AX-UN.TO vs. AP-UN.TO

Last updated Jun 5, 2026

AX-UN.TO (Artis Real Estate Investment Trust) and AP-UN.TO (Allied Properties Real Estate Investment Trust) are both stocks. Both are in the Real Estate sector — AX-UN.TO in REIT - Diversified, AP-UN.TO in REIT - Office. At a 0.40 correlation, their price movements are largely independent.

Performance

AX-UN.TO vs. AP-UN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Artis Real Estate Investment Trust (AX-UN.TO) and Allied Properties Real Estate Investment Trust (AP-UN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

AX-UN.TO

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AP-UN.TO

• 1D: 0.41%
• 1M: 1.73%
• YTD: -24.24%
• 6M: -21.00%
• 1Y: -32.57%
• 3Y*: -15.90%
• 5Y*: -19.84%
• 10Y*: -6.82%

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

AX-UN.TO vs. AP-UN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AX-UN.TO Artis Real Estate Investment Trust	7.79%	11.91%	14.29%	-24.33%	-23.17%	14.00%	-8.40%	31.05%	-33.38%	12.70%
AP-UN.TO Allied Properties Real Estate Investment Trust	-24.24%	-13.47%	-5.92%	-12.14%	-38.62%	20.95%	-24.39%	21.30%	9.29%	21.85%

Correlation

The correlation between AX-UN.TO and AP-UN.TO 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	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Feb 18, 2004	0.40

The correlation between AX-UN.TO and AP-UN.TO shifts across timeframes, from 0.20 (1 year) to 0.52 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS AX-UN.TO : -CA$0.77 AP-UN.TO : -CA$13.04
PS Ratio AX-UN.TO : 10.00 AP-UN.TO : 1.76
Total Revenue (TTM) AX-UN.TO : CA$249.75M AP-UN.TO : CA$585.67M
Gross Profit (TTM) AX-UN.TO : CA$129.30M AP-UN.TO : CA$302.33M
EBITDA (TTM) AX-UN.TO : CA$4.36M AP-UN.TO : -CA$1.22B

Return for Risk

AX-UN.TO vs. AP-UN.TO — Risk / Return Rank

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

AP-UN.TO

AP-UN.TO Risk / Return Rank: 16
AP-UN.TO Sharpe Ratio Rank: 10
AP-UN.TO Sortino Ratio Rank: 16
AP-UN.TO Omega Ratio Rank: 10
AP-UN.TO Calmar Ratio Rank: 22
AP-UN.TO Martin Ratio Rank: 24

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.

AX-UN.TO vs. AP-UN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artis Real Estate Investment Trust (AX-UN.TO) and Allied Properties Real Estate Investment Trust (AP-UN.TO). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	AX-UN.TO	AP-UN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.76	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.25	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.25	—

Drawdowns

Drawdown Indicators

	AX-UN.TO	AP-UN.TO	Difference
Max Drawdown Largest peak-to-trough decline	—	-76.72%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-58.74%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-58.74%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-73.59%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-76.72%	—
Current Drawdown Current decline from peak	—	-73.67%	—
Average Drawdown Average peak-to-trough decline	—	-17.38%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	36.63%	—

Volatility

Volatility by Period

	AX-UN.TO	AP-UN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.23%	—
Volatility (6M) Calculated over the trailing 6-month period	—	38.30%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	42.94%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	30.41%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	27.49%	—

Dividends

AX-UN.TO vs. AP-UN.TO - Dividend Comparison

AX-UN.TO's dividend yield for the trailing twelve months is around 2.42%, less than AP-UN.TO's 12.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AP-UN.TO Allied Properties Real Estate Investment Trust	12.80%	12.79%	10.50%	11.30%	6.84%	3.88%	4.38%	3.07%	3.53%	3.65%	4.18%	4.65%
AX-UN.TO Artis Real Estate Investment Trust	2.42%	2.50%	2.72%	3.02%	2.22%	1.68%	1.88%	1.68%	2.16%	1.42%	1.58%	1.56%

Financials

Frequently Asked Questions

Can I hold both AX-UN.TO and AP-UN.TO in my portfolio?

AX-UN.TO and AP-UN.TO 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.