APFOX vs. AGEPX

Last updated Jun 4, 2026

APFOX (Artisan Emerging Markets Debt Opportunities Fund) and AGEPX (American Beacon Frontier Markets Income Fund) are both Emerging Markets Bonds funds. Over the past 3 years, APFOX returned 11.84%/yr vs 16.96%/yr for AGEPX. A 0.63 correlation means they provide meaningful diversification when combined. APFOX charges 1.25%/yr vs 1.38%/yr for AGEPX.

Performance

APFOX vs. AGEPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan Emerging Markets Debt Opportunities Fund (APFOX) and American Beacon Frontier Markets Income Fund (AGEPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APFOX achieves a 4.89% return, which is significantly lower than AGEPX's 6.76% return.

APFOX

• 1D: 0.18%
• 1M: 1.43%
• YTD: 4.89%
• 6M: 6.02%
• 1Y: 15.55%
• 3Y*: 11.84%
• 5Y*: —
• 10Y*: —

AGEPX

• 1D: 0.39%
• 1M: 1.38%
• YTD: 6.76%
• 6M: 8.20%
• 1Y: 21.00%
• 3Y*: 16.96%
• 5Y*: 7.92%
• 10Y*: 7.64%

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

APFOX vs. AGEPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
APFOX Artisan Emerging Markets Debt Opportunities Fund	4.89%	13.45%	10.61%	11.44%	7.85%
AGEPX American Beacon Frontier Markets Income Fund	6.76%	18.76%	15.58%	12.83%	-5.39%

Correlation

The correlation between APFOX and AGEPX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Apr 29, 2022	0.63

The correlation between APFOX and AGEPX has been stable across timeframes, ranging from 0.62 to 0.66 - a consistent structural relationship.

Return for Risk

APFOX vs. AGEPX — Risk / Return Rank

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

APFOX

APFOX Risk / Return Rank: 96
APFOX Sharpe Ratio Rank: 100
APFOX Sortino Ratio Rank: 99
APFOX Omega Ratio Rank: 98
APFOX Calmar Ratio Rank: 92
APFOX Martin Ratio Rank: 94

AGEPX

AGEPX Risk / Return Rank: 98
AGEPX Sharpe Ratio Rank: 100
AGEPX Sortino Ratio Rank: 99
AGEPX Omega Ratio Rank: 99
AGEPX Calmar Ratio Rank: 97
AGEPX Martin Ratio Rank: 98

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.

APFOX vs. AGEPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan Emerging Markets Debt Opportunities Fund (APFOX) and American Beacon Frontier Markets Income Fund (AGEPX). 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.

	APFOX	AGEPX	Difference
Sharpe ratio: Return per unit of total volatility	5.65	5.84	-0.19
Sortino ratio: Return per unit of downside risk	8.56	9.93	-1.37
Omega ratio: Gain probability vs. loss probability	2.48	2.59	-0.11
Calmar ratio: Return relative to maximum drawdown	4.96	6.76	-1.80
Martin ratio: Return relative to average drawdown	20.80	30.62	-9.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APFOX vs. AGEPX - Sharpe Ratio Comparison

The current APFOX Sharpe Ratio is 5.65, which is comparable to the AGEPX Sharpe Ratio of 5.84. The chart below compares the historical Sharpe Ratios of APFOX and AGEPX, 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

	APFOX	AGEPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.65	5.84	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.54	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.20	1.33	+1.87

Drawdowns

APFOX vs. AGEPX - Drawdown Comparison

The maximum APFOX drawdown since its inception was -5.69%, smaller than the maximum AGEPX drawdown of -22.47%. Use the drawdown chart below to compare losses from any high point for APFOX and AGEPX.

Drawdown Indicators

	APFOX	AGEPX	Difference
Max Drawdown Largest peak-to-trough decline	-5.69%	-22.47%	+16.78%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-3.17%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-5.69%	-4.80%	-0.89%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.47%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.71%	-3.64%	+2.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	0.70%	+0.06%

Volatility

APFOX vs. AGEPX - Volatility Comparison

The current volatility for Artisan Emerging Markets Debt Opportunities Fund (APFOX) is 0.67%, while American Beacon Frontier Markets Income Fund (AGEPX) has a volatility of 0.89%. This indicates that APFOX experiences smaller price fluctuations and is considered to be less risky than AGEPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APFOX	AGEPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	0.89%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	2.46%	2.99%	-0.53%
Volatility (1Y) Calculated over the trailing 1-year period	2.82%	3.67%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.74%	5.16%	-1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.74%	4.98%	-1.24%

APFOX vs. AGEPX - Expense Ratio Comparison

APFOX has a 1.25% expense ratio, which is lower than AGEPX's 1.38% expense ratio.

Dividends

APFOX vs. AGEPX - Dividend Comparison

APFOX's dividend yield for the trailing twelve months is around 7.17%, less than AGEPX's 9.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGEPX American Beacon Frontier Markets Income Fund	9.58%	9.79%	11.92%	9.40%	7.26%	7.65%	7.07%	8.38%	9.55%	7.09%	8.28%	6.80%
APFOX Artisan Emerging Markets Debt Opportunities Fund	7.17%	5.71%	9.39%	9.03%	7.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APFOX and AGEPX in my portfolio?

APFOX and AGEPX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APFOX or AGEPX?

AGEPX has higher volatility (0.89%) compared to APFOX (0.67%). In terms of maximum drawdown, APFOX dropped -5.69% vs AGEPX's -22.47%.

Which has better risk-adjusted returns?

AGEPX currently has the higher Sharpe Ratio (5.84 vs 5.65), 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.