APHEX vs. BRTR

Last updated Jun 4, 2026

APHEX (Artisan Sustainable Emerging Markets Fund) and BRTR (Blackrock Total Return ETF) are both funds - APHEX is a Emerging Markets Diversified fund managed by Artisan, while BRTR is a Intermediate Core-Plus Bond fund actively managed by BlackRock. Over the past year, APHEX returned 52.28% vs 5.97% for BRTR. At a 0.16 correlation, their price movements are largely independent. APHEX charges 1.07%/yr vs 0.38%/yr for BRTR.

Performance

APHEX vs. BRTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan Sustainable Emerging Markets Fund (APHEX) and Blackrock Total Return ETF (BRTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APHEX achieves a 21.88% return, which is significantly higher than BRTR's 0.40% return.

APHEX

• 1D: 0.68%
• 1M: 6.33%
• YTD: 21.88%
• 6M: 24.35%
• 1Y: 52.28%
• 3Y*: 24.92%
• 5Y*: 7.90%
• 10Y*: 11.27%

BRTR

• 1D: -0.20%
• 1M: 0.46%
• YTD: 0.40%
• 6M: 0.28%
• 1Y: 5.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APHEX vs. BRTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APHEX Artisan Sustainable Emerging Markets Fund	21.88%	42.86%	7.10%	2.69%
BRTR Blackrock Total Return ETF	0.40%	8.11%	1.29%	0.43%

Correlation

The correlation between APHEX and BRTR is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023	0.16

Return for Risk

APHEX vs. BRTR — Risk / Return Rank

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

APHEX

APHEX Risk / Return Rank: 83
APHEX Sharpe Ratio Rank: 93
APHEX Sortino Ratio Rank: 86
APHEX Omega Ratio Rank: 83
APHEX Calmar Ratio Rank: 80
APHEX Martin Ratio Rank: 72

BRTR

BRTR Risk / Return Rank: 42
BRTR Sharpe Ratio Rank: 46
BRTR Sortino Ratio Rank: 48
BRTR Omega Ratio Rank: 45
BRTR Calmar Ratio Rank: 37
BRTR Martin Ratio Rank: 36

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.

APHEX vs. BRTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan Sustainable Emerging Markets Fund (APHEX) and Blackrock Total Return ETF (BRTR). 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.

	APHEX	BRTR	Difference
Sharpe ratio: Return per unit of total volatility	3.20	1.63	+1.57
Sortino ratio: Return per unit of downside risk	4.06	2.38	+1.68
Omega ratio: Gain probability vs. loss probability	1.56	1.29	+0.27
Calmar ratio: Return relative to maximum drawdown	3.67	1.84	+1.83
Martin ratio: Return relative to average drawdown	13.76	5.57	+8.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APHEX vs. BRTR - Sharpe Ratio Comparison

The current APHEX Sharpe Ratio is 3.20, which is higher than the BRTR Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of APHEX and BRTR, 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

	APHEX	BRTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.20	1.63	+1.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.88	-0.59

Drawdowns

APHEX vs. BRTR - Drawdown Comparison

The maximum APHEX drawdown since its inception was -66.36%, which is greater than BRTR's maximum drawdown of -5.07%. Use the drawdown chart below to compare losses from any high point for APHEX and BRTR.

Drawdown Indicators

	APHEX	BRTR	Difference
Max Drawdown Largest peak-to-trough decline	-66.36%	-5.07%	-61.29%
Max Drawdown (1Y) Largest decline over 1 year	-14.48%	-3.26%	-11.22%
Max Drawdown (3Y) Largest decline over 3 years	-16.59%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-41.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.20%	—	—
Current Drawdown Current decline from peak	0.00%	-1.69%	+1.69%
Average Drawdown Average peak-to-trough decline	-21.84%	-1.35%	-20.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	1.08%	+2.77%

Volatility

APHEX vs. BRTR - Volatility Comparison

Artisan Sustainable Emerging Markets Fund (APHEX) has a higher volatility of 6.03% compared to Blackrock Total Return ETF (BRTR) at 1.28%. This indicates that APHEX's price experiences larger fluctuations and is considered to be riskier than BRTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APHEX	BRTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.03%	1.28%	+4.75%
Volatility (6M) Calculated over the trailing 6-month period	13.80%	2.77%	+11.03%
Volatility (1Y) Calculated over the trailing 1-year period	16.66%	3.68%	+12.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.27%	4.69%	+12.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	4.69%	+13.38%

APHEX vs. BRTR - Expense Ratio Comparison

APHEX has a 1.07% expense ratio, which is higher than BRTR's 0.38% expense ratio.

Dividends

APHEX vs. BRTR - Dividend Comparison

APHEX's dividend yield for the trailing twelve months is around 1.33%, less than BRTR's 4.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
APHEX Artisan Sustainable Emerging Markets Fund	1.33%	1.62%	1.23%	0.49%	1.05%	0.87%	1.23%	1.04%	0.57%	0.47%	0.75%
BRTR Blackrock Total Return ETF	4.73%	4.86%	5.58%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APHEX and BRTR in my portfolio?

APHEX and BRTR have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APHEX or BRTR?

APHEX has higher volatility (6.03%) compared to BRTR (1.28%). In terms of maximum drawdown, APHEX dropped -66.36% vs BRTR's -5.07%.

Which has better risk-adjusted returns?

APHEX currently has the higher Sharpe Ratio (3.20 vs 1.63), 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.