APFDX vs. ARTRX

Last updated Jun 4, 2026

APFDX (Artisan Global Discovery Fund) and ARTRX (Artisan Global Opportunities Fund Class I) are both Global Equities funds from Artisan. Over the past 5 years, APFDX returned 4.38%/yr vs 4.45%/yr for ARTRX. Their correlation of 0.93 suggests significant overlap in exposure. APFDX charges 1.38%/yr vs 1.14%/yr for ARTRX.

Performance

APFDX vs. ARTRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan Global Discovery Fund (APFDX) and Artisan Global Opportunities Fund Class I (ARTRX). 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 lower than ARTRX's 5.78% return.

APFDX

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

ARTRX

• 1D: 0.28%
• 1M: 2.23%
• YTD: 5.78%
• 6M: 3.91%
• 1Y: 12.20%
• 3Y*: 12.83%
• 5Y*: 4.45%
• 10Y*: 11.37%

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

APFDX vs. ARTRX - 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%
ARTRX Artisan Global Opportunities Fund Class I	5.78%	8.91%	14.82%	23.02%	-30.38%	13.48%	39.84%	35.54%	-9.20%	4.48%

Correlation

The correlation between APFDX and ARTRX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 11, 2017	0.93

The correlation between APFDX and ARTRX has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.

Return for Risk

APFDX vs. ARTRX — 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

ARTRX

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

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. ARTRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan Global Discovery Fund (APFDX) and Artisan Global Opportunities Fund Class I (ARTRX). 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	ARTRX	Difference
Sharpe ratio: Return per unit of total volatility	0.80	0.89	-0.09
Sortino ratio: Return per unit of downside risk	1.28	1.28	-0.01
Omega ratio: Gain probability vs. loss probability	1.15	1.16	-0.01
Calmar ratio: Return relative to maximum drawdown	0.99	0.98	+0.01
Martin ratio: Return relative to average drawdown	3.96	2.99	+0.96
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. ARTRX - Sharpe Ratio Comparison

The current APFDX Sharpe Ratio is 0.80, which is comparable to the ARTRX Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of APFDX and ARTRX, 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	ARTRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	0.89	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.23	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.52	+0.06

Drawdowns

APFDX vs. ARTRX - Drawdown Comparison

The maximum APFDX drawdown since its inception was -40.83%, smaller than the maximum ARTRX drawdown of -46.00%. Use the drawdown chart below to compare losses from any high point for APFDX and ARTRX.

Drawdown Indicators

	APFDX	ARTRX	Difference
Max Drawdown Largest peak-to-trough decline	-40.83%	-46.00%	+5.17%
Max Drawdown (1Y) Largest decline over 1 year	-13.18%	-12.71%	-0.47%
Max Drawdown (3Y) Largest decline over 3 years	-21.19%	-25.82%	+4.63%
Max Drawdown (5Y) Largest decline over 5 years	-40.83%	-38.37%	-2.46%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.37%	—
Current Drawdown Current decline from peak	-0.68%	-0.28%	-0.40%
Average Drawdown Average peak-to-trough decline	-10.73%	-8.25%	-2.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	4.15%	-0.87%

Volatility

APFDX vs. ARTRX - Volatility Comparison

Artisan Global Discovery Fund (APFDX) has a higher volatility of 5.62% compared to Artisan Global Opportunities Fund Class I (ARTRX) at 4.04%. This indicates that APFDX's price experiences larger fluctuations and is considered to be riskier than ARTRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APFDX	ARTRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.62%	4.04%	+1.58%
Volatility (6M) Calculated over the trailing 6-month period	13.64%	10.98%	+2.66%
Volatility (1Y) Calculated over the trailing 1-year period	16.38%	14.05%	+2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.57%	19.73%	+0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.47%	19.00%	+1.47%

APFDX vs. ARTRX - Expense Ratio Comparison

APFDX has a 1.38% expense ratio, which is higher than ARTRX's 1.14% expense ratio.

Dividends

APFDX vs. ARTRX - Dividend Comparison

APFDX's dividend yield for the trailing twelve months is around 18.79%, more than ARTRX's 3.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
ARTRX Artisan Global Opportunities Fund Class I	3.38%	3.57%	12.34%	2.30%	0.00%	10.78%	6.67%	6.94%	7.32%	4.15%	0.17%	0.70%

Frequently Asked Questions

Can I hold both APFDX and ARTRX in my portfolio?

APFDX and ARTRX have a correlation of 0.85, 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 ARTRX?

APFDX has higher volatility (5.62%) compared to ARTRX (4.04%). In terms of maximum drawdown, APFDX dropped -40.83% vs ARTRX's -46.00%.

Which has better risk-adjusted returns?

ARTRX currently has the higher Sharpe Ratio (0.89 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.