APFPX vs. ARTSX

Last updated Jun 5, 2026

APFPX (Artisan Global Unconstrained Fund) and ARTSX (Artisan Small Cap Fund) are both mutual funds - APFPX is a Nontraditional Bonds fund managed by Artisan, while ARTSX is a Small Cap Growth Equities fund managed by Artisan. Over the past 3 years, APFPX returned 9.48%/yr vs 16.08%/yr for ARTSX. At a correlation of -0.16, they often move in opposite directions. APFPX charges 1.54%/yr vs 1.19%/yr for ARTSX.

Performance

APFPX vs. ARTSX - Performance Comparison

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

Returns By Period

In the year-to-date period, APFPX achieves a 4.00% return, which is significantly lower than ARTSX's 13.99% return.

APFPX

• 1D: 0.00%
• 1M: 0.02%
• YTD: 4.00%
• 6M: 4.97%
• 1Y: 11.91%
• 3Y*: 9.48%
• 5Y*: —
• 10Y*: —

ARTSX

• 1D: -0.12%
• 1M: 7.99%
• YTD: 13.99%
• 6M: 10.94%
• 1Y: 31.23%
• 3Y*: 16.08%
• 5Y*: 2.71%
• 10Y*: 12.26%

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

APFPX vs. ARTSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
APFPX Artisan Global Unconstrained Fund	4.00%	10.21%	11.33%	6.67%	6.73%
ARTSX Artisan Small Cap Fund	13.99%	8.46%	20.56%	9.29%	4.70%

Correlation

The correlation between APFPX and ARTSX is -0.25, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.25
Correlation (3Y) Calculated over the trailing 3-year period	-0.18
Correlation (All Time) Calculated using the full available price history since May 18, 2022	-0.16

Return for Risk

APFPX vs. ARTSX — Risk / Return Rank

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

APFPX

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

ARTSX

ARTSX Risk / Return Rank: 33
ARTSX Sharpe Ratio Rank: 30
ARTSX Sortino Ratio Rank: 30
ARTSX Omega Ratio Rank: 27
ARTSX Calmar Ratio Rank: 33
ARTSX Martin Ratio Rank: 43

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.

APFPX vs. ARTSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan Global Unconstrained Fund (APFPX) and Artisan Small Cap Fund (ARTSX). 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.

	APFPX	ARTSX	Difference
Sharpe ratio: Return per unit of total volatility	4.91	1.55	+3.35
Sortino ratio: Return per unit of downside risk	7.19	2.27	+4.92
Omega ratio: Gain probability vs. loss probability	2.25	1.27	+0.98
Calmar ratio: Return relative to maximum drawdown	13.50	2.16	+11.34
Martin ratio: Return relative to average drawdown	61.14	9.08	+52.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APFPX vs. ARTSX - Sharpe Ratio Comparison

The current APFPX Sharpe Ratio is 4.91, which is higher than the ARTSX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of APFPX and ARTSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	APFPX	ARTSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.91	1.55	+3.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.10	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.54	0.38	+3.16

Drawdowns

APFPX vs. ARTSX - Drawdown Comparison

The maximum APFPX drawdown since its inception was -2.10%, smaller than the maximum ARTSX drawdown of -62.77%. Use the drawdown chart below to compare losses from any high point for APFPX and ARTSX.

Drawdown Indicators

	APFPX	ARTSX	Difference
Max Drawdown Largest peak-to-trough decline	-2.10%	-62.77%	+60.67%
Max Drawdown (1Y) Largest decline over 1 year	-0.90%	-15.44%	+14.54%
Max Drawdown (3Y) Largest decline over 3 years	-2.02%	-25.88%	+23.86%
Max Drawdown (5Y) Largest decline over 5 years	—	-47.88%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.51%	—
Current Drawdown Current decline from peak	-0.33%	-7.21%	+6.88%
Average Drawdown Average peak-to-trough decline	-0.25%	-14.71%	+14.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	3.65%	-3.45%

Volatility

APFPX vs. ARTSX - Volatility Comparison

The current volatility for Artisan Global Unconstrained Fund (APFPX) is 0.48%, while Artisan Small Cap Fund (ARTSX) has a volatility of 7.51%. This indicates that APFPX experiences smaller price fluctuations and is considered to be less risky than ARTSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APFPX	ARTSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	7.51%	-7.03%
Volatility (6M) Calculated over the trailing 6-month period	2.09%	17.70%	-15.61%
Volatility (1Y) Calculated over the trailing 1-year period	2.47%	21.48%	-19.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.75%	27.40%	-24.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.75%	25.53%	-22.78%

APFPX vs. ARTSX - Expense Ratio Comparison

APFPX has a 1.54% expense ratio, which is higher than ARTSX's 1.19% expense ratio.

Dividends

APFPX vs. ARTSX - Dividend Comparison

APFPX's dividend yield for the trailing twelve months is around 4.59%, less than ARTSX's 7.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APFPX Artisan Global Unconstrained Fund	4.59%	4.01%	6.18%	6.89%	8.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ARTSX Artisan Small Cap Fund	7.23%	8.24%	10.40%	0.00%	0.26%	12.11%	5.26%	7.83%	20.83%	16.26%	1.18%	10.12%

Frequently Asked Questions

Can I hold both APFPX and ARTSX in my portfolio?

APFPX and ARTSX 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 ARTSX?

ARTSX has higher volatility (7.51%) compared to APFPX (0.48%). In terms of maximum drawdown, APFPX dropped -2.10% vs ARTSX's -62.77%.

Which has better risk-adjusted returns?

APFPX currently has the higher Sharpe Ratio (4.91 vs 1.55), 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.