suggests significant overlap in exposure. ARTIX charges 1.19%/yr vs 0.68%/yr for GTMIX.

Performance

ARTIX vs. GTMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan International Fund (ARTIX) and GMO Tax-Managed International Equities Fund (GTMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARTIX achieves a 14.67% return, which is significantly higher than GTMIX's 13.42% return. Both investments have delivered pretty close results over the past 10 years, with ARTIX having a 10.09% annualized return and GTMIX not far ahead at 10.27%.

ARTIX

• 1D: 0.03%
• 1M: -0.35%
• YTD: 14.67%
• 6M: 15.29%
• 1Y: 25.23%
• 3Y*: 21.63%
• 5Y*: 10.33%
• 10Y*: 10.09%

GTMIX

• 1D: -0.38%
• 1M: -0.54%
• YTD: 13.42%
• 6M: 13.84%
• 1Y: 39.10%
• 3Y*: 20.69%
• 5Y*: 11.56%
• 10Y*: 10.27%

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

ARTIX vs. GTMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARTIX Artisan International Fund	14.67%	36.21%	10.59%	14.27%	-19.54%	8.87%	7.58%	29.16%	-11.03%	31.03%
GTMIX GMO Tax-Managed International Equities Fund	13.42%	46.17%	1.54%	14.96%	-10.13%	10.71%	7.50%	23.35%	-21.23%	28.45%

Correlation

The correlation between ARTIX and GTMIX is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 4, 1999	0.85

Over the past year, the correlation between ARTIX and GTMIX has dropped to 0.63 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

Return for Risk

ARTIX vs. GTMIX — Risk / Return Rank

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

ARTIX

ARTIX Risk / Return Rank: 45
ARTIX Sharpe Ratio Rank: 42
ARTIX Sortino Ratio Rank: 42
ARTIX Omega Ratio Rank: 41
ARTIX Calmar Ratio Rank: 54
ARTIX Martin Ratio Rank: 44

GTMIX

GTMIX Risk / Return Rank: 91
GTMIX Sharpe Ratio Rank: 93
GTMIX Sortino Ratio Rank: 90
GTMIX Omega Ratio Rank: 84
GTMIX Calmar Ratio Rank: 93
GTMIX Martin Ratio Rank: 94

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.

ARTIX vs. GTMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan International Fund (ARTIX) and GMO Tax-Managed International Equities Fund (GTMIX). 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.

	ARTIX	GTMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.94	-1.19
Sortino ratio: Return per unit of downside risk	2.53	4.05	-1.52
Omega ratio: Gain probability vs. loss probability	1.32	1.53	-0.21
Calmar ratio: Return relative to maximum drawdown	2.69	4.85	-2.15
Martin ratio: Return relative to average drawdown	8.84	18.73	-9.89

ARTIX vs. GTMIX - Sharpe Ratio Comparison

The current ARTIX Sharpe Ratio is 1.75, which is lower than the GTMIX Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of ARTIX and GTMIX, 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

ARTIX vs. GTMIX - Drawdown Comparison

The maximum ARTIX drawdown since its inception was -61.18%, roughly equal to the maximum GTMIX drawdown of -58.31%. Use the drawdown chart below to compare losses from any high point for ARTIX and GTMIX.

Drawdown Indicators

	ARTIX	GTMIX	Difference
Max Drawdown Largest peak-to-trough decline	-61.18%	-58.31%	-2.87%
Max Drawdown (1Y) Largest decline over 1 year	-9.78%	-7.90%	-1.88%
Max Drawdown (3Y) Largest decline over 3 years	-13.39%	-14.11%	+0.72%
Max Drawdown (5Y) Largest decline over 5 years	-33.88%	-27.34%	-6.54%
Max Drawdown (10Y) Largest decline over 10 years	-33.88%	-40.32%	+6.44%
Current Drawdown Current decline from peak	-4.28%	-1.33%	-2.95%
Average Drawdown Average peak-to-trough decline	-16.08%	-12.66%	-3.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	2.04%	+0.93%

Volatility

ARTIX vs. GTMIX - Volatility Comparison

Artisan International Fund (ARTIX) has a higher volatility of 5.05% compared to GMO Tax-Managed International Equities Fund (GTMIX) at 3.61%. This indicates that ARTIX's price experiences larger fluctuations and is considered to be riskier than GTMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARTIX	GTMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	3.61%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	12.63%	9.95%	+2.68%
Volatility (1Y) Calculated over the trailing 1-year period	15.08%	13.00%	+2.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.96%	14.94%	+1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.32%	16.03%	+0.29%

ARTIX vs. GTMIX - Expense Ratio Comparison

ARTIX has a 1.19% expense ratio, which is higher than GTMIX's 0.68% expense ratio.

Dividends

ARTIX vs. GTMIX - Dividend Comparison

ARTIX's dividend yield for the trailing twelve months is around 19.64%, which matches GTMIX's 19.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARTIX Artisan International Fund	19.64%	22.52%	10.24%	1.79%	2.54%	23.35%	3.23%	5.24%	9.73%	0.67%	1.17%	0.45%
GTMIX GMO Tax-Managed International Equities Fund	19.78%	22.43%	5.94%	0.36%	5.44%	16.55%	2.25%	4.13%	7.25%	2.96%	4.05%	3.26%

Frequently Asked Questions

Can I hold both ARTIX and GTMIX in my portfolio?

ARTIX and GTMIX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARTIX or GTMIX?

ARTIX has higher volatility (5.05%) compared to GTMIX (3.61%). In terms of maximum drawdown, ARTIX dropped -61.18% vs GTMIX's -58.31%.

Which has better risk-adjusted returns?

GTMIX currently has the higher Sharpe Ratio (2.94 vs 1.75), 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.