CNSDX vs. ANNPX

Last updated Aug 1, 2026

CNSDX (Invesco Convertible Securities Fund) and ANNPX (Virtus Convertible Fund) are both Convertible Bonds funds. Over the past 10 years, CNSDX returned 10.55%/yr vs 13.40%/yr for ANNPX. Their correlation of 0.93 means they have usually moved in the same direction. CNSDX charges 0.68%/yr vs 0.71%/yr for ANNPX.

Performance

CNSDX vs. ANNPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Convertible Securities Fund (CNSDX) and Virtus Convertible Fund (ANNPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CNSDX having a 14.61% return and ANNPX slightly lower at 13.93%. Over the past 10 years, CNSDX has underperformed ANNPX with an annualized return of 10.55%, while ANNPX has yielded a comparatively higher 13.40% annualized return.

CNSDX

• 1D: 2.96%
• 1M: -3.26%
• 6M: 8.67%
• YTD: 14.61%
• 1Y: 23.05%
• 3Y*: 14.50%
• 5Y*: 6.35%
• 10Y*: 10.55%
• ALL TIME*: 7.89%

ANNPX

• 1D: 2.60%
• 1M: -2.60%
• 6M: 9.03%
• YTD: 13.93%
• 1Y: 29.08%
• 3Y*: 16.92%
• 5Y*: 7.14%
• 10Y*: 13.40%
• ALL TIME*: 7.90%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ANNPX Virtus Convertible Fund	$0.00	$0.00	$0.00
CNSDX Invesco Convertible Securities Fund	$0.00	$0.00	$0.00

CNSDX vs. ANNPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNSDX Invesco Convertible Securities Fund	14.61%	16.24%	9.95%	8.18%	-15.51%	4.69%	44.68%	21.25%	-1.60%	10.68%
ANNPX Virtus Convertible Fund	13.93%	22.50%	14.13%	8.39%	-18.65%	4.96%	55.99%	26.45%	2.76%	15.22%

Correlation

The correlation between CNSDX and ANNPX is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (3Y) Balances recent behavior with more history.	0.98
Correlation (5Y) Shows whether the relationship held over a longer period.	0.98
Correlation (10Y) Provides a long-term view across more market conditions.	0.97
Correlation (All Time) Calculated using the full available price history since Jul 28, 1997	0.93

The correlation between CNSDX and ANNPX has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.

Return for Risk

CNSDX vs. ANNPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CNSDX

CNSDX Risk / Return Rank: 45
CNSDX Sharpe Ratio Rank: 39
CNSDX Sortino Ratio Rank: 37
CNSDX Omega Ratio Rank: 36
CNSDX Calmar Ratio Rank: 60
CNSDX Martin Ratio Rank: 52

ANNPX

ANNPX Risk / Return Rank: 78
ANNPX Sharpe Ratio Rank: 75
ANNPX Sortino Ratio Rank: 71
ANNPX Omega Ratio Rank: 70
ANNPX Calmar Ratio Rank: 87
ANNPX Martin Ratio Rank: 89

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CNSDX vs. ANNPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Convertible Securities Fund (CNSDX) and Virtus Convertible Fund (ANNPX). 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.

	CNSDX	ANNPX	Difference
Sharpe ratio: Return per unit of total volatility	1.21	1.75	-0.55
Sortino ratio: Return per unit of downside risk	1.70	2.38	-0.68
Omega ratio: Gain probability vs. loss probability	1.21	1.30	-0.09
Calmar ratio: Return relative to maximum drawdown	2.09	3.05	-0.96
Martin ratio: Return relative to average drawdown	7.22	11.64	-4.42

CNSDX vs. ANNPX - Sharpe Ratio Comparison

The current CNSDX Sharpe Ratio is 1.21, which is lower than the ANNPX Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of CNSDX and ANNPX, 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

CNSDX vs. ANNPX - Drawdown Comparison

The maximum CNSDX drawdown since its inception was -39.33%, smaller than the maximum ANNPX drawdown of -55.61%. Use the drawdown chart below to compare losses from any high point for CNSDX and ANNPX.

Drawdown Indicators

	CNSDX	ANNPX	Difference
Max Drawdown Largest peak-to-trough decline	-39.33%	-55.61%	+16.28%
Max Drawdown (1Y) Largest decline over 1 year	-10.27%	-9.06%	-1.21%
Max Drawdown (3Y) Largest decline over 3 years	-13.32%	-13.67%	+0.35%
Max Drawdown (5Y) Largest decline over 5 years	-22.73%	-26.85%	+4.12%
Max Drawdown (10Y) Largest decline over 10 years	-24.19%	-27.36%	+3.17%
Current Drawdown Current decline from peak	-7.61%	-6.70%	-0.91%
Average Drawdown Average peak-to-trough decline	-6.89%	-17.38%	+10.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.37%	+0.59%

Volatility

CNSDX vs. ANNPX - Volatility Comparison

Invesco Convertible Securities Fund (CNSDX) has a higher volatility of 5.91% compared to Virtus Convertible Fund (ANNPX) at 5.32%. This indicates that CNSDX's price experiences larger fluctuations and is considered to be riskier than ANNPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNSDX	ANNPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.91%	5.32%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	14.49%	12.96%	+1.53%
Volatility (1Y) Calculated over the trailing 1-year period	17.78%	15.75%	+2.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.76%	13.19%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.07%	13.73%	-0.66%

CNSDX vs. ANNPX - Expense Ratio Comparison

CNSDX has a 0.68% expense ratio, which is lower than ANNPX's 0.71% expense ratio.

Dividends

CNSDX vs. ANNPX - Dividend Comparison

CNSDX's dividend yield for the trailing twelve months is around 10.25%, more than ANNPX's 9.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ANNPX Virtus Convertible Fund	9.68%	11.32%	2.31%	2.56%	1.55%	20.74%	6.94%	5.12%	18.79%	23.47%	2.88%	10.63%
CNSDX Invesco Convertible Securities Fund	10.25%	11.77%	3.46%	1.46%	3.97%	28.36%	10.96%	5.21%	12.65%	4.57%	3.74%	2.74%

Frequently Asked Questions

Can I hold both CNSDX and ANNPX in my portfolio?

With a correlation of 0.98, CNSDX and ANNPX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CNSDX or ANNPX?

CNSDX has higher volatility (5.91%) compared to ANNPX (5.32%). In terms of maximum drawdown, CNSDX dropped -39.33% vs ANNPX's -55.61%.

Which has better risk-adjusted returns?

ANNPX currently has the higher Sharpe Ratio (1.75 vs 1.21), 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.