WAIOX vs. ARHBX

Last updated Aug 1, 2026

WAIOX (Wasatch International Opportunities Fund) and ARHBX (Artisan International Explorer Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 3 years, WAIOX returned 3.33%/yr vs 19.00%/yr for ARHBX. Their 0.69 correlation means they have sometimes moved together and sometimes differently. WAIOX charges 1.96%/yr vs 1.35%/yr for ARHBX.

Performance

WAIOX vs. ARHBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wasatch International Opportunities Fund (WAIOX) 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, WAIOX achieves a 5.03% return, which is significantly lower than ARHBX's 24.77% return.

WAIOX

• 1D: 1.62%
• 1M: -3.09%
• 6M: 4.44%
• YTD: 5.03%
• 1Y: -3.01%
• 3Y*: 3.33%
• 5Y*: -7.01%
• 10Y*: 3.49%
• ALL TIME*: 6.80%

ARHBX

• 1D: 1.31%
• 1M: 3.70%
• 6M: 18.67%
• YTD: 24.77%
• 1Y: 27.98%
• 3Y*: 19.00%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.18%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ARHBX Artisan International Explorer Fund	$0.00	$0.00	$0.00
WAIOX Wasatch International Opportunities Fund	$0.00	$0.00	$0.00

WAIOX vs. ARHBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
WAIOX Wasatch International Opportunities Fund	5.03%	2.57%	-4.49%	10.64%	-5.05%
ARHBX Artisan International Explorer Fund	24.77%	18.32%	8.34%	20.65%	-2.64%

Correlation

The correlation between WAIOX and ARHBX is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (All Time) Calculated using the full available price history since May 16, 2022	0.69

The correlation between WAIOX and ARHBX has been stable across timeframes, ranging from 0.61 to 0.69 - a consistent structural relationship.

Return for Risk

WAIOX vs. ARHBX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

WAIOX

WAIOX Risk / Return Rank: 3
WAIOX Sharpe Ratio Rank: 3
WAIOX Sortino Ratio Rank: 2
WAIOX Omega Ratio Rank: 2
WAIOX Calmar Ratio Rank: 3
WAIOX Martin Ratio Rank: 3

ARHBX

ARHBX Risk / Return Rank: 72
ARHBX Sharpe Ratio Rank: 71
ARHBX Sortino Ratio Rank: 70
ARHBX Omega Ratio Rank: 70
ARHBX Calmar Ratio Rank: 85
ARHBX Martin Ratio Rank: 61

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

WAIOX vs. ARHBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wasatch International Opportunities Fund (WAIOX) 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.

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.

	WAIOX	ARHBX	Difference
Sharpe ratio: Return per unit of total volatility	-0.22	1.65	-1.87
Sortino ratio: Return per unit of downside risk	-0.22	2.38	-2.59
Omega ratio: Gain probability vs. loss probability	0.98	1.30	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.18	2.91	-3.09
Martin ratio: Return relative to average drawdown	-0.43	7.83	-8.26

WAIOX vs. ARHBX - Sharpe Ratio Comparison

The current WAIOX Sharpe Ratio is -0.22, which is lower than the ARHBX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of WAIOX 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.

Drawdowns

WAIOX vs. ARHBX - Drawdown Comparison

The maximum WAIOX drawdown since its inception was -68.04%, which is greater than ARHBX's maximum drawdown of -18.10%. Use the drawdown chart below to compare losses from any high point for WAIOX and ARHBX.

Drawdown Indicators

	WAIOX	ARHBX	Difference
Max Drawdown Largest peak-to-trough decline	-68.04%	-18.10%	-49.94%
Max Drawdown (1Y) Largest decline over 1 year	-18.18%	-9.51%	-8.67%
Max Drawdown (3Y) Largest decline over 3 years	-21.23%	-11.79%	-9.44%
Max Drawdown (5Y) Largest decline over 5 years	-50.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-50.21%	—	—
Current Drawdown Current decline from peak	-34.76%	-0.85%	-33.91%
Average Drawdown Average peak-to-trough decline	-16.93%	-3.53%	-13.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.71%	3.53%	+4.18%

Volatility

WAIOX vs. ARHBX - Volatility Comparison

The current volatility for Wasatch International Opportunities Fund (WAIOX) is 4.80%, while Artisan International Explorer Fund (ARHBX) has a volatility of 5.24%. This indicates that WAIOX 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

	WAIOX	ARHBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	5.24%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	12.83%	15.14%	-2.31%
Volatility (1Y) Calculated over the trailing 1-year period	15.14%	16.85%	-1.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.24%	14.77%	+2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.59%	14.77%	+1.82%

WAIOX vs. ARHBX - Expense Ratio Comparison

WAIOX has a 1.96% expense ratio, which is higher than ARHBX's 1.35% expense ratio.

Dividends

WAIOX vs. ARHBX - Dividend Comparison

WAIOX's dividend yield for the trailing twelve months is around 65.02%, more than ARHBX's 5.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARHBX Artisan International Explorer Fund	5.96%	7.44%	4.86%	1.97%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
WAIOX Wasatch International Opportunities Fund	65.02%	68.29%	0.00%	0.00%	0.00%	14.35%	1.98%	2.38%	2.73%	7.00%	0.00%	4.76%

Frequently Asked Questions

Can I hold both WAIOX and ARHBX in my portfolio?

WAIOX and ARHBX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WAIOX or ARHBX?

ARHBX has higher volatility (5.24%) compared to WAIOX (4.80%). In terms of maximum drawdown, WAIOX dropped -68.04% vs ARHBX's -18.10%.

Which has better risk-adjusted returns?

ARHBX currently has the higher Sharpe Ratio (1.65 vs -0.22), 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.