APFOX vs. APFPX
APFOX (Artisan Emerging Markets Debt Opportunities Fund) and APFPX (Artisan Global Unconstrained Fund) are both mutual funds - APFOX is a Emerging Markets Bonds fund managed by Artisan, while APFPX is a Nontraditional Bonds fund managed by Artisan. Over the past 3 years, APFOX returned 11.52%/yr vs 9.33%/yr for APFPX. At a 0.35 correlation, their price movements are largely independent. APFOX charges 1.25%/yr vs 1.54%/yr for APFPX.
Performance
APFOX vs. APFPX - Performance Comparison
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Returns By Period
In the year-to-date period, APFOX achieves a 5.74% return, which is significantly higher than APFPX's 4.09% return.
APFOX
- 1D
- -0.09%
- 1M
- 1.60%
- YTD
- 5.74%
- 6M
- 6.49%
- 1Y
- 15.59%
- 3Y*
- 11.52%
- 5Y*
- —
- 10Y*
- —
APFPX
- 1D
- -0.18%
- 1M
- 0.11%
- YTD
- 4.09%
- 6M
- 4.40%
- 1Y
- 11.47%
- 3Y*
- 9.33%
- 5Y*
- —
- 10Y*
- —
APFOX vs. APFPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
APFOX Artisan Emerging Markets Debt Opportunities Fund | 5.74% | 13.45% | 10.61% | 11.44% | 8.51% |
APFPX Artisan Global Unconstrained Fund | 4.09% | 10.21% | 11.33% | 6.67% | 6.73% |
Correlation
The correlation between APFOX and APFPX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since May 17, 2022 | 0.35 |
Over the past year, the correlation between APFOX and APFPX has dropped to 0.14 - well below their long-term average of 0.35, suggesting their price drivers have been diverging.
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Return for Risk
APFOX vs. APFPX — Risk / Return Rank
APFOX
APFPX
APFOX vs. APFPX - 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 Unconstrained Fund (APFPX). 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 | APFPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.79 | ||
| Sortino ratioReturn per unit of downside risk | +1.49 | ||
| Omega ratioGain probability vs. loss probability | 2.39 | 2.16 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 4.87 | 12.89 | -8.02 |
| Martin ratioReturn relative to average drawdown | 20.40 | 55.94 | -35.53 |
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Drawdowns
APFOX vs. APFPX - Drawdown Comparison
The maximum APFOX drawdown since its inception was -5.69%, which is greater than APFPX's maximum drawdown of -2.10%. Use the drawdown chart below to compare losses from any high point for APFOX and APFPX.
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Drawdown Indicators
| APFOX | APFPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.69% | -2.10% | -3.59% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -0.90% | -2.31% |
Max Drawdown (3Y)Largest decline over 3 years | -5.69% | -2.02% | -3.67% |
Current DrawdownCurrent decline from peak | -0.18% | -0.25% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -0.70% | -0.25% | -0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | 0.21% | +0.55% |
Volatility
APFOX vs. APFPX - Volatility Comparison
Artisan Emerging Markets Debt Opportunities Fund (APFOX) has a higher volatility of 0.74% compared to Artisan Global Unconstrained Fund (APFPX) at 0.59%. This indicates that APFOX's price experiences larger fluctuations and is considered to be riskier than APFPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| APFOX | APFPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 0.59% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 2.51% | 2.12% | +0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.87% | 2.49% | +0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.73% | 2.75% | +0.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.73% | 2.75% | +0.98% |
APFOX vs. APFPX - Expense Ratio Comparison
APFOX has a 1.25% expense ratio, which is lower than APFPX's 1.54% expense ratio.
Dividends
APFOX vs. APFPX - Dividend Comparison
APFOX's dividend yield for the trailing twelve months is around 7.12%, more than APFPX's 4.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
APFOX Artisan Emerging Markets Debt Opportunities Fund | 7.12% | 5.71% | 9.39% | 9.03% | 7.17% |
APFPX Artisan Global Unconstrained Fund | 4.58% | 4.01% | 6.18% | 6.89% | 8.60% |
Frequently Asked Questions
APFOX and APFPX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
APFOX has higher volatility (0.74%) compared to APFPX (0.59%). In terms of maximum drawdown, APFOX dropped -5.69% vs APFPX's -2.10%.
APFOX currently has the higher Sharpe Ratio (5.43 vs 4.64), 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.
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