ANNPX vs. AVES

Last updated Apr 1, 2026

Compare and contrast key facts about Virtus Convertible Fund (ANNPX) and Avantis Emerging Markets Value ETF (AVES).

ANNPX is managed by Allianz. It was launched on Apr 18, 1993. AVES is an actively managed fund by American Century. It was launched on Sep 28, 2021.

Performance

ANNPX vs. AVES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Convertible Fund (ANNPX) and Avantis Emerging Markets Value ETF (AVES). The values are adjusted to include any dividend payments, if applicable.

ANNPX vs. AVES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ANNPX Virtus Convertible Fund	-0.19%	22.50%	14.13%	8.39%	-18.65%	0.73%
AVES Avantis Emerging Markets Value ETF	2.97%	30.49%	4.50%	16.79%	-16.04%	1.32%

Returns By Period

In the year-to-date period, ANNPX achieves a -0.19% return, which is significantly lower than AVES's 2.97% return.

ANNPX

• 1D: -1.73%
• 1M: -5.81%
• YTD: -0.19%
• 6M: 2.89%
• 1Y: 26.44%
• 3Y*: 13.75%
• 5Y*: 4.99%
• 10Y*: 12.62%

AVES

• 1D: 3.01%
• 1M: -9.24%
• YTD: 2.97%
• 6M: 6.68%
• 1Y: 31.64%
• 3Y*: 16.33%
• 5Y*: —
• 10Y*: —

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

ANNPX vs. AVES - Expense Ratio Comparison

ANNPX has a 0.71% expense ratio, which is higher than AVES's 0.36% expense ratio.

ANNPX

Virtus Convertible Fund

AVES

Avantis Emerging Markets Value ETF

Return for Risk

ANNPX vs. AVES — Risk / Return Rank

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

ANNPX

ANNPX Risk / Return Rank: 91
ANNPX Sharpe Ratio Rank: 90
ANNPX Sortino Ratio Rank: 89
ANNPX Omega Ratio Rank: 84
ANNPX Calmar Ratio Rank: 96
ANNPX Martin Ratio Rank: 96

AVES

AVES Risk / Return Rank: 86
AVES Sharpe Ratio Rank: 87
AVES Sortino Ratio Rank: 87
AVES Omega Ratio Rank: 88
AVES Calmar Ratio Rank: 85
AVES Martin Ratio Rank: 85

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.

ANNPX vs. AVES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Convertible Fund (ANNPX) and Avantis Emerging Markets Value ETF (AVES). 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.

	ANNPX	AVES	Difference
Sharpe ratio Return per unit of total volatility	1.87	1.76	+0.11
Sortino ratio Return per unit of downside risk	2.48	2.32	+0.17
Omega ratio Gain probability vs. loss probability	1.34	1.34	-0.01
Calmar ratio Return relative to maximum drawdown	3.47	2.40	+1.07
Martin ratio Return relative to average drawdown	13.90	9.31	+4.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ANNPX vs. AVES - Sharpe Ratio Comparison

The current ANNPX Sharpe Ratio is 1.87, which is comparable to the AVES Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of ANNPX and AVES, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ANNPX	AVES	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	1.76	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.94	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.46	+0.05

Correlation

The correlation between ANNPX and AVES is 0.62, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ANNPX vs. AVES - Dividend Comparison

ANNPX's dividend yield for the trailing twelve months is around 11.28%, more than AVES's 3.19% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ANNPX Virtus Convertible Fund	11.28%	11.32%	2.31%	2.56%	1.55%	20.74%	6.94%	5.12%	18.79%	23.47%	2.88%	10.63%
AVES Avantis Emerging Markets Value ETF	3.19%	3.17%	4.09%	3.96%	3.70%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

ANNPX vs. AVES - Drawdown Comparison

The maximum ANNPX drawdown since its inception was -55.61%, which is greater than AVES's maximum drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for ANNPX and AVES.

Drawdown Indicators

	ANNPX	AVES	Difference
Max Drawdown Largest peak-to-trough decline	-55.61%	-27.40%	-28.21%
Max Drawdown (1Y) Largest decline over 1 year	-7.15%	-12.90%	+5.75%
Max Drawdown (5Y) Largest decline over 5 years	-26.85%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-27.36%	—	—
Current Drawdown Current decline from peak	-7.15%	-10.28%	+3.13%
Average Drawdown Average peak-to-trough decline	-17.54%	-7.91%	-9.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	3.33%	-1.54%

Volatility

ANNPX vs. AVES - Volatility Comparison

The current volatility for Virtus Convertible Fund (ANNPX) is 6.20%, while Avantis Emerging Markets Value ETF (AVES) has a volatility of 8.89%. This indicates that ANNPX experiences smaller price fluctuations and is considered to be less risky than AVES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ANNPX	AVES	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.20%	8.89%	-2.69%
Volatility (6M) Calculated over the trailing 6-month period	11.16%	12.90%	-1.74%
Volatility (1Y) Calculated over the trailing 1-year period	14.09%	18.09%	-4.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.78%	16.73%	-3.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.44%	16.73%	-3.29%