AZMIX vs. PQNCX

Last updated Jun 5, 2026

AZMIX (Virtus NFJ Emerging Markets Value Fund) and PQNCX (Virtus NFJ Mid-Cap Value Fund) are both mutual funds - AZMIX is a Emerging Markets Diversified fund managed by Allianz, while PQNCX is a Mid Cap Value Equities fund managed by Allianz. Over the past 10 years, AZMIX returned 9.11%/yr vs 8.43%/yr for PQNCX. A 0.56 correlation means they provide meaningful diversification when combined. AZMIX charges 0.89%/yr vs 1.75%/yr for PQNCX.

Performance

AZMIX vs. PQNCX - Performance Comparison

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

Returns By Period

In the year-to-date period, AZMIX achieves a 26.14% return, which is significantly higher than PQNCX's 13.61% return. Over the past 10 years, AZMIX has outperformed PQNCX with an annualized return of 9.11%, while PQNCX has yielded a comparatively lower 8.43% annualized return.

AZMIX

• 1D: 0.48%
• 1M: 8.86%
• YTD: 26.14%
• 6M: 27.94%
• 1Y: 50.96%
• 3Y*: 19.42%
• 5Y*: 4.52%
• 10Y*: 9.11%

PQNCX

• 1D: -0.36%
• 1M: 2.12%
• YTD: 13.61%
• 6M: 13.13%
• 1Y: 20.96%
• 3Y*: 10.00%
• 5Y*: 5.60%
• 10Y*: 8.43%

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

AZMIX vs. PQNCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AZMIX Virtus NFJ Emerging Markets Value Fund	26.14%	33.20%	0.98%	7.15%	-27.76%	2.53%	22.61%	21.90%	-19.63%	36.72%
PQNCX Virtus NFJ Mid-Cap Value Fund	13.61%	4.52%	2.69%	15.19%	-13.05%	24.95%	0.19%	28.03%	-16.89%	25.41%

Correlation

The correlation between AZMIX and PQNCX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Dec 26, 2012	0.56

Over the past year, the correlation between AZMIX and PQNCX has dropped to 0.35 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.

Return for Risk

AZMIX vs. PQNCX — Risk / Return Rank

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

AZMIX

AZMIX Risk / Return Rank: 81
AZMIX Sharpe Ratio Rank: 88
AZMIX Sortino Ratio Rank: 74
AZMIX Omega Ratio Rank: 80
AZMIX Calmar Ratio Rank: 87
AZMIX Martin Ratio Rank: 77

PQNCX

PQNCX Risk / Return Rank: 28
PQNCX Sharpe Ratio Rank: 25
PQNCX Sortino Ratio Rank: 27
PQNCX Omega Ratio Rank: 23
PQNCX Calmar Ratio Rank: 35
PQNCX Martin Ratio Rank: 31

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. PQNCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus NFJ Emerging Markets Value Fund (AZMIX) and Virtus NFJ Mid-Cap Value Fund (PQNCX). 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	PQNCX	Difference
Sharpe ratio: Return per unit of total volatility	2.85	1.38	+1.47
Sortino ratio: Return per unit of downside risk	3.57	2.10	+1.47
Omega ratio: Gain probability vs. loss probability	1.52	1.24	+0.28
Calmar ratio: Return relative to maximum drawdown	4.18	2.16	+2.03
Martin ratio: Return relative to average drawdown	14.14	6.87	+7.27
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. PQNCX - Sharpe Ratio Comparison

The current AZMIX Sharpe Ratio is 2.85, which is higher than the PQNCX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of AZMIX and PQNCX, 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	PQNCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.85	1.38	+1.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.30	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.43	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.56	-0.19

Drawdowns

AZMIX vs. PQNCX - Drawdown Comparison

The maximum AZMIX drawdown since its inception was -44.57%, smaller than the maximum PQNCX drawdown of -59.51%. Use the drawdown chart below to compare losses from any high point for AZMIX and PQNCX.

Drawdown Indicators

	AZMIX	PQNCX	Difference
Max Drawdown Largest peak-to-trough decline	-44.57%	-59.51%	+14.94%
Max Drawdown (1Y) Largest decline over 1 year	-12.58%	-9.73%	-2.85%
Max Drawdown (3Y) Largest decline over 3 years	-17.91%	-19.61%	+1.70%
Max Drawdown (5Y) Largest decline over 5 years	-43.05%	-24.00%	-19.05%
Max Drawdown (10Y) Largest decline over 10 years	-44.57%	-42.52%	-2.05%
Current Drawdown Current decline from peak	0.00%	-0.36%	+0.36%
Average Drawdown Average peak-to-trough decline	-14.24%	-7.48%	-6.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	3.05%	+0.66%

Volatility

AZMIX vs. PQNCX - Volatility Comparison

Virtus NFJ Emerging Markets Value Fund (AZMIX) has a higher volatility of 6.68% compared to Virtus NFJ Mid-Cap Value Fund (PQNCX) at 4.51%. This indicates that AZMIX's price experiences larger fluctuations and is considered to be riskier than PQNCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AZMIX	PQNCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.68%	4.51%	+2.17%
Volatility (6M) Calculated over the trailing 6-month period	15.00%	10.34%	+4.66%
Volatility (1Y) Calculated over the trailing 1-year period	18.47%	15.27%	+3.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.46%	18.89%	+0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	19.65%	-1.23%

AZMIX vs. PQNCX - Expense Ratio Comparison

AZMIX has a 0.89% expense ratio, which is lower than PQNCX's 1.75% expense ratio.

Dividends

AZMIX vs. PQNCX - Dividend Comparison

AZMIX's dividend yield for the trailing twelve months is around 2.50%, less than PQNCX's 7.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AZMIX Virtus NFJ Emerging Markets Value Fund	2.50%	3.15%	1.57%	1.80%	2.08%	0.57%	1.68%	2.96%	3.07%	1.70%	2.41%	3.62%
PQNCX Virtus NFJ Mid-Cap Value Fund	7.10%	8.07%	1.99%	9.82%	39.90%	14.94%	0.35%	10.06%	0.01%	10.70%	0.92%	4.54%

Frequently Asked Questions

Can I hold both AZMIX and PQNCX in my portfolio?

AZMIX and PQNCX have a correlation of 0.35, 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 PQNCX?

AZMIX has higher volatility (6.68%) compared to PQNCX (4.51%). In terms of maximum drawdown, AZMIX dropped -44.57% vs PQNCX's -59.51%.

Which has better risk-adjusted returns?

AZMIX currently has the higher Sharpe Ratio (2.85 vs 1.38), 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.