TRERX vs. APHIX

Last updated Jun 4, 2026

TRERX (Nuveen International Equity Fund Retirement Class) and APHIX (Artisan International Fund Institutional Class) are both Foreign Large Cap Equities funds. Both are actively managed. Over the past 10 years, TRERX returned 8.19%/yr vs 10.04%/yr for APHIX. Their correlation of 0.88 suggests significant overlap in exposure. TRERX charges 0.70%/yr vs 0.96%/yr for APHIX.

Performance

TRERX vs. APHIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen International Equity Fund Retirement Class (TRERX) and Artisan International Fund Institutional Class (APHIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRERX achieves a 7.38% return, which is significantly lower than APHIX's 13.81% return. Over the past 10 years, TRERX has underperformed APHIX with an annualized return of 8.19%, while APHIX has yielded a comparatively higher 10.04% annualized return.

TRERX

• 1D: 0.57%
• 1M: 4.78%
• YTD: 7.38%
• 6M: 8.97%
• 1Y: 23.99%
• 3Y*: 16.35%
• 5Y*: 7.26%
• 10Y*: 8.19%

APHIX

• 1D: -0.38%
• 1M: -1.58%
• YTD: 13.81%
• 6M: 17.39%
• 1Y: 26.40%
• 3Y*: 22.83%
• 5Y*: 10.17%
• 10Y*: 10.04%

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

TRERX vs. APHIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRERX Nuveen International Equity Fund Retirement Class	7.38%	32.87%	3.71%	16.63%	-17.52%	10.54%	15.51%	22.95%	-23.69%	31.53%
APHIX Artisan International Fund Institutional Class	13.81%	36.49%	10.89%	14.52%	-19.35%	9.10%	7.84%	29.43%	-10.81%	31.25%

Correlation

The correlation between TRERX and APHIX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Oct 2, 2002	0.88

Over the past year, the correlation between TRERX and APHIX has dropped to 0.68 - well below their long-term average of 0.88, suggesting their price drivers have been diverging.

Return for Risk

TRERX vs. APHIX — Risk / Return Rank

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

TRERX

TRERX Risk / Return Rank: 23
TRERX Sharpe Ratio Rank: 23
TRERX Sortino Ratio Rank: 21
TRERX Omega Ratio Rank: 22
TRERX Calmar Ratio Rank: 23
TRERX Martin Ratio Rank: 25

APHIX

APHIX Risk / Return Rank: 42
APHIX Sharpe Ratio Rank: 39
APHIX Sortino Ratio Rank: 40
APHIX Omega Ratio Rank: 38
APHIX Calmar Ratio Rank: 49
APHIX Martin Ratio Rank: 47

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.

TRERX vs. APHIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen International Equity Fund Retirement Class (TRERX) and Artisan International Fund Institutional Class (APHIX). 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.

	TRERX	APHIX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.80	-0.44
Sortino ratio: Return per unit of downside risk	1.95	2.63	-0.68
Omega ratio: Gain probability vs. loss probability	1.25	1.33	-0.08
Calmar ratio: Return relative to maximum drawdown	1.76	2.67	-0.91
Martin ratio: Return relative to average drawdown	6.09	9.73	-3.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRERX vs. APHIX - Sharpe Ratio Comparison

The current TRERX Sharpe Ratio is 1.36, which is comparable to the APHIX Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of TRERX and APHIX, 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

	TRERX	APHIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	1.80	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.65	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.62	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.30	+0.07

Drawdowns

TRERX vs. APHIX - Drawdown Comparison

The maximum TRERX drawdown since its inception was -64.73%, smaller than the maximum APHIX drawdown of -68.47%. Use the drawdown chart below to compare losses from any high point for TRERX and APHIX.

Drawdown Indicators

	TRERX	APHIX	Difference
Max Drawdown Largest peak-to-trough decline	-64.73%	-68.47%	+3.74%
Max Drawdown (1Y) Largest decline over 1 year	-13.26%	-9.77%	-3.49%
Max Drawdown (3Y) Largest decline over 3 years	-15.69%	-13.37%	-2.32%
Max Drawdown (5Y) Largest decline over 5 years	-32.21%	-33.73%	+1.52%
Max Drawdown (10Y) Largest decline over 10 years	-42.32%	-33.73%	-8.59%
Current Drawdown Current decline from peak	-2.31%	-5.05%	+2.74%
Average Drawdown Average peak-to-trough decline	-14.47%	-23.08%	+8.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	2.67%	+1.14%

Volatility

TRERX vs. APHIX - Volatility Comparison

Nuveen International Equity Fund Retirement Class (TRERX) and Artisan International Fund Institutional Class (APHIX) have volatilities of 5.46% and 5.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRERX	APHIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	5.74%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	14.15%	11.90%	+2.25%
Volatility (1Y) Calculated over the trailing 1-year period	17.13%	14.58%	+2.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.34%	15.86%	+1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	16.31%	+1.80%

TRERX vs. APHIX - Expense Ratio Comparison

TRERX has a 0.70% expense ratio, which is lower than APHIX's 0.96% expense ratio.

Dividends

TRERX vs. APHIX - Dividend Comparison

TRERX's dividend yield for the trailing twelve months is around 10.14%, less than APHIX's 19.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APHIX Artisan International Fund Institutional Class	19.88%	22.63%	10.37%	2.10%	2.84%	23.52%	3.45%	5.44%	10.02%	0.91%	1.50%	0.73%
TRERX Nuveen International Equity Fund Retirement Class	10.14%	10.88%	2.17%	2.28%	1.85%	2.47%	0.93%	1.39%	7.06%	1.25%	1.20%	0.95%

Frequently Asked Questions

Can I hold both TRERX and APHIX in my portfolio?

TRERX and APHIX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRERX or APHIX?

APHIX has higher volatility (5.74%) compared to TRERX (5.46%). In terms of maximum drawdown, TRERX dropped -64.73% vs APHIX's -68.47%.

Which has better risk-adjusted returns?

APHIX currently has the higher Sharpe Ratio (1.80 vs 1.36), 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.