ANNPX vs. PBXIX

Last updated Aug 4, 2026

ANNPX (Virtus Convertible Fund) and PBXIX (Rational/Pier 88 Convertible Securities Fund) are both Convertible Bonds funds. Over the past 5 years, ANNPX returned 7.07%/yr vs 3.01%/yr for PBXIX. Their correlation of 0.85 means they have usually moved in the same direction. ANNPX charges 0.71%/yr vs 0.99%/yr for PBXIX.

Performance

ANNPX vs. PBXIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Convertible Fund (ANNPX) and Rational/Pier 88 Convertible Securities Fund (PBXIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ANNPX achieves a 13.57% return, which is significantly higher than PBXIX's 9.82% return.

ANNPX

• 1D: -0.32%
• 1M: -2.91%
• 6M: 8.04%
• YTD: 13.57%
• 1Y: 28.67%
• 3Y*: 16.98%
• 5Y*: 7.07%
• 10Y*: 13.45%
• ALL TIME*: 7.89%

PBXIX

• 1D: -0.26%
• 1M: -0.60%
• 6M: 8.44%
• YTD: 9.82%
• 1Y: 10.57%
• 3Y*: 8.31%
• 5Y*: 3.01%
• 10Y*: —
• ALL TIME*: 5.94%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ANNPX Virtus Convertible Fund	$0.00	$0.00	$0.00
PBXIX Rational/Pier 88 Convertible Securities Fund	$0.00	$0.00	$0.00

ANNPX vs. PBXIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ANNPX Virtus Convertible Fund	13.57%	22.50%	14.13%	8.39%	-18.65%	4.96%	55.99%	2.71%
PBXIX Rational/Pier 88 Convertible Securities Fund	9.82%	2.12%	8.23%	3.28%	-10.82%	10.23%	17.09%	1.70%

Correlation

The correlation between ANNPX and PBXIX is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (All Time) Calculated using the full available price history since Dec 6, 2019	0.85

The correlation between ANNPX and PBXIX shifts across timeframes, from 0.72 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ANNPX vs. PBXIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ANNPX

ANNPX Risk / Return Rank: 73
ANNPX Sharpe Ratio Rank: 71
ANNPX Sortino Ratio Rank: 65
ANNPX Omega Ratio Rank: 61
ANNPX Calmar Ratio Rank: 85
ANNPX Martin Ratio Rank: 86

PBXIX

PBXIX Risk / Return Rank: 45
PBXIX Sharpe Ratio Rank: 45
PBXIX Sortino Ratio Rank: 45
PBXIX Omega Ratio Rank: 41
PBXIX Calmar Ratio Rank: 46
PBXIX Martin Ratio Rank: 50

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ANNPX vs. PBXIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Convertible Fund (ANNPX) and Rational/Pier 88 Convertible Securities Fund (PBXIX). 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.

	ANNPX	PBXIX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.39	+0.34
Sortino ratio: Return per unit of downside risk	2.36	2.01	+0.35
Omega ratio: Gain probability vs. loss probability	1.29	1.24	+0.05
Calmar ratio: Return relative to maximum drawdown	3.02	1.94	+1.08
Martin ratio: Return relative to average drawdown	11.35	7.40	+3.95

ANNPX vs. PBXIX - Sharpe Ratio Comparison

The current ANNPX Sharpe Ratio is 1.74, which is comparable to the PBXIX Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of ANNPX and PBXIX, 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

ANNPX vs. PBXIX - Drawdown Comparison

The maximum ANNPX drawdown since its inception was -55.61%, which is greater than PBXIX's maximum drawdown of -24.03%. Use the drawdown chart below to compare losses from any high point for ANNPX and PBXIX.

Drawdown Indicators

	ANNPX	PBXIX	Difference
Max Drawdown Largest peak-to-trough decline	-55.61%	-24.03%	-31.58%
Max Drawdown (1Y) Largest decline over 1 year	-9.06%	-5.16%	-3.90%
Max Drawdown (3Y) Largest decline over 3 years	-13.67%	-10.71%	-2.96%
Max Drawdown (5Y) Largest decline over 5 years	-26.85%	-15.57%	-11.28%
Max Drawdown (10Y) Largest decline over 10 years	-27.36%	—	—
Current Drawdown Current decline from peak	-7.00%	-0.94%	-6.06%
Average Drawdown Average peak-to-trough decline	-17.38%	-5.39%	-11.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	1.35%	+1.06%

Volatility

ANNPX vs. PBXIX - Volatility Comparison

Virtus Convertible Fund (ANNPX) has a higher volatility of 5.22% compared to Rational/Pier 88 Convertible Securities Fund (PBXIX) at 1.57%. This indicates that ANNPX's price experiences larger fluctuations and is considered to be riskier than PBXIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ANNPX	PBXIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	1.57%	+3.65%
Volatility (6M) Calculated over the trailing 6-month period	12.95%	5.37%	+7.58%
Volatility (1Y) Calculated over the trailing 1-year period	15.76%	7.21%	+8.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.19%	8.64%	+4.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.73%	11.41%	+2.32%

ANNPX vs. PBXIX - Expense Ratio Comparison

ANNPX has a 0.71% expense ratio, which is lower than PBXIX's 0.99% expense ratio.

Dividends

ANNPX vs. PBXIX - Dividend Comparison

ANNPX's dividend yield for the trailing twelve months is around 9.71%, more than PBXIX's 4.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ANNPX Virtus Convertible Fund	9.71%	11.32%	2.31%	2.56%	1.55%	20.74%	6.94%	5.12%	18.79%	23.47%	2.88%	10.63%
PBXIX Rational/Pier 88 Convertible Securities Fund	4.98%	3.48%	2.14%	2.22%	2.25%	7.56%	1.77%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ANNPX and PBXIX in my portfolio?

ANNPX and PBXIX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ANNPX or PBXIX?

ANNPX has higher volatility (5.22%) compared to PBXIX (1.57%). In terms of maximum drawdown, ANNPX dropped -55.61% vs PBXIX's -24.03%.

Which has better risk-adjusted returns?

ANNPX currently has the higher Sharpe Ratio (1.74 vs 1.39), 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.