APHEX vs. SWPPX

Last updated Jun 13, 2026

APHEX (Artisan Sustainable Emerging Markets Fund) and SWPPX (Schwab S&P 500 Index Fund) are both mutual funds - APHEX is a Emerging Markets Diversified fund managed by Artisan, while SWPPX is a Large Cap Blend Equities fund tracking the S&P 500 Index. Over the past 10 years, APHEX returned 10.80%/yr vs 15.41%/yr for SWPPX. A 0.69 correlation means they provide meaningful diversification when combined. APHEX charges 1.07%/yr vs 0.02%/yr for SWPPX.

Performance

APHEX vs. SWPPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan Sustainable Emerging Markets Fund (APHEX) and Schwab S&P 500 Index Fund (SWPPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APHEX achieves a 15.69% return, which is significantly higher than SWPPX's 8.55% return. Over the past 10 years, APHEX has underperformed SWPPX with an annualized return of 10.80%, while SWPPX has yielded a comparatively higher 15.41% annualized return.

APHEX

• 1D: 2.84%
• 1M: -2.15%
• YTD: 15.69%
• 6M: 17.76%
• 1Y: 38.75%
• 3Y*: 22.05%
• 5Y*: 6.74%
• 10Y*: 10.80%

SWPPX

• 1D: 1.76%
• 1M: -0.57%
• YTD: 8.55%
• 6M: 8.92%
• 1Y: 23.75%
• 3Y*: 21.04%
• 5Y*: 13.31%
• 10Y*: 15.41%

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

APHEX vs. SWPPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APHEX Artisan Sustainable Emerging Markets Fund	15.69%	42.86%	7.10%	18.50%	-28.37%	-0.46%	20.97%	19.96%	-15.46%	39.93%
SWPPX Schwab S&P 500 Index Fund	8.55%	17.87%	24.96%	26.26%	-18.14%	28.67%	18.38%	31.46%	-4.47%	21.81%

Correlation

The correlation between APHEX and SWPPX is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jun 28, 2006	0.69

The correlation between APHEX and SWPPX has been stable across timeframes, ranging from 0.60 to 0.69 - a consistent structural relationship.

Return for Risk

APHEX vs. SWPPX — Risk / Return Rank

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

APHEX

APHEX Risk / Return Rank: 72
APHEX Sharpe Ratio Rank: 79
APHEX Sortino Ratio Rank: 71
APHEX Omega Ratio Rank: 74
APHEX Calmar Ratio Rank: 71
APHEX Martin Ratio Rank: 63

SWPPX

SWPPX Risk / Return Rank: 73
SWPPX Sharpe Ratio Rank: 72
SWPPX Sortino Ratio Rank: 67
SWPPX Omega Ratio Rank: 68
SWPPX Calmar Ratio Rank: 73
SWPPX Martin Ratio Rank: 83

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. SWPPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan Sustainable Emerging Markets Fund (APHEX) and Schwab S&P 500 Index Fund (SWPPX). 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	SWPPX	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.96	+0.24
Sortino ratio: Return per unit of downside risk	2.85	2.66	+0.19
Omega ratio: Gain probability vs. loss probability	1.39	1.36	+0.04
Calmar ratio: Return relative to maximum drawdown	2.73	2.74	-0.01
Martin ratio: Return relative to average drawdown	9.95	12.42	-2.47

APHEX vs. SWPPX - Sharpe Ratio Comparison

The current APHEX Sharpe Ratio is 2.20, which is comparable to the SWPPX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of APHEX and SWPPX, 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. SWPPX - Drawdown Comparison

The maximum APHEX drawdown since its inception was -66.36%, which is greater than SWPPX's maximum drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for APHEX and SWPPX.

Drawdown Indicators

	APHEX	SWPPX	Difference
Max Drawdown Largest peak-to-trough decline	-66.36%	-55.06%	-11.30%
Max Drawdown (1Y) Largest decline over 1 year	-14.48%	-8.89%	-5.59%
Max Drawdown (3Y) Largest decline over 3 years	-16.59%	-18.74%	+2.15%
Max Drawdown (5Y) Largest decline over 5 years	-41.76%	-24.51%	-17.25%
Max Drawdown (10Y) Largest decline over 10 years	-43.20%	-33.80%	-9.40%
Current Drawdown Current decline from peak	-5.08%	-2.81%	-2.27%
Average Drawdown Average peak-to-trough decline	-21.81%	-9.94%	-11.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.96%	1.96%	+2.00%

Volatility

APHEX vs. SWPPX - Volatility Comparison

Artisan Sustainable Emerging Markets Fund (APHEX) has a higher volatility of 8.41% compared to Schwab S&P 500 Index Fund (SWPPX) at 4.47%. This indicates that APHEX's price experiences larger fluctuations and is considered to be riskier than SWPPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APHEX	SWPPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.41%	4.47%	+3.94%
Volatility (6M) Calculated over the trailing 6-month period	15.43%	9.73%	+5.70%
Volatility (1Y) Calculated over the trailing 1-year period	17.96%	12.40%	+5.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.53%	17.01%	+0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	18.26%	-0.09%

APHEX vs. SWPPX - Expense Ratio Comparison

APHEX has a 1.07% expense ratio, which is higher than SWPPX's 0.02% expense ratio.

Dividends

APHEX vs. SWPPX - Dividend Comparison

APHEX's dividend yield for the trailing twelve months is around 1.40%, more than SWPPX's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APHEX Artisan Sustainable Emerging Markets Fund	1.40%	1.62%	1.23%	0.49%	1.05%	0.87%	1.23%	1.04%	0.57%	0.47%	0.75%	0.00%
SWPPX Schwab S&P 500 Index Fund	1.02%	1.11%	1.23%	1.43%	1.67%	1.27%	1.81%	1.95%	2.67%	1.79%	2.55%	3.17%

Frequently Asked Questions

Can I hold both APHEX and SWPPX in my portfolio?

APHEX and SWPPX have a correlation of 0.60, 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 SWPPX?

APHEX has higher volatility (8.41%) compared to SWPPX (4.47%). In terms of maximum drawdown, APHEX dropped -66.36% vs SWPPX's -55.06%.

Which has better risk-adjusted returns?

APHEX currently has the higher Sharpe Ratio (2.20 vs 1.96), 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.