ARTRX vs. APHEX

Last updated Jun 5, 2026

ARTRX (Artisan Global Opportunities Fund Class I) and APHEX (Artisan Sustainable Emerging Markets Fund) are both mutual funds - ARTRX is a Global Equities fund managed by Artisan, while APHEX is a Emerging Markets Diversified fund managed by Artisan. Over the past 10 years, ARTRX returned 11.31%/yr vs 11.12%/yr for APHEX. A 0.73 correlation means they provide meaningful diversification when combined. ARTRX charges 1.14%/yr vs 1.07%/yr for APHEX.

Performance

ARTRX vs. APHEX - Performance Comparison

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

Returns By Period

In the year-to-date period, ARTRX achieves a 5.15% return, which is significantly lower than APHEX's 20.20% return. Both investments have delivered pretty close results over the past 10 years, with ARTRX having a 11.31% annualized return and APHEX not far behind at 11.12%.

ARTRX

• 1D: -0.59%
• 1M: 1.24%
• YTD: 5.15%
• 6M: 3.47%
• 1Y: 11.09%
• 3Y*: 12.61%
• 5Y*: 4.14%
• 10Y*: 11.31%

APHEX

• 1D: -1.38%
• 1M: 3.97%
• YTD: 20.20%
• 6M: 22.14%
• 1Y: 49.13%
• 3Y*: 24.34%
• 5Y*: 7.53%
• 10Y*: 11.12%

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

ARTRX vs. APHEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARTRX Artisan Global Opportunities Fund Class I	5.15%	8.91%	14.82%	23.02%	-30.38%	13.48%	39.84%	35.54%	-9.20%	31.22%
APHEX Artisan Sustainable Emerging Markets Fund	20.20%	42.86%	7.10%	18.50%	-28.37%	-0.46%	20.97%	19.96%	-15.46%	39.93%

Correlation

The correlation between ARTRX and APHEX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Sep 23, 2008	0.73

The correlation between ARTRX and APHEX shifts across timeframes, from 0.61 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ARTRX vs. APHEX — Risk / Return Rank

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

ARTRX

ARTRX Risk / Return Rank: 10
ARTRX Sharpe Ratio Rank: 10
ARTRX Sortino Ratio Rank: 10
ARTRX Omega Ratio Rank: 10
ARTRX Calmar Ratio Rank: 10
ARTRX Martin Ratio Rank: 10

APHEX

APHEX Risk / Return Rank: 80
APHEX Sharpe Ratio Rank: 91
APHEX Sortino Ratio Rank: 81
APHEX Omega Ratio Rank: 80
APHEX Calmar Ratio Rank: 78
APHEX Martin Ratio Rank: 68

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.

ARTRX vs. APHEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan Global Opportunities Fund Class I (ARTRX) and Artisan Sustainable Emerging Markets Fund (APHEX). 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.

	ARTRX	APHEX	Difference
Sharpe ratio: Return per unit of total volatility	0.83	3.03	-2.20
Sortino ratio: Return per unit of downside risk	1.21	3.88	-2.67
Omega ratio: Gain probability vs. loss probability	1.15	1.53	-0.38
Calmar ratio: Return relative to maximum drawdown	0.92	3.50	-2.58
Martin ratio: Return relative to average drawdown	2.79	13.11	-10.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARTRX vs. APHEX - Sharpe Ratio Comparison

The current ARTRX Sharpe Ratio is 0.83, which is lower than the APHEX Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of ARTRX and APHEX, 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

	ARTRX	APHEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	3.03	-2.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.44	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.62	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.29	+0.23

Drawdowns

ARTRX vs. APHEX - Drawdown Comparison

The maximum ARTRX drawdown since its inception was -46.00%, smaller than the maximum APHEX drawdown of -66.36%. Use the drawdown chart below to compare losses from any high point for ARTRX and APHEX.

Drawdown Indicators

	ARTRX	APHEX	Difference
Max Drawdown Largest peak-to-trough decline	-46.00%	-66.36%	+20.36%
Max Drawdown (1Y) Largest decline over 1 year	-12.71%	-14.48%	+1.77%
Max Drawdown (3Y) Largest decline over 3 years	-25.82%	-16.59%	-9.23%
Max Drawdown (5Y) Largest decline over 5 years	-38.37%	-41.76%	+3.39%
Max Drawdown (10Y) Largest decline over 10 years	-38.37%	-43.20%	+4.83%
Current Drawdown Current decline from peak	-0.88%	-1.38%	+0.50%
Average Drawdown Average peak-to-trough decline	-8.25%	-21.83%	+13.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.15%	3.85%	+0.30%

Volatility

ARTRX vs. APHEX - Volatility Comparison

The current volatility for Artisan Global Opportunities Fund Class I (ARTRX) is 4.09%, while Artisan Sustainable Emerging Markets Fund (APHEX) has a volatility of 6.10%. This indicates that ARTRX experiences smaller price fluctuations and is considered to be less risky than APHEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARTRX	APHEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	6.10%	-2.01%
Volatility (6M) Calculated over the trailing 6-month period	10.99%	13.89%	-2.90%
Volatility (1Y) Calculated over the trailing 1-year period	14.05%	16.72%	-2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.73%	17.28%	+2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.00%	18.08%	+0.92%

ARTRX vs. APHEX - Expense Ratio Comparison

ARTRX has a 1.14% expense ratio, which is higher than APHEX's 1.07% expense ratio.

Dividends

ARTRX vs. APHEX - Dividend Comparison

ARTRX's dividend yield for the trailing twelve months is around 3.40%, more than APHEX's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APHEX Artisan Sustainable Emerging Markets Fund	1.35%	1.62%	1.23%	0.49%	1.05%	0.87%	1.23%	1.04%	0.57%	0.47%	0.75%	0.00%
ARTRX Artisan Global Opportunities Fund Class I	3.40%	3.57%	12.34%	2.30%	0.00%	10.78%	6.67%	6.94%	7.32%	4.15%	0.17%	0.70%

Frequently Asked Questions

Can I hold both ARTRX and APHEX in my portfolio?

ARTRX and APHEX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARTRX or APHEX?

APHEX has higher volatility (6.10%) compared to ARTRX (4.09%). In terms of maximum drawdown, ARTRX dropped -46.00% vs APHEX's -66.36%.

Which has better risk-adjusted returns?

APHEX currently has the higher Sharpe Ratio (3.03 vs 0.83), 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.