AZMIX vs. AZBIX

Last updated Jun 24, 2026

AZMIX (Virtus NFJ Emerging Markets Value Fund) and AZBIX (Virtus Small-Cap Fund) are both mutual funds - AZMIX is a Emerging Markets Diversified fund managed by Allianz, while AZBIX is a Small Cap Blend Equities fund managed by Allianz. Over the past 10 years, AZMIX returned 9.40%/yr vs 12.54%/yr for AZBIX. A 0.52 correlation means they provide meaningful diversification when combined. Both charge a 0.89% expense ratio.

Performance

AZMIX vs. AZBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus NFJ Emerging Markets Value Fund (AZMIX) and Virtus Small-Cap Fund (AZBIX). 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 AZBIX's 21.60% return. Over the past 10 years, AZMIX has underperformed AZBIX with an annualized return of 9.40%, while AZBIX has yielded a comparatively higher 12.54% 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%

AZBIX

• 1D: 1.11%
• 1M: 5.08%
• YTD: 21.60%
• 6M: 19.04%
• 1Y: 37.51%
• 3Y*: 19.20%
• 5Y*: 8.96%
• 10Y*: 12.54%

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

AZMIX vs. AZBIX - 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%
AZBIX Virtus Small-Cap Fund	21.60%	8.49%	19.06%	14.09%	-18.04%	18.92%	16.98%	24.13%	-9.25%	21.27%

Correlation

The correlation between AZMIX and AZBIX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jul 2, 2013	0.52

The correlation between AZMIX and AZBIX shifts across timeframes, from 0.39 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AZMIX vs. AZBIX — 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

AZBIX

AZBIX Risk / Return Rank: 74
AZBIX Sharpe Ratio Rank: 72
AZBIX Sortino Ratio Rank: 69
AZBIX Omega Ratio Rank: 58
AZBIX Calmar Ratio Rank: 89
AZBIX Martin Ratio Rank: 84

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. AZBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus NFJ Emerging Markets Value Fund (AZMIX) and Virtus Small-Cap Fund (AZBIX). 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	AZBIX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.27	+0.21
Sortino ratio: Return per unit of downside risk	3.05	3.16	-0.11
Omega ratio: Gain probability vs. loss probability	1.47	1.39	+0.08
Calmar ratio: Return relative to maximum drawdown	4.14	4.20	-0.06
Martin ratio: Return relative to average drawdown	13.45	14.64	-1.19

AZMIX vs. AZBIX - Sharpe Ratio Comparison

The current AZMIX Sharpe Ratio is 2.48, which is comparable to the AZBIX Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of AZMIX and AZBIX, 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. AZBIX - Drawdown Comparison

The maximum AZMIX drawdown since its inception was -44.57%, which is greater than AZBIX's maximum drawdown of -40.80%. Use the drawdown chart below to compare losses from any high point for AZMIX and AZBIX.

Drawdown Indicators

	AZMIX	AZBIX	Difference
Max Drawdown Largest peak-to-trough decline	-44.57%	-40.80%	-3.77%
Max Drawdown (1Y) Largest decline over 1 year	-12.58%	-9.33%	-3.25%
Max Drawdown (3Y) Largest decline over 3 years	-17.91%	-29.01%	+11.10%
Max Drawdown (5Y) Largest decline over 5 years	-43.05%	-29.85%	-13.20%
Max Drawdown (10Y) Largest decline over 10 years	-44.57%	-40.80%	-3.77%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-14.20%	-7.69%	-6.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.87%	2.67%	+1.20%

Volatility

AZMIX vs. AZBIX - Volatility Comparison

Virtus NFJ Emerging Markets Value Fund (AZMIX) has a higher volatility of 10.96% compared to Virtus Small-Cap Fund (AZBIX) at 5.63%. This indicates that AZMIX's price experiences larger fluctuations and is considered to be riskier than AZBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AZMIX	AZBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.96%	5.63%	+5.33%
Volatility (6M) Calculated over the trailing 6-month period	18.19%	12.88%	+5.31%
Volatility (1Y) Calculated over the trailing 1-year period	21.08%	17.32%	+3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.00%	20.56%	-0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.69%	21.40%	-2.71%

AZMIX vs. AZBIX - Expense Ratio Comparison

Both AZMIX and AZBIX have an expense ratio of 0.89%.

Dividends

AZMIX vs. AZBIX - Dividend Comparison

AZMIX's dividend yield for the trailing twelve months is around 2.46%, less than AZBIX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AZBIX Virtus Small-Cap Fund	4.03%	4.90%	10.82%	2.31%	4.78%	13.82%	0.45%	0.38%	9.62%	13.80%	0.03%	3.59%
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 AZBIX in my portfolio?

AZMIX and AZBIX have a correlation of 0.39, 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 AZBIX?

AZMIX has higher volatility (10.96%) compared to AZBIX (5.63%). In terms of maximum drawdown, AZMIX dropped -44.57% vs AZBIX's -40.80%.

Which has better risk-adjusted returns?

AZMIX currently has the higher Sharpe Ratio (2.48 vs 2.27), 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.