APFPX vs. BGCIX
APFPX (Artisan Global Unconstrained Fund) and BGCIX (BlackRock Global Long/Short Credit Fund) are both Nontraditional Bonds funds. Over the past 3 years, APFPX returned 9.18%/yr vs 7.14%/yr for BGCIX. At a 0.02 correlation, their price movements are largely independent. APFPX charges 1.54%/yr vs 1.12%/yr for BGCIX.
Performance
APFPX vs. BGCIX - Performance Comparison
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Returns By Period
In the year-to-date period, APFPX achieves a 4.18% return, which is significantly higher than BGCIX's 1.44% return.
APFPX
- 1D
- 0.09%
- 1M
- 0.20%
- YTD
- 4.18%
- 6M
- 4.50%
- 1Y
- 11.57%
- 3Y*
- 9.18%
- 5Y*
- —
- 10Y*
- —
BGCIX
- 1D
- -0.11%
- 1M
- 0.44%
- YTD
- 1.44%
- 6M
- 1.66%
- 1Y
- 4.36%
- 3Y*
- 7.14%
- 5Y*
- 3.23%
- 10Y*
- 4.24%
APFPX vs. BGCIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
APFPX Artisan Global Unconstrained Fund | 4.18% | 10.21% | 11.33% | 6.67% | 6.73% |
BGCIX BlackRock Global Long/Short Credit Fund | 1.44% | 6.55% | 8.47% | 8.87% | -3.24% |
Correlation
The correlation between APFPX and BGCIX is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since May 17, 2022 | 0.02 |
The correlation between APFPX and BGCIX shifts across timeframes, from -0.10 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
APFPX vs. BGCIX — Risk / Return Rank
APFPX
BGCIX
APFPX vs. BGCIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Artisan Global Unconstrained Fund (APFPX) and BlackRock Global Long/Short Credit Fund (BGCIX). 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 | BGCIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.35 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 2.17 | 1.91 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 13.00 | 4.65 | +8.35 |
| Martin ratioReturn relative to average drawdown | 56.36 | 19.56 | +36.80 |
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Drawdowns
APFPX vs. BGCIX - Drawdown Comparison
The maximum APFPX drawdown since its inception was -2.10%, smaller than the maximum BGCIX drawdown of -10.37%. Use the drawdown chart below to compare losses from any high point for APFPX and BGCIX.
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Drawdown Indicators
| APFPX | BGCIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.10% | -10.37% | +8.27% |
Max Drawdown (1Y)Largest decline over 1 year | -0.90% | -0.99% | +0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -2.02% | -2.18% | +0.16% |
Max Drawdown (5Y)Largest decline over 5 years | — | -9.78% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -10.37% | — |
Current DrawdownCurrent decline from peak | -0.16% | -0.11% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -0.25% | -1.27% | +1.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.21% | 0.24% | -0.03% |
Volatility
APFPX vs. BGCIX - Volatility Comparison
Artisan Global Unconstrained Fund (APFPX) has a higher volatility of 0.54% compared to BlackRock Global Long/Short Credit Fund (BGCIX) at 0.42%. This indicates that APFPX's price experiences larger fluctuations and is considered to be riskier than BGCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| APFPX | BGCIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.54% | 0.42% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.12% | 1.00% | +1.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.50% | 1.38% | +1.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.75% | 1.90% | +0.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.75% | 3.15% | -0.40% |
APFPX vs. BGCIX - Expense Ratio Comparison
APFPX has a 1.54% expense ratio, which is higher than BGCIX's 1.12% expense ratio.
Dividends
APFPX vs. BGCIX - Dividend Comparison
APFPX's dividend yield for the trailing twelve months is around 4.58%, less than BGCIX's 5.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
APFPX Artisan Global Unconstrained Fund | 4.58% | 4.01% | 6.18% | 6.89% | 8.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
BGCIX BlackRock Global Long/Short Credit Fund | 5.74% | 5.83% | 7.13% | 3.33% | 8.25% | 3.57% | 9.87% | 3.75% | 6.01% | 1.16% | 0.00% | 5.11% |
Frequently Asked Questions
APFPX and BGCIX have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
APFPX has higher volatility (0.54%) compared to BGCIX (0.42%). In terms of maximum drawdown, APFPX dropped -2.10% vs BGCIX's -10.37%.
APFPX currently has the higher Sharpe Ratio (4.69 vs 3.34), 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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