DFIEX vs. APHIX

Last updated Jun 4, 2026

DFIEX (DFA International Core Equity Portfolio I) and APHIX (Artisan International Fund Institutional Class) are both Foreign Large Cap Equities funds. Over the past 10 years, DFIEX returned 10.01%/yr vs 10.04%/yr for APHIX. Their correlation of 0.89 suggests significant overlap in exposure. DFIEX charges 0.24%/yr vs 0.96%/yr for APHIX.

Performance

DFIEX vs. APHIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA International Core Equity Portfolio I (DFIEX) and Artisan International Fund Institutional Class (APHIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFIEX achieves a 11.05% return, which is significantly lower than APHIX's 13.81% return. Both investments have delivered pretty close results over the past 10 years, with DFIEX having a 10.01% annualized return and APHIX not far ahead at 10.04%.

DFIEX

• 1D: 0.31%
• 1M: 3.55%
• YTD: 11.05%
• 6M: 14.04%
• 1Y: 28.12%
• 3Y*: 19.64%
• 5Y*: 9.78%
• 10Y*: 10.01%

APHIX

• 1D: -0.38%
• 1M: -1.58%
• YTD: 13.81%
• 6M: 17.39%
• 1Y: 26.40%
• 3Y*: 22.83%
• 5Y*: 10.17%
• 10Y*: 10.04%

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

DFIEX vs. APHIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFIEX DFA International Core Equity Portfolio I	11.05%	36.18%	3.99%	17.50%	-13.51%	13.85%	7.73%	21.70%	-17.41%	28.04%
APHIX Artisan International Fund Institutional Class	13.81%	36.49%	10.89%	14.52%	-19.35%	9.10%	7.84%	29.43%	-10.81%	31.25%

Correlation

The correlation between DFIEX and APHIX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Sep 19, 2005	0.89

The correlation between DFIEX and APHIX shifts across timeframes, from 0.72 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DFIEX vs. APHIX — Risk / Return Rank

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

DFIEX

DFIEX Risk / Return Rank: 45
DFIEX Sharpe Ratio Rank: 46
DFIEX Sortino Ratio Rank: 44
DFIEX Omega Ratio Rank: 44
DFIEX Calmar Ratio Rank: 43
DFIEX Martin Ratio Rank: 47

APHIX

APHIX Risk / Return Rank: 42
APHIX Sharpe Ratio Rank: 39
APHIX Sortino Ratio Rank: 40
APHIX Omega Ratio Rank: 38
APHIX Calmar Ratio Rank: 49
APHIX Martin Ratio Rank: 47

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.

DFIEX vs. APHIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA International Core Equity Portfolio I (DFIEX) and Artisan International Fund Institutional Class (APHIX). 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.

	DFIEX	APHIX	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.80	+0.19
Sortino ratio: Return per unit of downside risk	2.76	2.63	+0.13
Omega ratio: Gain probability vs. loss probability	1.36	1.33	+0.03
Calmar ratio: Return relative to maximum drawdown	2.49	2.67	-0.17
Martin ratio: Return relative to average drawdown	9.74	9.73	+0.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFIEX vs. APHIX - Sharpe Ratio Comparison

The current DFIEX Sharpe Ratio is 1.99, which is comparable to the APHIX Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of DFIEX and APHIX, 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

	DFIEX	APHIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	1.80	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.65	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.62	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.30	+0.06

Drawdowns

DFIEX vs. APHIX - Drawdown Comparison

The maximum DFIEX drawdown since its inception was -62.22%, smaller than the maximum APHIX drawdown of -68.47%. Use the drawdown chart below to compare losses from any high point for DFIEX and APHIX.

Drawdown Indicators

	DFIEX	APHIX	Difference
Max Drawdown Largest peak-to-trough decline	-62.22%	-68.47%	+6.25%
Max Drawdown (1Y) Largest decline over 1 year	-11.01%	-9.77%	-1.24%
Max Drawdown (3Y) Largest decline over 3 years	-12.81%	-13.37%	+0.56%
Max Drawdown (5Y) Largest decline over 5 years	-28.66%	-33.73%	+5.07%
Max Drawdown (10Y) Largest decline over 10 years	-41.04%	-33.73%	-7.31%
Current Drawdown Current decline from peak	-0.35%	-5.05%	+4.70%
Average Drawdown Average peak-to-trough decline	-12.18%	-23.08%	+10.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	2.67%	+0.14%

Volatility

DFIEX vs. APHIX - Volatility Comparison

The current volatility for DFA International Core Equity Portfolio I (DFIEX) is 4.11%, while Artisan International Fund Institutional Class (APHIX) has a volatility of 5.74%. This indicates that DFIEX experiences smaller price fluctuations and is considered to be less risky than APHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFIEX	APHIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	5.74%	-1.63%
Volatility (6M) Calculated over the trailing 6-month period	11.15%	11.90%	-0.75%
Volatility (1Y) Calculated over the trailing 1-year period	13.85%	14.58%	-0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.75%	15.86%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.39%	16.31%	+0.08%

DFIEX vs. APHIX - Expense Ratio Comparison

DFIEX has a 0.24% expense ratio, which is lower than APHIX's 0.96% expense ratio.

Dividends

DFIEX vs. APHIX - Dividend Comparison

DFIEX's dividend yield for the trailing twelve months is around 2.91%, less than APHIX's 19.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APHIX Artisan International Fund Institutional Class	19.88%	22.63%	10.37%	2.10%	2.84%	23.52%	3.45%	5.44%	10.02%	0.91%	1.50%	0.73%
DFIEX DFA International Core Equity Portfolio I	2.91%	3.22%	3.42%	3.36%	2.88%	2.98%	1.77%	2.90%	2.95%	2.49%	2.76%	4.20%

Frequently Asked Questions

Can I hold both DFIEX and APHIX in my portfolio?

DFIEX and APHIX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFIEX or APHIX?

APHIX has higher volatility (5.74%) compared to DFIEX (4.11%). In terms of maximum drawdown, DFIEX dropped -62.22% vs APHIX's -68.47%.

Which has better risk-adjusted returns?

DFIEX currently has the higher Sharpe Ratio (1.99 vs 1.80), 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.