FGBMX vs. APFOX

Last updated Aug 1, 2026

FGBMX (Fidelity Advisor New Markets Income Fund Class Z) and APFOX (Artisan Emerging Markets Debt Opportunities Fund) are both Emerging Markets Bonds funds. Over the past 3 years, FGBMX returned 10.70%/yr vs 11.13%/yr for APFOX. Their 0.49 correlation means their historical movements had little consistent relationship. FGBMX charges 0.73%/yr vs 1.25%/yr for APFOX.

Performance

FGBMX vs. APFOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor New Markets Income Fund Class Z (FGBMX) and Artisan Emerging Markets Debt Opportunities Fund (APFOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGBMX achieves a 2.62% return, which is significantly lower than APFOX's 6.99% return.

FGBMX

• 1D: -0.29%
• 1M: -1.57%
• 6M: 1.11%
• YTD: 2.62%
• 1Y: 10.21%
• 3Y*: 10.70%
• 5Y*: 3.50%
• 10Y*: —
• ALL TIME*: 4.18%

APFOX

• 1D: 0.25%
• 1M: 0.61%
• 6M: 4.70%
• YTD: 6.99%
• 1Y: 14.86%
• 3Y*: 11.13%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.90%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
APFOX Artisan Emerging Markets Debt Opportunities Fund	$0.00	$0.00	$0.00
FGBMX Fidelity Advisor New Markets Income Fund Class Z	$0.00	$0.00	$0.00

FGBMX vs. APFOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FGBMX Fidelity Advisor New Markets Income Fund Class Z	2.62%	14.93%	6.88%	14.10%	-5.16%
APFOX Artisan Emerging Markets Debt Opportunities Fund	6.99%	13.45%	10.61%	11.44%	7.85%

Correlation

The correlation between FGBMX and APFOX is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (3Y) Balances recent behavior with more history.	0.50
Correlation (All Time) Calculated using the full available price history since Apr 28, 2022	0.49

The correlation between FGBMX and APFOX has been stable across timeframes, ranging from 0.49 to 0.59 - a consistent structural relationship.

Return for Risk

FGBMX vs. APFOX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FGBMX

FGBMX Risk / Return Rank: 90
FGBMX Sharpe Ratio Rank: 93
FGBMX Sortino Ratio Rank: 95
FGBMX Omega Ratio Rank: 90
FGBMX Calmar Ratio Rank: 82
FGBMX Martin Ratio Rank: 87

APFOX

APFOX Risk / Return Rank: 98
APFOX Sharpe Ratio Rank: 100
APFOX Sortino Ratio Rank: 99
APFOX Omega Ratio Rank: 99
APFOX Calmar Ratio Rank: 96
APFOX Martin Ratio Rank: 97

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FGBMX vs. APFOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor New Markets Income Fund Class Z (FGBMX) and Artisan Emerging Markets Debt Opportunities Fund (APFOX). 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.

	FGBMX	APFOX	Difference
Sharpe ratio: Return per unit of total volatility	2.45	5.20	-2.75
Sortino ratio: Return per unit of downside risk	4.03	7.89	-3.86
Omega ratio: Gain probability vs. loss probability	1.49	2.29	-0.80
Calmar ratio: Return relative to maximum drawdown	2.81	4.64	-1.83
Martin ratio: Return relative to average drawdown	11.71	19.49	-7.79

FGBMX vs. APFOX - Sharpe Ratio Comparison

The current FGBMX Sharpe Ratio is 2.45, which is lower than the APFOX Sharpe Ratio of 5.20. The chart below compares the historical Sharpe Ratios of FGBMX and APFOX, 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

FGBMX vs. APFOX - Drawdown Comparison

The maximum FGBMX drawdown since its inception was -27.12%, which is greater than APFOX's maximum drawdown of -5.69%. Use the drawdown chart below to compare losses from any high point for FGBMX and APFOX.

Drawdown Indicators

	FGBMX	APFOX	Difference
Max Drawdown Largest peak-to-trough decline	-27.12%	-5.69%	-21.43%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-3.21%	-0.64%
Max Drawdown (3Y) Largest decline over 3 years	-5.87%	-5.69%	-0.18%
Max Drawdown (5Y) Largest decline over 5 years	-27.12%	—	—
Current Drawdown Current decline from peak	-1.81%	0.00%	-1.81%
Average Drawdown Average peak-to-trough decline	-6.02%	-0.69%	-5.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.76%	+0.16%

Volatility

FGBMX vs. APFOX - Volatility Comparison

Fidelity Advisor New Markets Income Fund Class Z (FGBMX) has a higher volatility of 0.86% compared to Artisan Emerging Markets Debt Opportunities Fund (APFOX) at 0.59%. This indicates that FGBMX's price experiences larger fluctuations and is considered to be riskier than APFOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGBMX	APFOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	0.59%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	3.56%	2.50%	+1.06%
Volatility (1Y) Calculated over the trailing 1-year period	4.41%	2.86%	+1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.63%	3.69%	+2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.23%	3.69%	+3.54%

FGBMX vs. APFOX - Expense Ratio Comparison

FGBMX has a 0.73% expense ratio, which is lower than APFOX's 1.25% expense ratio.

Dividends

FGBMX vs. APFOX - Dividend Comparison

FGBMX's dividend yield for the trailing twelve months is around 4.65%, less than APFOX's 7.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
APFOX Artisan Emerging Markets Debt Opportunities Fund	7.51%	5.71%	9.39%	9.03%	7.17%	0.00%	0.00%	0.00%	0.00%
FGBMX Fidelity Advisor New Markets Income Fund Class Z	4.65%	5.13%	4.79%	5.24%	4.00%	3.55%	4.14%	4.62%	0.43%

Frequently Asked Questions

Can I hold both FGBMX and APFOX in my portfolio?

FGBMX and APFOX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGBMX or APFOX?

FGBMX has higher volatility (0.86%) compared to APFOX (0.59%). In terms of maximum drawdown, FGBMX dropped -27.12% vs APFOX's -5.69%.

Which has better risk-adjusted returns?

APFOX currently has the higher Sharpe Ratio (5.20 vs 2.45), 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.