The study of complexity measures of Boolean functions led Nisan and Szegedy to state the sensitivity conjecture in 1994, claiming a polynomial relation between degree and sensitivity. This problem remained unsolved until 2019, when Huang proved the conjecture via an equivalent graph theoretical reformulation due to Gotsman and Linial. We study $m$-ary functions, i.e., functions $f: T^n \rightarrow T$ where $T\subseteq \mathbb{C}$ is a finite alphabet of cardinality $|T| = m $ and extend the notions of degree $\mathrm{deg}(f)$ and sensitivity $s(f)$ to $m$-ary functions and show $s(f)\in O(\mathrm{deg}(f)^2)$. This generalizes results of Nisan and Szegedy. Conversely, we introduce the $m$-ary sensitivity conjecture, claiming a polynomial upper bound for $\mathrm{deg}(f)$ in terms of $s(f)$. Analogously to results of Gotsman and Linial, we provide a formulation of the conjecture in terms of imbalanced partitions of Hamming graphs into low degree subgraphs. Combining this with ideas of Chung, Füredi, Graham and Seymour, we show that for any prime $p$ the bound in the $p$-ary sensitivity conjecture has to be at least quadratic: there exist $p$-ary functions $f$ of arbitrarily large degree and $\mathrm{deg}(f)\in Ω(s(f)^2)$.