EIPIX vs. AWTAX

Last updated Jun 3, 2026

EIPIX (EIP Growth and Income Fund (NEW)) and AWTAX (Virtus Water Fund) are both Energy Equities funds. Over the past 5 years, EIPIX returned 15.62%/yr vs 1.99%/yr for AWTAX. A 0.56 correlation means they provide meaningful diversification when combined. EIPIX charges 1.25%/yr vs 1.22%/yr for AWTAX.

Performance

EIPIX vs. AWTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in EIP Growth and Income Fund (NEW) (EIPIX) and Virtus Water Fund (AWTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EIPIX achieves a 15.40% return, which is significantly higher than AWTAX's -4.53% return.

EIPIX

• 1D: -0.66%
• 1M: -3.71%
• YTD: 15.40%
• 6M: 14.20%
• 1Y: 22.42%
• 3Y*: 19.76%
• 5Y*: 15.62%
• 10Y*: —

AWTAX

• 1D: -1.04%
• 1M: -5.23%
• YTD: -4.53%
• 6M: -5.80%
• 1Y: -1.59%
• 3Y*: 6.41%
• 5Y*: 1.99%
• 10Y*: 7.08%

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

EIPIX vs. AWTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EIPIX EIP Growth and Income Fund (NEW)	15.40%	11.31%	26.74%	6.25%	16.19%	21.80%	-9.85%	23.09%	-11.68%	-0.68%
AWTAX Virtus Water Fund	-4.53%	11.87%	5.25%	11.99%	-21.01%	25.39%	16.68%	32.78%	-12.50%	21.99%

Correlation

The correlation between EIPIX and AWTAX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Oct 18, 2016	0.56

Over the past year, the correlation between EIPIX and AWTAX has dropped to 0.34 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.

Return for Risk

EIPIX vs. AWTAX — Risk / Return Rank

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

EIPIX

EIPIX Risk / Return Rank: 73
EIPIX Sharpe Ratio Rank: 64
EIPIX Sortino Ratio Rank: 67
EIPIX Omega Ratio Rank: 52
EIPIX Calmar Ratio Rank: 93
EIPIX Martin Ratio Rank: 89

AWTAX

AWTAX Risk / Return Rank: 2
AWTAX Sharpe Ratio Rank: 2
AWTAX Sortino Ratio Rank: 2
AWTAX Omega Ratio Rank: 2
AWTAX Calmar Ratio Rank: 2
AWTAX Martin Ratio Rank: 2

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.

EIPIX vs. AWTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for EIP Growth and Income Fund (NEW) (EIPIX) and Virtus Water Fund (AWTAX). 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.

	EIPIX	AWTAX	Difference
Sharpe ratio Return per unit of total volatility	2.35	-0.14	+2.49
Sortino ratio Return per unit of downside risk	3.41	-0.11	+3.52
Omega ratio Gain probability vs. loss probability	1.40	0.99	+0.41
Calmar ratio Return relative to maximum drawdown	5.16	-0.13	+5.29
Martin ratio Return relative to average drawdown	17.46	-0.35	+17.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EIPIX vs. AWTAX - Sharpe Ratio Comparison

The current EIPIX Sharpe Ratio is 2.35, which is higher than the AWTAX Sharpe Ratio of -0.14. The chart below compares the historical Sharpe Ratios of EIPIX and AWTAX, 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

	EIPIX	AWTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.35	-0.14	+2.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	0.12	+0.89
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.31	+0.21

Drawdowns

EIPIX vs. AWTAX - Drawdown Comparison

The maximum EIPIX drawdown since its inception was -43.98%, smaller than the maximum AWTAX drawdown of -54.12%. Use the drawdown chart below to compare losses from any high point for EIPIX and AWTAX.

Drawdown Indicators

	EIPIX	AWTAX	Difference
Max Drawdown Largest peak-to-trough decline	-43.98%	-54.12%	+10.14%
Max Drawdown (1Y) Largest decline over 1 year	-4.51%	-12.17%	+7.66%
Max Drawdown (3Y) Largest decline over 3 years	-13.00%	-17.00%	+4.00%
Max Drawdown (5Y) Largest decline over 5 years	-16.71%	-30.85%	+14.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.78%	—
Current Drawdown Current decline from peak	-4.51%	-11.73%	+7.22%
Average Drawdown Average peak-to-trough decline	-5.02%	-9.90%	+4.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	4.51%	-3.18%

Volatility

EIPIX vs. AWTAX - Volatility Comparison

The current volatility for EIP Growth and Income Fund (NEW) (EIPIX) is 3.39%, while Virtus Water Fund (AWTAX) has a volatility of 4.26%. This indicates that EIPIX experiences smaller price fluctuations and is considered to be less risky than AWTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EIPIX	AWTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	4.26%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	7.80%	9.96%	-2.16%
Volatility (1Y) Calculated over the trailing 1-year period	9.98%	13.05%	-3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.64%	17.18%	-1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.73%	17.33%	+1.40%

EIPIX vs. AWTAX - Expense Ratio Comparison

EIPIX has a 1.25% expense ratio, which is higher than AWTAX's 1.22% expense ratio.

Dividends

EIPIX vs. AWTAX - Dividend Comparison

EIPIX's dividend yield for the trailing twelve months is around 13.62%, more than AWTAX's 12.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AWTAX Virtus Water Fund	12.50%	11.93%	7.78%	3.30%	0.42%	7.72%	1.61%	2.98%	3.71%	2.43%	0.99%	0.38%
EIPIX EIP Growth and Income Fund (NEW)	13.62%	15.71%	7.60%	4.09%	25.10%	3.44%	4.02%	3.44%	3.45%	1.77%	0.78%	0.00%

Frequently Asked Questions

Can I hold both EIPIX and AWTAX in my portfolio?

EIPIX and AWTAX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EIPIX or AWTAX?

AWTAX has higher volatility (4.26%) compared to EIPIX (3.39%). In terms of maximum drawdown, EIPIX dropped -43.98% vs AWTAX's -54.12%.

Which has better risk-adjusted returns?

EIPIX currently has the higher Sharpe Ratio (2.35 vs -0.14), 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.