APFPX vs. APDFX

Last updated Aug 1, 2026

APFPX (Artisan Global Unconstrained Fund) and APDFX (Artisan High Income Fund Advisor Class) are both mutual funds - APFPX is a Nontraditional Bonds fund managed by Artisan, while APDFX is a High Yield Bonds fund actively managed by Artisan. Over the past 3 years, APFPX returned 9.28%/yr vs 8.25%/yr for APDFX. Their -0.14 correlation means they have often moved in opposite directions in the past. APFPX charges 1.54%/yr vs 0.80%/yr for APDFX.

Performance

APFPX vs. APDFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan Global Unconstrained Fund (APFPX) and Artisan High Income Fund Advisor Class (APDFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APFPX achieves a 5.21% return, which is significantly higher than APDFX's 0.86% return.

APFPX

• 1D: -0.02%
• 1M: 0.88%
• 6M: 3.18%
• YTD: 5.21%
• 1Y: 11.35%
• 3Y*: 9.28%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.59%

APDFX

• 1D: 0.11%
• 1M: -0.55%
• 6M: 0.28%
• YTD: 0.86%
• 1Y: 3.70%
• 3Y*: 8.25%
• 5Y*: 4.07%
• 10Y*: 6.09%
• ALL TIME*: 5.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
APDFX Artisan High Income Fund Advisor Class	$0.00	$0.00	$0.00
APFPX Artisan Global Unconstrained Fund	$0.00	$0.00	$0.00

APFPX vs. APDFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
APFPX Artisan Global Unconstrained Fund	5.21%	10.21%	11.33%	6.67%	6.73%
APDFX Artisan High Income Fund Advisor Class	0.86%	8.32%	8.46%	15.98%	-4.23%

Correlation

The correlation between APFPX and APDFX is -0.25, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.25
Correlation (3Y) Balances recent behavior with more history.	-0.21
Correlation (All Time) Calculated using the full available price history since May 17, 2022	-0.14

The correlation between APFPX and APDFX shifts across timeframes, from -0.25 (1 year) to -0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

APFPX vs. APDFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

APFPX

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

APDFX

APDFX Risk / Return Rank: 60
APDFX Sharpe Ratio Rank: 58
APDFX Sortino Ratio Rank: 77
APDFX Omega Ratio Rank: 77
APDFX Calmar Ratio Rank: 37
APDFX Martin Ratio Rank: 50

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

APFPX vs. APDFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan Global Unconstrained Fund (APFPX) and Artisan High Income Fund Advisor Class (APDFX). 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.

	APFPX	APDFX	Difference
Sharpe ratio: Return per unit of total volatility	4.69	1.44	+3.26
Sortino ratio: Return per unit of downside risk	6.80	2.66	+4.14
Omega ratio: Gain probability vs. loss probability	2.18	1.34	+0.84
Calmar ratio: Return relative to maximum drawdown	13.11	1.55	+11.56
Martin ratio: Return relative to average drawdown	53.64	6.86	+46.78

APFPX vs. APDFX - Sharpe Ratio Comparison

The current APFPX Sharpe Ratio is 4.69, which is higher than the APDFX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of APFPX and APDFX, 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

APFPX vs. APDFX - Drawdown Comparison

The maximum APFPX drawdown since its inception was -2.10%, smaller than the maximum APDFX drawdown of -21.52%. Use the drawdown chart below to compare losses from any high point for APFPX and APDFX.

Drawdown Indicators

	APFPX	APDFX	Difference
Max Drawdown Largest peak-to-trough decline	-2.10%	-21.52%	+19.42%
Max Drawdown (1Y) Largest decline over 1 year	-0.90%	-2.75%	+1.85%
Max Drawdown (3Y) Largest decline over 3 years	-2.02%	-3.30%	+1.28%
Max Drawdown (5Y) Largest decline over 5 years	—	-14.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-21.52%	—
Current Drawdown Current decline from peak	-0.29%	-0.55%	+0.26%
Average Drawdown Average peak-to-trough decline	-0.24%	-2.11%	+1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	0.62%	-0.40%

Volatility

APFPX vs. APDFX - Volatility Comparison

Artisan Global Unconstrained Fund (APFPX) has a higher volatility of 0.51% compared to Artisan High Income Fund Advisor Class (APDFX) at 0.47%. This indicates that APFPX's price experiences larger fluctuations and is considered to be riskier than APDFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APFPX	APDFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.51%	0.47%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.10%	2.40%	-0.30%
Volatility (1Y) Calculated over the trailing 1-year period	2.51%	2.97%	-0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.73%	4.95%	-2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.73%	5.21%	-2.48%

APFPX vs. APDFX - Expense Ratio Comparison

APFPX has a 1.54% expense ratio, which is higher than APDFX's 0.80% expense ratio.

Dividends

APFPX vs. APDFX - Dividend Comparison

APFPX's dividend yield for the trailing twelve months is around 4.63%, less than APDFX's 6.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APDFX Artisan High Income Fund Advisor Class	6.37%	6.86%	7.27%	7.39%	6.34%	5.41%	5.42%	6.94%	7.17%	8.01%	6.70%	7.48%
APFPX Artisan Global Unconstrained Fund	4.63%	4.01%	6.18%	6.89%	8.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APFPX and APDFX in my portfolio?

APFPX and APDFX have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APFPX or APDFX?

APFPX has higher volatility (0.51%) compared to APDFX (0.47%). In terms of maximum drawdown, APFPX dropped -2.10% vs APDFX's -21.52%.

Which has better risk-adjusted returns?

APFPX currently has the higher Sharpe Ratio (4.69 vs 1.44), 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.