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ARTFX vs. APDSX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ARTFX vs. APDSX

Last updated Jun 24, 2026

ARTFX (Artisan High Income Fund) and APDSX (Artisan Small Cap Fund Advisor Shares) are both mutual funds - ARTFX is a High Yield Bonds fund managed by Artisan, while APDSX is a Small Cap Growth Equities fund managed by Artisan. Over the past 5 years, ARTFX returned 3.49%/yr vs 2.01%/yr for APDSX. At a 0.42 correlation, their price movements are largely independent. ARTFX charges 0.96%/yr vs 1.06%/yr for APDSX.

Performance

ARTFX vs. APDSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan High Income Fund (ARTFX) and Artisan Small Cap Fund Advisor Shares (APDSX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ARTFX achieves a 0.88% return, which is significantly lower than APDSX's 17.35% return.

ARTFX

1D
0.00%
1M
0.70%
YTD
0.88%
6M
1.47%
1Y
5.19%
3Y*
8.43%
5Y*
3.49%
10Y*
5.98%

APDSX

1D
-0.36%
1M
6.00%
YTD
17.35%
6M
14.60%
1Y
33.87%
3Y*
17.14%
5Y*
2.01%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ARTFX vs. APDSX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ARTFX
Artisan High Income Fund		0.88%8.02%7.76%13.61%-10.66%3.79%9.45%14.04%-1.66%6.99%
APDSX
Artisan Small Cap Fund Advisor Shares		17.35%8.61%20.61%9.51%-29.36%-8.92%61.14%40.22%2.10%19.72%

Correlation

The correlation between ARTFX and APDSX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.47

Correlation (3Y)
Calculated over the trailing 3-year period

0.46

Correlation (5Y)
Calculated over the trailing 5-year period

0.47

Correlation (All Time)
Calculated using the full available price history since Feb 3, 2017

0.42

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Artisan High Income Fund

Artisan Small Cap Fund Advisor Shares

Often compared with ARTFX:
ARTFX vs. AZNIXARTFX vs. RITGXARTFX vs. FXAIXARTFX vs. FAGIXARTFX vs. SCHDARTFX vs. FZROXARTFX vs. VOO
Often compared with APDSX:
APDSX vs. FISPXAPDSX vs. CTVAAPDSX vs. FCNTXAPDSX vs. CTSIXAPDSX vs. ARTHXAPDSX vs. APFPXAPDSX vs. ARTGX

Return for Risk

ARTFX vs. APDSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ARTFX
ARTFX Risk / Return Rank: 5454
Overall Rank
ARTFX Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
ARTFX Sortino Ratio Rank: 7878
Sortino Ratio Rank
ARTFX Omega Ratio Rank: 6969
Omega Ratio Rank
ARTFX Calmar Ratio Rank: 3232
Calmar Ratio Rank
ARTFX Martin Ratio Rank: 4646
Martin Ratio Rank
APDSX
APDSX Risk / Return Rank: 3737
Overall Rank
APDSX Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
APDSX Sortino Ratio Rank: 3434
Sortino Ratio Rank
APDSX Omega Ratio Rank: 3131
Omega Ratio Rank
APDSX Calmar Ratio Rank: 3939
Calmar Ratio Rank
APDSX Martin Ratio Rank: 4949
Martin Ratio Rank
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.

ARTFX vs. APDSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan High Income Fund (ARTFX) and Artisan Small Cap Fund Advisor Shares (APDSX). 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.

ARTFXAPDSXDifference
Sharpe ratioReturn per unit of total volatility
1.83
1.56

+0.28

Sortino ratioReturn per unit of downside risk
3.39
2.26

+1.13

Omega ratioGain probability vs. loss probability

1.42

1.27

+0.15

Calmar ratioReturn relative to maximum drawdown

2.02

2.28

-0.26

Martin ratioReturn relative to average drawdown

9.01

9.51

-0.49

ARTFX vs. APDSX - Sharpe Ratio Comparison

The current ARTFX Sharpe Ratio is 1.83, which is comparable to the APDSX Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of ARTFX and APDSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

ARTFX vs. APDSX - Drawdown Comparison

The maximum ARTFX drawdown since its inception was -21.42%, smaller than the maximum APDSX drawdown of -51.43%. Use the drawdown chart below to compare losses from any high point for ARTFX and APDSX.

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Drawdown Indicators

ARTFXAPDSXDifference

Max Drawdown

Largest peak-to-trough decline

-21.42%

-51.43%

+30.01%

Max Drawdown (1Y)

Largest decline over 1 year

-2.65%

-15.39%

+12.74%

Max Drawdown (3Y)

Largest decline over 3 years

-3.42%

-25.85%

+22.43%

Max Drawdown (5Y)

Largest decline over 5 years

-14.62%

-47.85%

+33.23%

Max Drawdown (10Y)

Largest decline over 10 years

-21.42%

—

—

Current Drawdown

Current decline from peak

-0.22%

-3.87%

+3.65%

Average Drawdown

Average peak-to-trough decline

-2.20%

-18.19%

+15.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.59%

3.67%

-3.08%

Volatility

ARTFX vs. APDSX - Volatility Comparison

The current volatility for Artisan High Income Fund (ARTFX) is 0.78%, while Artisan Small Cap Fund Advisor Shares (APDSX) has a volatility of 8.17%. This indicates that ARTFX experiences smaller price fluctuations and is considered to be less risky than APDSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ARTFXAPDSXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.78%

8.17%

-7.39%

Volatility (6M)

Calculated over the trailing 6-month period

2.35%

18.67%

-16.32%

Volatility (1Y)

Calculated over the trailing 1-year period

2.92%

22.54%

-19.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.86%

27.56%

-22.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.19%

26.16%

-20.97%

ARTFX vs. APDSX - Expense Ratio Comparison

ARTFX has a 0.96% expense ratio, which is lower than APDSX's 1.06% expense ratio.

Dividends

ARTFX vs. APDSX - Dividend Comparison

ARTFX's dividend yield for the trailing twelve months is around 6.91%, which matches APDSX's 6.92% yield.

PositionTTM20252024202320222021202020192018201720162015
APDSX
Artisan Small Cap Fund Advisor Shares		6.92%8.12%10.28%0.00%0.35%12.00%5.23%7.80%20.77%16.23%0.00%0.00%
ARTFX
Artisan High Income Fund		6.91%6.71%6.52%5.43%6.23%5.21%5.33%6.15%6.99%7.75%6.53%7.28%

Frequently Asked Questions

ARTFX and APDSX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

APDSX has higher volatility (8.17%) compared to ARTFX (0.78%). In terms of maximum drawdown, ARTFX dropped -21.42% vs APDSX's -51.43%.

ARTFX currently has the higher Sharpe Ratio (1.83 vs 1.56), 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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