ARTSX vs. HSPGX

Last updated Jun 23, 2026

ARTSX (Artisan Small Cap Fund) and HSPGX (Emerald Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, ARTSX returned 12.58%/yr vs 16.90%/yr for HSPGX. Their correlation of 0.90 suggests significant overlap in exposure. ARTSX charges 1.19%/yr vs 1.03%/yr for HSPGX.

Performance

ARTSX vs. HSPGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan Small Cap Fund (ARTSX) and Emerald Growth Fund (HSPGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARTSX achieves a 17.67% return, which is significantly lower than HSPGX's 33.16% return. Over the past 10 years, ARTSX has underperformed HSPGX with an annualized return of 12.58%, while HSPGX has yielded a comparatively higher 16.90% annualized return.

ARTSX

• 1D: 2.85%
• 1M: 6.35%
• YTD: 17.67%
• 6M: 14.52%
• 1Y: 34.98%
• 3Y*: 16.37%
• 5Y*: 2.32%
• 10Y*: 12.58%

HSPGX

• 1D: 3.41%
• 1M: 8.84%
• YTD: 33.16%
• 6M: 28.07%
• 1Y: 74.22%
• 3Y*: 33.80%
• 5Y*: 15.03%
• 10Y*: 16.90%

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

ARTSX vs. HSPGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARTSX Artisan Small Cap Fund	17.67%	8.46%	20.56%	9.29%	-29.44%	-9.05%	60.95%	40.04%	1.97%	26.97%
HSPGX Emerald Growth Fund	33.16%	31.62%	28.04%	18.66%	-24.65%	3.59%	38.49%	28.33%	-12.16%	27.72%

Correlation

The correlation between ARTSX and HSPGX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Feb 29, 1996	0.90

The correlation between ARTSX and HSPGX has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

ARTSX vs. HSPGX — Risk / Return Rank

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

ARTSX

ARTSX Risk / Return Rank: 37
ARTSX Sharpe Ratio Rank: 33
ARTSX Sortino Ratio Rank: 34
ARTSX Omega Ratio Rank: 30
ARTSX Calmar Ratio Rank: 39
ARTSX Martin Ratio Rank: 48

HSPGX

HSPGX Risk / Return Rank: 88
HSPGX Sharpe Ratio Rank: 92
HSPGX Sortino Ratio Rank: 81
HSPGX Omega Ratio Rank: 75
HSPGX Calmar Ratio Rank: 95
HSPGX Martin Ratio Rank: 96

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.

ARTSX vs. HSPGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan Small Cap Fund (ARTSX) and Emerald Growth Fund (HSPGX). 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	HSPGX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.86	-1.31
Sortino ratio: Return per unit of downside risk	2.26	3.51	-1.26
Omega ratio: Gain probability vs. loss probability	1.27	1.45	-0.17
Calmar ratio: Return relative to maximum drawdown	2.26	5.26	-3.00
Martin ratio: Return relative to average drawdown	9.42	21.94	-12.52

ARTSX vs. HSPGX - Sharpe Ratio Comparison

The current ARTSX Sharpe Ratio is 1.55, which is lower than the HSPGX Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of ARTSX and HSPGX, 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

ARTSX vs. HSPGX - Drawdown Comparison

The maximum ARTSX drawdown since its inception was -62.77%, roughly equal to the maximum HSPGX drawdown of -60.28%. Use the drawdown chart below to compare losses from any high point for ARTSX and HSPGX.

Drawdown Indicators

	ARTSX	HSPGX	Difference
Max Drawdown Largest peak-to-trough decline	-62.77%	-60.28%	-2.49%
Max Drawdown (1Y) Largest decline over 1 year	-15.44%	-14.41%	-1.03%
Max Drawdown (3Y) Largest decline over 3 years	-25.88%	-28.63%	+2.75%
Max Drawdown (5Y) Largest decline over 5 years	-47.88%	-38.65%	-9.23%
Max Drawdown (10Y) Largest decline over 10 years	-51.51%	-41.48%	-10.03%
Current Drawdown Current decline from peak	-4.22%	0.00%	-4.22%
Average Drawdown Average peak-to-trough decline	-14.70%	-18.99%	+4.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	3.43%	+0.26%

Volatility

ARTSX vs. HSPGX - Volatility Comparison

The current volatility for Artisan Small Cap Fund (ARTSX) is 8.71%, while Emerald Growth Fund (HSPGX) has a volatility of 9.72%. This indicates that ARTSX experiences smaller price fluctuations and is considered to be less risky than HSPGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARTSX	HSPGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.71%	9.72%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	18.67%	20.46%	-1.79%
Volatility (1Y) Calculated over the trailing 1-year period	22.49%	26.46%	-3.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.55%	25.71%	+1.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.62%	25.25%	+0.37%

ARTSX vs. HSPGX - Expense Ratio Comparison

ARTSX has a 1.19% expense ratio, which is higher than HSPGX's 1.03% expense ratio.

Dividends

ARTSX vs. HSPGX - Dividend Comparison

ARTSX's dividend yield for the trailing twelve months is around 7.01%, less than HSPGX's 9.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARTSX Artisan Small Cap Fund	7.01%	8.24%	10.40%	0.00%	0.26%	12.11%	5.26%	7.83%	20.83%	16.26%	1.18%	10.12%
HSPGX Emerald Growth Fund	9.57%	12.74%	21.85%	6.43%	8.77%	19.11%	8.48%	1.45%	11.86%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ARTSX and HSPGX in my portfolio?

With a correlation of 0.91, ARTSX and HSPGX 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, ARTSX or HSPGX?

HSPGX has higher volatility (9.72%) compared to ARTSX (8.71%). In terms of maximum drawdown, ARTSX dropped -62.77% vs HSPGX's -60.28%.

Which has better risk-adjusted returns?

HSPGX currently has the higher Sharpe Ratio (2.86 vs 1.55), 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.