AZBIX vs. ANNPX

Last updated Jun 6, 2026

AZBIX (Virtus Small-Cap Fund) and ANNPX (Virtus Convertible Fund) are both mutual funds - AZBIX is a Small Cap Blend Equities fund managed by Allianz, while ANNPX is a Convertible Bonds fund managed by Allianz. Over the past 10 years, AZBIX returned 11.78%/yr vs 14.53%/yr for ANNPX. Their correlation of 0.86 suggests significant overlap in exposure. AZBIX charges 0.89%/yr vs 0.71%/yr for ANNPX.

Performance

AZBIX vs. ANNPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Small-Cap Fund (AZBIX) 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, AZBIX achieves a 18.35% return, which is significantly lower than ANNPX's 21.21% return. Over the past 10 years, AZBIX has underperformed ANNPX with an annualized return of 11.78%, while ANNPX has yielded a comparatively higher 14.53% annualized return.

AZBIX

• 1D: 1.00%
• 1M: 1.39%
• YTD: 18.35%
• 6M: 17.88%
• 1Y: 34.08%
• 3Y*: 18.72%
• 5Y*: 8.26%
• 10Y*: 11.78%

ANNPX

• 1D: 0.15%
• 1M: 2.99%
• YTD: 21.21%
• 6M: 20.27%
• 1Y: 44.13%
• 3Y*: 21.27%
• 5Y*: 9.10%
• 10Y*: 14.53%

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

AZBIX vs. ANNPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AZBIX Virtus Small-Cap Fund	18.35%	8.49%	19.06%	14.09%	-18.04%	18.92%	16.98%	24.13%	-9.25%	21.27%
ANNPX Virtus Convertible Fund	21.21%	22.50%	14.13%	8.39%	-18.65%	4.96%	55.99%	26.45%	2.76%	15.22%

Correlation

The correlation between AZBIX and ANNPX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jul 3, 2013	0.86

The correlation between AZBIX and ANNPX has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

Return for Risk

AZBIX vs. ANNPX — Risk / Return Rank

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

AZBIX

AZBIX Risk / Return Rank: 60
AZBIX Sharpe Ratio Rank: 51
AZBIX Sortino Ratio Rank: 51
AZBIX Omega Ratio Rank: 46
AZBIX Calmar Ratio Rank: 82
AZBIX Martin Ratio Rank: 69

ANNPX

ANNPX Risk / Return Rank: 91
ANNPX Sharpe Ratio Rank: 93
ANNPX Sortino Ratio Rank: 86
ANNPX Omega Ratio Rank: 83
ANNPX Calmar Ratio Rank: 96
ANNPX Martin Ratio Rank: 97

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.

AZBIX vs. ANNPX - Risk-Adjusted Trends Comparison

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

	AZBIX	ANNPX	Difference
Sharpe ratio: Return per unit of total volatility	2.04	3.17	-1.13
Sortino ratio: Return per unit of downside risk	2.91	4.11	-1.20
Omega ratio: Gain probability vs. loss probability	1.35	1.55	-0.20
Calmar ratio: Return relative to maximum drawdown	3.66	6.20	-2.54
Martin ratio: Return relative to average drawdown	12.80	27.41	-14.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AZBIX vs. ANNPX - Sharpe Ratio Comparison

The current AZBIX Sharpe Ratio is 2.04, which is lower than the ANNPX Sharpe Ratio of 3.17. The chart below compares the historical Sharpe Ratios of AZBIX 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

	AZBIX	ANNPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	3.17	-1.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.71	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	1.07	-0.52
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.55	-0.01

Drawdowns

AZBIX vs. ANNPX - Drawdown Comparison

The maximum AZBIX drawdown since its inception was -40.80%, smaller than the maximum ANNPX drawdown of -55.61%. Use the drawdown chart below to compare losses from any high point for AZBIX and ANNPX.

Drawdown Indicators

	AZBIX	ANNPX	Difference
Max Drawdown Largest peak-to-trough decline	-40.80%	-55.61%	+14.81%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-7.15%	-2.18%
Max Drawdown (3Y) Largest decline over 3 years	-29.01%	-13.67%	-15.34%
Max Drawdown (5Y) Largest decline over 5 years	-29.85%	-26.85%	-3.00%
Max Drawdown (10Y) Largest decline over 10 years	-40.80%	-27.36%	-13.44%
Current Drawdown Current decline from peak	0.00%	-0.57%	+0.57%
Average Drawdown Average peak-to-trough decline	-7.71%	-17.45%	+9.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	1.61%	+1.05%

Volatility

AZBIX vs. ANNPX - Volatility Comparison

Virtus Small-Cap Fund (AZBIX) and Virtus Convertible Fund (ANNPX) have volatilities of 4.64% and 4.59%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AZBIX	ANNPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.64%	4.59%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	12.20%	11.23%	+0.97%
Volatility (1Y) Calculated over the trailing 1-year period	16.71%	13.99%	+2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.50%	12.83%	+7.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.35%	13.58%	+7.77%

AZBIX vs. ANNPX - Expense Ratio Comparison

AZBIX has a 0.89% expense ratio, which is higher than ANNPX's 0.71% expense ratio.

Dividends

AZBIX vs. ANNPX - Dividend Comparison

AZBIX's dividend yield for the trailing twelve months is around 4.14%, less than ANNPX's 9.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ANNPX Virtus Convertible Fund	9.29%	11.32%	2.31%	2.56%	1.55%	20.74%	6.94%	5.12%	18.79%	23.47%	2.88%	10.63%
AZBIX Virtus Small-Cap Fund	4.14%	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 AZBIX and ANNPX in my portfolio?

AZBIX and ANNPX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AZBIX or ANNPX?

AZBIX has higher volatility (4.64%) compared to ANNPX (4.59%). In terms of maximum drawdown, AZBIX dropped -40.80% vs ANNPX's -55.61%.

Which has better risk-adjusted returns?

ANNPX currently has the higher Sharpe Ratio (3.17 vs 2.04), 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.