- ISIN
- US92828W5931
- CUSIP
- 92828W593
- Issuer
- Virtus
- Inception Date
- Dec 16, 2013
- Category
- Emerging Markets Diversified
- Min. Investment
- $100,000
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Growth
Share Price Chart
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Performance
VIESX Performance Chart
Virtus KAR Emerging Markets Small-Cap Fund (VIESX) is up 3.3% since the beginning of the year. VIESX is currently trading at $17 per share. Investors who bought $1,000 worth of VIESX shares 5 years ago would now be looking at an investment worth $1,087.
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Returns By Period
Virtus KAR Emerging Markets Small-Cap Fund (VIESX) has returned 3.30% so far this year and 4.57% over the past 12 months. Over the last ten years, VIESX has returned 9.55% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
Virtus KAR Emerging Markets Small-Cap Fund
- 1D
- 0.00%
- 1M
- -0.65%
- YTD
- 3.30%
- 6M
- 4.58%
- 1Y
- 4.57%
- 3Y*
- 10.01%
- 5Y*
- 1.69%
- 10Y*
- 9.55%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
VIESX Monthly Returns History
Based on dividend-adjusted daily data since Dec 19, 2013, VIESX's average daily return is +0.03%, while the average monthly return is +0.63%. At this rate, an investment would double in approximately 9.2 years.
Historically, 62% of months were positive and 38% were negative. The best month was Apr 2020 with a return of +14.8%, while the worst month was Mar 2020 at -15.8%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 5 months.
On a daily basis, VIESX closed higher 50% of trading days. The best single day was Mar 24, 2020 with a return of +5.6%, while the worst single day was Mar 16, 2020 at -9.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 6.85% | 1.72% | -8.04% | 5.57% | -2.67% | 0.60% | 3.30% | ||||||
| 2025 | 0.81% | 1.27% | 0.93% | 4.98% | 3.75% | 3.85% | -2.26% | 1.48% | 0.58% | -1.98% | 1.01% | -1.33% | 13.61% |
| 2024 | -0.20% | 2.30% | 1.79% | -1.95% | 2.26% | -1.17% | 2.43% | 2.12% | 4.08% | -3.98% | -1.63% | -2.14% | 3.62% |
| 2023 | 8.48% | -2.96% | 1.33% | 0.85% | -0.46% | 2.77% | 3.59% | -0.29% | -4.13% | -3.70% | 9.65% | 5.87% | 21.83% |
| 2022 | -6.03% | -7.77% | 1.25% | -5.64% | -1.07% | -8.06% | 2.11% | 1.49% | -7.97% | 2.48% | 4.14% | 0.58% | -22.92% |
| 2021 | -1.20% | 0.93% | -1.44% | 4.32% | 0.45% | 2.39% | -0.54% | 2.24% | -5.24% | 0.85% | -5.99% | 2.13% | -1.62% |
Benchmark Metrics
Virtus KAR Emerging Markets Small-Cap Fund has an annualized alpha of 1.13%, beta of 0.48, and R2 of 0.41 versus S&P 500 Index. Calculated based on daily prices since December 19, 2013.
- This fund participated in 82.07% of S&P 500 Index downside but only 64.77% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.48 may look defensive, but with R2 of 0.41 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.41 means the benchmark explains less than half of this fund's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 1.13%
- Beta
- 0.48
- R²
- 0.41
- Upside Capture
- 64.77%
- Downside Capture
- 82.07%
Expense Ratio
VIESX has a high expense ratio of 1.51%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
VIESX ranks 5 for risk / return — in the bottom 5% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Virtus KAR Emerging Markets Small-Cap Fund (VIESX) and compare them to S&P 500 Index.
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.
| VIESX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.67 | ||
| Sortino ratioReturn per unit of downside risk | -2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.37 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.39 | 2.78 | -2.39 |
| Martin ratioReturn relative to average drawdown | 0.98 | 12.44 | -11.46 |
Dividends
Dividend History
Virtus KAR Emerging Markets Small-Cap Fund provided a 2.70% dividend yield over the last twelve months, with an annual payout of $0.46 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.46 | $0.46 | $0.54 | $0.00 | $0.00 | $1.39 | $0.20 | $0.26 | $0.04 | $0.10 | $0.18 | $0.18 |
Dividend yield | 2.70% | 2.79% | 3.64% | 0.00% | 0.00% | 8.80% | 1.17% | 2.06% | 0.38% | 0.83% | 2.01% | 2.24% |
Monthly Dividends
The table displays the monthly dividend distributions for Virtus KAR Emerging Markets Small-Cap Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.46 | $0.46 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.54 | $0.54 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.39 | $1.39 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Virtus KAR Emerging Markets Small-Cap Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Virtus KAR Emerging Markets Small-Cap Fund was 35.10%, occurring on Oct 14, 2022. Recovery took 654 trading sessions.
The current Virtus KAR Emerging Markets Small-Cap Fund drawdown is 5.85%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -35.10%Oct 2022 | 1y 1mo | 2y 7mo | 3y 8moSep 2021 - May 2025 |
2016 bear market2016 | -32.59%Jan 2016 | 1y 4mo | 1y 3mo | 2y 7moSep 2014 - Apr 2017 |
COVID crash2020 | -30.72%Mar 2020 | 1mo 4d | 2mo 11d | 3mo 15dFeb 2020 - Jun 2020 |
Rate-hike selloffLate 2018 | -16.55%Oct 2018 | 4mo 18d | 8mo 15d | 1y 28dJun 2018 - Jul 2019 |
2026 correction2026 | -10.58%Mar 2026 | 1mo 2d | — | 3mo 27dFeb 2026 - now |
Drawdown Indicators
| VIESX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.10% | -56.78% | +21.68% |
Max Drawdown (1Y)Largest decline over 1 year | -10.58% | -9.10% | -1.48% |
Max Drawdown (3Y)Largest decline over 3 years | -11.97% | -18.90% | +6.93% |
Max Drawdown (5Y)Largest decline over 5 years | -35.10% | -25.43% | -9.67% |
Max Drawdown (10Y)Largest decline over 10 years | -35.10% | -33.92% | -1.18% |
Current DrawdownCurrent decline from peak | -5.85% | -1.80% | -4.05% |
Average DrawdownAverage peak-to-trough decline | -9.73% | -10.71% | +0.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.21% | 2.03% | +2.18% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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