APFPX vs. FBND
APFPX (Artisan Global Unconstrained Fund) and FBND (Fidelity Total Bond ETF) are both funds - APFPX is a Nontraditional Bonds fund managed by Artisan, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Over the past 3 years, APFPX returned 9.33%/yr vs 4.69%/yr for FBND. At a correlation of -0.37, they often move in opposite directions. APFPX charges 1.54%/yr vs 0.36%/yr for FBND.
Performance
APFPX vs. FBND - Performance Comparison
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Returns By Period
In the year-to-date period, APFPX achieves a 4.09% return, which is significantly higher than FBND's 0.61% return.
APFPX
- 1D
- -0.18%
- 1M
- 0.11%
- YTD
- 4.09%
- 6M
- 4.40%
- 1Y
- 11.47%
- 3Y*
- 9.33%
- 5Y*
- —
- 10Y*
- —
FBND
- 1D
- -0.26%
- 1M
- 0.58%
- YTD
- 0.61%
- 6M
- 0.71%
- 1Y
- 4.87%
- 3Y*
- 4.69%
- 5Y*
- 0.78%
- 10Y*
- 2.53%
APFPX vs. FBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
APFPX Artisan Global Unconstrained Fund | 4.09% | 10.21% | 11.33% | 6.67% | 6.73% |
FBND Fidelity Total Bond ETF | 0.61% | 7.57% | 2.13% | 6.81% | -3.10% |
Correlation
The correlation between APFPX and FBND is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.32 |
Correlation (All Time) Calculated using the full available price history since May 17, 2022 | -0.37 |
Over the past year, the inverse relationship between APFPX and FBND has weakened: their correlation has moved from -0.37 to -0.12, meaning they move in opposite directions less often than they have historically.
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Return for Risk
APFPX vs. FBND — Risk / Return Rank
APFPX
FBND
APFPX vs. FBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Artisan Global Unconstrained Fund (APFPX) and Fidelity Total Bond ETF (FBND). 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 | FBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.37 | ||
| Sortino ratioReturn per unit of downside risk | +4.92 | ||
| Omega ratioGain probability vs. loss probability | 2.16 | 1.22 | +0.93 |
| Calmar ratioReturn relative to maximum drawdown | 12.89 | 1.83 | +11.05 |
| Martin ratioReturn relative to average drawdown | 55.94 | 5.27 | +50.67 |
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Drawdowns
APFPX vs. FBND - Drawdown Comparison
The maximum APFPX drawdown since its inception was -2.10%, smaller than the maximum FBND drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for APFPX and FBND.
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Drawdown Indicators
| APFPX | FBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.10% | -17.25% | +15.15% |
Max Drawdown (1Y)Largest decline over 1 year | -0.90% | -2.66% | +1.76% |
Max Drawdown (3Y)Largest decline over 3 years | -2.02% | -5.94% | +3.92% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.25% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.25% | — |
Current DrawdownCurrent decline from peak | -0.25% | -1.32% | +1.07% |
Average DrawdownAverage peak-to-trough decline | -0.25% | -3.34% | +3.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.21% | 0.93% | -0.72% |
Volatility
APFPX vs. FBND - Volatility Comparison
The current volatility for Artisan Global Unconstrained Fund (APFPX) is 0.59%, while Fidelity Total Bond ETF (FBND) has a volatility of 1.12%. This indicates that APFPX experiences smaller price fluctuations and is considered to be less risky than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| APFPX | FBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 1.12% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 2.12% | 2.85% | -0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.49% | 3.83% | -1.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.75% | 5.93% | -3.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.75% | 6.10% | -3.35% |
APFPX vs. FBND - Expense Ratio Comparison
APFPX has a 1.54% expense ratio, which is higher than FBND's 0.36% expense ratio.
Dividends
APFPX vs. FBND - Dividend Comparison
APFPX's dividend yield for the trailing twelve months is around 4.58%, less than FBND's 4.70% 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% |
FBND Fidelity Total Bond ETF | 4.70% | 4.70% | 4.73% | 4.26% | 3.07% | 1.86% | 4.25% | 2.90% | 2.93% | 2.56% | 2.84% | 3.26% |
Frequently Asked Questions
APFPX and FBND have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBND has higher volatility (1.12%) compared to APFPX (0.59%). In terms of maximum drawdown, APFPX dropped -2.10% vs FBND's -17.25%.
APFPX currently has the higher Sharpe Ratio (4.64 vs 1.28), 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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