APHEX vs. TFLR

Last updated Jun 4, 2026

APHEX (Artisan Sustainable Emerging Markets Fund) and TFLR (T. Rowe Price Floating Rate ETF) are both funds - APHEX is a Emerging Markets Diversified fund managed by Artisan, while TFLR is a Bank Loan fund actively managed by T. Rowe Price. Over the past 3 years, APHEX returned 24.92%/yr vs 8.12%/yr for TFLR. At a 0.36 correlation, their price movements are largely independent. APHEX charges 1.07%/yr vs 0.60%/yr for TFLR.

Performance

APHEX vs. TFLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan Sustainable Emerging Markets Fund (APHEX) and T. Rowe Price Floating Rate ETF (TFLR). 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 TFLR's 1.39% 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%

TFLR

• 1D: -0.06%
• 1M: 0.34%
• YTD: 1.39%
• 6M: 2.07%
• 1Y: 5.72%
• 3Y*: 8.12%
• 5Y*: —
• 10Y*: —

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

APHEX vs. TFLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
APHEX Artisan Sustainable Emerging Markets Fund	21.88%	42.86%	7.10%	18.50%	-0.01%
TFLR T. Rowe Price Floating Rate ETF	1.39%	6.57%	8.77%	12.05%	-0.41%

Correlation

The correlation between APHEX and TFLR is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since Nov 18, 2022	0.36

Return for Risk

APHEX vs. TFLR — 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

TFLR

TFLR Risk / Return Rank: 78
TFLR Sharpe Ratio Rank: 86
TFLR Sortino Ratio Rank: 90
TFLR Omega Ratio Rank: 94
TFLR Calmar Ratio Rank: 53
TFLR Martin Ratio Rank: 65

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. TFLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan Sustainable Emerging Markets Fund (APHEX) and T. Rowe Price Floating Rate ETF (TFLR). 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	TFLR	Difference
Sharpe ratio Return per unit of total volatility	3.20	2.91	+0.29
Sortino ratio Return per unit of downside risk	4.06	4.33	-0.26
Omega ratio Gain probability vs. loss probability	1.56	1.68	-0.12
Calmar ratio Return relative to maximum drawdown	3.67	2.64	+1.03
Martin ratio Return relative to average drawdown	13.76	12.12	+1.64
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. TFLR - Sharpe Ratio Comparison

The current APHEX Sharpe Ratio is 3.20, which is comparable to the TFLR Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of APHEX and TFLR, 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	TFLR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.20	2.91	+0.29
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	2.18	-1.89

Drawdowns

APHEX vs. TFLR - Drawdown Comparison

The maximum APHEX drawdown since its inception was -66.36%, which is greater than TFLR's maximum drawdown of -4.01%. Use the drawdown chart below to compare losses from any high point for APHEX and TFLR.

Drawdown Indicators

	APHEX	TFLR	Difference
Max Drawdown Largest peak-to-trough decline	-66.36%	-4.01%	-62.35%
Max Drawdown (1Y) Largest decline over 1 year	-14.48%	-2.18%	-12.30%
Max Drawdown (3Y) Largest decline over 3 years	-16.59%	-4.01%	-12.58%
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%	-0.08%	+0.08%
Average Drawdown Average peak-to-trough decline	-21.84%	-0.21%	-21.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	0.47%	+3.38%

Volatility

APHEX vs. TFLR - Volatility Comparison

Artisan Sustainable Emerging Markets Fund (APHEX) has a higher volatility of 6.03% compared to T. Rowe Price Floating Rate ETF (TFLR) at 0.41%. This indicates that APHEX's price experiences larger fluctuations and is considered to be riskier than TFLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APHEX	TFLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.03%	0.41%	+5.62%
Volatility (6M) Calculated over the trailing 6-month period	13.80%	1.73%	+12.07%
Volatility (1Y) Calculated over the trailing 1-year period	16.66%	1.98%	+14.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.27%	3.68%	+13.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	3.68%	+14.39%

APHEX vs. TFLR - Expense Ratio Comparison

APHEX has a 1.07% expense ratio, which is higher than TFLR's 0.60% expense ratio.

Dividends

APHEX vs. TFLR - Dividend Comparison

APHEX's dividend yield for the trailing twelve months is around 1.33%, less than TFLR's 6.77% 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%
TFLR T. Rowe Price Floating Rate ETF	6.77%	6.93%	8.18%	7.76%	0.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APHEX and TFLR in my portfolio?

APHEX and TFLR have a correlation of 0.29, 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 TFLR?

APHEX has higher volatility (6.03%) compared to TFLR (0.41%). In terms of maximum drawdown, APHEX dropped -66.36% vs TFLR's -4.01%.

Which has better risk-adjusted returns?

APHEX currently has the higher Sharpe Ratio (3.20 vs 2.91), 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.