OANIX vs. OAKEX

Last updated Jul 16, 2026

OANIX (Oakmark International Fund Institutional Class) and OAKEX (Oakmark International Small Cap Fund) are both mutual funds - OANIX is a Foreign Large Cap Equities fund actively managed by Oakmark, while OAKEX is a Foreign Small & Mid Cap Equities fund managed by Oakmark. Over the past 5 years, OANIX returned 5.19%/yr vs 4.58%/yr for OAKEX. Their correlation of 0.89 suggests significant overlap in exposure. OANIX charges 0.82%/yr vs 1.34%/yr for OAKEX.

Performance

OANIX vs. OAKEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Oakmark International Fund Institutional Class (OANIX) and Oakmark International Small Cap Fund (OAKEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OANIX achieves a 2.78% return, which is significantly higher than OAKEX's -0.64% return.

OANIX

• 1D: -0.12%
• 1M: 0.21%
• 6M: -0.80%
• YTD: 2.78%
• 1Y: 11.69%
• 3Y*: 8.51%
• 5Y*: 5.19%
• 10Y*: —

OAKEX

• 1D: 0.46%
• 1M: -0.46%
• 6M: -1.76%
• YTD: -0.64%
• 1Y: -0.49%
• 3Y*: 8.99%
• 5Y*: 4.58%
• 10Y*: 8.02%

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

OANIX vs. OAKEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OANIX Oakmark International Fund Institutional Class	2.78%	32.74%	-4.38%	19.18%	-15.52%	9.28%	5.15%	24.45%	-23.31%	27.23%
OAKEX Oakmark International Small Cap Fund	-0.64%	29.51%	-3.00%	19.59%	-14.50%	17.90%	5.00%	31.91%	-23.71%	26.03%

Correlation

The correlation between OANIX and OAKEX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.89

The correlation between OANIX and OAKEX has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

OANIX vs. OAKEX — Risk / Return Rank

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

OANIX

OANIX Risk / Return Rank: 13
OANIX Sharpe Ratio Rank: 14
OANIX Sortino Ratio Rank: 13
OANIX Omega Ratio Rank: 14
OANIX Calmar Ratio Rank: 11
OANIX Martin Ratio Rank: 12

OAKEX

OAKEX Risk / Return Rank: 3
OAKEX Sharpe Ratio Rank: 3
OAKEX Sortino Ratio Rank: 3
OAKEX Omega Ratio Rank: 3
OAKEX Calmar Ratio Rank: 3
OAKEX Martin Ratio Rank: 3

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.

OANIX vs. OAKEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Oakmark International Fund Institutional Class (OANIX) and Oakmark International Small Cap Fund (OAKEX). 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.

	OANIX	OAKEX	Difference
Sharpe ratio: Return per unit of total volatility	0.76	-0.03	+0.79
Sortino ratio: Return per unit of downside risk	1.14	0.07	+1.07
Omega ratio: Gain probability vs. loss probability	1.14	1.01	+0.14
Calmar ratio: Return relative to maximum drawdown	0.79	-0.02	+0.82
Martin ratio: Return relative to average drawdown	2.40	-0.06	+2.47

OANIX vs. OAKEX - Sharpe Ratio Comparison

The current OANIX Sharpe Ratio is 0.76, which is higher than the OAKEX Sharpe Ratio of -0.03. The chart below compares the historical Sharpe Ratios of OANIX and OAKEX, 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

OANIX vs. OAKEX - Drawdown Comparison

The maximum OANIX drawdown since its inception was -52.85%, smaller than the maximum OAKEX drawdown of -70.12%. Use the drawdown chart below to compare losses from any high point for OANIX and OAKEX.

Drawdown Indicators

	OANIX	OAKEX	Difference
Max Drawdown Largest peak-to-trough decline	-52.85%	-70.12%	+17.27%
Max Drawdown (1Y) Largest decline over 1 year	-14.34%	-17.18%	+2.84%
Max Drawdown (3Y) Largest decline over 3 years	-18.67%	-17.18%	-1.49%
Max Drawdown (5Y) Largest decline over 5 years	-35.50%	-38.40%	+2.90%
Max Drawdown (10Y) Largest decline over 10 years	—	-49.61%	—
Current Drawdown Current decline from peak	-3.00%	-5.76%	+2.76%
Average Drawdown Average peak-to-trough decline	-12.48%	-13.47%	+0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.73%	6.24%	-1.51%

Volatility

OANIX vs. OAKEX - Volatility Comparison

The current volatility for Oakmark International Fund Institutional Class (OANIX) is 4.10%, while Oakmark International Small Cap Fund (OAKEX) has a volatility of 4.44%. This indicates that OANIX experiences smaller price fluctuations and is considered to be less risky than OAKEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OANIX	OAKEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	4.44%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	12.17%	12.21%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	15.00%	15.07%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.17%	17.78%	+1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.28%	18.29%	+2.99%

OANIX vs. OAKEX - Expense Ratio Comparison

OANIX has a 0.82% expense ratio, which is lower than OAKEX's 1.34% expense ratio.

Dividends

OANIX vs. OAKEX - Dividend Comparison

OANIX's dividend yield for the trailing twelve months is around 2.06%, less than OAKEX's 5.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OAKEX Oakmark International Small Cap Fund	5.28%	5.24%	6.38%	1.83%	1.89%	0.61%	1.87%	0.21%	8.93%	3.64%	3.09%	5.06%
OANIX Oakmark International Fund Institutional Class	2.06%	2.12%	2.78%	2.11%	3.31%	1.51%	0.54%	2.01%	7.49%	1.52%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OANIX and OAKEX in my portfolio?

OANIX and OAKEX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OANIX or OAKEX?

OAKEX has higher volatility (4.44%) compared to OANIX (4.10%). In terms of maximum drawdown, OANIX dropped -52.85% vs OAKEX's -70.12%.

Which has better risk-adjusted returns?

OANIX currently has the higher Sharpe Ratio (0.76 vs -0.03), 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.