AZMIX vs. LVAZX

Last updated Jun 25, 2026

AZMIX (Virtus NFJ Emerging Markets Value Fund) and LVAZX (LSV Emerging Markets Equity Fund) are both Emerging Markets Diversified funds. Over the past 5 years, AZMIX returned 4.16%/yr vs 15.15%/yr for LVAZX. Their correlation of 0.82 suggests significant overlap in exposure. AZMIX charges 0.89%/yr vs 1.45%/yr for LVAZX.

Performance

AZMIX vs. LVAZX - Performance Comparison

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

Returns By Period

In the year-to-date period, AZMIX achieves a 22.88% return, which is significantly lower than LVAZX's 29.87% return.

AZMIX

• 1D: -4.18%
• 1M: 2.59%
• YTD: 22.88%
• 6M: 23.01%
• 1Y: 42.35%
• 3Y*: 18.06%
• 5Y*: 4.16%
• 10Y*: 8.93%

LVAZX

• 1D: -4.78%
• 1M: 3.23%
• YTD: 29.87%
• 6M: 31.71%
• 1Y: 53.63%
• 3Y*: 29.58%
• 5Y*: 15.15%
• 10Y*: —

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

AZMIX vs. LVAZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AZMIX Virtus NFJ Emerging Markets Value Fund	22.88%	33.20%	0.98%	7.15%	-27.76%	2.53%	22.61%	15.72%
LVAZX LSV Emerging Markets Equity Fund	29.87%	39.90%	7.26%	21.26%	-13.03%	13.77%	5.03%	5.91%

Correlation

The correlation between AZMIX and LVAZX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 25, 2019	0.82

The correlation between AZMIX and LVAZX has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

Return for Risk

AZMIX vs. LVAZX — Risk / Return Rank

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

AZMIX

AZMIX Risk / Return Rank: 69
AZMIX Sharpe Ratio Rank: 69
AZMIX Sortino Ratio Rank: 53
AZMIX Omega Ratio Rank: 70
AZMIX Calmar Ratio Rank: 85
AZMIX Martin Ratio Rank: 69

LVAZX

LVAZX Risk / Return Rank: 93
LVAZX Sharpe Ratio Rank: 96
LVAZX Sortino Ratio Rank: 88
LVAZX Omega Ratio Rank: 91
LVAZX Calmar Ratio Rank: 95
LVAZX Martin Ratio Rank: 94

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. LVAZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus NFJ Emerging Markets Value Fund (AZMIX) and LSV Emerging Markets Equity Fund (LVAZX). 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	LVAZX	Difference
Sharpe ratio: Return per unit of total volatility	2.14	3.15	-1.01
Sortino ratio: Return per unit of downside risk	2.66	3.78	-1.11
Omega ratio: Gain probability vs. loss probability	1.41	1.61	-0.20
Calmar ratio: Return relative to maximum drawdown	3.65	5.04	-1.39
Martin ratio: Return relative to average drawdown	11.82	18.58	-6.75

AZMIX vs. LVAZX - Sharpe Ratio Comparison

The current AZMIX Sharpe Ratio is 2.14, which is lower than the LVAZX Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of AZMIX and LVAZX, 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. LVAZX - Drawdown Comparison

The maximum AZMIX drawdown since its inception was -44.57%, which is greater than LVAZX's maximum drawdown of -37.87%. Use the drawdown chart below to compare losses from any high point for AZMIX and LVAZX.

Drawdown Indicators

	AZMIX	LVAZX	Difference
Max Drawdown Largest peak-to-trough decline	-44.57%	-37.87%	-6.70%
Max Drawdown (1Y) Largest decline over 1 year	-12.58%	-11.44%	-1.14%
Max Drawdown (3Y) Largest decline over 3 years	-17.91%	-15.02%	-2.89%
Max Drawdown (5Y) Largest decline over 5 years	-43.05%	-27.07%	-15.98%
Max Drawdown (10Y) Largest decline over 10 years	-44.57%	—	—
Current Drawdown Current decline from peak	-4.18%	-4.87%	+0.69%
Average Drawdown Average peak-to-trough decline	-14.20%	-6.75%	-7.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	3.10%	+0.78%

Volatility

AZMIX vs. LVAZX - Volatility Comparison

Virtus NFJ Emerging Markets Value Fund (AZMIX) has a higher volatility of 11.90% compared to LSV Emerging Markets Equity Fund (LVAZX) at 10.75%. This indicates that AZMIX's price experiences larger fluctuations and is considered to be riskier than LVAZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AZMIX	LVAZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.90%	10.75%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	18.73%	16.56%	+2.17%
Volatility (1Y) Calculated over the trailing 1-year period	21.49%	18.32%	+3.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.08%	14.96%	+5.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.70%	16.23%	+2.47%

AZMIX vs. LVAZX - Expense Ratio Comparison

AZMIX has a 0.89% expense ratio, which is lower than LVAZX's 1.45% expense ratio.

Dividends

AZMIX vs. LVAZX - Dividend Comparison

AZMIX's dividend yield for the trailing twelve months is around 2.57%, less than LVAZX's 3.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AZMIX Virtus NFJ Emerging Markets Value Fund	2.57%	3.15%	1.57%	1.80%	2.08%	0.57%	1.68%	2.96%	3.07%	1.70%	2.41%	3.62%
LVAZX LSV Emerging Markets Equity Fund	3.94%	5.12%	1.39%	4.58%	3.14%	8.50%	2.54%	2.99%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AZMIX and LVAZX in my portfolio?

AZMIX and LVAZX have a correlation of 0.79, 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 LVAZX?

AZMIX has higher volatility (11.90%) compared to LVAZX (10.75%). In terms of maximum drawdown, AZMIX dropped -44.57% vs LVAZX's -37.87%.

Which has better risk-adjusted returns?

LVAZX currently has the higher Sharpe Ratio (3.15 vs 2.14), 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.