CAAPX vs. ARGFX

Last updated Jun 23, 2026

CAAPX (Ariel Appreciation Fund) and ARGFX (Ariel Fund) are both Mid Cap Value Equities funds from Ariel Investments. Over the past 10 years, CAAPX returned 8.79%/yr vs 10.14%/yr for ARGFX. Their correlation of 0.93 suggests significant overlap in exposure. CAAPX charges 1.12%/yr vs 1.00%/yr for ARGFX.

Performance

CAAPX vs. ARGFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ariel Appreciation Fund (CAAPX) and Ariel Fund (ARGFX). 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 ARGFX's 8.20% return. Over the past 10 years, CAAPX has underperformed ARGFX with an annualized return of 8.79%, while ARGFX has yielded a comparatively higher 10.14% 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%

ARGFX

• 1D: 1.77%
• 1M: 5.18%
• YTD: 8.20%
• 6M: 6.74%
• 1Y: 30.83%
• 3Y*: 13.37%
• 5Y*: 6.54%
• 10Y*: 10.14%

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

CAAPX vs. ARGFX - 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%
ARGFX Ariel Fund	8.20%	14.08%	11.56%	15.78%	-18.68%	30.29%	10.05%	24.64%	-13.59%	15.99%

Correlation

The correlation between CAAPX and ARGFX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Nov 30, 1989	0.93

The correlation between CAAPX and ARGFX has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

Return for Risk

CAAPX vs. ARGFX — 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

ARGFX

ARGFX Risk / Return Rank: 40
ARGFX Sharpe Ratio Rank: 39
ARGFX Sortino Ratio Rank: 41
ARGFX Omega Ratio Rank: 34
ARGFX Calmar Ratio Rank: 50
ARGFX Martin Ratio Rank: 36

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. ARGFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ariel Appreciation Fund (CAAPX) and Ariel Fund (ARGFX). 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	ARGFX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.68	+0.16
Sortino ratio: Return per unit of downside risk	2.67	2.47	+0.20
Omega ratio: Gain probability vs. loss probability	1.32	1.29	+0.03
Calmar ratio: Return relative to maximum drawdown	2.84	2.59	+0.25
Martin ratio: Return relative to average drawdown	8.75	7.60	+1.15

CAAPX vs. ARGFX - Sharpe Ratio Comparison

The current CAAPX Sharpe Ratio is 1.84, which is comparable to the ARGFX Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of CAAPX and ARGFX, 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. ARGFX - Drawdown Comparison

The maximum CAAPX drawdown since its inception was -61.92%, smaller than the maximum ARGFX drawdown of -71.02%. Use the drawdown chart below to compare losses from any high point for CAAPX and ARGFX.

Drawdown Indicators

	CAAPX	ARGFX	Difference
Max Drawdown Largest peak-to-trough decline	-61.92%	-71.02%	+9.10%
Max Drawdown (1Y) Largest decline over 1 year	-11.70%	-12.36%	+0.66%
Max Drawdown (3Y) Largest decline over 3 years	-27.29%	-28.07%	+0.78%
Max Drawdown (5Y) Largest decline over 5 years	-33.40%	-33.00%	-0.40%
Max Drawdown (10Y) Largest decline over 10 years	-42.58%	-45.29%	+2.71%
Current Drawdown Current decline from peak	-0.66%	-0.51%	-0.15%
Average Drawdown Average peak-to-trough decline	-8.05%	-8.45%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.79%	4.21%	-0.42%

Volatility

CAAPX vs. ARGFX - Volatility Comparison

The current volatility for Ariel Appreciation Fund (CAAPX) is 4.41%, while Ariel Fund (ARGFX) has a volatility of 5.19%. This indicates that CAAPX experiences smaller price fluctuations and is considered to be less risky than ARGFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAAPX	ARGFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	5.19%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	12.81%	13.71%	-0.90%
Volatility (1Y) Calculated over the trailing 1-year period	18.09%	19.14%	-1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.27%	22.48%	-0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.19%	22.83%	-0.64%

CAAPX vs. ARGFX - Expense Ratio Comparison

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

Dividends

CAAPX vs. ARGFX - Dividend Comparison

CAAPX's dividend yield for the trailing twelve months is around 11.45%, more than ARGFX's 10.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARGFX Ariel Fund	10.91%	11.80%	5.49%	5.09%	9.01%	5.56%	5.33%	5.81%	10.35%	6.30%	6.56%	16.28%
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 ARGFX in my portfolio?

With a correlation of 0.97, CAAPX and ARGFX 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, CAAPX or ARGFX?

ARGFX has higher volatility (5.19%) compared to CAAPX (4.41%). In terms of maximum drawdown, CAAPX dropped -61.92% vs ARGFX's -71.02%.

Which has better risk-adjusted returns?

CAAPX currently has the higher Sharpe Ratio (1.84 vs 1.68), 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.