OAZMX vs. OAKMX

Last updated Jun 5, 2026

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

Performance

OAZMX vs. OAKMX - Performance Comparison

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

Returns By Period

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

OAZMX

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

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%

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

OAZMX vs. OAKMX - Yearly Performance Comparison

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

Correlation

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

Return for Risk

OAZMX vs. OAKMX — Risk / Return Rank

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

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

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

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.

OAZMX vs. OAKMX - Risk-Adjusted Trends Comparison

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

	OAZMX	OAKMX	Difference
Sharpe ratio: Return per unit of total volatility	0.79	0.76	+0.02
Sortino ratio: Return per unit of downside risk	1.21	1.18	+0.03
Omega ratio: Gain probability vs. loss probability	1.14	1.14	0.00
Calmar ratio: Return relative to maximum drawdown	1.48	1.43	+0.06
Martin ratio: Return relative to average drawdown	3.80	3.64	+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.

OAZMX vs. OAKMX - Sharpe Ratio Comparison

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

	OAZMX	OAKMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	0.76	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.50	+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	0.77	0.70	+0.07

Drawdowns

OAZMX vs. OAKMX - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

OAZMX vs. OAKMX - Volatility Comparison

Oakmark Fund R6 Class (OAZMX) and Oakmark Fund Investor Class (OAKMX) 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

	OAZMX	OAKMX	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	18.28%	18.30%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.19%	20.40%	-2.21%

OAZMX vs. OAKMX - Expense Ratio Comparison

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

Dividends

OAZMX vs. OAKMX - Dividend Comparison

OAZMX's dividend yield for the trailing twelve months is around 1.22%, more than OAKMX's 0.94% 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 OAZMX and OAKMX in my portfolio?

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

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

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.