GIOIX vs. APFPX

Last updated Jun 24, 2026

GIOIX (Guggenheim Macro Opportunities Fund) and APFPX (Artisan Global Unconstrained Fund) are both Nontraditional Bonds funds. Over the past 3 years, GIOIX returned 7.56%/yr vs 9.18%/yr for APFPX. At a correlation of -0.24, they often move in opposite directions. GIOIX charges 0.96%/yr vs 1.54%/yr for APFPX.

Performance

GIOIX vs. APFPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Guggenheim Macro Opportunities Fund (GIOIX) and Artisan Global Unconstrained Fund (APFPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GIOIX achieves a 0.79% return, which is significantly lower than APFPX's 4.18% return.

GIOIX

• 1D: -0.16%
• 1M: 0.57%
• YTD: 0.79%
• 6M: 1.29%
• 1Y: 5.39%
• 3Y*: 7.56%
• 5Y*: 3.25%
• 10Y*: 4.29%

APFPX

• 1D: 0.09%
• 1M: 0.20%
• YTD: 4.18%
• 6M: 4.50%
• 1Y: 11.57%
• 3Y*: 9.18%
• 5Y*: —
• 10Y*: —

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

GIOIX vs. APFPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GIOIX Guggenheim Macro Opportunities Fund	0.79%	7.64%	7.78%	9.69%	-2.76%
APFPX Artisan Global Unconstrained Fund	4.18%	10.21%	11.33%	6.67%	6.73%

Correlation

The correlation between GIOIX and APFPX is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.26
Correlation (All Time) Calculated using the full available price history since May 17, 2022	-0.24

The correlation between GIOIX and APFPX shifts across timeframes, from -0.26 (3 years) to -0.10 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GIOIX vs. APFPX — Risk / Return Rank

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

GIOIX

GIOIX Risk / Return Rank: 71
GIOIX Sharpe Ratio Rank: 66
GIOIX Sortino Ratio Rank: 88
GIOIX Omega Ratio Rank: 84
GIOIX Calmar Ratio Rank: 50
GIOIX Martin Ratio Rank: 67

APFPX

APFPX Risk / Return Rank: 99
APFPX Sharpe Ratio Rank: 99
APFPX Sortino Ratio Rank: 98
APFPX Omega Ratio Rank: 98
APFPX Calmar Ratio Rank: 99
APFPX Martin Ratio Rank: 99

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.

GIOIX vs. APFPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guggenheim Macro Opportunities Fund (GIOIX) and Artisan Global Unconstrained Fund (APFPX). 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.

	GIOIX	APFPX	Difference
Sharpe ratio: Return per unit of total volatility	2.18	4.69	-2.51
Sortino ratio: Return per unit of downside risk	3.94	6.88	-2.94
Omega ratio: Gain probability vs. loss probability	1.53	2.17	-0.64
Calmar ratio: Return relative to maximum drawdown	2.60	13.00	-10.40
Martin ratio: Return relative to average drawdown	12.22	56.36	-44.14

GIOIX vs. APFPX - Sharpe Ratio Comparison

The current GIOIX Sharpe Ratio is 2.18, which is lower than the APFPX Sharpe Ratio of 4.69. The chart below compares the historical Sharpe Ratios of GIOIX and APFPX, 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

GIOIX vs. APFPX - Drawdown Comparison

The maximum GIOIX drawdown since its inception was -13.38%, which is greater than APFPX's maximum drawdown of -2.10%. Use the drawdown chart below to compare losses from any high point for GIOIX and APFPX.

Drawdown Indicators

	GIOIX	APFPX	Difference
Max Drawdown Largest peak-to-trough decline	-13.38%	-2.10%	-11.28%
Max Drawdown (1Y) Largest decline over 1 year	-2.12%	-0.90%	-1.22%
Max Drawdown (3Y) Largest decline over 3 years	-2.12%	-2.02%	-0.10%
Max Drawdown (5Y) Largest decline over 5 years	-13.38%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-13.38%	—	—
Current Drawdown Current decline from peak	-0.41%	-0.16%	-0.25%
Average Drawdown Average peak-to-trough decline	-1.42%	-0.25%	-1.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.45%	0.21%	+0.24%

Volatility

GIOIX vs. APFPX - Volatility Comparison

Guggenheim Macro Opportunities Fund (GIOIX) has a higher volatility of 0.92% compared to Artisan Global Unconstrained Fund (APFPX) at 0.54%. This indicates that GIOIX's price experiences larger fluctuations and is considered to be riskier than APFPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GIOIX	APFPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	0.54%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	2.08%	2.12%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	2.54%	2.50%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.19%	2.75%	+0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.90%	2.75%	+0.15%

GIOIX vs. APFPX - Expense Ratio Comparison

GIOIX has a 0.96% expense ratio, which is lower than APFPX's 1.54% expense ratio.

Dividends

GIOIX vs. APFPX - Dividend Comparison

GIOIX's dividend yield for the trailing twelve months is around 6.11%, more than APFPX's 4.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APFPX Artisan Global Unconstrained Fund	4.58%	4.01%	6.18%	6.89%	8.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GIOIX Guggenheim Macro Opportunities Fund	6.11%	5.86%	5.88%	6.45%	3.78%	3.10%	3.61%	3.29%	3.55%	3.54%	5.38%	5.82%

Frequently Asked Questions

Can I hold both GIOIX and APFPX in my portfolio?

GIOIX and APFPX have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIOIX or APFPX?

GIOIX has higher volatility (0.92%) compared to APFPX (0.54%). In terms of maximum drawdown, GIOIX dropped -13.38% vs APFPX's -2.10%.

Which has better risk-adjusted returns?

APFPX currently has the higher Sharpe Ratio (4.69 vs 2.18), 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.