AZMIX vs. ANNPX

Last updated Jun 23, 2026

AZMIX (Virtus NFJ Emerging Markets Value Fund) and ANNPX (Virtus Convertible Fund) are both mutual funds - AZMIX is a Emerging Markets Diversified fund managed by Allianz, while ANNPX is a Convertible Bonds fund managed by Allianz. Over the past 10 years, AZMIX returned 9.10%/yr vs 14.66%/yr for ANNPX. A 0.58 correlation means they provide meaningful diversification when combined. AZMIX charges 0.89%/yr vs 0.71%/yr for ANNPX.

Performance

AZMIX vs. ANNPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus NFJ Emerging Markets Value Fund (AZMIX) 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, AZMIX achieves a 26.64% return, which is significantly higher than ANNPX's 22.11% return. Over the past 10 years, AZMIX has underperformed ANNPX with an annualized return of 9.10%, while ANNPX has yielded a comparatively higher 14.66% annualized return.

AZMIX

• 1D: 2.76%
• 1M: 5.73%
• YTD: 26.64%
• 6M: 27.60%
• 1Y: 49.99%
• 3Y*: 17.58%
• 5Y*: 5.04%
• 10Y*: 9.10%

ANNPX

• 1D: 1.22%
• 1M: 3.46%
• YTD: 22.11%
• 6M: 20.06%
• 1Y: 44.39%
• 3Y*: 20.71%
• 5Y*: 8.97%
• 10Y*: 14.66%

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

AZMIX vs. ANNPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AZMIX Virtus NFJ Emerging Markets Value Fund	26.64%	33.20%	0.98%	7.15%	-27.76%	2.53%	22.61%	21.90%	-19.63%	36.72%
ANNPX Virtus Convertible Fund	22.11%	22.50%	14.13%	8.39%	-18.65%	4.96%	55.99%	26.45%	2.76%	15.22%

Correlation

The correlation between AZMIX and ANNPX is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Dec 24, 2012	0.58

The correlation between AZMIX and ANNPX has been stable across timeframes, ranging from 0.49 to 0.58 - a consistent structural relationship.

Return for Risk

AZMIX vs. ANNPX — Risk / Return Rank

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

AZMIX

AZMIX Risk / Return Rank: 73
AZMIX Sharpe Ratio Rank: 76
AZMIX Sortino Ratio Rank: 57
AZMIX Omega Ratio Rank: 75
AZMIX Calmar Ratio Rank: 86
AZMIX Martin Ratio Rank: 71

ANNPX

ANNPX Risk / Return Rank: 92
ANNPX Sharpe Ratio Rank: 95
ANNPX Sortino Ratio Rank: 87
ANNPX Omega Ratio Rank: 85
ANNPX Calmar Ratio Rank: 97
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.

AZMIX vs. ANNPX - Risk-Adjusted Trends Comparison

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

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	ANNPX	Difference
Sharpe ratio: Return per unit of total volatility	2.34	3.04	-0.70
Sortino ratio: Return per unit of downside risk	2.91	3.87	-0.95
Omega ratio: Gain probability vs. loss probability	1.45	1.53	-0.08
Calmar ratio: Return relative to maximum drawdown	3.91	6.26	-2.35
Martin ratio: Return relative to average drawdown	12.70	26.09	-13.40

AZMIX vs. ANNPX - Sharpe Ratio Comparison

The current AZMIX Sharpe Ratio is 2.34, which is comparable to the ANNPX Sharpe Ratio of 3.04. The chart below compares the historical Sharpe Ratios of AZMIX 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.

Drawdowns

AZMIX vs. ANNPX - Drawdown Comparison

The maximum AZMIX drawdown since its inception was -44.57%, smaller than the maximum ANNPX drawdown of -55.61%. Use the drawdown chart below to compare losses from any high point for AZMIX and ANNPX.

Drawdown Indicators

	AZMIX	ANNPX	Difference
Max Drawdown Largest peak-to-trough decline	-44.57%	-55.61%	+11.04%
Max Drawdown (1Y) Largest decline over 1 year	-12.58%	-7.15%	-5.43%
Max Drawdown (3Y) Largest decline over 3 years	-17.91%	-13.67%	-4.24%
Max Drawdown (5Y) Largest decline over 5 years	-43.05%	-26.85%	-16.20%
Max Drawdown (10Y) Largest decline over 10 years	-44.57%	-27.36%	-17.21%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-14.21%	-17.43%	+3.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.87%	1.71%	+2.16%

Volatility

AZMIX vs. ANNPX - Volatility Comparison

Virtus NFJ Emerging Markets Value Fund (AZMIX) has a higher volatility of 11.01% compared to Virtus Convertible Fund (ANNPX) at 5.60%. This indicates that AZMIX'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

	AZMIX	ANNPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.01%	5.60%	+5.41%
Volatility (6M) Calculated over the trailing 6-month period	18.16%	12.12%	+6.04%
Volatility (1Y) Calculated over the trailing 1-year period	21.03%	14.75%	+6.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.98%	13.00%	+6.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.68%	13.67%	+5.01%

AZMIX vs. ANNPX - Expense Ratio Comparison

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

Dividends

AZMIX vs. ANNPX - Dividend Comparison

AZMIX's dividend yield for the trailing twelve months is around 2.49%, less than ANNPX's 9.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ANNPX Virtus Convertible Fund	9.03%	11.32%	2.31%	2.56%	1.55%	20.74%	6.94%	5.12%	18.79%	23.47%	2.88%	10.63%
AZMIX Virtus NFJ Emerging Markets Value Fund	2.49%	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 ANNPX in my portfolio?

AZMIX and ANNPX have a correlation of 0.51, 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 ANNPX?

AZMIX has higher volatility (11.01%) compared to ANNPX (5.60%). In terms of maximum drawdown, AZMIX dropped -44.57% vs ANNPX's -55.61%.

Which has better risk-adjusted returns?

ANNPX currently has the higher Sharpe Ratio (3.04 vs 2.34), 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.