OAZMX vs. OANIX

Last updated Jun 5, 2026

OAZMX (Oakmark Fund R6 Class) and OANIX (Oakmark International Fund Institutional Class) are both mutual funds - OAZMX is a Large Cap Value Equities fund actively managed by Oakmark, while OANIX is a Foreign Large Cap Equities fund actively managed by Oakmark. Both are actively managed. Over the past 5 years, OAZMX returned 9.27%/yr vs 3.23%/yr for OANIX. A 0.68 correlation means they provide meaningful diversification when combined. OAZMX charges 0.62%/yr vs 0.82%/yr for OANIX.

Performance

OAZMX vs. OANIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Oakmark Fund R6 Class (OAZMX) and Oakmark International Fund Institutional Class (OANIX). 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 lower than OANIX's 0.25% return.

OAZMX

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

OANIX

• 1D: -1.52%
• 1M: 1.60%
• YTD: 0.25%
• 6M: 2.80%
• 1Y: 12.03%
• 3Y*: 9.83%
• 5Y*: 3.23%
• 10Y*: —

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

OAZMX vs. OANIX - 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%
OANIX Oakmark International Fund Institutional Class	0.25%	32.74%	-4.38%	19.18%	-15.52%	9.28%	0.31%

Correlation

The correlation between OAZMX and OANIX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Dec 24, 2020	0.68

The correlation between OAZMX and OANIX shifts across timeframes, from 0.57 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

Return for Risk

OAZMX vs. OANIX — 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

OANIX

OANIX Risk / Return Rank: 12
OANIX Sharpe Ratio Rank: 12
OANIX Sortino Ratio Rank: 12
OANIX Omega Ratio Rank: 12
OANIX Calmar Ratio Rank: 10
OANIX Martin Ratio Rank: 11

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. OANIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Oakmark Fund R6 Class (OAZMX) and Oakmark International Fund Institutional Class (OANIX). 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	OANIX	Difference
Sharpe ratio: Return per unit of total volatility	0.79	0.89	-0.11
Sortino ratio: Return per unit of downside risk	1.21	1.32	-0.11
Omega ratio: Gain probability vs. loss probability	1.14	1.17	-0.02
Calmar ratio: Return relative to maximum drawdown	1.48	0.92	+0.56
Martin ratio: Return relative to average drawdown	3.80	2.91	+0.89
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. OANIX - Sharpe Ratio Comparison

The current OAZMX Sharpe Ratio is 0.79, which is comparable to the OANIX Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of OAZMX and OANIX, 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	OANIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	0.89	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.17	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.30	+0.47

Drawdowns

OAZMX vs. OANIX - Drawdown Comparison

The maximum OAZMX drawdown since its inception was -23.54%, smaller than the maximum OANIX drawdown of -52.85%. Use the drawdown chart below to compare losses from any high point for OAZMX and OANIX.

Drawdown Indicators

	OAZMX	OANIX	Difference
Max Drawdown Largest peak-to-trough decline	-23.54%	-52.85%	+29.31%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-14.34%	+7.41%
Max Drawdown (3Y) Largest decline over 3 years	-17.01%	-18.67%	+1.66%
Max Drawdown (5Y) Largest decline over 5 years	-23.54%	-37.77%	+14.23%
Current Drawdown Current decline from peak	-4.69%	-5.39%	+0.70%
Average Drawdown Average peak-to-trough decline	-4.73%	-12.58%	+7.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	4.54%	-1.84%

Volatility

OAZMX vs. OANIX - Volatility Comparison

The current volatility for Oakmark Fund R6 Class (OAZMX) is 3.21%, while Oakmark International Fund Institutional Class (OANIX) has a volatility of 4.61%. This indicates that OAZMX experiences smaller price fluctuations and is considered to be less risky than OANIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OAZMX	OANIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	4.61%	-1.40%
Volatility (6M) Calculated over the trailing 6-month period	9.44%	11.31%	-1.87%
Volatility (1Y) Calculated over the trailing 1-year period	13.08%	14.82%	-1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.28%	19.15%	-0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.19%	21.34%	-3.15%

OAZMX vs. OANIX - Expense Ratio Comparison

OAZMX has a 0.62% expense ratio, which is lower than OANIX's 0.82% expense ratio.

Dividends

OAZMX vs. OANIX - Dividend Comparison

OAZMX's dividend yield for the trailing twelve months is around 1.22%, less than OANIX's 2.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
OANIX Oakmark International Fund Institutional Class	2.11%	2.12%	2.78%	2.11%	3.31%	1.51%	0.54%	2.01%	7.49%	1.52%
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%

Frequently Asked Questions

Can I hold both OAZMX and OANIX in my portfolio?

OAZMX and OANIX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OAZMX or OANIX?

OANIX has higher volatility (4.61%) compared to OAZMX (3.21%). In terms of maximum drawdown, OAZMX dropped -23.54% vs OANIX's -52.85%.

Which has better risk-adjusted returns?

OANIX currently has the higher Sharpe Ratio (0.89 vs 0.79), 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.