ARTSX vs. ETMGX
ARTSX (Artisan Small Cap Fund) and ETMGX (Eaton Vance Tax-Managed Small-Cap Fund) are both Small Cap Growth Equities funds. Over the past 10 years, ARTSX returned 12.08%/yr vs 8.11%/yr for ETMGX. A 0.80 correlation means they provide meaningful diversification when combined. ARTSX charges 1.19%/yr vs 1.11%/yr for ETMGX.
Performance
ARTSX vs. ETMGX - Performance Comparison
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Returns By Period
In the year-to-date period, ARTSX achieves a 17.47% return, which is significantly higher than ETMGX's 8.08% return. Over the past 10 years, ARTSX has outperformed ETMGX with an annualized return of 12.08%, while ETMGX has yielded a comparatively lower 8.11% annualized return.
ARTSX
- 1D
- -1.26%
- 1M
- 3.03%
- 6M
- 9.97%
- YTD
- 17.47%
- 1Y
- 31.86%
- 3Y*
- 15.54%
- 5Y*
- 1.68%
- 10Y*
- 12.08%
ETMGX
- 1D
- 0.84%
- 1M
- 3.08%
- 6M
- 3.19%
- YTD
- 8.08%
- 1Y
- 1.84%
- 3Y*
- 4.56%
- 5Y*
- 2.28%
- 10Y*
- 8.11%
ARTSX vs. ETMGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ARTSX Artisan Small Cap Fund | 17.47% | 8.46% | 20.56% | 9.29% | -29.44% | -9.05% | 60.95% | 40.04% | 1.97% | 26.97% |
ETMGX Eaton Vance Tax-Managed Small-Cap Fund | 8.08% | -6.63% | 11.43% | 11.06% | -16.53% | 20.91% | 12.33% | 27.32% | -5.86% | 15.26% |
Correlation
The correlation between ARTSX and ETMGX is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012 | 0.80 |
The correlation between ARTSX and ETMGX has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.
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Return for Risk
ARTSX vs. ETMGX — Risk / Return Rank
ARTSX
ETMGX
ARTSX vs. ETMGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Artisan Small Cap Fund (ARTSX) and Eaton Vance Tax-Managed Small-Cap Fund (ETMGX). 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.
| ARTSX | ETMGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.28 | ||
| Sortino ratioReturn per unit of downside risk | +1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.02 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.99 | 0.07 | +1.92 |
| Martin ratioReturn relative to average drawdown | 8.23 | 0.16 | +8.07 |
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Drawdowns
ARTSX vs. ETMGX - Drawdown Comparison
The maximum ARTSX drawdown since its inception was -62.77%, which is greater than ETMGX's maximum drawdown of -37.02%. Use the drawdown chart below to compare losses from any high point for ARTSX and ETMGX.
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Drawdown Indicators
| ARTSX | ETMGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.77% | -37.02% | -25.75% |
Max Drawdown (1Y)Largest decline over 1 year | -15.44% | -13.14% | -2.30% |
Max Drawdown (3Y)Largest decline over 3 years | -25.88% | -22.28% | -3.60% |
Max Drawdown (5Y)Largest decline over 5 years | -47.88% | -25.14% | -22.74% |
Max Drawdown (10Y)Largest decline over 10 years | -51.51% | -37.02% | -14.49% |
Current DrawdownCurrent decline from peak | -4.38% | -7.36% | +2.98% |
Average DrawdownAverage peak-to-trough decline | -14.68% | -6.60% | -8.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.72% | 5.97% | -2.25% |
Volatility
ARTSX vs. ETMGX - Volatility Comparison
Artisan Small Cap Fund (ARTSX) has a higher volatility of 8.15% compared to Eaton Vance Tax-Managed Small-Cap Fund (ETMGX) at 4.96%. This indicates that ARTSX's price experiences larger fluctuations and is considered to be riskier than ETMGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ARTSX | ETMGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.15% | 4.96% | +3.19% |
Volatility (6M)Calculated over the trailing 6-month period | 19.02% | 11.67% | +7.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.01% | 16.36% | +6.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.63% | 18.78% | +8.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.59% | 19.87% | +5.72% |
ARTSX vs. ETMGX - Expense Ratio Comparison
ARTSX has a 1.19% expense ratio, which is higher than ETMGX's 1.11% expense ratio.
Dividends
ARTSX vs. ETMGX - Dividend Comparison
ARTSX's dividend yield for the trailing twelve months is around 7.02%, more than ETMGX's 6.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARTSX Artisan Small Cap Fund | 7.02% | 8.24% | 10.40% | 0.00% | 0.26% | 12.11% | 5.26% | 7.83% | 20.83% | 16.26% | 1.18% | 10.12% |
ETMGX Eaton Vance Tax-Managed Small-Cap Fund | 6.52% | 7.04% | 2.85% | 1.36% | 2.80% | 8.28% | 0.09% | 6.50% | 7.75% | 11.87% | 6.00% | 5.50% |
Frequently Asked Questions
ARTSX and ETMGX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ARTSX has higher volatility (8.15%) compared to ETMGX (4.96%). In terms of maximum drawdown, ARTSX dropped -62.77% vs ETMGX's -37.02%.
ARTSX currently has the higher Sharpe Ratio (1.34 vs 0.06), 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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