TRTX vs. ARI

Last updated Jun 20, 2026

TRTX (TPG RE Finance Trust, Inc.) and ARI (Apollo Commercial Real Estate Finance, Inc.) are both stocks. Both operate in the REIT - Mortgage industry within the Real Estate sector. Over the past 5 years, TRTX returned 3.04%/yr vs 4.00%/yr for ARI. A 0.70 correlation means they provide meaningful diversification when combined.

Performance

TRTX vs. ARI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TPG RE Finance Trust, Inc. (TRTX) and Apollo Commercial Real Estate Finance, Inc. (ARI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRTX achieves a 7.90% return, which is significantly lower than ARI's 14.60% return.

TRTX

• 1D: 5.92%
• 1M: 8.73%
• YTD: 7.90%
• 6M: 4.17%
• 1Y: 27.67%
• 3Y*: 18.53%
• 5Y*: 3.04%
• 10Y*: —

ARI

• 1D: 1.03%
• 1M: -1.37%
• YTD: 14.60%
• 6M: 13.46%
• 1Y: 22.16%
• 3Y*: 10.54%
• 5Y*: 4.00%
• 10Y*: 7.52%

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

TRTX vs. ARI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRTX TPG RE Finance Trust, Inc.	7.90%	13.50%	46.93%	9.71%	-38.40%	25.11%	-31.46%	20.90%	4.67%	0.80%
ARI Apollo Commercial Real Estate Finance, Inc.	14.60%	23.83%	-16.51%	24.46%	-7.12%	29.66%	-29.03%	21.15%	-0.03%	7.69%

Correlation

The correlation between TRTX and ARI is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jul 20, 2017	0.70

The correlation between TRTX and ARI has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.

Fundamentals

Market Cap TRTX : $679.95M ARI : $1.51B
EPS TRTX : $0.78 ARI : $0.91
PE Ratio TRTX : 11.08 ARI : 11.89
PS Ratio TRTX : 2.57 ARI : 2.54
PB Ratio TRTX : 0.64 ARI : 0.84
Total Revenue (TTM) TRTX : $264.49M ARI : $595.26M
Gross Profit (TTM) TRTX : $207.51M ARI : $429.14M
EBITDA (TTM) TRTX : $195.60M ARI : $372.79M

Return for Risk

TRTX vs. ARI — Risk / Return Rank

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

TRTX

TRTX Risk / Return Rank: 74
TRTX Sharpe Ratio Rank: 79
TRTX Sortino Ratio Rank: 75
TRTX Omega Ratio Rank: 72
TRTX Calmar Ratio Rank: 73
TRTX Martin Ratio Rank: 73

ARI

ARI Risk / Return Rank: 74
ARI Sharpe Ratio Rank: 76
ARI Sortino Ratio Rank: 73
ARI Omega Ratio Rank: 68
ARI Calmar Ratio Rank: 78
ARI Martin Ratio Rank: 76

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.

TRTX vs. ARI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TPG RE Finance Trust, Inc. (TRTX) and Apollo Commercial Real Estate Finance, Inc. (ARI). 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.

	TRTX	ARI	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.17	+0.14
Sortino ratio: Return per unit of downside risk	1.95	1.79	+0.15
Omega ratio: Gain probability vs. loss probability	1.23	1.21	+0.02
Calmar ratio: Return relative to maximum drawdown	1.75	2.22	-0.47
Martin ratio: Return relative to average drawdown	4.11	4.97	-0.86

TRTX vs. ARI - Sharpe Ratio Comparison

The current TRTX Sharpe Ratio is 1.31, which is comparable to the ARI Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of TRTX and ARI, 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

TRTX vs. ARI - Drawdown Comparison

The maximum TRTX drawdown since its inception was -86.18%, which is greater than ARI's maximum drawdown of -77.39%. Use the drawdown chart below to compare losses from any high point for TRTX and ARI.

Drawdown Indicators

	TRTX	ARI	Difference
Max Drawdown Largest peak-to-trough decline	-86.18%	-77.39%	-8.79%
Max Drawdown (1Y) Largest decline over 1 year	-15.90%	-10.04%	-5.86%
Max Drawdown (3Y) Largest decline over 3 years	-30.01%	-24.73%	-5.28%
Max Drawdown (5Y) Largest decline over 5 years	-54.39%	-40.95%	-13.44%
Max Drawdown (10Y) Largest decline over 10 years	—	-77.39%	—
Current Drawdown Current decline from peak	-0.21%	-3.48%	+3.27%
Average Drawdown Average peak-to-trough decline	-20.93%	-9.04%	-11.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.75%	4.47%	+2.28%

Volatility

TRTX vs. ARI - Volatility Comparison

TPG RE Finance Trust, Inc. (TRTX) has a higher volatility of 7.56% compared to Apollo Commercial Real Estate Finance, Inc. (ARI) at 4.36%. This indicates that TRTX's price experiences larger fluctuations and is considered to be riskier than ARI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRTX	ARI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.56%	4.36%	+3.20%
Volatility (6M) Calculated over the trailing 6-month period	15.71%	13.69%	+2.02%
Volatility (1Y) Calculated over the trailing 1-year period	21.30%	19.06%	+2.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.99%	30.73%	+4.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.72%	43.99%	+13.73%

Dividends

TRTX vs. ARI - Dividend Comparison

TRTX's dividend yield for the trailing twelve months is around 15.70%, more than ARI's 9.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARI Apollo Commercial Real Estate Finance, Inc.	9.23%	10.33%	13.86%	11.93%	13.01%	10.64%	12.98%	10.06%	11.04%	9.97%	11.07%	10.33%
TRTX TPG RE Finance Trust, Inc.	15.70%	11.15%	11.29%	14.77%	14.14%	7.71%	15.44%	8.49%	9.35%	3.73%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both TRTX and ARI in my portfolio?

TRTX and ARI have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRTX or ARI?

TRTX has higher volatility (7.56%) compared to ARI (4.36%). In terms of maximum drawdown, TRTX dropped -86.18% vs ARI's -77.39%.

Which has better risk-adjusted returns?

TRTX currently has the higher Sharpe Ratio (1.31 vs 1.17), 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.