FGVMX vs. APFOX

Last updated Aug 1, 2026

FGVMX (Fidelity Advisor New Markets Income Fund Class A) and APFOX (Artisan Emerging Markets Debt Opportunities Fund) are both Emerging Markets Bonds funds. Over the past 3 years, FGVMX returned 10.31%/yr vs 11.13%/yr for APFOX. Their 0.50 correlation means their historical movements had little consistent relationship. FGVMX charges 1.13%/yr vs 1.25%/yr for APFOX.

Performance

FGVMX vs. APFOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor New Markets Income Fund Class A (FGVMX) 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, FGVMX achieves a 2.44% return, which is significantly lower than APFOX's 6.99% return.

FGVMX

• 1D: -0.29%
• 1M: -1.57%
• 6M: 0.96%
• YTD: 2.44%
• 1Y: 9.85%
• 3Y*: 10.31%
• 5Y*: 3.13%
• 10Y*: —
• ALL TIME*: 3.85%

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
FGVMX Fidelity Advisor New Markets Income Fund Class A	$0.00	$0.00	$0.00

FGVMX vs. APFOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FGVMX Fidelity Advisor New Markets Income Fund Class A	2.44%	14.54%	6.49%	13.64%	-5.34%
APFOX Artisan Emerging Markets Debt Opportunities Fund	6.99%	13.45%	10.61%	11.44%	7.85%

Correlation

The correlation between FGVMX and APFOX is 0.60, 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.	0.60
Correlation (3Y) Balances recent behavior with more history.	0.51
Correlation (All Time) Calculated using the full available price history since Apr 28, 2022	0.50

The correlation between FGVMX and APFOX shifts across timeframes, from 0.50 (all time) to 0.60 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FGVMX vs. APFOX — Risk / Return Rank

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

FGVMX

FGVMX Risk / Return Rank: 89
FGVMX Sharpe Ratio Rank: 92
FGVMX Sortino Ratio Rank: 95
FGVMX Omega Ratio Rank: 90
FGVMX Calmar Ratio Rank: 81
FGVMX Martin Ratio Rank: 86

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.

FGVMX vs. APFOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor New Markets Income Fund Class A (FGVMX) 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.

	FGVMX	APFOX	Difference
Sharpe ratio: Return per unit of total volatility	2.39	5.20	-2.82
Sortino ratio: Return per unit of downside risk	3.89	7.89	-3.99
Omega ratio: Gain probability vs. loss probability	1.48	2.29	-0.81
Calmar ratio: Return relative to maximum drawdown	2.76	4.64	-1.88
Martin ratio: Return relative to average drawdown	11.42	19.49	-8.07

FGVMX vs. APFOX - Sharpe Ratio Comparison

The current FGVMX Sharpe Ratio is 2.39, which is lower than the APFOX Sharpe Ratio of 5.20. The chart below compares the historical Sharpe Ratios of FGVMX 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

FGVMX vs. APFOX - Drawdown Comparison

The maximum FGVMX drawdown since its inception was -27.36%, which is greater than APFOX's maximum drawdown of -5.69%. Use the drawdown chart below to compare losses from any high point for FGVMX and APFOX.

Drawdown Indicators

	FGVMX	APFOX	Difference
Max Drawdown Largest peak-to-trough decline	-27.36%	-5.69%	-21.67%
Max Drawdown (1Y) Largest decline over 1 year	-3.80%	-3.21%	-0.59%
Max Drawdown (3Y) Largest decline over 3 years	-5.90%	-5.69%	-0.21%
Max Drawdown (5Y) Largest decline over 5 years	-27.36%	—	—
Current Drawdown Current decline from peak	-1.90%	0.00%	-1.90%
Average Drawdown Average peak-to-trough decline	-6.23%	-0.69%	-5.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.76%	+0.16%

Volatility

FGVMX vs. APFOX - Volatility Comparison

Fidelity Advisor New Markets Income Fund Class A (FGVMX) has a higher volatility of 0.90% compared to Artisan Emerging Markets Debt Opportunities Fund (APFOX) at 0.59%. This indicates that FGVMX'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

	FGVMX	APFOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	0.59%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	3.56%	2.50%	+1.06%
Volatility (1Y) Calculated over the trailing 1-year period	4.40%	2.86%	+1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.62%	3.69%	+2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.22%	3.69%	+3.53%

FGVMX vs. APFOX - Expense Ratio Comparison

FGVMX has a 1.13% expense ratio, which is lower than APFOX's 1.25% expense ratio.

Dividends

FGVMX vs. APFOX - Dividend Comparison

FGVMX's dividend yield for the trailing twelve months is around 4.32%, 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%
FGVMX Fidelity Advisor New Markets Income Fund Class A	4.32%	4.80%	4.42%	4.86%	3.68%	3.20%	3.76%	4.56%	0.40%

Frequently Asked Questions

Can I hold both FGVMX and APFOX in my portfolio?

FGVMX and APFOX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGVMX or APFOX?

FGVMX has higher volatility (0.90%) compared to APFOX (0.59%). In terms of maximum drawdown, FGVMX dropped -27.36% vs APFOX's -5.69%.

Which has better risk-adjusted returns?

APFOX currently has the higher Sharpe Ratio (5.20 vs 2.39), 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.