AZMIX vs. RAGHX

Last updated Jun 4, 2026

AZMIX (Virtus NFJ Emerging Markets Value Fund) and RAGHX (Virtus Health Sciences Fund) are both mutual funds - AZMIX is a Emerging Markets Diversified fund managed by Allianz, while RAGHX is a Health & Biotech Equities fund managed by Allianz. Over the past 10 years, AZMIX returned 9.06%/yr vs 5.91%/yr for RAGHX. At a 0.43 correlation, their price movements are largely independent. AZMIX charges 0.89%/yr vs 1.37%/yr for RAGHX.

Performance

AZMIX vs. RAGHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus NFJ Emerging Markets Value Fund (AZMIX) and Virtus Health Sciences Fund (RAGHX). 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 RAGHX's -11.12% return. Over the past 10 years, AZMIX has outperformed RAGHX with an annualized return of 9.06%, while RAGHX has yielded a comparatively lower 5.91% 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%

RAGHX

• 1D: -1.27%
• 1M: -1.38%
• YTD: -11.12%
• 6M: -11.15%
• 1Y: 1.23%
• 3Y*: -0.83%
• 5Y*: -0.42%
• 10Y*: 5.91%

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

AZMIX vs. RAGHX - 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%
RAGHX Virtus Health Sciences Fund	-11.12%	7.23%	-2.33%	2.57%	-11.64%	25.44%	13.76%	26.69%	4.37%	17.33%

Correlation

The correlation between AZMIX and RAGHX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Dec 26, 2012	0.43

Over the past year, the correlation between AZMIX and RAGHX has dropped to 0.17 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.

Return for Risk

AZMIX vs. RAGHX — 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

RAGHX

RAGHX Risk / Return Rank: 3
RAGHX Sharpe Ratio Rank: 3
RAGHX Sortino Ratio Rank: 3
RAGHX Omega Ratio Rank: 3
RAGHX Calmar Ratio Rank: 3
RAGHX Martin Ratio Rank: 3

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. RAGHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus NFJ Emerging Markets Value Fund (AZMIX) and Virtus Health Sciences Fund (RAGHX). 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	RAGHX	Difference
Sharpe ratio: Return per unit of total volatility	2.82	0.10	+2.71
Sortino ratio: Return per unit of downside risk	3.54	0.26	+3.27
Omega ratio: Gain probability vs. loss probability	1.52	1.03	+0.49
Calmar ratio: Return relative to maximum drawdown	4.13	0.10	+4.03
Martin ratio: Return relative to average drawdown	13.97	0.25	+13.72
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. RAGHX - Sharpe Ratio Comparison

The current AZMIX Sharpe Ratio is 2.82, which is higher than the RAGHX Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of AZMIX and RAGHX, 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	RAGHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.82	0.10	+2.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	-0.03	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.34	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.47	-0.09

Drawdowns

AZMIX vs. RAGHX - Drawdown Comparison

The maximum AZMIX drawdown since its inception was -44.57%, which is greater than RAGHX's maximum drawdown of -40.23%. Use the drawdown chart below to compare losses from any high point for AZMIX and RAGHX.

Drawdown Indicators

	AZMIX	RAGHX	Difference
Max Drawdown Largest peak-to-trough decline	-44.57%	-40.23%	-4.34%
Max Drawdown (1Y) Largest decline over 1 year	-12.58%	-15.94%	+3.36%
Max Drawdown (3Y) Largest decline over 3 years	-17.91%	-22.14%	+4.23%
Max Drawdown (5Y) Largest decline over 5 years	-43.05%	-22.14%	-20.91%
Max Drawdown (10Y) Largest decline over 10 years	-44.57%	-28.01%	-16.56%
Current Drawdown Current decline from peak	0.00%	-16.13%	+16.13%
Average Drawdown Average peak-to-trough decline	-14.25%	-7.12%	-7.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	6.51%	-2.80%

Volatility

AZMIX vs. RAGHX - Volatility Comparison

Virtus NFJ Emerging Markets Value Fund (AZMIX) has a higher volatility of 6.75% compared to Virtus Health Sciences Fund (RAGHX) at 4.67%. This indicates that AZMIX's price experiences larger fluctuations and is considered to be riskier than RAGHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AZMIX	RAGHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.75%	4.67%	+2.08%
Volatility (6M) Calculated over the trailing 6-month period	14.99%	11.72%	+3.27%
Volatility (1Y) Calculated over the trailing 1-year period	18.47%	16.16%	+2.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.46%	16.58%	+2.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	17.49%	+0.93%

AZMIX vs. RAGHX - Expense Ratio Comparison

AZMIX has a 0.89% expense ratio, which is lower than RAGHX's 1.37% expense ratio.

Dividends

AZMIX vs. RAGHX - Dividend Comparison

AZMIX's dividend yield for the trailing twelve months is around 2.51%, while RAGHX has not paid dividends to shareholders.

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%
RAGHX Virtus Health Sciences Fund	0.00%	0.00%	0.00%	0.00%	9.51%	21.85%	14.50%	6.89%	16.12%	0.00%	0.00%	23.19%

Frequently Asked Questions

Can I hold both AZMIX and RAGHX in my portfolio?

AZMIX and RAGHX have a correlation of 0.17, 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 RAGHX?

AZMIX has higher volatility (6.75%) compared to RAGHX (4.67%). In terms of maximum drawdown, AZMIX dropped -44.57% vs RAGHX's -40.23%.

Which has better risk-adjusted returns?

AZMIX currently has the higher Sharpe Ratio (2.82 vs 0.10), 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.