APHFX vs. FALN

Last updated Jun 3, 2026

APHFX (Artisan High Income Fund Class I) and FALN (iShares Fallen Angels USD Bond ETF) are both High Yield Bonds funds. APHFX is actively managed, while FALN is passively managed. Over the past 5 years, APHFX returned 3.79%/yr vs 3.78%/yr for FALN. A 0.54 correlation means they provide meaningful diversification when combined. APHFX charges 0.71%/yr vs 0.25%/yr for FALN.

Performance

APHFX vs. FALN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan High Income Fund Class I (APHFX) and iShares Fallen Angels USD Bond ETF (FALN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APHFX achieves a 0.87% return, which is significantly lower than FALN's 1.56% return.

APHFX

• 1D: -0.11%
• 1M: 0.39%
• YTD: 0.87%
• 6M: 1.71%
• 1Y: 5.58%
• 3Y*: 8.91%
• 5Y*: 3.79%
• 10Y*: —

FALN

• 1D: -0.22%
• 1M: 0.68%
• YTD: 1.56%
• 6M: 1.36%
• 1Y: 8.66%
• 3Y*: 9.18%
• 5Y*: 3.78%
• 10Y*: —

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

APHFX vs. FALN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APHFX Artisan High Income Fund Class I	0.87%	8.43%	8.60%	13.77%	-10.93%	4.09%	10.22%	14.26%	-1.32%	8.85%
FALN iShares Fallen Angels USD Bond ETF	1.56%	8.92%	7.68%	13.47%	-13.79%	5.40%	14.85%	17.42%	-4.97%	8.17%

Correlation

The correlation between APHFX and FALN is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.54

The correlation between APHFX and FALN has been stable across timeframes, ranging from 0.54 to 0.61 - a consistent structural relationship.

Return for Risk

APHFX vs. FALN — Risk / Return Rank

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

APHFX

APHFX Risk / Return Rank: 54
APHFX Sharpe Ratio Rank: 40
APHFX Sortino Ratio Rank: 73
APHFX Omega Ratio Rank: 69
APHFX Calmar Ratio Rank: 37
APHFX Martin Ratio Rank: 51

FALN

FALN Risk / Return Rank: 54
FALN Sharpe Ratio Rank: 55
FALN Sortino Ratio Rank: 57
FALN Omega Ratio Rank: 60
FALN Calmar Ratio Rank: 44
FALN Martin Ratio Rank: 53

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.

APHFX vs. FALN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan High Income Fund Class I (APHFX) and iShares Fallen Angels USD Bond ETF (FALN). 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.

	APHFX	FALN	Difference
Sharpe ratio Return per unit of total volatility	1.84	1.91	-0.07
Sortino ratio Return per unit of downside risk	3.56	2.78	+0.78
Omega ratio Gain probability vs. loss probability	1.46	1.37	+0.09
Calmar ratio Return relative to maximum drawdown	2.35	2.20	+0.15
Martin ratio Return relative to average drawdown	10.62	9.17	+1.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APHFX vs. FALN - Sharpe Ratio Comparison

The current APHFX Sharpe Ratio is 1.84, which is comparable to the FALN Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of APHFX and FALN, 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

	APHFX	FALN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	1.91	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.52	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	1.09	0.74	+0.35

Drawdowns

APHFX vs. FALN - Drawdown Comparison

The maximum APHFX drawdown since its inception was -21.51%, smaller than the maximum FALN drawdown of -29.22%. Use the drawdown chart below to compare losses from any high point for APHFX and FALN.

Drawdown Indicators

	APHFX	FALN	Difference
Max Drawdown Largest peak-to-trough decline	-21.51%	-29.22%	+7.71%
Max Drawdown (1Y) Largest decline over 1 year	-2.74%	-3.96%	+1.22%
Max Drawdown (3Y) Largest decline over 3 years	-3.29%	-5.92%	+2.63%
Max Drawdown (5Y) Largest decline over 5 years	-14.80%	-18.78%	+3.98%
Current Drawdown Current decline from peak	-0.11%	-0.26%	+0.15%
Average Drawdown Average peak-to-trough decline	-2.50%	-3.32%	+0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	0.95%	-0.34%

Volatility

APHFX vs. FALN - Volatility Comparison

The current volatility for Artisan High Income Fund Class I (APHFX) is 0.89%, while iShares Fallen Angels USD Bond ETF (FALN) has a volatility of 1.38%. This indicates that APHFX experiences smaller price fluctuations and is considered to be less risky than FALN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APHFX	FALN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	1.38%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	2.47%	3.64%	-1.17%
Volatility (1Y) Calculated over the trailing 1-year period	3.06%	4.54%	-1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.91%	7.31%	-2.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.32%	8.95%	-3.63%

APHFX vs. FALN - Expense Ratio Comparison

APHFX has a 0.71% expense ratio, which is higher than FALN's 0.25% expense ratio.

Dividends

APHFX vs. FALN - Dividend Comparison

APHFX's dividend yield for the trailing twelve months is around 7.17%, more than FALN's 6.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
APHFX Artisan High Income Fund Class I	7.17%	6.96%	7.39%	5.56%	5.83%	5.50%	6.01%	6.44%	7.25%	7.96%	0.00%
FALN iShares Fallen Angels USD Bond ETF	6.46%	6.31%	6.24%	5.37%	5.08%	3.40%	5.14%	5.35%	5.97%	6.98%	3.55%

Frequently Asked Questions

Can I hold both APHFX and FALN in my portfolio?

APHFX and FALN have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APHFX or FALN?

FALN has higher volatility (1.38%) compared to APHFX (0.89%). In terms of maximum drawdown, APHFX dropped -21.51% vs FALN's -29.22%.

Which has better risk-adjusted returns?

FALN currently has the higher Sharpe Ratio (1.91 vs 1.84), 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.