APFOX vs. APFDX

Last updated Jun 23, 2026

APFOX (Artisan Emerging Markets Debt Opportunities Fund) and APFDX (Artisan Global Discovery Fund) are both mutual funds - APFOX is a Emerging Markets Bonds fund managed by Artisan, while APFDX is a Global Equities fund managed by Artisan. Over the past 3 years, APFOX returned 11.52%/yr vs 14.05%/yr for APFDX. At a 0.35 correlation, their price movements are largely independent. APFOX charges 1.25%/yr vs 1.38%/yr for APFDX.

Performance

APFOX vs. APFDX - Performance Comparison

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

Returns By Period

In the year-to-date period, APFOX achieves a 5.74% return, which is significantly lower than APFDX's 7.33% return.

APFOX

• 1D: -0.09%
• 1M: 1.60%
• YTD: 5.74%
• 6M: 6.49%
• 1Y: 15.59%
• 3Y*: 11.52%
• 5Y*: —
• 10Y*: —

APFDX

• 1D: 1.74%
• 1M: 3.74%
• YTD: 7.33%
• 6M: 5.71%
• 1Y: 15.60%
• 3Y*: 14.05%
• 5Y*: 4.51%
• 10Y*: —

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

APFOX vs. APFDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
APFOX Artisan Emerging Markets Debt Opportunities Fund	5.74%	13.45%	10.61%	11.44%	7.85%
APFDX Artisan Global Discovery Fund	7.33%	12.07%	16.11%	20.66%	-10.44%

Correlation

The correlation between APFOX and APFDX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (All Time) Calculated using the full available price history since Apr 28, 2022	0.35

Return for Risk

APFOX vs. APFDX — Risk / Return Rank

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

APFOX

APFOX Risk / Return Rank: 97
APFOX Sharpe Ratio Rank: 100
APFOX Sortino Ratio Rank: 99
APFOX Omega Ratio Rank: 98
APFOX Calmar Ratio Rank: 93
APFOX Martin Ratio Rank: 95

APFDX

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

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. APFDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan Emerging Markets Debt Opportunities Fund (APFOX) and Artisan Global Discovery Fund (APFDX). 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.

	APFOX	APFDX	Difference
Sharpe ratio: Return per unit of total volatility	5.43	0.90	+4.53
Sortino ratio: Return per unit of downside risk	8.32	1.42	+6.89
Omega ratio: Gain probability vs. loss probability	2.39	1.17	+1.23
Calmar ratio: Return relative to maximum drawdown	4.87	1.18	+3.69
Martin ratio: Return relative to average drawdown	20.40	4.69	+15.72

APFOX vs. APFDX - Sharpe Ratio Comparison

The current APFOX Sharpe Ratio is 5.43, which is higher than the APFDX Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of APFOX and APFDX, 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

APFOX vs. APFDX - Drawdown Comparison

The maximum APFOX drawdown since its inception was -5.69%, smaller than the maximum APFDX drawdown of -40.83%. Use the drawdown chart below to compare losses from any high point for APFOX and APFDX.

Drawdown Indicators

	APFOX	APFDX	Difference
Max Drawdown Largest peak-to-trough decline	-5.69%	-40.83%	+35.14%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-13.18%	+9.97%
Max Drawdown (3Y) Largest decline over 3 years	-5.69%	-21.19%	+15.50%
Max Drawdown (5Y) Largest decline over 5 years	—	-40.83%	—
Current Drawdown Current decline from peak	-0.18%	0.00%	-0.18%
Average Drawdown Average peak-to-trough decline	-0.70%	-10.67%	+9.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	3.30%	-2.54%

Volatility

APFOX vs. APFDX - Volatility Comparison

The current volatility for Artisan Emerging Markets Debt Opportunities Fund (APFOX) is 0.74%, while Artisan Global Discovery Fund (APFDX) has a volatility of 6.85%. This indicates that APFOX experiences smaller price fluctuations and is considered to be less risky than APFDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APFOX	APFDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	6.85%	-6.11%
Volatility (6M) Calculated over the trailing 6-month period	2.51%	14.53%	-12.02%
Volatility (1Y) Calculated over the trailing 1-year period	2.87%	17.19%	-14.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.73%	20.72%	-16.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.73%	20.50%	-16.77%

APFOX vs. APFDX - Expense Ratio Comparison

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

Dividends

APFOX vs. APFDX - Dividend Comparison

APFOX's dividend yield for the trailing twelve months is around 7.12%, less than APFDX's 18.29% 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%
APFOX Artisan Emerging Markets Debt Opportunities Fund	7.12%	5.71%	9.39%	9.03%	7.17%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APFOX and APFDX in my portfolio?

APFOX and APFDX have a correlation of 0.35, 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 APFDX?

APFDX has higher volatility (6.85%) compared to APFOX (0.74%). In terms of maximum drawdown, APFOX dropped -5.69% vs APFDX's -40.83%.

Which has better risk-adjusted returns?

APFOX currently has the higher Sharpe Ratio (5.43 vs 0.90), 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.