APFOX vs. IMCDX

Last updated Jun 4, 2026

APFOX (Artisan Emerging Markets Debt Opportunities Fund) and IMCDX (Voya Emerging Markets Corporate Debt Fund) are both Emerging Markets Bonds funds. At a 0.31 correlation, their price movements are largely independent. APFOX charges 1.25%/yr vs 0.10%/yr for IMCDX.

Performance

APFOX vs. IMCDX - Performance Comparison

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

Returns By Period

APFOX

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

IMCDX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APFOX vs. IMCDX - 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%
IMCDX Voya Emerging Markets Corporate Debt Fund	0.00%	0.00%	6.44%	8.51%	-0.85%

Correlation

The correlation between APFOX and IMCDX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (All Time) Calculated using the full available price history since Apr 29, 2022	0.31

Return for Risk

APFOX vs. IMCDX — 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

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. IMCDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan Emerging Markets Debt Opportunities Fund (APFOX) and Voya Emerging Markets Corporate Debt Fund (IMCDX). 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	IMCDX	Difference
Sharpe ratio: Return per unit of total volatility	5.65	—	—
Sortino ratio: Return per unit of downside risk	8.56	—	—
Omega ratio: Gain probability vs. loss probability	2.48	—	—
Calmar ratio: Return relative to maximum drawdown	4.96	—	—
Martin ratio: Return relative to average drawdown	20.80	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	APFOX	IMCDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.65	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.20	—	—

Drawdowns

Drawdown Indicators

	APFOX	IMCDX	Difference
Max Drawdown Largest peak-to-trough decline	-5.69%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.69%	—	—
Current Drawdown Current decline from peak	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-0.71%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	—	—

Volatility

Volatility by Period

	APFOX	IMCDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.46%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.82%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.74%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.74%	—	—

APFOX vs. IMCDX - Expense Ratio Comparison

APFOX has a 1.25% expense ratio, which is higher than IMCDX's 0.10% expense ratio.

Dividends

APFOX vs. IMCDX - Dividend Comparison

APFOX's dividend yield for the trailing twelve months is around 7.17%, while IMCDX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
IMCDX Voya Emerging Markets Corporate Debt Fund	0.00%	0.00%	4.08%	4.21%	3.80%	6.14%	4.64%	4.99%	5.30%	4.79%	5.22%	5.11%

Frequently Asked Questions

Can I hold both APFOX and IMCDX in my portfolio?

APFOX and IMCDX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.