APHFX vs. PSHNX

Last updated Jun 24, 2026

APHFX (Artisan High Income Fund Class I) and PSHNX (Penn Capital Short Duration High Income Fund) are both High Yield Bonds funds. Over the past 5 years, APHFX returned 3.71%/yr vs 4.82%/yr for PSHNX. A 0.70 correlation means they provide meaningful diversification when combined. APHFX charges 0.71%/yr vs 1.01%/yr for PSHNX.

Performance

APHFX vs. PSHNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan High Income Fund Class I (APHFX) and Penn Capital Short Duration High Income Fund (PSHNX). 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 PSHNX's 1.84% return.

APHFX

• 1D: -0.11%
• 1M: 0.72%
• YTD: 0.87%
• 6M: 1.60%
• 1Y: 5.35%
• 3Y*: 8.91%
• 5Y*: 3.71%
• 10Y*: —

PSHNX

• 1D: 0.00%
• 1M: 0.68%
• YTD: 1.84%
• 6M: 2.05%
• 1Y: 5.89%
• 3Y*: 7.32%
• 5Y*: 4.82%
• 10Y*: —

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

APHFX vs. PSHNX - 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%	2.93%
PSHNX Penn Capital Short Duration High Income Fund	1.84%	7.72%	7.19%	8.72%	-2.26%	3.43%	0.88%	7.40%	0.61%	0.65%

Correlation

The correlation between APHFX and PSHNX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jul 20, 2017	0.70

The correlation between APHFX and PSHNX has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

Return for Risk

APHFX vs. PSHNX — Risk / Return Rank

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

APHFX

APHFX Risk / Return Rank: 57
APHFX Sharpe Ratio Rank: 46
APHFX Sortino Ratio Rank: 81
APHFX Omega Ratio Rank: 77
APHFX Calmar Ratio Rank: 33
APHFX Martin Ratio Rank: 47

PSHNX

PSHNX Risk / Return Rank: 96
PSHNX Sharpe Ratio Rank: 96
PSHNX Sortino Ratio Rank: 97
PSHNX Omega Ratio Rank: 96
PSHNX Calmar Ratio Rank: 95
PSHNX Martin Ratio Rank: 98

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. PSHNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan High Income Fund Class I (APHFX) and Penn Capital Short Duration High Income Fund (PSHNX). 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.

	APHFX	PSHNX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	3.25	-1.41
Sortino ratio: Return per unit of downside risk	3.55	5.30	-1.75
Omega ratio: Gain probability vs. loss probability	1.46	1.77	-0.32
Calmar ratio: Return relative to maximum drawdown	2.06	5.36	-3.31
Martin ratio: Return relative to average drawdown	9.25	27.21	-17.96

APHFX vs. PSHNX - Sharpe Ratio Comparison

The current APHFX Sharpe Ratio is 1.84, which is lower than the PSHNX Sharpe Ratio of 3.25. The chart below compares the historical Sharpe Ratios of APHFX and PSHNX, 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

APHFX vs. PSHNX - Drawdown Comparison

The maximum APHFX drawdown since its inception was -21.51%, which is greater than PSHNX's maximum drawdown of -14.53%. Use the drawdown chart below to compare losses from any high point for APHFX and PSHNX.

Drawdown Indicators

	APHFX	PSHNX	Difference
Max Drawdown Largest peak-to-trough decline	-21.51%	-14.53%	-6.98%
Max Drawdown (1Y) Largest decline over 1 year	-2.74%	-1.14%	-1.60%
Max Drawdown (3Y) Largest decline over 3 years	-3.29%	-2.83%	-0.46%
Max Drawdown (5Y) Largest decline over 5 years	-14.80%	-6.02%	-8.78%
Current Drawdown Current decline from peak	-0.22%	0.00%	-0.22%
Average Drawdown Average peak-to-trough decline	-2.49%	-0.88%	-1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	0.23%	+0.38%

Volatility

APHFX vs. PSHNX - Volatility Comparison

Artisan High Income Fund Class I (APHFX) has a higher volatility of 0.80% compared to Penn Capital Short Duration High Income Fund (PSHNX) at 0.44%. This indicates that APHFX's price experiences larger fluctuations and is considered to be riskier than PSHNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APHFX	PSHNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	0.44%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	2.42%	1.48%	+0.94%
Volatility (1Y) Calculated over the trailing 1-year period	3.06%	1.89%	+1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.91%	2.65%	+2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.30%	3.15%	+2.15%

APHFX vs. PSHNX - Expense Ratio Comparison

APHFX has a 0.71% expense ratio, which is lower than PSHNX's 1.01% expense ratio.

Dividends

APHFX vs. PSHNX - Dividend Comparison

APHFX's dividend yield for the trailing twelve months is around 7.17%, more than PSHNX's 6.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
PSHNX Penn Capital Short Duration High Income Fund	6.06%	6.27%	6.43%	4.95%	3.47%	3.17%	3.95%	3.65%	3.13%	1.46%

Frequently Asked Questions

Can I hold both APHFX and PSHNX in my portfolio?

APHFX and PSHNX have a correlation of 0.68, 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 PSHNX?

APHFX has higher volatility (0.80%) compared to PSHNX (0.44%). In terms of maximum drawdown, APHFX dropped -21.51% vs PSHNX's -14.53%.

Which has better risk-adjusted returns?

PSHNX currently has the higher Sharpe Ratio (3.25 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.