APFDX vs. FIQOX

Last updated Jun 24, 2026

APFDX (Artisan Global Discovery Fund) and FIQOX (Fidelity Advisor Worldwide Fund Class Z) are both Global Equities funds. Over the past 5 years, APFDX returned 4.23%/yr vs 16.04%/yr for FIQOX. Their correlation of 0.88 suggests significant overlap in exposure. APFDX charges 1.38%/yr vs 0.90%/yr for FIQOX.

Performance

APFDX vs. FIQOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan Global Discovery Fund (APFDX) and Fidelity Advisor Worldwide Fund Class Z (FIQOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APFDX achieves a 7.28% return, which is significantly lower than FIQOX's 24.23% return.

APFDX

• 1D: -0.05%
• 1M: 3.69%
• YTD: 7.28%
• 6M: 5.82%
• 1Y: 14.75%
• 3Y*: 15.03%
• 5Y*: 4.23%
• 10Y*: —

FIQOX

• 1D: 0.35%
• 1M: 6.11%
• YTD: 24.23%
• 6M: 23.22%
• 1Y: 42.77%
• 3Y*: 31.96%
• 5Y*: 16.04%
• 10Y*: —

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

APFDX vs. FIQOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
APFDX Artisan Global Discovery Fund	7.28%	12.07%	16.11%	20.66%	-31.14%	12.04%	45.70%	42.57%	-10.99%
FIQOX Fidelity Advisor Worldwide Fund Class Z	24.23%	16.27%	46.05%	25.10%	-25.64%	18.58%	31.08%	29.13%	-10.40%

Correlation

The correlation between APFDX and FIQOX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.88

The correlation between APFDX and FIQOX shifts across timeframes, from 0.77 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

Return for Risk

APFDX vs. FIQOX — Risk / Return Rank

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

APFDX

APFDX Risk / Return Rank: 15
APFDX Sharpe Ratio Rank: 13
APFDX Sortino Ratio Rank: 14
APFDX Omega Ratio Rank: 12
APFDX Calmar Ratio Rank: 14
APFDX Martin Ratio Rank: 20

FIQOX

FIQOX Risk / Return Rank: 77
FIQOX Sharpe Ratio Rank: 77
FIQOX Sortino Ratio Rank: 66
FIQOX Omega Ratio Rank: 69
FIQOX Calmar Ratio Rank: 84
FIQOX Martin Ratio Rank: 88

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. FIQOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan Global Discovery Fund (APFDX) and Fidelity Advisor Worldwide Fund Class Z (FIQOX). 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.

	APFDX	FIQOX	Difference
Sharpe ratio: Return per unit of total volatility	0.91	2.36	-1.45
Sortino ratio: Return per unit of downside risk	1.43	3.08	-1.65
Omega ratio: Gain probability vs. loss probability	1.17	1.42	-0.25
Calmar ratio: Return relative to maximum drawdown	1.19	3.75	-2.56
Martin ratio: Return relative to average drawdown	4.73	15.90	-11.17

APFDX vs. FIQOX - Sharpe Ratio Comparison

The current APFDX Sharpe Ratio is 0.91, which is lower than the FIQOX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of APFDX and FIQOX, 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

APFDX vs. FIQOX - Drawdown Comparison

The maximum APFDX drawdown since its inception was -40.83%, which is greater than FIQOX's maximum drawdown of -33.64%. Use the drawdown chart below to compare losses from any high point for APFDX and FIQOX.

Drawdown Indicators

	APFDX	FIQOX	Difference
Max Drawdown Largest peak-to-trough decline	-40.83%	-33.64%	-7.19%
Max Drawdown (1Y) Largest decline over 1 year	-13.18%	-11.74%	-1.44%
Max Drawdown (3Y) Largest decline over 3 years	-21.19%	-22.59%	+1.40%
Max Drawdown (5Y) Largest decline over 5 years	-40.83%	-33.64%	-7.19%
Current Drawdown Current decline from peak	-0.05%	0.00%	-0.05%
Average Drawdown Average peak-to-trough decline	-10.67%	-7.81%	-2.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	2.76%	+0.54%

Volatility

APFDX vs. FIQOX - Volatility Comparison

The current volatility for Artisan Global Discovery Fund (APFDX) is 6.48%, while Fidelity Advisor Worldwide Fund Class Z (FIQOX) has a volatility of 7.74%. This indicates that APFDX experiences smaller price fluctuations and is considered to be less risky than FIQOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APFDX	FIQOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.48%	7.74%	-1.26%
Volatility (6M) Calculated over the trailing 6-month period	14.52%	15.12%	-0.60%
Volatility (1Y) Calculated over the trailing 1-year period	17.22%	18.68%	-1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.72%	20.26%	+0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.49%	21.26%	-0.77%

APFDX vs. FIQOX - Expense Ratio Comparison

APFDX has a 1.38% expense ratio, which is higher than FIQOX's 0.90% expense ratio.

Dividends

APFDX vs. FIQOX - Dividend Comparison

APFDX's dividend yield for the trailing twelve months is around 18.29%, more than FIQOX's 9.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
APFDX Artisan Global Discovery Fund	18.29%	19.63%	0.87%	0.00%	0.00%	7.91%	1.88%	0.00%	0.51%	0.62%
FIQOX Fidelity Advisor Worldwide Fund Class Z	9.34%	11.60%	26.02%	1.10%	6.51%	12.99%	8.23%	5.09%	9.32%	0.00%

Frequently Asked Questions

Can I hold both APFDX and FIQOX in my portfolio?

APFDX and FIQOX have a correlation of 0.77, 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 FIQOX?

FIQOX has higher volatility (7.74%) compared to APFDX (6.48%). In terms of maximum drawdown, APFDX dropped -40.83% vs FIQOX's -33.64%.

Which has better risk-adjusted returns?

FIQOX currently has the higher Sharpe Ratio (2.36 vs 0.91), 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.