XILSX vs. APHFX

Last updated Aug 1, 2026

XILSX (Pioneer ILS Interval Fund) and APHFX (Artisan High Income Fund Class I) are both High Yield Bonds funds. Over the past 5 years, XILSX returned 12.59%/yr vs 3.63%/yr for APHFX. Their 0.04 correlation means their historical movements had little consistent relationship. XILSX charges 1.88%/yr vs 0.71%/yr for APHFX.

Performance

XILSX vs. APHFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer ILS Interval Fund (XILSX) and Artisan High Income Fund Class I (APHFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XILSX achieves a 10.04% return, which is significantly higher than APHFX's 0.92% return.

XILSX

• 1D: 0.00%
• 1M: 0.95%
• 6M: 8.36%
• YTD: 10.04%
• 1Y: 23.43%
• 3Y*: 19.09%
• 5Y*: 12.59%
• 10Y*: —
• ALL TIME*: 6.48%

APHFX

• 1D: 0.11%
• 1M: -0.55%
• 6M: 0.32%
• YTD: 0.92%
• 1Y: 3.79%
• 3Y*: 7.86%
• 5Y*: 3.63%
• 10Y*: —
• ALL TIME*: 5.67%

*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)
APHFX Artisan High Income Fund Class I	$0.00	$0.00	$0.00
XILSX Pioneer ILS Interval Fund	$0.00	$0.00	$0.00

XILSX vs. APHFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XILSX Pioneer ILS Interval Fund	10.04%	18.70%	18.93%	18.65%	1.23%	-1.10%	7.37%	2.60%	-2.11%	-8.83%
APHFX Artisan High Income Fund Class I	0.92%	8.43%	8.60%	13.77%	-10.93%	4.09%	10.22%	14.26%	-1.32%	7.26%

Correlation

The correlation between XILSX and APHFX is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.08
Correlation (3Y) Balances recent behavior with more history.	0.07
Correlation (5Y) Shows whether the relationship held over a longer period.	0.06
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.04

Return for Risk

XILSX vs. APHFX — Risk / Return Rank

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

XILSX

XILSX Risk / Return Rank: 100
XILSX Sharpe Ratio Rank: 100
XILSX Sortino Ratio Rank: 100
XILSX Omega Ratio Rank: 100
XILSX Calmar Ratio Rank: 100
XILSX Martin Ratio Rank: 100

APHFX

APHFX Risk / Return Rank: 61
APHFX Sharpe Ratio Rank: 59
APHFX Sortino Ratio Rank: 79
APHFX Omega Ratio Rank: 78
APHFX Calmar Ratio Rank: 38
APHFX Martin Ratio Rank: 52

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.

XILSX vs. APHFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer ILS Interval Fund (XILSX) and Artisan High Income Fund Class I (APHFX). 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.

	XILSX	APHFX	Difference
Sharpe ratio: Return per unit of total volatility	7.88	1.46	+6.43
Sortino ratio: Return per unit of downside risk	77.96	2.71	+75.25
Omega ratio: Gain probability vs. loss probability	41.51	1.35	+40.16
Calmar ratio: Return relative to maximum drawdown	112.69	1.59	+111.09
Martin ratio: Return relative to average drawdown	769.28	7.07	+762.21

XILSX vs. APHFX - Sharpe Ratio Comparison

The current XILSX Sharpe Ratio is 7.88, which is higher than the APHFX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of XILSX and APHFX, 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

XILSX vs. APHFX - Drawdown Comparison

The maximum XILSX drawdown since its inception was -14.53%, smaller than the maximum APHFX drawdown of -21.51%. Use the drawdown chart below to compare losses from any high point for XILSX and APHFX.

Drawdown Indicators

	XILSX	APHFX	Difference
Max Drawdown Largest peak-to-trough decline	-14.53%	-21.51%	+6.98%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-2.74%	+2.64%
Max Drawdown (3Y) Largest decline over 3 years	-2.36%	-3.29%	+0.93%
Max Drawdown (5Y) Largest decline over 5 years	-6.27%	-14.80%	+8.53%
Current Drawdown Current decline from peak	0.00%	-0.55%	+0.55%
Average Drawdown Average peak-to-trough decline	-4.83%	-2.46%	-2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.61%	-0.58%

Volatility

XILSX vs. APHFX - Volatility Comparison

Pioneer ILS Interval Fund (XILSX) has a higher volatility of 0.52% compared to Artisan High Income Fund Class I (APHFX) at 0.47%. This indicates that XILSX's price experiences larger fluctuations and is considered to be riskier than APHFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XILSX	APHFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	0.47%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	1.57%	2.42%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	3.02%	3.00%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.78%	4.91%	-1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.90%	5.28%	-1.38%

XILSX vs. APHFX - Expense Ratio Comparison

XILSX has a 1.88% expense ratio, which is higher than APHFX's 0.71% expense ratio.

Dividends

XILSX vs. APHFX - Dividend Comparison

XILSX's dividend yield for the trailing twelve months is around 8.64%, more than APHFX's 6.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
APHFX Artisan High Income Fund Class I	6.46%	6.96%	7.39%	5.56%	5.83%	5.50%	6.01%	6.44%	7.25%	7.96%
XILSX Pioneer ILS Interval Fund	8.64%	9.51%	13.06%	12.82%	2.68%	2.04%	5.20%	6.63%	6.40%	0.00%

Frequently Asked Questions

Can I hold both XILSX and APHFX in my portfolio?

XILSX and APHFX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XILSX or APHFX?

XILSX has higher volatility (0.52%) compared to APHFX (0.47%). In terms of maximum drawdown, XILSX dropped -14.53% vs APHFX's -21.51%.

Which has better risk-adjusted returns?

XILSX currently has the higher Sharpe Ratio (7.88 vs 1.46), 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.