ACFIX vs. APFPX

Last updated Apr 1, 2026

Compare and contrast key facts about Water Island Credit Opportunities Fund (ACFIX) and Artisan Global Unconstrained Fund (APFPX).

ACFIX is managed by Arbitrage Fund. It was launched on Sep 30, 2012. APFPX is managed by Artisan. It was launched on Mar 30, 2022.

Performance

ACFIX vs. APFPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Water Island Credit Opportunities Fund (ACFIX) and Artisan Global Unconstrained Fund (APFPX). The values are adjusted to include any dividend payments, if applicable.

ACFIX vs. APFPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ACFIX Water Island Credit Opportunities Fund	0.63%	4.79%	5.51%	6.54%	1.29%
APFPX Artisan Global Unconstrained Fund	4.02%	10.21%	11.33%	6.67%	6.73%

Returns By Period

In the year-to-date period, ACFIX achieves a 0.63% return, which is significantly lower than APFPX's 4.02% return.

ACFIX

• 1D: 0.20%
• 1M: 0.00%
• YTD: 0.63%
• 6M: 1.51%
• 1Y: 3.95%
• 3Y*: 4.98%
• 5Y*: 3.32%
• 10Y*: 3.68%

APFPX

• 1D: 0.15%
• 1M: 0.15%
• YTD: 4.02%
• 6M: 7.27%
• 1Y: 12.99%
• 3Y*: 9.99%
• 5Y*: —
• 10Y*: —

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

ACFIX vs. APFPX - Expense Ratio Comparison

ACFIX has a 0.98% expense ratio, which is lower than APFPX's 1.54% expense ratio.

APFPX

Artisan Global Unconstrained Fund

ACFIX

Water Island Credit Opportunities Fund

Return for Risk

ACFIX vs. APFPX — Risk / Return Rank

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

ACFIX

ACFIX Risk / Return Rank: 24
ACFIX Sharpe Ratio Rank: 7
ACFIX Sortino Ratio Rank: 10
ACFIX Omega Ratio Rank: 88
ACFIX Calmar Ratio Rank: 10
ACFIX Martin Ratio Rank: 8

APFPX

APFPX Risk / Return Rank: 99
APFPX Sharpe Ratio Rank: 100
APFPX Sortino Ratio Rank: 99
APFPX Omega Ratio Rank: 99
APFPX Calmar Ratio Rank: 99
APFPX Martin Ratio Rank: 99

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.

ACFIX vs. APFPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Water Island Credit Opportunities Fund (ACFIX) and Artisan Global Unconstrained Fund (APFPX). 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.

	ACFIX	APFPX	Difference
Sharpe ratio Return per unit of total volatility	0.13	5.02	-4.89
Sortino ratio Return per unit of downside risk	0.46	7.27	-6.80
Omega ratio Gain probability vs. loss probability	1.38	2.27	-0.89
Calmar ratio Return relative to maximum drawdown	0.20	6.23	-6.03
Martin ratio Return relative to average drawdown	0.27	30.52	-30.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ACFIX vs. APFPX - Sharpe Ratio Comparison

The current ACFIX Sharpe Ratio is 0.13, which is lower than the APFPX Sharpe Ratio of 5.02. The chart below compares the historical Sharpe Ratios of ACFIX and APFPX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ACFIX	APFPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.13	5.02	-4.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	3.73	-3.38

Correlation

The correlation between ACFIX and APFPX is -0.08. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

ACFIX vs. APFPX - Dividend Comparison

ACFIX's dividend yield for the trailing twelve months is around 3.77%, less than APFPX's 4.92% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACFIX Water Island Credit Opportunities Fund	3.77%	4.17%	4.71%	4.00%	3.55%	2.59%	2.95%	3.52%	2.92%	3.01%	2.38%	2.91%
APFPX Artisan Global Unconstrained Fund	4.92%	4.01%	6.18%	6.89%	8.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

ACFIX vs. APFPX - Drawdown Comparison

The maximum ACFIX drawdown since its inception was -20.82%, which is greater than APFPX's maximum drawdown of -2.10%. Use the drawdown chart below to compare losses from any high point for ACFIX and APFPX.

Drawdown Indicators

	ACFIX	APFPX	Difference
Max Drawdown Largest peak-to-trough decline	-20.82%	-2.10%	-18.72%
Max Drawdown (1Y) Largest decline over 1 year	-20.82%	-1.73%	-19.09%
Max Drawdown (5Y) Largest decline over 5 years	-20.82%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-20.82%	—	—
Current Drawdown Current decline from peak	-18.84%	0.00%	-18.84%
Average Drawdown Average peak-to-trough decline	-1.47%	-0.25%	-1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.31%	0.41%	+14.90%

Volatility

ACFIX vs. APFPX - Volatility Comparison

The current volatility for Water Island Credit Opportunities Fund (ACFIX) is 0.44%, while Artisan Global Unconstrained Fund (APFPX) has a volatility of 1.24%. This indicates that ACFIX experiences smaller price fluctuations and is considered to be less risky than APFPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACFIX	APFPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.44%	1.24%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	1.08%	1.86%	-0.78%
Volatility (1Y) Calculated over the trailing 1-year period	33.56%	2.64%	+30.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.12%	2.75%	+12.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.89%	2.75%	+8.14%