AZBIX vs. AWTAX

Last updated Jun 26, 2026

AZBIX (Virtus Small-Cap Fund) and AWTAX (Virtus Water Fund) are both mutual funds - AZBIX is a Small Cap Blend Equities fund managed by Allianz, while AWTAX is a Energy Equities fund managed by Allianz. Over the past 10 years, AZBIX returned 12.44%/yr vs 7.90%/yr for AWTAX. A 0.75 correlation means they provide meaningful diversification when combined. AZBIX charges 0.89%/yr vs 1.22%/yr for AWTAX.

Performance

AZBIX vs. AWTAX - Performance Comparison

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

Returns By Period

In the year-to-date period, AZBIX achieves a 20.50% return, which is significantly higher than AWTAX's -1.16% return. Over the past 10 years, AZBIX has outperformed AWTAX with an annualized return of 12.44%, while AWTAX has yielded a comparatively lower 7.90% annualized return.

AZBIX

• 1D: 0.44%
• 1M: 2.87%
• YTD: 20.50%
• 6M: 17.74%
• 1Y: 35.92%
• 3Y*: 18.84%
• 5Y*: 8.38%
• 10Y*: 12.44%

AWTAX

• 1D: 1.90%
• 1M: 1.24%
• YTD: -1.16%
• 6M: -2.44%
• 1Y: 0.90%
• 3Y*: 7.12%
• 5Y*: 2.69%
• 10Y*: 7.90%

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

AZBIX vs. AWTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AZBIX Virtus Small-Cap Fund	20.50%	8.49%	19.06%	14.09%	-18.04%	18.92%	16.98%	24.13%	-9.25%	21.27%
AWTAX Virtus Water Fund	-1.16%	11.87%	5.25%	11.99%	-21.01%	25.39%	16.68%	32.78%	-12.50%	21.99%

Correlation

The correlation between AZBIX and AWTAX is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jul 2, 2013	0.75

The correlation between AZBIX and AWTAX shifts across timeframes, from 0.67 (1 year) to 0.77 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

AZBIX vs. AWTAX — Risk / Return Rank

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

AZBIX

AZBIX Risk / Return Rank: 74
AZBIX Sharpe Ratio Rank: 70
AZBIX Sortino Ratio Rank: 69
AZBIX Omega Ratio Rank: 58
AZBIX Calmar Ratio Rank: 87
AZBIX Martin Ratio Rank: 83

AWTAX

AWTAX Risk / Return Rank: 4
AWTAX Sharpe Ratio Rank: 4
AWTAX Sortino Ratio Rank: 4
AWTAX Omega Ratio Rank: 3
AWTAX Calmar Ratio Rank: 4
AWTAX Martin Ratio Rank: 4

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. AWTAX - Risk-Adjusted Trends Comparison

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

	AZBIX	AWTAX	Difference
Sharpe ratio: Return per unit of total volatility	2.01	0.02	+1.99
Sortino ratio: Return per unit of downside risk	2.84	0.13	+2.72
Omega ratio: Gain probability vs. loss probability	1.34	1.01	+0.33
Calmar ratio: Return relative to maximum drawdown	3.73	0.03	+3.70
Martin ratio: Return relative to average drawdown	12.98	0.06	+12.92

AZBIX vs. AWTAX - Sharpe Ratio Comparison

The current AZBIX Sharpe Ratio is 2.01, which is higher than the AWTAX Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of AZBIX and AWTAX, 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

AZBIX vs. AWTAX - Drawdown Comparison

The maximum AZBIX drawdown since its inception was -40.80%, smaller than the maximum AWTAX drawdown of -54.12%. Use the drawdown chart below to compare losses from any high point for AZBIX and AWTAX.

Drawdown Indicators

	AZBIX	AWTAX	Difference
Max Drawdown Largest peak-to-trough decline	-40.80%	-54.12%	+13.32%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-12.17%	+2.84%
Max Drawdown (3Y) Largest decline over 3 years	-29.01%	-17.00%	-12.01%
Max Drawdown (5Y) Largest decline over 5 years	-29.85%	-30.85%	+1.00%
Max Drawdown (10Y) Largest decline over 10 years	-40.80%	-32.78%	-8.02%
Current Drawdown Current decline from peak	-0.90%	-8.62%	+7.72%
Average Drawdown Average peak-to-trough decline	-7.68%	-9.90%	+2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	5.19%	-2.52%

Volatility

AZBIX vs. AWTAX - Volatility Comparison

Virtus Small-Cap Fund (AZBIX) has a higher volatility of 5.80% compared to Virtus Water Fund (AWTAX) at 4.65%. This indicates that AZBIX's price experiences larger fluctuations and is considered to be riskier than AWTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AZBIX	AWTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.80%	4.65%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	12.94%	10.60%	+2.34%
Volatility (1Y) Calculated over the trailing 1-year period	17.32%	13.48%	+3.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.57%	17.24%	+3.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.37%	17.26%	+4.11%

AZBIX vs. AWTAX - Expense Ratio Comparison

AZBIX has a 0.89% expense ratio, which is lower than AWTAX's 1.22% expense ratio.

Dividends

AZBIX vs. AWTAX - Dividend Comparison

AZBIX's dividend yield for the trailing twelve months is around 4.07%, less than AWTAX's 12.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AWTAX Virtus Water Fund	12.07%	11.93%	7.78%	3.30%	0.42%	7.72%	1.61%	2.98%	3.71%	2.43%	0.99%	0.38%
AZBIX Virtus Small-Cap Fund	4.07%	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 AWTAX in my portfolio?

AZBIX and AWTAX have a correlation of 0.67, 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 AWTAX?

AZBIX has higher volatility (5.80%) compared to AWTAX (4.65%). In terms of maximum drawdown, AZBIX dropped -40.80% vs AWTAX's -54.12%.

Which has better risk-adjusted returns?

AZBIX currently has the higher Sharpe Ratio (2.01 vs 0.02), 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.