CAAPX vs. ARFFX

Last updated Jun 23, 2026

CAAPX (Ariel Appreciation Fund) and ARFFX (Ariel Focus Fund) are both Mid Cap Value Equities funds from Ariel Investments. Over the past 10 years, CAAPX returned 8.79%/yr vs 10.35%/yr for ARFFX. Their correlation of 0.93 suggests significant overlap in exposure. CAAPX charges 1.12%/yr vs 1.00%/yr for ARFFX.

Performance

CAAPX vs. ARFFX - Performance Comparison

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

Returns By Period

In the year-to-date period, CAAPX achieves a 12.31% return, which is significantly higher than ARFFX's 8.39% return. Over the past 10 years, CAAPX has underperformed ARFFX with an annualized return of 8.79%, while ARFFX has yielded a comparatively higher 10.35% annualized return.

CAAPX

• 1D: 1.05%
• 1M: 4.46%
• YTD: 12.31%
• 6M: 10.62%
• 1Y: 32.06%
• 3Y*: 11.42%
• 5Y*: 6.57%
• 10Y*: 8.79%

ARFFX

• 1D: -0.26%
• 1M: 0.37%
• YTD: 8.39%
• 6M: 7.53%
• 1Y: 33.38%
• 3Y*: 15.74%
• 5Y*: 8.40%
• 10Y*: 10.35%

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

CAAPX vs. ARFFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CAAPX Ariel Appreciation Fund	12.31%	11.04%	6.07%	10.58%	-12.27%	25.72%	7.42%	24.58%	-13.93%	15.24%
ARFFX Ariel Focus Fund	8.39%	21.00%	13.39%	6.98%	-9.12%	21.14%	6.90%	25.62%	-13.23%	15.01%

Correlation

The correlation between CAAPX and ARFFX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jul 5, 2005	0.93

The correlation between CAAPX and ARFFX shifts across timeframes, from 0.83 (1 year) to 0.93 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CAAPX vs. ARFFX — Risk / Return Rank

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

CAAPX

CAAPX Risk / Return Rank: 47
CAAPX Sharpe Ratio Rank: 45
CAAPX Sortino Ratio Rank: 47
CAAPX Omega Ratio Rank: 41
CAAPX Calmar Ratio Rank: 60
CAAPX Martin Ratio Rank: 44

ARFFX

ARFFX Risk / Return Rank: 76
ARFFX Sharpe Ratio Rank: 82
ARFFX Sortino Ratio Rank: 81
ARFFX Omega Ratio Rank: 72
ARFFX Calmar Ratio Rank: 89
ARFFX Martin Ratio Rank: 56

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.

CAAPX vs. ARFFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ariel Appreciation Fund (CAAPX) and Ariel Focus Fund (ARFFX). 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.

	CAAPX	ARFFX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.47	-0.63
Sortino ratio: Return per unit of downside risk	2.67	3.51	-0.84
Omega ratio: Gain probability vs. loss probability	1.32	1.43	-0.11
Calmar ratio: Return relative to maximum drawdown	2.84	4.22	-1.38
Martin ratio: Return relative to average drawdown	8.75	10.64	-1.89

CAAPX vs. ARFFX - Sharpe Ratio Comparison

The current CAAPX Sharpe Ratio is 1.84, which is comparable to the ARFFX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of CAAPX and ARFFX, 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

CAAPX vs. ARFFX - Drawdown Comparison

The maximum CAAPX drawdown since its inception was -61.92%, which is greater than ARFFX's maximum drawdown of -57.66%. Use the drawdown chart below to compare losses from any high point for CAAPX and ARFFX.

Drawdown Indicators

	CAAPX	ARFFX	Difference
Max Drawdown Largest peak-to-trough decline	-61.92%	-57.66%	-4.26%
Max Drawdown (1Y) Largest decline over 1 year	-11.70%	-8.02%	-3.68%
Max Drawdown (3Y) Largest decline over 3 years	-27.29%	-23.39%	-3.90%
Max Drawdown (5Y) Largest decline over 5 years	-33.40%	-24.50%	-8.90%
Max Drawdown (10Y) Largest decline over 10 years	-42.58%	-43.22%	+0.64%
Current Drawdown Current decline from peak	-0.66%	-4.31%	+3.65%
Average Drawdown Average peak-to-trough decline	-8.05%	-9.43%	+1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.79%	3.18%	+0.61%

Volatility

CAAPX vs. ARFFX - Volatility Comparison

Ariel Appreciation Fund (CAAPX) has a higher volatility of 4.41% compared to Ariel Focus Fund (ARFFX) at 4.18%. This indicates that CAAPX's price experiences larger fluctuations and is considered to be riskier than ARFFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAAPX	ARFFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	4.18%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	12.81%	9.58%	+3.23%
Volatility (1Y) Calculated over the trailing 1-year period	18.09%	13.71%	+4.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.27%	18.54%	+3.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.19%	19.88%	+2.31%

CAAPX vs. ARFFX - Expense Ratio Comparison

CAAPX has a 1.12% expense ratio, which is higher than ARFFX's 1.00% expense ratio.

Dividends

CAAPX vs. ARFFX - Dividend Comparison

CAAPX's dividend yield for the trailing twelve months is around 11.45%, less than ARFFX's 11.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARFFX Ariel Focus Fund	11.70%	12.68%	2.27%	3.33%	8.30%	3.30%	2.41%	1.03%	7.61%	5.76%	1.04%	13.91%
CAAPX Ariel Appreciation Fund	11.45%	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 CAAPX and ARFFX in my portfolio?

CAAPX and ARFFX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAAPX or ARFFX?

CAAPX has higher volatility (4.41%) compared to ARFFX (4.18%). In terms of maximum drawdown, CAAPX dropped -61.92% vs ARFFX's -57.66%.

Which has better risk-adjusted returns?

ARFFX currently has the higher Sharpe Ratio (2.47 vs 1.84), 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.