To control the current of a surface mounted permanent magnet synchronous machine fed by a two-level voltage source inverter, a large variety of control algorithms exists. Each of these controllers performs differently concerning dynamic performance and control- and voltage quality, but also concerning sensitivity to demagnetization faults. Therefore, this paper investigates the performance degradation of three advanced predictive controllers under a partial demagnetization fault. The three predictive controllers are: finite-set model based predictive control, deadbeat control, and a combination of both previous algorithms. To achieve this goal, the three predictive controllers are first compared under healthy conditions, and afterwards under a partial demagnetization fault. A PI controller is added to the comparison in order to provide a model-independent benchmark. Key performance indicators, obtained from both simulations and experimental results on a 4 kW axial flux permanent magnet synchronous machine with yokeless and segmented armature topology, are introduced to enable a quantification of the performance degradation of the controllers under a demagnetization fault. A general conclusion is that the deadbeat controller shows superior control quality, even under partial demagnetization.