APHEX vs. USRT
APHEX (Artisan Sustainable Emerging Markets Fund) and USRT (iShares Core U.S. REIT ETF) are both funds - APHEX is a Emerging Markets Diversified fund managed by Artisan, while USRT is a REIT fund tracking the FTSE NAREIT Equity REITs Index. Over the past 10 years, APHEX returned 10.80%/yr vs 6.67%/yr for USRT. At a 0.43 correlation, their price movements are largely independent. APHEX charges 1.07%/yr vs 0.08%/yr for USRT.
Performance
APHEX vs. USRT - Performance Comparison
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Returns By Period
In the year-to-date period, APHEX achieves a 15.69% return, which is significantly lower than USRT's 17.79% return. Over the past 10 years, APHEX has outperformed USRT with an annualized return of 10.80%, while USRT has yielded a comparatively lower 6.67% 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%
USRT
- 1D
- 0.94%
- 1M
- 3.13%
- YTD
- 17.79%
- 6M
- 17.95%
- 1Y
- 19.33%
- 3Y*
- 12.69%
- 5Y*
- 5.06%
- 10Y*
- 6.67%
APHEX vs. USRT - 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% |
USRT iShares Core U.S. REIT ETF | 17.79% | 2.44% | 8.58% | 13.64% | -24.43% | 43.26% | -8.06% | 25.98% | -4.67% | 5.27% |
Correlation
The correlation between APHEX and USRT is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since May 4, 2007 | 0.43 |
Over the past year, the correlation between APHEX and USRT has dropped to 0.20 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.
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Return for Risk
APHEX vs. USRT — Risk / Return Rank
APHEX
USRT
APHEX vs. USRT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Artisan Sustainable Emerging Markets Fund (APHEX) and iShares Core U.S. REIT ETF (USRT). 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 | USRT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.77 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.25 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.73 | 2.42 | +0.31 |
| Martin ratioReturn relative to average drawdown | 9.95 | 7.79 | +2.16 |
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Drawdowns
APHEX vs. USRT - Drawdown Comparison
The maximum APHEX drawdown since its inception was -66.36%, smaller than the maximum USRT drawdown of -69.92%. Use the drawdown chart below to compare losses from any high point for APHEX and USRT.
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Drawdown Indicators
| APHEX | USRT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.36% | -69.92% | +3.56% |
Max Drawdown (1Y)Largest decline over 1 year | -14.48% | -8.04% | -6.44% |
Max Drawdown (3Y)Largest decline over 3 years | -16.59% | -18.70% | +2.11% |
Max Drawdown (5Y)Largest decline over 5 years | -41.76% | -31.03% | -10.73% |
Max Drawdown (10Y)Largest decline over 10 years | -43.20% | -44.38% | +1.18% |
Current DrawdownCurrent decline from peak | -5.08% | 0.00% | -5.08% |
Average DrawdownAverage peak-to-trough decline | -21.81% | -12.96% | -8.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.96% | 2.49% | +1.47% |
Volatility
APHEX vs. USRT - Volatility Comparison
Artisan Sustainable Emerging Markets Fund (APHEX) has a higher volatility of 8.41% compared to iShares Core U.S. REIT ETF (USRT) at 4.71%. This indicates that APHEX's price experiences larger fluctuations and is considered to be riskier than USRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| APHEX | USRT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.41% | 4.71% | +3.70% |
Volatility (6M)Calculated over the trailing 6-month period | 15.43% | 9.64% | +5.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.96% | 13.57% | +4.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.53% | 18.92% | -1.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.17% | 21.30% | -3.13% |
APHEX vs. USRT - Expense Ratio Comparison
APHEX has a 1.07% expense ratio, which is higher than USRT's 0.08% expense ratio.
Dividends
APHEX vs. USRT - Dividend Comparison
APHEX's dividend yield for the trailing twelve months is around 1.40%, less than USRT's 2.56% 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% |
USRT iShares Core U.S. REIT ETF | 2.56% | 3.07% | 2.85% | 3.18% | 3.46% | 2.27% | 3.12% | 3.34% | 5.66% | 3.44% | 3.98% | 3.59% |
Frequently Asked Questions
APHEX and USRT have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
APHEX has higher volatility (8.41%) compared to USRT (4.71%). In terms of maximum drawdown, APHEX dropped -66.36% vs USRT's -69.92%.
APHEX currently has the higher Sharpe Ratio (2.20 vs 1.43), 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.
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