EIPCX vs. APHEX

Last updated Jun 13, 2026

EIPCX (Parametric Commodity Strategy Fund Class I) and APHEX (Artisan Sustainable Emerging Markets Fund) are both mutual funds - EIPCX is a Commodities fund managed by Eaton Vance, while APHEX is a Emerging Markets Diversified fund managed by Artisan. Over the past 10 years, EIPCX returned 10.30%/yr vs 10.80%/yr for APHEX. At a 0.39 correlation, their price movements are largely independent. EIPCX charges 0.66%/yr vs 1.07%/yr for APHEX.

Performance

EIPCX vs. APHEX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with EIPCX having a 16.44% return and APHEX slightly lower at 15.69%. Both investments have delivered pretty close results over the past 10 years, with EIPCX having a 10.30% annualized return and APHEX not far ahead at 10.80%.

EIPCX

• 1D: -0.13%
• 1M: -8.64%
• YTD: 16.44%
• 6M: 18.84%
• 1Y: 32.48%
• 3Y*: 16.67%
• 5Y*: 13.32%
• 10Y*: 10.30%

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%

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

EIPCX vs. APHEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EIPCX Parametric Commodity Strategy Fund Class I	16.44%	22.27%	9.97%	-4.70%	17.76%	30.13%	7.83%	9.58%	-9.45%	7.07%
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%

Correlation

The correlation between EIPCX and APHEX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since May 26, 2011	0.39

Over the past year, the correlation between EIPCX and APHEX has dropped to 0.18 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.

Return for Risk

EIPCX vs. APHEX — Risk / Return Rank

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

EIPCX

EIPCX Risk / Return Rank: 83
EIPCX Sharpe Ratio Rank: 83
EIPCX Sortino Ratio Rank: 77
EIPCX Omega Ratio Rank: 77
EIPCX Calmar Ratio Rank: 89
EIPCX Martin Ratio Rank: 88

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

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.

EIPCX vs. APHEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric Commodity Strategy Fund Class I (EIPCX) 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.

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.

	EIPCX	APHEX	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.20	+0.12
Sortino ratio: Return per unit of downside risk	3.03	2.85	+0.18
Omega ratio: Gain probability vs. loss probability	1.41	1.39	+0.02
Calmar ratio: Return relative to maximum drawdown	3.78	2.73	+1.05
Martin ratio: Return relative to average drawdown	13.79	9.95	+3.84

EIPCX vs. APHEX - Sharpe Ratio Comparison

The current EIPCX Sharpe Ratio is 2.32, which is comparable to the APHEX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of EIPCX 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.

Drawdowns

EIPCX vs. APHEX - Drawdown Comparison

The maximum EIPCX drawdown since its inception was -54.05%, smaller than the maximum APHEX drawdown of -66.36%. Use the drawdown chart below to compare losses from any high point for EIPCX and APHEX.

Drawdown Indicators

	EIPCX	APHEX	Difference
Max Drawdown Largest peak-to-trough decline	-54.05%	-66.36%	+12.31%
Max Drawdown (1Y) Largest decline over 1 year	-8.64%	-14.48%	+5.84%
Max Drawdown (3Y) Largest decline over 3 years	-10.46%	-16.59%	+6.13%
Max Drawdown (5Y) Largest decline over 5 years	-18.00%	-41.76%	+23.76%
Max Drawdown (10Y) Largest decline over 10 years	-28.53%	-43.20%	+14.67%
Current Drawdown Current decline from peak	-8.64%	-5.08%	-3.56%
Average Drawdown Average peak-to-trough decline	-24.20%	-21.81%	-2.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.36%	3.96%	-1.60%

Volatility

EIPCX vs. APHEX - Volatility Comparison

The current volatility for Parametric Commodity Strategy Fund Class I (EIPCX) is 3.79%, while Artisan Sustainable Emerging Markets Fund (APHEX) has a volatility of 8.41%. This indicates that EIPCX 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

	EIPCX	APHEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	8.41%	-4.62%
Volatility (6M) Calculated over the trailing 6-month period	11.89%	15.43%	-3.54%
Volatility (1Y) Calculated over the trailing 1-year period	14.04%	17.96%	-3.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.66%	17.53%	-2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.27%	18.17%	-4.90%

EIPCX vs. APHEX - Expense Ratio Comparison

EIPCX has a 0.66% expense ratio, which is lower than APHEX's 1.07% expense ratio.

Dividends

EIPCX vs. APHEX - Dividend Comparison

EIPCX's dividend yield for the trailing twelve months is around 11.45%, more than APHEX's 1.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
EIPCX Parametric Commodity Strategy Fund Class I	11.45%	13.33%	5.65%	3.69%	14.93%	13.83%	3.10%	1.54%	0.87%	5.14%	6.59%

Frequently Asked Questions

Can I hold both EIPCX and APHEX in my portfolio?

EIPCX and APHEX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EIPCX or APHEX?

APHEX has higher volatility (8.41%) compared to EIPCX (3.79%). In terms of maximum drawdown, EIPCX dropped -54.05% vs APHEX's -66.36%.

Which has better risk-adjusted returns?

EIPCX currently has the higher Sharpe Ratio (2.32 vs 2.20), 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.