AOTIX vs. ANNPX

Last updated Jun 4, 2026

AOTIX (Virtus Emerging Markets Opportunities Fund) and ANNPX (Virtus Convertible Fund) are both mutual funds - AOTIX is a Emerging Markets Diversified fund managed by Allianz, while ANNPX is a Convertible Bonds fund managed by Allianz. Over the past 10 years, AOTIX returned 11.00%/yr vs 14.60%/yr for ANNPX. A 0.64 correlation means they provide meaningful diversification when combined. AOTIX charges 0.94%/yr vs 0.71%/yr for ANNPX.

Performance

AOTIX vs. ANNPX - Performance Comparison

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

Returns By Period

In the year-to-date period, AOTIX achieves a 33.86% return, which is significantly higher than ANNPX's 21.91% return. Over the past 10 years, AOTIX has underperformed ANNPX with an annualized return of 11.00%, while ANNPX has yielded a comparatively higher 14.60% annualized return.

AOTIX

• 1D: 1.28%
• 1M: 12.58%
• YTD: 33.86%
• 6M: 38.86%
• 1Y: 65.63%
• 3Y*: 25.63%
• 5Y*: 8.27%
• 10Y*: 11.00%

ANNPX

• 1D: 1.01%
• 1M: 6.09%
• YTD: 21.91%
• 6M: 21.76%
• 1Y: 45.57%
• 3Y*: 21.53%
• 5Y*: 9.38%
• 10Y*: 14.60%

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

AOTIX vs. ANNPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AOTIX Virtus Emerging Markets Opportunities Fund	33.86%	29.73%	5.44%	17.83%	-22.10%	-0.26%	20.78%	17.66%	-16.62%	38.37%
ANNPX Virtus Convertible Fund	21.91%	22.50%	14.13%	8.39%	-18.65%	4.96%	55.99%	26.45%	2.76%	15.22%

Correlation

The correlation between AOTIX and ANNPX is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jun 1, 2004	0.64

The correlation between AOTIX and ANNPX shifts across timeframes, from 0.49 (3 years) to 0.64 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AOTIX vs. ANNPX — Risk / Return Rank

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

AOTIX

AOTIX Risk / Return Rank: 93
AOTIX Sharpe Ratio Rank: 97
AOTIX Sortino Ratio Rank: 93
AOTIX Omega Ratio Rank: 92
AOTIX Calmar Ratio Rank: 91
AOTIX Martin Ratio Rank: 91

ANNPX

ANNPX Risk / Return Rank: 93
ANNPX Sharpe Ratio Rank: 95
ANNPX Sortino Ratio Rank: 89
ANNPX Omega Ratio Rank: 85
ANNPX Calmar Ratio Rank: 96
ANNPX Martin Ratio Rank: 98

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.

AOTIX vs. ANNPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Emerging Markets Opportunities Fund (AOTIX) and Virtus Convertible Fund (ANNPX). 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.

	AOTIX	ANNPX	Difference
Sharpe ratio Return per unit of total volatility	3.80	3.33	+0.47
Sortino ratio Return per unit of downside risk	4.70	4.28	+0.42
Omega ratio Gain probability vs. loss probability	1.70	1.58	+0.13
Calmar ratio Return relative to maximum drawdown	4.83	6.50	-1.67
Martin ratio Return relative to average drawdown	18.89	28.78	-9.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AOTIX vs. ANNPX - Sharpe Ratio Comparison

The current AOTIX Sharpe Ratio is 3.80, which is comparable to the ANNPX Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of AOTIX and ANNPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AOTIX	ANNPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.80	3.33	+0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.73	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	1.08	-0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.55	-0.09

Drawdowns

AOTIX vs. ANNPX - Drawdown Comparison

The maximum AOTIX drawdown since its inception was -68.42%, which is greater than ANNPX's maximum drawdown of -55.61%. Use the drawdown chart below to compare losses from any high point for AOTIX and ANNPX.

Drawdown Indicators

	AOTIX	ANNPX	Difference
Max Drawdown Largest peak-to-trough decline	-68.42%	-55.61%	-12.81%
Max Drawdown (1Y) Largest decline over 1 year	-13.70%	-7.15%	-6.55%
Max Drawdown (3Y) Largest decline over 3 years	-17.76%	-13.67%	-4.09%
Max Drawdown (5Y) Largest decline over 5 years	-36.18%	-26.85%	-9.33%
Max Drawdown (10Y) Largest decline over 10 years	-38.05%	-27.36%	-10.69%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-18.66%	-17.45%	-1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	1.61%	+1.89%

Volatility

AOTIX vs. ANNPX - Volatility Comparison

Virtus Emerging Markets Opportunities Fund (AOTIX) has a higher volatility of 7.08% compared to Virtus Convertible Fund (ANNPX) at 4.58%. This indicates that AOTIX's price experiences larger fluctuations and is considered to be riskier than ANNPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AOTIX	ANNPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.08%	4.58%	+2.50%
Volatility (6M) Calculated over the trailing 6-month period	14.77%	11.25%	+3.52%
Volatility (1Y) Calculated over the trailing 1-year period	17.44%	13.97%	+3.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.30%	12.84%	+3.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.40%	13.59%	+3.81%

AOTIX vs. ANNPX - Expense Ratio Comparison

AOTIX has a 0.94% expense ratio, which is higher than ANNPX's 0.71% expense ratio.

Dividends

AOTIX vs. ANNPX - Dividend Comparison

AOTIX's dividend yield for the trailing twelve months is around 2.48%, less than ANNPX's 9.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ANNPX Virtus Convertible Fund	9.23%	11.32%	2.31%	2.56%	1.55%	20.74%	6.94%	5.12%	18.79%	23.47%	2.88%	10.63%
AOTIX Virtus Emerging Markets Opportunities Fund	2.48%	3.33%	6.13%	3.48%	3.15%	1.94%	1.40%	2.37%	2.81%	1.60%	1.91%	1.10%

Frequently Asked Questions

Can I hold both AOTIX and ANNPX in my portfolio?

AOTIX and ANNPX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AOTIX or ANNPX?

AOTIX has higher volatility (7.08%) compared to ANNPX (4.58%). In terms of maximum drawdown, AOTIX dropped -68.42% vs ANNPX's -55.61%.

Which has better risk-adjusted returns?

AOTIX currently has the higher Sharpe Ratio (3.80 vs 3.33), 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.