MDIZX vs. APHIX

Last updated Jun 25, 2026

MDIZX (MFS International Diversification Fund R6) and APHIX (Artisan International Fund Institutional Class) are both Foreign Large Cap Equities funds. MDIZX is passively managed, while APHIX is actively managed. Over the past 5 years, MDIZX returned 6.82%/yr vs 10.08%/yr for APHIX. Their correlation of 0.88 suggests significant overlap in exposure. MDIZX charges 0.73%/yr vs 0.96%/yr for APHIX.

Performance

MDIZX vs. APHIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS International Diversification Fund R6 (MDIZX) 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, MDIZX achieves a 7.49% return, which is significantly lower than APHIX's 13.91% return.

MDIZX

• 1D: -2.35%
• 1M: -0.53%
• YTD: 7.49%
• 6M: 7.33%
• 1Y: 18.63%
• 3Y*: 15.48%
• 5Y*: 6.82%
• 10Y*: —

APHIX

• 1D: -1.69%
• 1M: -1.10%
• YTD: 13.91%
• 6M: 13.98%
• 1Y: 23.19%
• 3Y*: 22.50%
• 5Y*: 10.08%
• 10Y*: 10.79%

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

MDIZX vs. APHIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDIZX MFS International Diversification Fund R6	7.49%	27.99%	6.52%	14.48%	-17.04%	7.79%	15.45%	26.09%	-10.93%	3.71%
APHIX Artisan International Fund Institutional Class	13.91%	36.49%	10.89%	14.52%	-19.35%	9.10%	7.84%	29.43%	-10.81%	2.20%

Correlation

The correlation between MDIZX and APHIX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Oct 19, 2017	0.88

The correlation between MDIZX and APHIX shifts across timeframes, from 0.78 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MDIZX vs. APHIX — Risk / Return Rank

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

MDIZX

MDIZX Risk / Return Rank: 34
MDIZX Sharpe Ratio Rank: 36
MDIZX Sortino Ratio Rank: 33
MDIZX Omega Ratio Rank: 37
MDIZX Calmar Ratio Rank: 28
MDIZX Martin Ratio Rank: 33

APHIX

APHIX Risk / Return Rank: 40
APHIX Sharpe Ratio Rank: 37
APHIX Sortino Ratio Rank: 39
APHIX Omega Ratio Rank: 37
APHIX Calmar Ratio Rank: 48
APHIX Martin Ratio Rank: 41

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.

MDIZX vs. APHIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS International Diversification Fund R6 (MDIZX) 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.

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.

	MDIZX	APHIX	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.58	-0.05
Sortino ratio: Return per unit of downside risk	2.14	2.31	-0.17
Omega ratio: Gain probability vs. loss probability	1.29	1.29	0.00
Calmar ratio: Return relative to maximum drawdown	1.79	2.46	-0.67
Martin ratio: Return relative to average drawdown	6.73	8.02	-1.30

MDIZX vs. APHIX - Sharpe Ratio Comparison

The current MDIZX Sharpe Ratio is 1.53, which is comparable to the APHIX Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of MDIZX 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.

Drawdowns

MDIZX vs. APHIX - Drawdown Comparison

The maximum MDIZX drawdown since its inception was -30.09%, smaller than the maximum APHIX drawdown of -68.47%. Use the drawdown chart below to compare losses from any high point for MDIZX and APHIX.

Drawdown Indicators

	MDIZX	APHIX	Difference
Max Drawdown Largest peak-to-trough decline	-30.09%	-68.47%	+38.38%
Max Drawdown (1Y) Largest decline over 1 year	-11.36%	-9.77%	-1.59%
Max Drawdown (3Y) Largest decline over 3 years	-12.59%	-13.37%	+0.78%
Max Drawdown (5Y) Largest decline over 5 years	-30.09%	-33.73%	+3.64%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.73%	—
Current Drawdown Current decline from peak	-2.55%	-4.97%	+2.42%
Average Drawdown Average peak-to-trough decline	-6.66%	-23.04%	+16.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	2.99%	+0.03%

Volatility

MDIZX vs. APHIX - Volatility Comparison

MFS International Diversification Fund R6 (MDIZX) and Artisan International Fund Institutional Class (APHIX) have volatilities of 5.42% and 5.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDIZX	APHIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.42%	5.20%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	11.27%	12.77%	-1.50%
Volatility (1Y) Calculated over the trailing 1-year period	13.30%	15.20%	-1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.38%	15.99%	-1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.24%	16.16%	-0.92%

MDIZX vs. APHIX - Expense Ratio Comparison

MDIZX has a 0.73% expense ratio, which is lower than APHIX's 0.96% expense ratio.

Dividends

MDIZX vs. APHIX - Dividend Comparison

MDIZX's dividend yield for the trailing twelve months is around 4.89%, less than APHIX's 19.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APHIX Artisan International Fund Institutional Class	19.87%	22.63%	10.37%	2.10%	2.84%	23.52%	3.45%	5.44%	10.02%	0.91%	1.50%	0.73%
MDIZX MFS International Diversification Fund R6	4.89%	5.26%	3.61%	4.24%	2.76%	2.79%	1.72%	2.57%	3.23%	1.66%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MDIZX and APHIX in my portfolio?

MDIZX and APHIX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDIZX or APHIX?

MDIZX has higher volatility (5.42%) compared to APHIX (5.20%). In terms of maximum drawdown, MDIZX dropped -30.09% vs APHIX's -68.47%.

Which has better risk-adjusted returns?

APHIX currently has the higher Sharpe Ratio (1.58 vs 1.53), 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.