OAKMX vs. OAZMX

Last updated Jun 5, 2026

OAKMX (Oakmark Fund Investor Class) and OAZMX (Oakmark Fund R6 Class) are both Large Cap Value Equities funds from Oakmark. Over the past 5 years, OAKMX returned 9.07%/yr vs 9.27%/yr for OAZMX. With a 1.00 correlation, they move nearly in lockstep. OAKMX charges 0.91%/yr vs 0.62%/yr for OAZMX.

Performance

OAKMX vs. OAZMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Oakmark Fund Investor Class (OAKMX) and Oakmark Fund R6 Class (OAZMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OAKMX achieves a -2.30% return, which is significantly lower than OAZMX's -2.17% return.

OAKMX

• 1D: -1.38%
• 1M: -2.18%
• YTD: -2.30%
• 6M: 0.23%
• 1Y: 10.31%
• 3Y*: 14.50%
• 5Y*: 9.07%
• 10Y*: 13.24%

OAZMX

• 1D: -1.38%
• 1M: -2.16%
• YTD: -2.17%
• 6M: 0.38%
• 1Y: 10.63%
• 3Y*: 14.82%
• 5Y*: 9.27%
• 10Y*: —

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

OAKMX vs. OAZMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
OAKMX Oakmark Fund Investor Class	-2.30%	14.13%	16.02%	30.92%	-13.38%	34.85%	1.81%
OAZMX Oakmark Fund R6 Class	-2.17%	14.45%	16.33%	31.29%	-13.16%	34.59%	1.81%

Correlation

The correlation between OAKMX and OAZMX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since Dec 24, 2020	1.00

The correlation between OAKMX and OAZMX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

OAKMX vs. OAZMX — Risk / Return Rank

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

OAKMX

OAKMX Risk / Return Rank: 12
OAKMX Sharpe Ratio Rank: 9
OAKMX Sortino Ratio Rank: 10
OAKMX Omega Ratio Rank: 9
OAKMX Calmar Ratio Rank: 16
OAKMX Martin Ratio Rank: 13

OAZMX

OAZMX Risk / Return Rank: 13
OAZMX Sharpe Ratio Rank: 10
OAZMX Sortino Ratio Rank: 11
OAZMX Omega Ratio Rank: 10
OAZMX Calmar Ratio Rank: 18
OAZMX Martin Ratio Rank: 14

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.

OAKMX vs. OAZMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Oakmark Fund Investor Class (OAKMX) and Oakmark Fund R6 Class (OAZMX). 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.

	OAKMX	OAZMX	Difference
Sharpe ratio: Return per unit of total volatility	0.76	0.79	-0.02
Sortino ratio: Return per unit of downside risk	1.18	1.21	-0.03
Omega ratio: Gain probability vs. loss probability	1.14	1.14	0.00
Calmar ratio: Return relative to maximum drawdown	1.43	1.48	-0.06
Martin ratio: Return relative to average drawdown	3.64	3.80	-0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OAKMX vs. OAZMX - Sharpe Ratio Comparison

The current OAKMX Sharpe Ratio is 0.76, which is comparable to the OAZMX Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of OAKMX and OAZMX, 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

	OAKMX	OAZMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	0.79	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.51	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.77	-0.07

Drawdowns

OAKMX vs. OAZMX - Drawdown Comparison

The maximum OAKMX drawdown since its inception was -56.19%, which is greater than OAZMX's maximum drawdown of -23.54%. Use the drawdown chart below to compare losses from any high point for OAKMX and OAZMX.

Drawdown Indicators

	OAKMX	OAZMX	Difference
Max Drawdown Largest peak-to-trough decline	-56.19%	-23.54%	-32.65%
Max Drawdown (1Y) Largest decline over 1 year	-6.98%	-6.93%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-17.05%	-17.01%	-0.04%
Max Drawdown (5Y) Largest decline over 5 years	-23.68%	-23.54%	-0.14%
Max Drawdown (10Y) Largest decline over 10 years	-41.43%	—	—
Current Drawdown Current decline from peak	-4.80%	-4.69%	-0.11%
Average Drawdown Average peak-to-trough decline	-6.39%	-4.73%	-1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	2.70%	+0.03%

Volatility

OAKMX vs. OAZMX - Volatility Comparison

Oakmark Fund Investor Class (OAKMX) and Oakmark Fund R6 Class (OAZMX) have volatilities of 3.21% and 3.21%, 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

	OAKMX	OAZMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	3.21%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	9.44%	9.44%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	13.08%	13.08%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.30%	18.28%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.40%	18.19%	+2.21%

OAKMX vs. OAZMX - Expense Ratio Comparison

OAKMX has a 0.91% expense ratio, which is higher than OAZMX's 0.62% expense ratio.

Dividends

OAKMX vs. OAZMX - Dividend Comparison

OAKMX's dividend yield for the trailing twelve months is around 0.94%, less than OAZMX's 1.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OAKMX Oakmark Fund Investor Class	0.94%	0.92%	1.12%	1.02%	0.92%	1.94%	0.17%	8.33%	8.13%	4.06%	2.58%	1.43%
OAZMX Oakmark Fund R6 Class	1.22%	1.20%	1.38%	1.26%	1.22%	1.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OAKMX and OAZMX in my portfolio?

With a correlation of 1.00, OAKMX and OAZMX 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, OAKMX or OAZMX?

OAZMX has higher volatility (3.21%) compared to OAKMX (3.21%). In terms of maximum drawdown, OAKMX dropped -56.19% vs OAZMX's -23.54%.

Which has better risk-adjusted returns?

OAZMX currently has the higher Sharpe Ratio (0.79 vs 0.76), 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.