CSGIX vs. ARHBX

Last updated Jun 4, 2026

CSGIX (Calamos International Small Cap Growth Fund) and ARHBX (Artisan International Explorer Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 3 years, CSGIX returned 24.69%/yr vs 19.75%/yr for ARHBX. A 0.72 correlation means they provide meaningful diversification when combined. CSGIX charges 2.67%/yr vs 1.35%/yr for ARHBX.

Performance

CSGIX vs. ARHBX - Performance Comparison

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

Returns By Period

In the year-to-date period, CSGIX achieves a 35.70% return, which is significantly higher than ARHBX's 25.31% return.

CSGIX

• 1D: -0.97%
• 1M: 7.21%
• YTD: 35.70%
• 6M: 38.48%
• 1Y: 36.65%
• 3Y*: 24.69%
• 5Y*: —
• 10Y*: —

ARHBX

• 1D: 0.31%
• 1M: 9.22%
• YTD: 25.31%
• 6M: 28.07%
• 1Y: 29.96%
• 3Y*: 19.75%
• 5Y*: —
• 10Y*: —

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

CSGIX vs. ARHBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CSGIX Calamos International Small Cap Growth Fund	35.70%	15.11%	10.21%	13.62%	-5.93%
ARHBX Artisan International Explorer Fund	25.31%	18.32%	8.34%	20.65%	-2.64%

Correlation

The correlation between CSGIX and ARHBX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (All Time) Calculated using the full available price history since May 17, 2022	0.72

The correlation between CSGIX and ARHBX shifts across timeframes, from 0.61 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CSGIX vs. ARHBX — Risk / Return Rank

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

CSGIX

CSGIX Risk / Return Rank: 39
CSGIX Sharpe Ratio Rank: 40
CSGIX Sortino Ratio Rank: 37
CSGIX Omega Ratio Rank: 39
CSGIX Calmar Ratio Rank: 48
CSGIX Martin Ratio Rank: 31

ARHBX

ARHBX Risk / Return Rank: 49
ARHBX Sharpe Ratio Rank: 46
ARHBX Sortino Ratio Rank: 46
ARHBX Omega Ratio Rank: 45
ARHBX Calmar Ratio Rank: 66
ARHBX Martin Ratio Rank: 43

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.

CSGIX vs. ARHBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos International Small Cap Growth Fund (CSGIX) and Artisan International Explorer Fund (ARHBX). 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.

	CSGIX	ARHBX	Difference
Sharpe ratio: Return per unit of total volatility	1.85	2.00	-0.15
Sortino ratio: Return per unit of downside risk	2.54	2.86	-0.32
Omega ratio: Gain probability vs. loss probability	1.34	1.37	-0.03
Calmar ratio: Return relative to maximum drawdown	2.64	3.13	-0.49
Martin ratio: Return relative to average drawdown	7.04	9.07	-2.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSGIX vs. ARHBX - Sharpe Ratio Comparison

The current CSGIX Sharpe Ratio is 1.85, which is comparable to the ARHBX Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of CSGIX and ARHBX, 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

	CSGIX	ARHBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	2.00	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	1.19	-0.54

Drawdowns

CSGIX vs. ARHBX - Drawdown Comparison

The maximum CSGIX drawdown since its inception was -26.50%, which is greater than ARHBX's maximum drawdown of -18.10%. Use the drawdown chart below to compare losses from any high point for CSGIX and ARHBX.

Drawdown Indicators

	CSGIX	ARHBX	Difference
Max Drawdown Largest peak-to-trough decline	-26.50%	-18.10%	-8.40%
Max Drawdown (1Y) Largest decline over 1 year	-13.68%	-9.51%	-4.17%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-14.20%	-5.93%
Current Drawdown Current decline from peak	-2.05%	0.00%	-2.05%
Average Drawdown Average peak-to-trough decline	-10.25%	-3.53%	-6.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.12%	3.27%	+1.85%

Volatility

CSGIX vs. ARHBX - Volatility Comparison

Calamos International Small Cap Growth Fund (CSGIX) has a higher volatility of 7.90% compared to Artisan International Explorer Fund (ARHBX) at 6.46%. This indicates that CSGIX's price experiences larger fluctuations and is considered to be riskier than ARHBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSGIX	ARHBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.90%	6.46%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	16.77%	12.86%	+3.91%
Volatility (1Y) Calculated over the trailing 1-year period	19.55%	14.86%	+4.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.66%	14.43%	+3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.66%	14.43%	+3.23%

CSGIX vs. ARHBX - Expense Ratio Comparison

CSGIX has a 2.67% expense ratio, which is higher than ARHBX's 1.35% expense ratio.

Dividends

CSGIX vs. ARHBX - Dividend Comparison

CSGIX's dividend yield for the trailing twelve months is around 0.90%, less than ARHBX's 5.94% yield.

Position	TTM	2025	2024	2023	2022
ARHBX Artisan International Explorer Fund	5.94%	7.44%	4.86%	1.97%	0.16%
CSGIX Calamos International Small Cap Growth Fund	0.90%	1.22%	0.00%	0.00%	0.71%

Frequently Asked Questions

Can I hold both CSGIX and ARHBX in my portfolio?

CSGIX and ARHBX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSGIX or ARHBX?

CSGIX has higher volatility (7.90%) compared to ARHBX (6.46%). In terms of maximum drawdown, CSGIX dropped -26.50% vs ARHBX's -18.10%.

Which has better risk-adjusted returns?

ARHBX currently has the higher Sharpe Ratio (2.00 vs 1.85), 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.