APDFX vs. BSIIX

Last updated Jun 3, 2026

APDFX (Artisan High Income Fund Advisor Class) and BSIIX (BlackRock Strategic Income Opportunities Fund Class I) are both mutual funds - APDFX is a High Yield Bonds fund actively managed by Artisan, while BSIIX is a Total Bond Market fund managed by BlackRock. Over the past 10 years, APDFX returned 6.45%/yr vs 3.83%/yr for BSIIX. A 0.57 correlation means they provide meaningful diversification when combined. APDFX charges 0.80%/yr vs 0.69%/yr for BSIIX.

Performance

APDFX vs. BSIIX - Performance Comparison

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

Returns By Period

In the year-to-date period, APDFX achieves a 0.83% return, which is significantly lower than BSIIX's 1.79% return. Over the past 10 years, APDFX has outperformed BSIIX with an annualized return of 6.45%, while BSIIX has yielded a comparatively lower 3.83% annualized return.

APDFX

• 1D: -0.11%
• 1M: 0.38%
• YTD: 0.83%
• 6M: 1.65%
• 1Y: 5.47%
• 3Y*: 9.30%
• 5Y*: 4.21%
• 10Y*: 6.45%

BSIIX

• 1D: 0.10%
• 1M: 1.13%
• YTD: 1.79%
• 6M: 2.15%
• 1Y: 7.06%
• 3Y*: 6.80%
• 5Y*: 2.93%
• 10Y*: 3.83%

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

APDFX vs. BSIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APDFX Artisan High Income Fund Advisor Class	0.83%	8.32%	8.46%	15.98%	-10.57%	3.99%	9.67%	14.84%	-1.40%	9.01%
BSIIX BlackRock Strategic Income Opportunities Fund Class I	1.79%	8.59%	5.22%	6.18%	-6.14%	0.80%	7.22%	7.65%	-0.42%	4.89%

Correlation

The correlation between APDFX and BSIIX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Mar 24, 2014	0.57

The correlation between APDFX and BSIIX shifts across timeframes, from 0.57 (all time) to 0.69 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

APDFX vs. BSIIX — Risk / Return Rank

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

APDFX

APDFX Risk / Return Rank: 52
APDFX Sharpe Ratio Rank: 39
APDFX Sortino Ratio Rank: 71
APDFX Omega Ratio Rank: 66
APDFX Calmar Ratio Rank: 36
APDFX Martin Ratio Rank: 50

BSIIX

BSIIX Risk / Return Rank: 64
BSIIX Sharpe Ratio Rank: 70
BSIIX Sortino Ratio Rank: 82
BSIIX Omega Ratio Rank: 80
BSIIX Calmar Ratio Rank: 43
BSIIX Martin Ratio Rank: 46

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.

APDFX vs. BSIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan High Income Fund Advisor Class (APDFX) and BlackRock Strategic Income Opportunities Fund Class I (BSIIX). 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.

	APDFX	BSIIX	Difference
Sharpe ratio Return per unit of total volatility	1.83	2.44	-0.61
Sortino ratio Return per unit of downside risk	3.51	3.85	-0.35
Omega ratio Gain probability vs. loss probability	1.45	1.52	-0.07
Calmar ratio Return relative to maximum drawdown	2.30	2.50	-0.20
Martin ratio Return relative to average drawdown	10.36	9.67	+0.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APDFX vs. BSIIX - Sharpe Ratio Comparison

The current APDFX Sharpe Ratio is 1.83, which is comparable to the BSIIX Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of APDFX and BSIIX, 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

	APDFX	BSIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	2.44	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.81	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.23	1.22	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	1.31	-0.18

Drawdowns

APDFX vs. BSIIX - Drawdown Comparison

The maximum APDFX drawdown since its inception was -21.52%, which is greater than BSIIX's maximum drawdown of -18.76%. Use the drawdown chart below to compare losses from any high point for APDFX and BSIIX.

Drawdown Indicators

	APDFX	BSIIX	Difference
Max Drawdown Largest peak-to-trough decline	-21.52%	-18.76%	-2.76%
Max Drawdown (1Y) Largest decline over 1 year	-2.75%	-2.84%	+0.09%
Max Drawdown (3Y) Largest decline over 3 years	-3.30%	-2.84%	-0.46%
Max Drawdown (5Y) Largest decline over 5 years	-14.64%	-9.13%	-5.51%
Max Drawdown (10Y) Largest decline over 10 years	-21.52%	-9.91%	-11.61%
Current Drawdown Current decline from peak	-0.11%	-0.00%	-0.11%
Average Drawdown Average peak-to-trough decline	-2.14%	-1.81%	-0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	0.73%	-0.12%

Volatility

APDFX vs. BSIIX - Volatility Comparison

The current volatility for Artisan High Income Fund Advisor Class (APDFX) is 0.89%, while BlackRock Strategic Income Opportunities Fund Class I (BSIIX) has a volatility of 1.04%. This indicates that APDFX experiences smaller price fluctuations and is considered to be less risky than BSIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APDFX	BSIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	1.04%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	2.45%	2.31%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	3.02%	2.91%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.95%	3.64%	+1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.25%	3.14%	+2.11%

APDFX vs. BSIIX - Expense Ratio Comparison

APDFX has a 0.80% expense ratio, which is higher than BSIIX's 0.69% expense ratio.

Dividends

APDFX vs. BSIIX - Dividend Comparison

APDFX's dividend yield for the trailing twelve months is around 7.07%, more than BSIIX's 5.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APDFX Artisan High Income Fund Advisor Class	7.07%	6.86%	7.27%	7.39%	6.34%	5.41%	5.42%	6.94%	7.17%	8.01%	6.70%	7.48%
BSIIX BlackRock Strategic Income Opportunities Fund Class I	5.16%	5.07%	4.75%	3.33%	3.58%	2.98%	2.92%	3.54%	3.32%	3.45%	2.91%	3.19%

Frequently Asked Questions

Can I hold both APDFX and BSIIX in my portfolio?

APDFX and BSIIX have a correlation of 0.69, 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 BSIIX?

BSIIX has higher volatility (1.04%) compared to APDFX (0.89%). In terms of maximum drawdown, APDFX dropped -21.52% vs BSIIX's -18.76%.

Which has better risk-adjusted returns?

BSIIX currently has the higher Sharpe Ratio (2.44 vs 1.83), 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.