USRT vs. APHEX
USRT (iShares Core U.S. REIT ETF) and APHEX (Artisan Sustainable Emerging Markets Fund) are both funds - USRT is a REIT fund tracking the FTSE NAREIT Equity REITs Index, while APHEX is a Emerging Markets Diversified fund managed by Artisan. Over the past 10 years, USRT returned 6.67%/yr vs 10.80%/yr for APHEX. At a 0.43 correlation, their price movements are largely independent. USRT charges 0.08%/yr vs 1.07%/yr for APHEX.
Performance
USRT vs. APHEX - Performance Comparison
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Returns By Period
In the year-to-date period, USRT achieves a 17.79% return, which is significantly higher than APHEX's 15.69% return. Over the past 10 years, USRT has underperformed APHEX with an annualized return of 6.67%, while APHEX has yielded a comparatively higher 10.80% annualized return.
USRT
- 1D
- 0.94%
- 1M
- 3.13%
- YTD
- 17.79%
- 6M
- 17.95%
- 1Y
- 19.33%
- 3Y*
- 12.69%
- 5Y*
- 5.06%
- 10Y*
- 6.67%
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%
USRT vs. APHEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USRT iShares Core U.S. REIT ETF | 17.79% | 2.44% | 8.58% | 13.64% | -24.43% | 43.26% | -8.06% | 25.98% | -4.67% | 5.27% |
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 USRT and APHEX 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 | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since May 4, 2007 | 0.43 |
Over the past year, the correlation between USRT and APHEX has dropped to 0.20 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.
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Return for Risk
USRT vs. APHEX — Risk / Return Rank
USRT
APHEX
USRT vs. APHEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core U.S. REIT ETF (USRT) 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.
| USRT | APHEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.77 | ||
| Sortino ratioReturn per unit of downside risk | -0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.39 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 2.73 | -0.31 |
| Martin ratioReturn relative to average drawdown | 7.79 | 9.95 | -2.16 |
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Drawdowns
USRT vs. APHEX - Drawdown Comparison
The maximum USRT drawdown since its inception was -69.92%, which is greater than APHEX's maximum drawdown of -66.36%. Use the drawdown chart below to compare losses from any high point for USRT and APHEX.
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Drawdown Indicators
| USRT | APHEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.92% | -66.36% | -3.56% |
Max Drawdown (1Y)Largest decline over 1 year | -8.04% | -14.48% | +6.44% |
Max Drawdown (3Y)Largest decline over 3 years | -18.70% | -16.59% | -2.11% |
Max Drawdown (5Y)Largest decline over 5 years | -31.03% | -41.76% | +10.73% |
Max Drawdown (10Y)Largest decline over 10 years | -44.38% | -43.20% | -1.18% |
Current DrawdownCurrent decline from peak | 0.00% | -5.08% | +5.08% |
Average DrawdownAverage peak-to-trough decline | -12.96% | -21.81% | +8.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.49% | 3.96% | -1.47% |
Volatility
USRT vs. APHEX - Volatility Comparison
The current volatility for iShares Core U.S. REIT ETF (USRT) is 4.71%, while Artisan Sustainable Emerging Markets Fund (APHEX) has a volatility of 8.41%. This indicates that USRT 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.
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Volatility by Period
| USRT | APHEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.71% | 8.41% | -3.70% |
Volatility (6M)Calculated over the trailing 6-month period | 9.64% | 15.43% | -5.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.57% | 17.96% | -4.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.92% | 17.53% | +1.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.30% | 18.17% | +3.13% |
USRT vs. APHEX - Expense Ratio Comparison
USRT has a 0.08% expense ratio, which is lower than APHEX's 1.07% expense ratio.
Dividends
USRT vs. APHEX - Dividend Comparison
USRT's dividend yield for the trailing twelve months is around 2.56%, more than APHEX's 1.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
USRT iShares Core U.S. REIT ETF | 2.56% | 3.07% | 2.85% | 3.18% | 3.46% | 2.27% | 3.12% | 3.34% | 5.66% | 3.44% | 3.98% | 3.59% |
Frequently Asked Questions
USRT and APHEX 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.
APHEX has higher volatility (8.41%) compared to USRT (4.71%). In terms of maximum drawdown, USRT dropped -69.92% vs APHEX's -66.36%.
APHEX currently has the higher Sharpe Ratio (2.20 vs 1.43), 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.
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