RTXAX vs. APFDX

Last updated Jun 23, 2026

RTXAX (Russell Investment Tax-Managed Real Assets Fund) and APFDX (Artisan Global Discovery Fund) are both Global Equities funds. Over the past 5 years, RTXAX returned 6.51%/yr vs 4.51%/yr for APFDX. A 0.67 correlation means they provide meaningful diversification when combined. RTXAX charges 1.33%/yr vs 1.38%/yr for APFDX.

Performance

RTXAX vs. APFDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Russell Investment Tax-Managed Real Assets Fund (RTXAX) and Artisan Global Discovery Fund (APFDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RTXAX achieves a 14.49% return, which is significantly higher than APFDX's 7.33% return.

RTXAX

• 1D: -0.07%
• 1M: -2.43%
• YTD: 14.49%
• 6M: 14.66%
• 1Y: 25.14%
• 3Y*: 10.94%
• 5Y*: 6.51%
• 10Y*: —

APFDX

• 1D: 1.74%
• 1M: 3.74%
• YTD: 7.33%
• 6M: 5.71%
• 1Y: 15.60%
• 3Y*: 14.05%
• 5Y*: 4.51%
• 10Y*: —

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

RTXAX vs. APFDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
RTXAX Russell Investment Tax-Managed Real Assets Fund	14.49%	13.56%	1.50%	7.40%	-11.66%	26.57%	3.73%	6.17%
APFDX Artisan Global Discovery Fund	7.33%	12.07%	16.11%	20.66%	-31.14%	12.04%	45.70%	13.62%

Correlation

The correlation between RTXAX and APFDX is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jun 18, 2019	0.67

The correlation between RTXAX and APFDX shifts across timeframes, from 0.53 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RTXAX vs. APFDX — Risk / Return Rank

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

RTXAX

RTXAX Risk / Return Rank: 76
RTXAX Sharpe Ratio Rank: 70
RTXAX Sortino Ratio Rank: 65
RTXAX Omega Ratio Rank: 58
RTXAX Calmar Ratio Rank: 93
RTXAX Martin Ratio Rank: 92

APFDX

APFDX Risk / Return Rank: 14
APFDX Sharpe Ratio Rank: 12
APFDX Sortino Ratio Rank: 13
APFDX Omega Ratio Rank: 12
APFDX Calmar Ratio Rank: 13
APFDX Martin Ratio Rank: 20

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.

RTXAX vs. APFDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Russell Investment Tax-Managed Real Assets Fund (RTXAX) and Artisan Global Discovery Fund (APFDX). 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.

	RTXAX	APFDX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	0.90	+1.34
Sortino ratio: Return per unit of downside risk	3.06	1.42	+1.64
Omega ratio: Gain probability vs. loss probability	1.39	1.17	+0.22
Calmar ratio: Return relative to maximum drawdown	4.75	1.18	+3.58
Martin ratio: Return relative to average drawdown	17.79	4.69	+13.10

RTXAX vs. APFDX - Sharpe Ratio Comparison

The current RTXAX Sharpe Ratio is 2.24, which is higher than the APFDX Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of RTXAX and APFDX, 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

RTXAX vs. APFDX - Drawdown Comparison

The maximum RTXAX drawdown since its inception was -40.68%, roughly equal to the maximum APFDX drawdown of -40.83%. Use the drawdown chart below to compare losses from any high point for RTXAX and APFDX.

Drawdown Indicators

	RTXAX	APFDX	Difference
Max Drawdown Largest peak-to-trough decline	-40.68%	-40.83%	+0.15%
Max Drawdown (1Y) Largest decline over 1 year	-5.21%	-13.18%	+7.97%
Max Drawdown (3Y) Largest decline over 3 years	-17.13%	-21.19%	+4.06%
Max Drawdown (5Y) Largest decline over 5 years	-24.63%	-40.83%	+16.20%
Current Drawdown Current decline from peak	-2.99%	0.00%	-2.99%
Average Drawdown Average peak-to-trough decline	-7.74%	-10.67%	+2.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	3.30%	-1.91%

Volatility

RTXAX vs. APFDX - Volatility Comparison

The current volatility for Russell Investment Tax-Managed Real Assets Fund (RTXAX) is 3.42%, while Artisan Global Discovery Fund (APFDX) has a volatility of 6.85%. This indicates that RTXAX experiences smaller price fluctuations and is considered to be less risky than APFDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RTXAX	APFDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.42%	6.85%	-3.43%
Volatility (6M) Calculated over the trailing 6-month period	8.33%	14.53%	-6.20%
Volatility (1Y) Calculated over the trailing 1-year period	11.05%	17.19%	-6.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.84%	20.72%	-4.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.03%	20.50%	-0.47%

RTXAX vs. APFDX - Expense Ratio Comparison

RTXAX has a 1.33% expense ratio, which is lower than APFDX's 1.38% expense ratio.

Dividends

RTXAX vs. APFDX - Dividend Comparison

RTXAX's dividend yield for the trailing twelve months is around 2.50%, less than APFDX's 18.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
APFDX Artisan Global Discovery Fund	18.29%	19.63%	0.87%	0.00%	0.00%	7.91%	1.88%	0.00%	0.51%	0.62%
RTXAX Russell Investment Tax-Managed Real Assets Fund	2.50%	2.86%	2.05%	1.98%	3.11%	1.74%	1.71%	0.84%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RTXAX and APFDX in my portfolio?

RTXAX and APFDX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RTXAX or APFDX?

APFDX has higher volatility (6.85%) compared to RTXAX (3.42%). In terms of maximum drawdown, RTXAX dropped -40.68% vs APFDX's -40.83%.

Which has better risk-adjusted returns?

RTXAX currently has the higher Sharpe Ratio (2.24 vs 0.90), 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.