AFMCX vs. AZBIX

Last updated Jun 24, 2026

AFMCX (Acuitas US Microcap Fund) and AZBIX (Virtus Small-Cap Fund) are both Small Cap Blend Equities funds. Over the past 10 years, AFMCX returned 12.07%/yr vs 12.54%/yr for AZBIX. Their correlation of 0.92 suggests significant overlap in exposure. AFMCX charges 1.50%/yr vs 0.89%/yr for AZBIX.

Performance

AFMCX vs. AZBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Acuitas US Microcap Fund (AFMCX) and Virtus Small-Cap Fund (AZBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFMCX achieves a 26.28% return, which is significantly higher than AZBIX's 21.60% return. Both investments have delivered pretty close results over the past 10 years, with AFMCX having a 12.07% annualized return and AZBIX not far ahead at 12.54%.

AFMCX

• 1D: -0.36%
• 1M: 7.74%
• YTD: 26.28%
• 6M: 24.00%
• 1Y: 52.39%
• 3Y*: 19.80%
• 5Y*: 7.65%
• 10Y*: 12.07%

AZBIX

• 1D: 1.11%
• 1M: 5.08%
• YTD: 21.60%
• 6M: 19.04%
• 1Y: 37.51%
• 3Y*: 19.20%
• 5Y*: 8.96%
• 10Y*: 12.54%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AFMCX vs. AZBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AFMCX Acuitas US Microcap Fund	26.28%	13.54%	8.32%	17.41%	-19.11%	29.20%	14.07%	21.89%	-13.26%	10.32%
AZBIX Virtus Small-Cap Fund	21.60%	8.49%	19.06%	14.09%	-18.04%	18.92%	16.98%	24.13%	-9.25%	21.27%

Correlation

The correlation between AFMCX and AZBIX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.92

The correlation between AFMCX and AZBIX has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

AFMCX vs. AZBIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AFMCX

AFMCX Risk / Return Rank: 83
AFMCX Sharpe Ratio Rank: 85
AFMCX Sortino Ratio Rank: 79
AFMCX Omega Ratio Rank: 66
AFMCX Calmar Ratio Rank: 94
AFMCX Martin Ratio Rank: 89

AZBIX

AZBIX Risk / Return Rank: 74
AZBIX Sharpe Ratio Rank: 72
AZBIX Sortino Ratio Rank: 69
AZBIX Omega Ratio Rank: 58
AZBIX Calmar Ratio Rank: 89
AZBIX Martin Ratio Rank: 84

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AFMCX vs. AZBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Acuitas US Microcap Fund (AFMCX) and Virtus Small-Cap Fund (AZBIX). 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.

	AFMCX	AZBIX	Difference
Sharpe ratio: Return per unit of total volatility	2.56	2.27	+0.30
Sortino ratio: Return per unit of downside risk	3.44	3.16	+0.27
Omega ratio: Gain probability vs. loss probability	1.41	1.39	+0.03
Calmar ratio: Return relative to maximum drawdown	5.14	4.20	+0.94
Martin ratio: Return relative to average drawdown	16.36	14.64	+1.72

AFMCX vs. AZBIX - Sharpe Ratio Comparison

The current AFMCX Sharpe Ratio is 2.56, which is comparable to the AZBIX Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of AFMCX and AZBIX, 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

AFMCX vs. AZBIX - Drawdown Comparison

The maximum AFMCX drawdown since its inception was -51.65%, which is greater than AZBIX's maximum drawdown of -40.80%. Use the drawdown chart below to compare losses from any high point for AFMCX and AZBIX.

Drawdown Indicators

	AFMCX	AZBIX	Difference
Max Drawdown Largest peak-to-trough decline	-51.65%	-40.80%	-10.85%
Max Drawdown (1Y) Largest decline over 1 year	-10.73%	-9.33%	-1.40%
Max Drawdown (3Y) Largest decline over 3 years	-31.09%	-29.01%	-2.08%
Max Drawdown (5Y) Largest decline over 5 years	-31.09%	-29.85%	-1.24%
Max Drawdown (10Y) Largest decline over 10 years	-51.65%	-40.80%	-10.85%
Current Drawdown Current decline from peak	-0.36%	0.00%	-0.36%
Average Drawdown Average peak-to-trough decline	-10.11%	-7.69%	-2.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	2.67%	+0.69%

Volatility

AFMCX vs. AZBIX - Volatility Comparison

Acuitas US Microcap Fund (AFMCX) has a higher volatility of 6.40% compared to Virtus Small-Cap Fund (AZBIX) at 5.63%. This indicates that AFMCX's price experiences larger fluctuations and is considered to be riskier than AZBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFMCX	AZBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.40%	5.63%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	14.90%	12.88%	+2.02%
Volatility (1Y) Calculated over the trailing 1-year period	21.54%	17.32%	+4.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.61%	20.56%	+3.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.01%	21.40%	+2.61%

AFMCX vs. AZBIX - Expense Ratio Comparison

AFMCX has a 1.50% expense ratio, which is higher than AZBIX's 0.89% expense ratio.

Dividends

AFMCX vs. AZBIX - Dividend Comparison

AFMCX's dividend yield for the trailing twelve months is around 3.75%, less than AZBIX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFMCX Acuitas US Microcap Fund	3.75%	4.74%	3.18%	0.00%	6.40%	8.34%	0.00%	0.10%	28.38%	3.58%	0.92%	6.58%
AZBIX Virtus Small-Cap Fund	4.03%	4.90%	10.82%	2.31%	4.78%	13.82%	0.45%	0.38%	9.62%	13.80%	0.03%	3.59%

Frequently Asked Questions

Can I hold both AFMCX and AZBIX in my portfolio?

With a correlation of 0.92, AFMCX and AZBIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AFMCX or AZBIX?

AFMCX has higher volatility (6.40%) compared to AZBIX (5.63%). In terms of maximum drawdown, AFMCX dropped -51.65% vs AZBIX's -40.80%.

Which has better risk-adjusted returns?

AFMCX currently has the higher Sharpe Ratio (2.56 vs 2.27), 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.