ARTKX vs. HEFA

Last updated Jun 4, 2026

ARTKX (Artisan International Value Fund) and HEFA (iShares Currency Hedged MSCI EAFE ETF) are both Foreign Large Cap Equities funds. Over the past 10 years, ARTKX returned 10.70%/yr vs 12.60%/yr for HEFA. A 0.76 correlation means they provide meaningful diversification when combined. ARTKX charges 1.25%/yr vs 0.35%/yr for HEFA.

Performance

ARTKX vs. HEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan International Value Fund (ARTKX) and iShares Currency Hedged MSCI EAFE ETF (HEFA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ARTKX having a 10.51% return and HEFA slightly lower at 10.24%. Over the past 10 years, ARTKX has underperformed HEFA with an annualized return of 10.70%, while HEFA has yielded a comparatively higher 12.60% annualized return.

ARTKX

• 1D: 0.58%
• 1M: 5.72%
• YTD: 10.51%
• 6M: 13.83%
• 1Y: 23.03%
• 3Y*: 16.67%
• 5Y*: 10.28%
• 10Y*: 10.70%

HEFA

• 1D: -0.45%
• 1M: 4.65%
• YTD: 10.24%
• 6M: 12.49%
• 1Y: 25.95%
• 3Y*: 18.32%
• 5Y*: 13.52%
• 10Y*: 12.60%

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

ARTKX vs. HEFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARTKX Artisan International Value Fund	10.51%	22.54%	6.38%	22.65%	-6.98%	16.66%	8.52%	23.98%	-15.70%	23.84%
HEFA iShares Currency Hedged MSCI EAFE ETF	10.24%	24.58%	13.71%	20.33%	-4.86%	19.59%	2.09%	27.63%	-9.33%	16.67%

Correlation

The correlation between ARTKX and HEFA is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Feb 18, 2014	0.76

The correlation between ARTKX and HEFA shifts across timeframes, from 0.66 (1 year) to 0.78 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ARTKX vs. HEFA — Risk / Return Rank

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

ARTKX

ARTKX Risk / Return Rank: 36
ARTKX Sharpe Ratio Rank: 33
ARTKX Sortino Ratio Rank: 35
ARTKX Omega Ratio Rank: 41
ARTKX Calmar Ratio Rank: 37
ARTKX Martin Ratio Rank: 34

HEFA

HEFA Risk / Return Rank: 60
HEFA Sharpe Ratio Rank: 60
HEFA Sortino Ratio Rank: 60
HEFA Omega Ratio Rank: 62
HEFA Calmar Ratio Rank: 54
HEFA Martin Ratio Rank: 62

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.

ARTKX vs. HEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan International Value Fund (ARTKX) and iShares Currency Hedged MSCI EAFE ETF (HEFA). 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.

	ARTKX	HEFA	Difference
Sharpe ratio: Return per unit of total volatility	1.67	2.07	-0.40
Sortino ratio: Return per unit of downside risk	2.46	2.90	-0.44
Omega ratio: Gain probability vs. loss probability	1.34	1.38	-0.04
Calmar ratio: Return relative to maximum drawdown	2.29	2.74	-0.45
Martin ratio: Return relative to average drawdown	7.70	11.43	-3.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARTKX vs. HEFA - Sharpe Ratio Comparison

The current ARTKX Sharpe Ratio is 1.67, which is comparable to the HEFA Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of ARTKX and HEFA, 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

	ARTKX	HEFA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	2.07	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.99	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.80	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.66	+0.08

Drawdowns

ARTKX vs. HEFA - Drawdown Comparison

The maximum ARTKX drawdown since its inception was -51.90%, which is greater than HEFA's maximum drawdown of -32.39%. Use the drawdown chart below to compare losses from any high point for ARTKX and HEFA.

Drawdown Indicators

	ARTKX	HEFA	Difference
Max Drawdown Largest peak-to-trough decline	-51.90%	-32.39%	-19.51%
Max Drawdown (1Y) Largest decline over 1 year	-9.96%	-9.52%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-10.88%	-14.28%	+3.40%
Max Drawdown (5Y) Largest decline over 5 years	-24.95%	-14.79%	-10.16%
Max Drawdown (10Y) Largest decline over 10 years	-38.11%	-32.39%	-5.72%
Current Drawdown Current decline from peak	0.00%	-0.45%	+0.45%
Average Drawdown Average peak-to-trough decline	-6.73%	-4.17%	-2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	2.28%	+0.67%

Volatility

ARTKX vs. HEFA - Volatility Comparison

Artisan International Value Fund (ARTKX) has a higher volatility of 4.38% compared to iShares Currency Hedged MSCI EAFE ETF (HEFA) at 4.05%. This indicates that ARTKX's price experiences larger fluctuations and is considered to be riskier than HEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARTKX	HEFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	4.05%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	10.64%	10.13%	+0.51%
Volatility (1Y) Calculated over the trailing 1-year period	13.63%	12.59%	+1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.95%	13.76%	+0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.17%	15.86%	+0.31%

ARTKX vs. HEFA - Expense Ratio Comparison

ARTKX has a 1.25% expense ratio, which is higher than HEFA's 0.35% expense ratio.

Dividends

ARTKX vs. HEFA - Dividend Comparison

ARTKX's dividend yield for the trailing twelve months is around 6.26%, more than HEFA's 3.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARTKX Artisan International Value Fund	6.26%	6.90%	4.10%	2.84%	2.11%	9.72%	0.84%	3.64%	5.37%	3.89%	3.11%	6.17%
HEFA iShares Currency Hedged MSCI EAFE ETF	3.99%	4.40%	3.09%	3.02%	25.14%	3.06%	2.10%	7.56%	4.58%	2.55%	3.17%	3.54%

Frequently Asked Questions

Can I hold both ARTKX and HEFA in my portfolio?

ARTKX and HEFA have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARTKX or HEFA?

ARTKX has higher volatility (4.38%) compared to HEFA (4.05%). In terms of maximum drawdown, ARTKX dropped -51.90% vs HEFA's -32.39%.

Which has better risk-adjusted returns?

HEFA currently has the higher Sharpe Ratio (2.07 vs 1.67), 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.