APHEX vs. DEMAX

Last updated Aug 1, 2026

APHEX (Artisan Sustainable Emerging Markets Fund) and DEMAX (Nomura Emerging Markets Fund Class A) are both Emerging Markets Equities funds. Over the past 10 years, APHEX returned 9.63%/yr vs 17.69%/yr for DEMAX. Their correlation of 0.90 means they have usually moved in the same direction. APHEX charges 1.07%/yr vs 1.42%/yr for DEMAX.

Performance

APHEX vs. DEMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan Sustainable Emerging Markets Fund (APHEX) and Nomura Emerging Markets Fund Class A (DEMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APHEX achieves a 13.40% return, which is significantly lower than DEMAX's 68.34% return. Over the past 10 years, APHEX has underperformed DEMAX with an annualized return of 9.63%, while DEMAX has yielded a comparatively higher 17.69% annualized return.

APHEX

• 1D: 3.13%
• 1M: -2.88%
• 6M: 2.86%
• YTD: 13.40%
• 1Y: 33.74%
• 3Y*: 19.46%
• 5Y*: 6.97%
• 10Y*: 9.63%
• ALL TIME*: 5.84%

DEMAX

• 1D: 8.33%
• 1M: -18.24%
• 6M: 34.37%
• YTD: 68.34%
• 1Y: 155.43%
• 3Y*: 50.88%
• 5Y*: 22.86%
• 10Y*: 17.69%
• ALL TIME*: 10.51%

*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)
APHEX Artisan Sustainable Emerging Markets Fund	$0.00	$0.00	$0.00
DEMAX Nomura Emerging Markets Fund Class A	$0.00	$0.00	$0.00

APHEX vs. DEMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APHEX Artisan Sustainable Emerging Markets Fund	13.40%	42.86%	7.10%	18.50%	-28.37%	-0.46%	20.97%	19.96%	-15.46%	39.93%
DEMAX Nomura Emerging Markets Fund Class A	68.34%	86.33%	6.25%	17.34%	-28.85%	-2.32%	25.54%	24.05%	-17.32%	41.62%

Correlation

The correlation between APHEX and DEMAX is 0.75, 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.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (5Y) Shows whether the relationship held over a longer period.	0.83
Correlation (10Y) Provides a long-term view across more market conditions.	0.87
Correlation (All Time) Calculated using the full available price history since Jun 28, 2006	0.90

The correlation between APHEX and DEMAX shifts across timeframes, from 0.75 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

APHEX vs. DEMAX — Risk / Return Rank

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

APHEX

APHEX Risk / Return Rank: 62
APHEX Sharpe Ratio Rank: 69
APHEX Sortino Ratio Rank: 62
APHEX Omega Ratio Rank: 64
APHEX Calmar Ratio Rank: 64
APHEX Martin Ratio Rank: 52

DEMAX

DEMAX Risk / Return Rank: 91
DEMAX Sharpe Ratio Rank: 97
DEMAX Sortino Ratio Rank: 82
DEMAX Omega Ratio Rank: 86
DEMAX Calmar Ratio Rank: 94
DEMAX Martin Ratio Rank: 96

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.

APHEX vs. DEMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan Sustainable Emerging Markets Fund (APHEX) and Nomura Emerging Markets Fund Class A (DEMAX). 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.

	APHEX	DEMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.60	2.79	-1.19
Sortino ratio: Return per unit of downside risk	2.15	2.86	-0.71
Omega ratio: Gain probability vs. loss probability	1.28	1.43	-0.15
Calmar ratio: Return relative to maximum drawdown	2.14	4.04	-1.90
Martin ratio: Return relative to average drawdown	7.08	16.82	-9.73

APHEX vs. DEMAX - Sharpe Ratio Comparison

The current APHEX Sharpe Ratio is 1.60, which is lower than the DEMAX Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of APHEX and DEMAX, 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

APHEX vs. DEMAX - Drawdown Comparison

The maximum APHEX drawdown since its inception was -66.36%, roughly equal to the maximum DEMAX drawdown of -63.23%. Use the drawdown chart below to compare losses from any high point for APHEX and DEMAX.

Drawdown Indicators

	APHEX	DEMAX	Difference
Max Drawdown Largest peak-to-trough decline	-66.36%	-63.23%	-3.13%
Max Drawdown (1Y) Largest decline over 1 year	-14.48%	-36.53%	+22.05%
Max Drawdown (3Y) Largest decline over 3 years	-16.59%	-36.53%	+19.94%
Max Drawdown (5Y) Largest decline over 5 years	-40.42%	-38.58%	-1.84%
Max Drawdown (10Y) Largest decline over 10 years	-43.20%	-46.51%	+3.31%
Current Drawdown Current decline from peak	-6.96%	-31.25%	+24.29%
Average Drawdown Average peak-to-trough decline	-21.70%	-18.72%	-2.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	8.74%	-4.39%

Volatility

APHEX vs. DEMAX - Volatility Comparison

The current volatility for Artisan Sustainable Emerging Markets Fund (APHEX) is 6.74%, while Nomura Emerging Markets Fund Class A (DEMAX) has a volatility of 25.06%. This indicates that APHEX experiences smaller price fluctuations and is considered to be less risky than DEMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APHEX	DEMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.74%	25.06%	-18.32%
Volatility (6M) Calculated over the trailing 6-month period	16.71%	49.51%	-32.80%
Volatility (1Y) Calculated over the trailing 1-year period	19.32%	52.91%	-33.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.79%	30.11%	-12.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.22%	25.79%	-7.57%

APHEX vs. DEMAX - Expense Ratio Comparison

APHEX has a 1.07% expense ratio, which is lower than DEMAX's 1.42% expense ratio.

Dividends

APHEX vs. DEMAX - Dividend Comparison

APHEX's dividend yield for the trailing twelve months is around 1.43%, less than DEMAX's 11.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APHEX Artisan Sustainable Emerging Markets Fund	1.43%	1.62%	1.23%	0.49%	1.05%	0.87%	1.23%	1.04%	0.57%	0.47%	0.75%	0.00%
DEMAX Nomura Emerging Markets Fund Class A	11.30%	19.03%	1.74%	2.76%	1.60%	3.16%	0.56%	0.57%	0.34%	1.59%	0.70%	0.03%

Frequently Asked Questions

Can I hold both APHEX and DEMAX in my portfolio?

APHEX and DEMAX have a correlation of 0.75, 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 DEMAX?

DEMAX has higher volatility (25.06%) compared to APHEX (6.74%). In terms of maximum drawdown, APHEX dropped -66.36% vs DEMAX's -63.23%.

Which has better risk-adjusted returns?

DEMAX currently has the higher Sharpe Ratio (2.79 vs 1.60), 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.