APDFX vs. APFPX

Last updated Aug 4, 2026

APDFX (Artisan High Income Fund Advisor Class) and APFPX (Artisan Global Unconstrained Fund) are both mutual funds - APDFX is a High Yield Bonds fund actively managed by Artisan, while APFPX is a Nontraditional Bonds fund managed by Artisan. Over the past 3 years, APDFX returned 8.33%/yr vs 9.14%/yr for APFPX. Their -0.14 correlation means they have often moved in opposite directions in the past. APDFX charges 0.80%/yr vs 1.54%/yr for APFPX.

Performance

APDFX vs. APFPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan High Income Fund Advisor Class (APDFX) and Artisan Global Unconstrained Fund (APFPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APDFX achieves a 0.86% return, which is significantly lower than APFPX's 5.11% return.

APDFX

• 1D: 0.00%
• 1M: -0.55%
• 6M: 0.17%
• YTD: 0.86%
• 1Y: 3.70%
• 3Y*: 8.33%
• 5Y*: 4.07%
• 10Y*: 6.10%
• ALL TIME*: 5.65%

APFPX

• 1D: -0.09%
• 1M: 0.79%
• 6M: 3.18%
• YTD: 5.11%
• 1Y: 11.25%
• 3Y*: 9.14%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.56%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
APDFX Artisan High Income Fund Advisor Class	$0.00	$0.00	$0.00
APFPX Artisan Global Unconstrained Fund	$0.00	$0.00	$0.00

APDFX vs. APFPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
APDFX Artisan High Income Fund Advisor Class	0.86%	8.32%	8.46%	15.98%	-4.23%
APFPX Artisan Global Unconstrained Fund	5.11%	10.21%	11.33%	6.67%	6.73%

Correlation

The correlation between APDFX and APFPX is -0.26, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.26
Correlation (3Y) Balances recent behavior with more history.	-0.21
Correlation (All Time) Calculated using the full available price history since May 17, 2022	-0.14

The correlation between APDFX and APFPX shifts across timeframes, from -0.26 (1 year) to -0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

APDFX vs. APFPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

APDFX

APDFX Risk / Return Rank: 44
APDFX Sharpe Ratio Rank: 37
APDFX Sortino Ratio Rank: 60
APDFX Omega Ratio Rank: 58
APDFX Calmar Ratio Rank: 27
APDFX Martin Ratio Rank: 37

APFPX

APFPX Risk / Return Rank: 99
APFPX Sharpe Ratio Rank: 99
APFPX Sortino Ratio Rank: 99
APFPX Omega Ratio Rank: 98
APFPX Calmar Ratio Rank: 99
APFPX Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

APDFX vs. APFPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan High Income Fund Advisor Class (APDFX) 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.

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.

	APDFX	APFPX	Difference
Sharpe ratio: Return per unit of total volatility	1.25	4.54	-3.30
Sortino ratio: Return per unit of downside risk	2.27	6.55	-4.29
Omega ratio: Gain probability vs. loss probability	1.29	2.13	-0.84
Calmar ratio: Return relative to maximum drawdown	1.32	12.64	-11.32
Martin ratio: Return relative to average drawdown	5.81	51.39	-45.58

APDFX vs. APFPX - Sharpe Ratio Comparison

The current APDFX Sharpe Ratio is 1.25, which is lower than the APFPX Sharpe Ratio of 4.54. The chart below compares the historical Sharpe Ratios of APDFX and APFPX, 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

APDFX vs. APFPX - Drawdown Comparison

The maximum APDFX drawdown since its inception was -21.52%, which is greater than APFPX's maximum drawdown of -2.10%. Use the drawdown chart below to compare losses from any high point for APDFX and APFPX.

Drawdown Indicators

	APDFX	APFPX	Difference
Max Drawdown Largest peak-to-trough decline	-21.52%	-2.10%	-19.42%
Max Drawdown (1Y) Largest decline over 1 year	-2.75%	-0.90%	-1.85%
Max Drawdown (3Y) Largest decline over 3 years	-3.30%	-2.02%	-1.28%
Max Drawdown (5Y) Largest decline over 5 years	-14.64%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-21.52%	—	—
Current Drawdown Current decline from peak	-0.55%	-0.38%	-0.17%
Average Drawdown Average peak-to-trough decline	-2.11%	-0.24%	-1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	0.22%	+0.40%

Volatility

APDFX vs. APFPX - Volatility Comparison

The current volatility for Artisan High Income Fund Advisor Class (APDFX) is 0.47%, while Artisan Global Unconstrained Fund (APFPX) has a volatility of 0.52%. This indicates that APDFX 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

	APDFX	APFPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	0.52%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	2.40%	2.11%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	2.96%	2.51%	+0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.95%	2.73%	+2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.21%	2.73%	+2.48%

APDFX vs. APFPX - Expense Ratio Comparison

APDFX has a 0.80% expense ratio, which is lower than APFPX's 1.54% expense ratio.

Dividends

APDFX vs. APFPX - Dividend Comparison

APDFX's dividend yield for the trailing twelve months is around 6.37%, more than APFPX's 4.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APDFX Artisan High Income Fund Advisor Class	6.37%	6.86%	7.27%	7.39%	6.34%	5.41%	5.42%	6.94%	7.17%	8.01%	6.70%	7.48%
APFPX Artisan Global Unconstrained Fund	4.63%	4.01%	6.18%	6.89%	8.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APDFX and APFPX in my portfolio?

APDFX and APFPX have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APDFX or APFPX?

APFPX has higher volatility (0.52%) compared to APDFX (0.47%). In terms of maximum drawdown, APDFX dropped -21.52% vs APFPX's -2.10%.

Which has better risk-adjusted returns?

APFPX currently has the higher Sharpe Ratio (4.54 vs 1.25), 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.