PNVAX vs. ARHBX

Last updated Jun 6, 2026

PNVAX (Putnam International Capital Opportunities Fund) and ARHBX (Artisan International Explorer Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 3 years, PNVAX returned 14.42%/yr vs 19.03%/yr for ARHBX. A 0.78 correlation means they provide meaningful diversification when combined. PNVAX charges 1.51%/yr vs 1.35%/yr for ARHBX.

Performance

PNVAX vs. ARHBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam International Capital Opportunities Fund (PNVAX) and Artisan International Explorer Fund (ARHBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PNVAX achieves a 3.18% return, which is significantly lower than ARHBX's 23.08% return.

PNVAX

• 1D: 1.39%
• 1M: 0.94%
• YTD: 3.18%
• 6M: 4.00%
• 1Y: 10.81%
• 3Y*: 14.42%
• 5Y*: 5.68%
• 10Y*: 8.28%

ARHBX

• 1D: 0.44%
• 1M: 4.15%
• YTD: 23.08%
• 6M: 24.97%
• 1Y: 26.81%
• 3Y*: 19.03%
• 5Y*: —
• 10Y*: —

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

PNVAX vs. ARHBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PNVAX Putnam International Capital Opportunities Fund	3.18%	30.18%	3.09%	15.24%	1.34%
ARHBX Artisan International Explorer Fund	23.08%	18.32%	8.34%	20.65%	-2.64%

Correlation

The correlation between PNVAX and ARHBX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since May 17, 2022	0.78

The correlation between PNVAX and ARHBX has been stable across timeframes, ranging from 0.70 to 0.78 - a consistent structural relationship.

Return for Risk

PNVAX vs. ARHBX — Risk / Return Rank

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

PNVAX

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

ARHBX

ARHBX Risk / Return Rank: 45
ARHBX Sharpe Ratio Rank: 42
ARHBX Sortino Ratio Rank: 42
ARHBX Omega Ratio Rank: 42
ARHBX Calmar Ratio Rank: 60
ARHBX Martin Ratio Rank: 40

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.

PNVAX vs. ARHBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam International Capital Opportunities Fund (PNVAX) and Artisan International Explorer Fund (ARHBX). 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.

	PNVAX	ARHBX	Difference
Sharpe ratio: Return per unit of total volatility	0.79	1.83	-1.04
Sortino ratio: Return per unit of downside risk	1.19	2.61	-1.43
Omega ratio: Gain probability vs. loss probability	1.15	1.33	-0.19
Calmar ratio: Return relative to maximum drawdown	0.86	2.89	-2.03
Martin ratio: Return relative to average drawdown	3.04	8.38	-5.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PNVAX vs. ARHBX - Sharpe Ratio Comparison

The current PNVAX Sharpe Ratio is 0.79, which is lower than the ARHBX Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of PNVAX and ARHBX, 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

	PNVAX	ARHBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	1.83	-1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	1.15	-0.66

Drawdowns

PNVAX vs. ARHBX - Drawdown Comparison

The maximum PNVAX drawdown since its inception was -64.91%, which is greater than ARHBX's maximum drawdown of -18.10%. Use the drawdown chart below to compare losses from any high point for PNVAX and ARHBX.

Drawdown Indicators

	PNVAX	ARHBX	Difference
Max Drawdown Largest peak-to-trough decline	-64.91%	-18.10%	-46.81%
Max Drawdown (1Y) Largest decline over 1 year	-12.87%	-9.51%	-3.36%
Max Drawdown (3Y) Largest decline over 3 years	-13.16%	-14.20%	+1.04%
Max Drawdown (5Y) Largest decline over 5 years	-36.83%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.07%	—	—
Current Drawdown Current decline from peak	-2.83%	-1.77%	-1.06%
Average Drawdown Average peak-to-trough decline	-17.78%	-3.53%	-14.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.64%	3.27%	+0.37%

Volatility

PNVAX vs. ARHBX - Volatility Comparison

The current volatility for Putnam International Capital Opportunities Fund (PNVAX) is 4.12%, while Artisan International Explorer Fund (ARHBX) has a volatility of 6.76%. This indicates that PNVAX experiences smaller price fluctuations and is considered to be less risky than ARHBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNVAX	ARHBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	6.76%	-2.64%
Volatility (6M) Calculated over the trailing 6-month period	11.01%	13.00%	-1.99%
Volatility (1Y) Calculated over the trailing 1-year period	14.02%	15.02%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.77%	14.46%	+1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.25%	14.46%	+1.79%

PNVAX vs. ARHBX - Expense Ratio Comparison

PNVAX has a 1.51% expense ratio, which is higher than ARHBX's 1.35% expense ratio.

Dividends

PNVAX vs. ARHBX - Dividend Comparison

PNVAX's dividend yield for the trailing twelve months is around 12.66%, more than ARHBX's 6.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARHBX Artisan International Explorer Fund	6.05%	7.44%	4.86%	1.97%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PNVAX Putnam International Capital Opportunities Fund	12.66%	13.06%	3.89%	1.21%	0.48%	13.42%	4.40%	1.33%	9.91%	2.75%	2.53%	1.63%

Frequently Asked Questions

Can I hold both PNVAX and ARHBX in my portfolio?

PNVAX and ARHBX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PNVAX or ARHBX?

ARHBX has higher volatility (6.76%) compared to PNVAX (4.12%). In terms of maximum drawdown, PNVAX dropped -64.91% vs ARHBX's -18.10%.

Which has better risk-adjusted returns?

ARHBX currently has the higher Sharpe Ratio (1.83 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.