AZMIX vs. PALAX

Last updated Jun 4, 2026

AZMIX (Virtus NFJ Emerging Markets Value Fund) and PALAX (Virtus Global Allocation Fund) are both mutual funds - AZMIX is a Emerging Markets Diversified fund managed by Allianz, while PALAX is a Global Allocation fund managed by Allianz. Over the past 10 years, AZMIX returned 9.06%/yr vs 7.58%/yr for PALAX. A 0.68 correlation means they provide meaningful diversification when combined. AZMIX charges 0.89%/yr vs 0.52%/yr for PALAX.

Performance

AZMIX vs. PALAX - Performance Comparison

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

Returns By Period

In the year-to-date period, AZMIX achieves a 25.54% return, which is significantly higher than PALAX's 9.67% return. Over the past 10 years, AZMIX has outperformed PALAX with an annualized return of 9.06%, while PALAX has yielded a comparatively lower 7.58% annualized return.

AZMIX

• 1D: 1.66%
• 1M: 8.25%
• YTD: 25.54%
• 6M: 27.77%
• 1Y: 51.65%
• 3Y*: 19.23%
• 5Y*: 4.53%
• 10Y*: 9.06%

PALAX

• 1D: 0.25%
• 1M: 3.96%
• YTD: 9.67%
• 6M: 10.89%
• 1Y: 23.16%
• 3Y*: 13.00%
• 5Y*: 6.46%
• 10Y*: 7.58%

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

AZMIX vs. PALAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AZMIX Virtus NFJ Emerging Markets Value Fund	25.54%	33.20%	0.98%	7.15%	-27.76%	2.53%	22.61%	21.90%	-19.63%	36.72%
PALAX Virtus Global Allocation Fund	9.67%	17.73%	6.39%	11.78%	-15.69%	10.82%	13.99%	17.93%	-8.72%	16.92%

Correlation

The correlation between AZMIX and PALAX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Dec 26, 2012	0.68

The correlation between AZMIX and PALAX shifts across timeframes, from 0.55 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AZMIX vs. PALAX — Risk / Return Rank

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

AZMIX

AZMIX Risk / Return Rank: 79
AZMIX Sharpe Ratio Rank: 86
AZMIX Sortino Ratio Rank: 72
AZMIX Omega Ratio Rank: 79
AZMIX Calmar Ratio Rank: 86
AZMIX Martin Ratio Rank: 73

PALAX

PALAX Risk / Return Rank: 79
PALAX Sharpe Ratio Rank: 84
PALAX Sortino Ratio Rank: 80
PALAX Omega Ratio Rank: 79
PALAX Calmar Ratio Rank: 74
PALAX Martin Ratio Rank: 77

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. PALAX - Risk-Adjusted Trends Comparison

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

	AZMIX	PALAX	Difference
Sharpe ratio: Return per unit of total volatility	2.82	2.73	+0.08
Sortino ratio: Return per unit of downside risk	3.54	3.82	-0.28
Omega ratio: Gain probability vs. loss probability	1.52	1.52	0.00
Calmar ratio: Return relative to maximum drawdown	4.13	3.37	+0.76
Martin ratio: Return relative to average drawdown	13.97	14.53	-0.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AZMIX vs. PALAX - Sharpe Ratio Comparison

The current AZMIX Sharpe Ratio is 2.82, which is comparable to the PALAX Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of AZMIX and PALAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AZMIX	PALAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.82	2.73	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.55	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.67	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.52	-0.14

Drawdowns

AZMIX vs. PALAX - Drawdown Comparison

The maximum AZMIX drawdown since its inception was -44.57%, roughly equal to the maximum PALAX drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for AZMIX and PALAX.

Drawdown Indicators

	AZMIX	PALAX	Difference
Max Drawdown Largest peak-to-trough decline	-44.57%	-44.59%	+0.02%
Max Drawdown (1Y) Largest decline over 1 year	-12.58%	-6.93%	-5.65%
Max Drawdown (3Y) Largest decline over 3 years	-17.91%	-11.92%	-5.99%
Max Drawdown (5Y) Largest decline over 5 years	-43.05%	-27.75%	-15.30%
Max Drawdown (10Y) Largest decline over 10 years	-44.57%	-27.75%	-16.82%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-14.25%	-6.70%	-7.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	1.61%	+2.10%

Volatility

AZMIX vs. PALAX - Volatility Comparison

Virtus NFJ Emerging Markets Value Fund (AZMIX) has a higher volatility of 6.75% compared to Virtus Global Allocation Fund (PALAX) at 2.68%. This indicates that AZMIX's price experiences larger fluctuations and is considered to be riskier than PALAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AZMIX	PALAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.75%	2.68%	+4.07%
Volatility (6M) Calculated over the trailing 6-month period	14.99%	6.97%	+8.02%
Volatility (1Y) Calculated over the trailing 1-year period	18.47%	8.55%	+9.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.46%	11.85%	+7.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	11.35%	+7.07%

AZMIX vs. PALAX - Expense Ratio Comparison

AZMIX has a 0.89% expense ratio, which is higher than PALAX's 0.52% expense ratio.

Dividends

AZMIX vs. PALAX - Dividend Comparison

AZMIX's dividend yield for the trailing twelve months is around 2.51%, less than PALAX's 8.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AZMIX Virtus NFJ Emerging Markets Value Fund	2.51%	3.15%	1.57%	1.80%	2.08%	0.57%	1.68%	2.96%	3.07%	1.70%	2.41%	3.62%
PALAX Virtus Global Allocation Fund	8.31%	6.94%	3.07%	2.60%	6.29%	9.15%	6.14%	10.09%	6.19%	10.69%	1.61%	5.30%

Frequently Asked Questions

Can I hold both AZMIX and PALAX in my portfolio?

AZMIX and PALAX have a correlation of 0.55, 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 PALAX?

AZMIX has higher volatility (6.75%) compared to PALAX (2.68%). In terms of maximum drawdown, AZMIX dropped -44.57% vs PALAX's -44.59%.

Which has better risk-adjusted returns?

AZMIX currently has the higher Sharpe Ratio (2.82 vs 2.73), 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.