PHYZX vs. APDFX

Last updated Aug 1, 2026

PHYZX (PGIM High Yield Fund Class Z) and APDFX (Artisan High Income Fund Advisor Class) are both High Yield Bonds funds. Both are actively managed. Over the past 10 years, PHYZX returned 5.60%/yr vs 6.09%/yr for APDFX. Their correlation of 0.80 means they have usually moved in the same direction. PHYZX charges 0.51%/yr vs 0.80%/yr for APDFX.

Performance

PHYZX vs. APDFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM High Yield Fund Class Z (PHYZX) and Artisan High Income Fund Advisor Class (APDFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHYZX achieves a 1.11% return, which is significantly higher than APDFX's 0.86% return. Over the past 10 years, PHYZX has underperformed APDFX with an annualized return of 5.60%, while APDFX has yielded a comparatively higher 6.09% annualized return.

PHYZX

• 1D: 0.21%
• 1M: -1.04%
• 6M: 0.53%
• YTD: 1.11%
• 1Y: 4.15%
• 3Y*: 7.95%
• 5Y*: 3.59%
• 10Y*: 5.60%
• ALL TIME*: 6.11%

APDFX

• 1D: 0.11%
• 1M: -0.55%
• 6M: 0.28%
• YTD: 0.86%
• 1Y: 3.70%
• 3Y*: 8.25%
• 5Y*: 4.07%
• 10Y*: 6.09%
• ALL TIME*: 5.65%

*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)
APDFX Artisan High Income Fund Advisor Class	$0.00	$0.00	$0.00
PHYZX PGIM High Yield Fund Class Z	$0.00	$0.00	$0.00

PHYZX vs. APDFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHYZX PGIM High Yield Fund Class Z	1.11%	9.04%	8.37%	12.23%	-12.31%	5.83%	7.73%	16.14%	-1.25%	7.79%
APDFX Artisan High Income Fund Advisor Class	0.86%	8.32%	8.46%	15.98%	-10.57%	3.99%	9.67%	14.84%	-1.40%	9.01%

Correlation

The correlation between PHYZX and APDFX is 0.76, 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.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (10Y) Provides a long-term view across more market conditions.	0.79
Correlation (All Time) Calculated using the full available price history since Mar 21, 2014	0.80

The correlation between PHYZX and APDFX has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.

Return for Risk

PHYZX vs. APDFX — Risk / Return Rank

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

PHYZX

PHYZX Risk / Return Rank: 62
PHYZX Sharpe Ratio Rank: 51
PHYZX Sortino Ratio Rank: 69
PHYZX Omega Ratio Rank: 71
PHYZX Calmar Ratio Rank: 55
PHYZX Martin Ratio Rank: 64

APDFX

APDFX Risk / Return Rank: 60
APDFX Sharpe Ratio Rank: 58
APDFX Sortino Ratio Rank: 77
APDFX Omega Ratio Rank: 77
APDFX Calmar Ratio Rank: 37
APDFX Martin Ratio Rank: 50

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.

PHYZX vs. APDFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM High Yield Fund Class Z (PHYZX) and Artisan High Income Fund Advisor Class (APDFX). 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.

	PHYZX	APDFX	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.44	-0.10
Sortino ratio: Return per unit of downside risk	2.30	2.66	-0.35
Omega ratio: Gain probability vs. loss probability	1.31	1.34	-0.03
Calmar ratio: Return relative to maximum drawdown	1.94	1.55	+0.38
Martin ratio: Return relative to average drawdown	7.98	6.86	+1.12

PHYZX vs. APDFX - Sharpe Ratio Comparison

The current PHYZX Sharpe Ratio is 1.33, which is comparable to the APDFX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of PHYZX and APDFX, 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

PHYZX vs. APDFX - Drawdown Comparison

The maximum PHYZX drawdown since its inception was -28.57%, which is greater than APDFX's maximum drawdown of -21.52%. Use the drawdown chart below to compare losses from any high point for PHYZX and APDFX.

Drawdown Indicators

	PHYZX	APDFX	Difference
Max Drawdown Largest peak-to-trough decline	-28.57%	-21.52%	-7.05%
Max Drawdown (1Y) Largest decline over 1 year	-2.47%	-2.75%	+0.28%
Max Drawdown (3Y) Largest decline over 3 years	-3.76%	-3.30%	-0.46%
Max Drawdown (5Y) Largest decline over 5 years	-16.09%	-14.64%	-1.45%
Max Drawdown (10Y) Largest decline over 10 years	-21.09%	-21.52%	+0.43%
Current Drawdown Current decline from peak	-1.04%	-0.55%	-0.49%
Average Drawdown Average peak-to-trough decline	-2.75%	-2.11%	-0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	0.62%	-0.02%

Volatility

PHYZX vs. APDFX - Volatility Comparison

PGIM High Yield Fund Class Z (PHYZX) has a higher volatility of 0.67% compared to Artisan High Income Fund Advisor Class (APDFX) at 0.47%. This indicates that PHYZX's price experiences larger fluctuations and is considered to be riskier than APDFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHYZX	APDFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	0.47%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	2.40%	+0.50%
Volatility (1Y) Calculated over the trailing 1-year period	3.59%	2.97%	+0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.10%	4.95%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.49%	5.21%	+0.28%

PHYZX vs. APDFX - Expense Ratio Comparison

PHYZX has a 0.51% expense ratio, which is lower than APDFX's 0.80% expense ratio.

Dividends

PHYZX vs. APDFX - Dividend Comparison

PHYZX's dividend yield for the trailing twelve months is around 6.46%, more than APDFX's 6.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APDFX Artisan High Income Fund Advisor Class	6.37%	6.86%	7.27%	7.39%	6.34%	5.41%	5.42%	6.94%	7.17%	8.01%	6.70%	7.48%
PHYZX PGIM High Yield Fund Class Z	6.46%	6.95%	7.37%	7.00%	6.15%	6.08%	8.35%	6.21%	6.55%	6.25%	6.36%	6.93%

Frequently Asked Questions

Can I hold both PHYZX and APDFX in my portfolio?

PHYZX and APDFX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHYZX or APDFX?

PHYZX has higher volatility (0.67%) compared to APDFX (0.47%). In terms of maximum drawdown, PHYZX dropped -28.57% vs APDFX's -21.52%.

Which has better risk-adjusted returns?

APDFX currently has the higher Sharpe Ratio (1.44 vs 1.33), 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.