AZMIX vs. ALOIX

Last updated Jun 24, 2026

AZMIX (Virtus NFJ Emerging Markets Value Fund) and ALOIX (Virtus International Small-Cap Fund) are both mutual funds - AZMIX is a Emerging Markets Diversified fund managed by Allianz, while ALOIX is a Foreign Small & Mid Cap Equities fund managed by Allianz. Over the past 10 years, AZMIX returned 9.40%/yr vs 8.62%/yr for ALOIX. A 0.66 correlation means they provide meaningful diversification when combined. AZMIX charges 0.89%/yr vs 1.04%/yr for ALOIX.

Performance

AZMIX vs. ALOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus NFJ Emerging Markets Value Fund (AZMIX) and Virtus International Small-Cap Fund (ALOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AZMIX achieves a 28.24% return, which is significantly higher than ALOIX's 14.99% return. Over the past 10 years, AZMIX has outperformed ALOIX with an annualized return of 9.40%, while ALOIX has yielded a comparatively lower 8.62% annualized return.

AZMIX

• 1D: 1.27%
• 1M: 7.07%
• YTD: 28.24%
• 6M: 28.69%
• 1Y: 52.06%
• 3Y*: 19.76%
• 5Y*: 5.18%
• 10Y*: 9.40%

ALOIX

• 1D: 0.59%
• 1M: 1.27%
• YTD: 14.99%
• 6M: 15.23%
• 1Y: 36.24%
• 3Y*: 20.70%
• 5Y*: 7.02%
• 10Y*: 8.62%

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

AZMIX vs. ALOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AZMIX Virtus NFJ Emerging Markets Value Fund	28.24%	33.20%	0.98%	7.15%	-27.76%	2.53%	22.61%	21.90%	-19.63%	36.72%
ALOIX Virtus International Small-Cap Fund	14.99%	36.22%	2.65%	19.43%	-26.96%	6.02%	15.92%	24.57%	-22.78%	37.59%

Correlation

The correlation between AZMIX and ALOIX is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Dec 24, 2012	0.66

The correlation between AZMIX and ALOIX shifts across timeframes, from 0.56 (3 years) to 0.67 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

AZMIX vs. ALOIX — Risk / Return Rank

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

AZMIX

AZMIX Risk / Return Rank: 78
AZMIX Sharpe Ratio Rank: 82
AZMIX Sortino Ratio Rank: 64
AZMIX Omega Ratio Rank: 79
AZMIX Calmar Ratio Rank: 88
AZMIX Martin Ratio Rank: 77

ALOIX

ALOIX Risk / Return Rank: 84
ALOIX Sharpe Ratio Rank: 91
ALOIX Sortino Ratio Rank: 85
ALOIX Omega Ratio Rank: 84
ALOIX Calmar Ratio Rank: 83
ALOIX Martin Ratio Rank: 78

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.

AZMIX vs. ALOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus NFJ Emerging Markets Value Fund (AZMIX) and Virtus International Small-Cap Fund (ALOIX). 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.

	AZMIX	ALOIX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.82	-0.34
Sortino ratio: Return per unit of downside risk	3.05	3.76	-0.70
Omega ratio: Gain probability vs. loss probability	1.47	1.52	-0.05
Calmar ratio: Return relative to maximum drawdown	4.14	3.67	+0.47
Martin ratio: Return relative to average drawdown	13.45	13.58	-0.13

AZMIX vs. ALOIX - Sharpe Ratio Comparison

The current AZMIX Sharpe Ratio is 2.48, which is comparable to the ALOIX Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of AZMIX and ALOIX, 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

AZMIX vs. ALOIX - Drawdown Comparison

The maximum AZMIX drawdown since its inception was -44.57%, smaller than the maximum ALOIX drawdown of -79.29%. Use the drawdown chart below to compare losses from any high point for AZMIX and ALOIX.

Drawdown Indicators

	AZMIX	ALOIX	Difference
Max Drawdown Largest peak-to-trough decline	-44.57%	-79.29%	+34.72%
Max Drawdown (1Y) Largest decline over 1 year	-12.58%	-10.07%	-2.51%
Max Drawdown (3Y) Largest decline over 3 years	-17.91%	-14.03%	-3.88%
Max Drawdown (5Y) Largest decline over 5 years	-43.05%	-39.41%	-3.64%
Max Drawdown (10Y) Largest decline over 10 years	-44.57%	-42.79%	-1.78%
Current Drawdown Current decline from peak	0.00%	-0.63%	+0.63%
Average Drawdown Average peak-to-trough decline	-14.20%	-34.81%	+20.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.87%	2.72%	+1.15%

Volatility

AZMIX vs. ALOIX - Volatility Comparison

Virtus NFJ Emerging Markets Value Fund (AZMIX) has a higher volatility of 10.96% compared to Virtus International Small-Cap Fund (ALOIX) at 4.78%. This indicates that AZMIX's price experiences larger fluctuations and is considered to be riskier than ALOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AZMIX	ALOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.96%	4.78%	+6.18%
Volatility (6M) Calculated over the trailing 6-month period	18.19%	10.99%	+7.20%
Volatility (1Y) Calculated over the trailing 1-year period	21.08%	13.16%	+7.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.00%	15.04%	+4.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.69%	16.63%	+2.06%

AZMIX vs. ALOIX - Expense Ratio Comparison

AZMIX has a 0.89% expense ratio, which is lower than ALOIX's 1.04% expense ratio.

Dividends

AZMIX vs. ALOIX - Dividend Comparison

AZMIX's dividend yield for the trailing twelve months is around 2.46%, less than ALOIX's 3.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALOIX Virtus International Small-Cap Fund	3.95%	4.54%	3.50%	4.93%	1.25%	19.08%	1.38%	1.62%	18.17%	1.52%	1.04%	0.54%
AZMIX Virtus NFJ Emerging Markets Value Fund	2.46%	3.15%	1.57%	1.80%	2.08%	0.57%	1.68%	2.96%	3.07%	1.70%	2.41%	3.62%

Frequently Asked Questions

Can I hold both AZMIX and ALOIX in my portfolio?

AZMIX and ALOIX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AZMIX or ALOIX?

AZMIX has higher volatility (10.96%) compared to ALOIX (4.78%). In terms of maximum drawdown, AZMIX dropped -44.57% vs ALOIX's -79.29%.

Which has better risk-adjusted returns?

ALOIX currently has the higher Sharpe Ratio (2.82 vs 2.48), 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.