APFDX vs. ARTSX

Last updated Jun 4, 2026

APFDX (Artisan Global Discovery Fund) and ARTSX (Artisan Small Cap Fund) are both mutual funds - APFDX is a Global Equities fund managed by Artisan, while ARTSX is a Small Cap Growth Equities fund managed by Artisan. Over the past 5 years, APFDX returned 4.38%/yr vs 2.95%/yr for ARTSX. Their correlation of 0.91 suggests significant overlap in exposure. APFDX charges 1.38%/yr vs 1.19%/yr for ARTSX.

Performance

APFDX vs. ARTSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan Global Discovery Fund (APFDX) and Artisan Small Cap Fund (ARTSX). 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 ARTSX's 14.13% return.

APFDX

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

ARTSX

• 1D: 1.33%
• 1M: 9.06%
• YTD: 14.13%
• 6M: 12.25%
• 1Y: 33.16%
• 3Y*: 16.13%
• 5Y*: 2.95%
• 10Y*: 12.27%

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

APFDX vs. ARTSX - 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%
ARTSX Artisan Small Cap Fund	14.13%	8.46%	20.56%	9.29%	-29.44%	-9.05%	60.95%	40.04%	1.97%	7.93%

Correlation

The correlation between APFDX and ARTSX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
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	0.91

The correlation between APFDX and ARTSX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

APFDX vs. ARTSX — 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

ARTSX

ARTSX Risk / Return Rank: 35
ARTSX Sharpe Ratio Rank: 33
ARTSX Sortino Ratio Rank: 32
ARTSX Omega Ratio Rank: 29
ARTSX Calmar Ratio Rank: 36
ARTSX 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.

APFDX vs. ARTSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan Global Discovery Fund (APFDX) and Artisan Small Cap Fund (ARTSX). 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	ARTSX	Difference
Sharpe ratio: Return per unit of total volatility	0.80	1.64	-0.84
Sortino ratio: Return per unit of downside risk	1.28	2.38	-1.10
Omega ratio: Gain probability vs. loss probability	1.15	1.28	-0.13
Calmar ratio: Return relative to maximum drawdown	0.99	2.29	-1.30
Martin ratio: Return relative to average drawdown	3.96	9.62	-5.66
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. ARTSX - Sharpe Ratio Comparison

The current APFDX Sharpe Ratio is 0.80, which is lower than the ARTSX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of APFDX and ARTSX, 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	ARTSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	1.64	-0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.11	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.38	+0.21

Drawdowns

APFDX vs. ARTSX - Drawdown Comparison

The maximum APFDX drawdown since its inception was -40.83%, smaller than the maximum ARTSX drawdown of -62.77%. Use the drawdown chart below to compare losses from any high point for APFDX and ARTSX.

Drawdown Indicators

	APFDX	ARTSX	Difference
Max Drawdown Largest peak-to-trough decline	-40.83%	-62.77%	+21.94%
Max Drawdown (1Y) Largest decline over 1 year	-13.18%	-15.44%	+2.26%
Max Drawdown (3Y) Largest decline over 3 years	-21.19%	-25.88%	+4.69%
Max Drawdown (5Y) Largest decline over 5 years	-40.83%	-47.88%	+7.05%
Max Drawdown (10Y) Largest decline over 10 years	—	-51.51%	—
Current Drawdown Current decline from peak	-0.68%	-7.10%	+6.42%
Average Drawdown Average peak-to-trough decline	-10.73%	-14.71%	+3.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	3.65%	-0.37%

Volatility

APFDX vs. ARTSX - Volatility Comparison

The current volatility for Artisan Global Discovery Fund (APFDX) is 5.62%, while Artisan Small Cap Fund (ARTSX) has a volatility of 7.55%. This indicates that APFDX experiences smaller price fluctuations and is considered to be less risky than ARTSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APFDX	ARTSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.62%	7.55%	-1.93%
Volatility (6M) Calculated over the trailing 6-month period	13.64%	17.71%	-4.07%
Volatility (1Y) Calculated over the trailing 1-year period	16.38%	21.49%	-5.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.57%	27.40%	-6.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.47%	25.54%	-5.07%

APFDX vs. ARTSX - Expense Ratio Comparison

APFDX has a 1.38% expense ratio, which is higher than ARTSX's 1.19% expense ratio.

Dividends

APFDX vs. ARTSX - Dividend Comparison

APFDX's dividend yield for the trailing twelve months is around 18.79%, more than ARTSX's 7.22% 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%
ARTSX Artisan Small Cap Fund	7.22%	8.24%	10.40%	0.00%	0.26%	12.11%	5.26%	7.83%	20.83%	16.26%	1.18%	10.12%

Frequently Asked Questions

Can I hold both APFDX and ARTSX in my portfolio?

With a correlation of 0.93, APFDX and ARTSX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, APFDX or ARTSX?

ARTSX has higher volatility (7.55%) compared to APFDX (5.62%). In terms of maximum drawdown, APFDX dropped -40.83% vs ARTSX's -62.77%.

Which has better risk-adjusted returns?

ARTSX currently has the higher Sharpe Ratio (1.64 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.