APFOX vs. ARTLX

Last updated Jun 23, 2026

APFOX (Artisan Emerging Markets Debt Opportunities Fund) and ARTLX (Artisan Value Fund) are both mutual funds - APFOX is a Emerging Markets Bonds fund managed by Artisan, while ARTLX is a Large Cap Value Equities fund managed by Artisan. Over the past 3 years, APFOX returned 11.52%/yr vs 13.04%/yr for ARTLX. At a 0.36 correlation, their price movements are largely independent. APFOX charges 1.25%/yr vs 1.05%/yr for ARTLX.

Performance

APFOX vs. ARTLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan Emerging Markets Debt Opportunities Fund (APFOX) and Artisan Value Fund (ARTLX). 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 higher than ARTLX's 3.54% return.

APFOX

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

ARTLX

• 1D: -0.13%
• 1M: -1.65%
• YTD: 3.54%
• 6M: 3.18%
• 1Y: 13.02%
• 3Y*: 13.04%
• 5Y*: 9.63%
• 10Y*: 11.49%

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

APFOX vs. ARTLX - 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%
ARTLX Artisan Value Fund	3.54%	14.48%	12.11%	24.27%	-1.81%

Correlation

The correlation between APFOX and ARTLX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
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	0.36

Return for Risk

APFOX vs. ARTLX — 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

ARTLX

ARTLX Risk / Return Rank: 18
ARTLX Sharpe Ratio Rank: 17
ARTLX Sortino Ratio Rank: 17
ARTLX Omega Ratio Rank: 17
ARTLX Calmar Ratio Rank: 17
ARTLX Martin Ratio Rank: 19

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. ARTLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan Emerging Markets Debt Opportunities Fund (APFOX) and Artisan Value Fund (ARTLX). 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	ARTLX	Difference
Sharpe ratio: Return per unit of total volatility	5.43	1.10	+4.33
Sortino ratio: Return per unit of downside risk	8.32	1.61	+6.70
Omega ratio: Gain probability vs. loss probability	2.39	1.20	+1.20
Calmar ratio: Return relative to maximum drawdown	4.87	1.40	+3.47
Martin ratio: Return relative to average drawdown	20.40	4.62	+15.78

APFOX vs. ARTLX - Sharpe Ratio Comparison

The current APFOX Sharpe Ratio is 5.43, which is higher than the ARTLX Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of APFOX and ARTLX, 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. ARTLX - Drawdown Comparison

The maximum APFOX drawdown since its inception was -5.69%, smaller than the maximum ARTLX drawdown of -57.91%. Use the drawdown chart below to compare losses from any high point for APFOX and ARTLX.

Drawdown Indicators

	APFOX	ARTLX	Difference
Max Drawdown Largest peak-to-trough decline	-5.69%	-57.91%	+52.22%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-9.35%	+6.14%
Max Drawdown (3Y) Largest decline over 3 years	-5.69%	-13.28%	+7.59%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.89%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.03%	—
Current Drawdown Current decline from peak	-0.18%	-2.04%	+1.86%
Average Drawdown Average peak-to-trough decline	-0.70%	-8.32%	+7.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	2.82%	-2.06%

Volatility

APFOX vs. ARTLX - Volatility Comparison

The current volatility for Artisan Emerging Markets Debt Opportunities Fund (APFOX) is 0.74%, while Artisan Value Fund (ARTLX) has a volatility of 3.46%. This indicates that APFOX experiences smaller price fluctuations and is considered to be less risky than ARTLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APFOX	ARTLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	3.46%	-2.72%
Volatility (6M) Calculated over the trailing 6-month period	2.51%	8.82%	-6.31%
Volatility (1Y) Calculated over the trailing 1-year period	2.87%	11.82%	-8.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.73%	15.25%	-11.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.73%	18.06%	-14.33%

APFOX vs. ARTLX - Expense Ratio Comparison

APFOX has a 1.25% expense ratio, which is higher than ARTLX's 1.05% expense ratio.

Dividends

APFOX vs. ARTLX - Dividend Comparison

APFOX's dividend yield for the trailing twelve months is around 7.12%, less than ARTLX's 13.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
ARTLX Artisan Value Fund	13.37%	13.85%	7.59%	5.10%	17.75%	12.97%	7.57%	3.99%	16.44%	10.00%	0.62%	10.74%

Frequently Asked Questions

Can I hold both APFOX and ARTLX in my portfolio?

APFOX and ARTLX have a correlation of 0.39, 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 ARTLX?

ARTLX has higher volatility (3.46%) compared to APFOX (0.74%). In terms of maximum drawdown, APFOX dropped -5.69% vs ARTLX's -57.91%.

Which has better risk-adjusted returns?

APFOX currently has the higher Sharpe Ratio (5.43 vs 1.10), 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.