APFDX vs. APHFX

Last updated Jun 4, 2026

APFDX (Artisan Global Discovery Fund) and APHFX (Artisan High Income Fund Class I) are both mutual funds - APFDX is a Global Equities fund managed by Artisan, while APHFX is a High Yield Bonds fund actively managed by Artisan. Over the past 5 years, APFDX returned 4.38%/yr vs 3.82%/yr for APHFX. At a 0.48 correlation, their price movements are largely independent. APFDX charges 1.38%/yr vs 0.71%/yr for APHFX.

Performance

APFDX vs. APHFX - Performance Comparison

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

Returns By Period

In the year-to-date period, APFDX achieves a 4.43% return, which is significantly higher than APHFX's 0.99% return.

APFDX

• 1D: 0.79%
• 1M: 3.69%
• YTD: 4.43%
• 6M: 3.51%
• 1Y: 12.52%
• 3Y*: 14.11%
• 5Y*: 4.38%
• 10Y*: —

APHFX

• 1D: 0.11%
• 1M: 0.61%
• YTD: 0.99%
• 6M: 1.71%
• 1Y: 5.70%
• 3Y*: 8.95%
• 5Y*: 3.82%
• 10Y*: —

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

APFDX vs. APHFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APFDX Artisan Global Discovery Fund	4.43%	12.07%	16.11%	20.66%	-31.14%	12.04%	45.70%	42.57%	-2.58%	4.94%
APHFX Artisan High Income Fund Class I	0.99%	8.43%	8.60%	13.77%	-10.93%	4.09%	10.22%	14.26%	-1.32%	1.80%

Correlation

The correlation between APFDX and APHFX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Sep 11, 2017	0.48

The correlation between APFDX and APHFX has been stable across timeframes, ranging from 0.44 to 0.51 - a consistent structural relationship.

Return for Risk

APFDX vs. APHFX — Risk / Return Rank

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

APFDX

APFDX Risk / Return Rank: 11
APFDX Sharpe Ratio Rank: 10
APFDX Sortino Ratio Rank: 11
APFDX Omega Ratio Rank: 10
APFDX Calmar Ratio Rank: 10
APFDX Martin Ratio Rank: 14

APHFX

APHFX Risk / Return Rank: 53
APHFX Sharpe Ratio Rank: 41
APHFX Sortino Ratio Rank: 75
APHFX Omega Ratio Rank: 71
APHFX Calmar Ratio Rank: 31
APHFX Martin Ratio Rank: 45

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.

APFDX vs. APHFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan Global Discovery Fund (APFDX) and Artisan High Income Fund Class I (APHFX). 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.

	APFDX	APHFX	Difference
Sharpe ratio: Return per unit of total volatility	0.80	1.88	-1.08
Sortino ratio: Return per unit of downside risk	1.28	3.63	-2.35
Omega ratio: Gain probability vs. loss probability	1.15	1.47	-0.33
Calmar ratio: Return relative to maximum drawdown	0.99	2.10	-1.11
Martin ratio: Return relative to average drawdown	3.96	9.45	-5.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APFDX vs. APHFX - Sharpe Ratio Comparison

The current APFDX Sharpe Ratio is 0.80, which is lower than the APHFX Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of APFDX and APHFX, 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

	APFDX	APHFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	1.88	-1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.78	-0.57
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	1.09	-0.50

Drawdowns

APFDX vs. APHFX - Drawdown Comparison

The maximum APFDX drawdown since its inception was -40.83%, which is greater than APHFX's maximum drawdown of -21.51%. Use the drawdown chart below to compare losses from any high point for APFDX and APHFX.

Drawdown Indicators

	APFDX	APHFX	Difference
Max Drawdown Largest peak-to-trough decline	-40.83%	-21.51%	-19.32%
Max Drawdown (1Y) Largest decline over 1 year	-13.18%	-2.74%	-10.44%
Max Drawdown (3Y) Largest decline over 3 years	-21.19%	-3.29%	-17.90%
Max Drawdown (5Y) Largest decline over 5 years	-40.83%	-14.80%	-26.03%
Current Drawdown Current decline from peak	-0.68%	0.00%	-0.68%
Average Drawdown Average peak-to-trough decline	-10.73%	-2.50%	-8.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	0.61%	+2.67%

Volatility

APFDX vs. APHFX - Volatility Comparison

Artisan Global Discovery Fund (APFDX) has a higher volatility of 5.62% compared to Artisan High Income Fund Class I (APHFX) at 0.90%. This indicates that APFDX's price experiences larger fluctuations and is considered to be riskier than APHFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APFDX	APHFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.62%	0.90%	+4.72%
Volatility (6M) Calculated over the trailing 6-month period	13.64%	2.47%	+11.17%
Volatility (1Y) Calculated over the trailing 1-year period	16.38%	3.05%	+13.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.57%	4.91%	+15.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.47%	5.31%	+15.16%

APFDX vs. APHFX - Expense Ratio Comparison

APFDX has a 1.38% expense ratio, which is higher than APHFX's 0.71% expense ratio.

Dividends

APFDX vs. APHFX - Dividend Comparison

APFDX's dividend yield for the trailing twelve months is around 18.79%, more than APHFX's 7.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
APFDX Artisan Global Discovery Fund	18.79%	19.63%	0.87%	0.00%	0.00%	7.91%	1.88%	0.00%	0.51%	0.62%
APHFX Artisan High Income Fund Class I	7.16%	6.96%	7.39%	5.56%	5.83%	5.50%	6.01%	6.44%	7.25%	7.96%

Frequently Asked Questions

Can I hold both APFDX and APHFX in my portfolio?

APFDX and APHFX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APFDX or APHFX?

APFDX has higher volatility (5.62%) compared to APHFX (0.90%). In terms of maximum drawdown, APFDX dropped -40.83% vs APHFX's -21.51%.

Which has better risk-adjusted returns?

APHFX currently has the higher Sharpe Ratio (1.88 vs 0.80), 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.