FMGIX vs. AWTAX

Last updated Aug 1, 2026

FMGIX (Frontier MFG Core Infrastructure Fund) and AWTAX (Virtus Water Fund) are both mutual funds - FMGIX is a Infrastructure Equities fund managed by Frontier, while AWTAX is a Energy Equities fund managed by Allianz. Over the past 10 years, FMGIX returned 9.69%/yr vs 7.42%/yr for AWTAX. Their 0.71 correlation means they have sometimes moved together and sometimes differently. FMGIX charges 0.50%/yr vs 1.22%/yr for AWTAX.

Performance

FMGIX vs. AWTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Frontier MFG Core Infrastructure Fund (FMGIX) 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, FMGIX achieves a 8.65% return, which is significantly higher than AWTAX's 0.47% return. Over the past 10 years, FMGIX has outperformed AWTAX with an annualized return of 9.69%, while AWTAX has yielded a comparatively lower 7.42% annualized return.

FMGIX

• 1D: 0.29%
• 1M: -1.35%
• 6M: 4.62%
• YTD: 8.65%
• 1Y: 12.99%
• 3Y*: 21.68%
• 5Y*: 12.12%
• 10Y*: 9.69%
• ALL TIME*: 10.38%

AWTAX

• 1D: 0.10%
• 1M: -1.24%
• 6M: -3.54%
• YTD: 0.47%
• 1Y: 1.45%
• 3Y*: 6.21%
• 5Y*: 1.76%
• 10Y*: 7.42%
• ALL TIME*: 6.11%

*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)
AWTAX Virtus Water Fund	$0.00	$0.00	$0.00
FMGIX Frontier MFG Core Infrastructure Fund	$0.00	$0.00	$0.00

FMGIX vs. AWTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMGIX Frontier MFG Core Infrastructure Fund	8.65%	22.67%	34.26%	4.86%	-9.46%	13.84%	-1.36%	28.00%	-6.62%	20.25%
AWTAX Virtus Water Fund	0.47%	11.87%	5.25%	11.99%	-21.01%	25.39%	16.68%	32.78%	-12.50%	21.99%

Correlation

The correlation between FMGIX and AWTAX is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.58
Correlation (3Y) Balances recent behavior with more history.	0.61
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (10Y) Provides a long-term view across more market conditions.	0.68
Correlation (All Time) Calculated using the full available price history since Jan 18, 2012	0.71

The correlation between FMGIX and AWTAX shifts across timeframes, from 0.58 (1 year) to 0.71 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FMGIX vs. AWTAX — Risk / Return Rank

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

FMGIX

FMGIX Risk / Return Rank: 45
FMGIX Sharpe Ratio Rank: 47
FMGIX Sortino Ratio Rank: 42
FMGIX Omega Ratio Rank: 44
FMGIX Calmar Ratio Rank: 54
FMGIX Martin Ratio Rank: 36

AWTAX

AWTAX Risk / Return Rank: 6
AWTAX Sharpe Ratio Rank: 6
AWTAX Sortino Ratio Rank: 6
AWTAX Omega Ratio Rank: 6
AWTAX Calmar Ratio Rank: 6
AWTAX Martin Ratio Rank: 6

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.

FMGIX vs. AWTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Frontier MFG Core Infrastructure Fund (FMGIX) 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.

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.

	FMGIX	AWTAX	Difference
Sharpe ratio: Return per unit of total volatility	1.29	0.15	+1.15
Sortino ratio: Return per unit of downside risk	1.78	0.30	+1.47
Omega ratio: Gain probability vs. loss probability	1.23	1.03	+0.20
Calmar ratio: Return relative to maximum drawdown	1.92	0.17	+1.76
Martin ratio: Return relative to average drawdown	5.33	0.36	+4.96

FMGIX vs. AWTAX - Sharpe Ratio Comparison

The current FMGIX Sharpe Ratio is 1.29, which is higher than the AWTAX Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of FMGIX 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.

Drawdowns

FMGIX vs. AWTAX - Drawdown Comparison

The maximum FMGIX drawdown since its inception was -57.57%, which is greater than AWTAX's maximum drawdown of -54.12%. Use the drawdown chart below to compare losses from any high point for FMGIX and AWTAX.

Drawdown Indicators

	FMGIX	AWTAX	Difference
Max Drawdown Largest peak-to-trough decline	-57.57%	-54.12%	-3.45%
Max Drawdown (1Y) Largest decline over 1 year	-7.11%	-12.17%	+5.06%
Max Drawdown (3Y) Largest decline over 3 years	-20.56%	-17.00%	-3.56%
Max Drawdown (5Y) Largest decline over 5 years	-26.61%	-30.85%	+4.24%
Max Drawdown (10Y) Largest decline over 10 years	-57.57%	-32.78%	-24.79%
Current Drawdown Current decline from peak	-3.53%	-7.11%	+3.58%
Average Drawdown Average peak-to-trough decline	-5.32%	-9.88%	+4.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	5.60%	-3.04%

Volatility

FMGIX vs. AWTAX - Volatility Comparison

The current volatility for Frontier MFG Core Infrastructure Fund (FMGIX) is 3.18%, while Virtus Water Fund (AWTAX) has a volatility of 4.21%. This indicates that FMGIX 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

	FMGIX	AWTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	4.21%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	9.02%	10.88%	-1.86%
Volatility (1Y) Calculated over the trailing 1-year period	10.58%	13.93%	-3.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.53%	17.28%	+11.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.56%	17.24%	+35.32%

FMGIX vs. AWTAX - Expense Ratio Comparison

FMGIX has a 0.50% expense ratio, which is lower than AWTAX's 1.22% expense ratio.

Dividends

FMGIX vs. AWTAX - Dividend Comparison

FMGIX's dividend yield for the trailing twelve months is around 30.68%, more than AWTAX's 11.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AWTAX Virtus Water Fund	11.87%	11.93%	7.78%	3.30%	0.42%	7.72%	1.61%	2.98%	3.71%	2.43%	0.99%	0.38%
FMGIX Frontier MFG Core Infrastructure Fund	30.68%	33.65%	48.77%	4.79%	3.98%	2.63%	2.38%	2.63%	3.09%	3.15%	2.83%	2.79%

Frequently Asked Questions

Can I hold both FMGIX and AWTAX in my portfolio?

FMGIX and AWTAX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMGIX or AWTAX?

AWTAX has higher volatility (4.21%) compared to FMGIX (3.18%). In terms of maximum drawdown, FMGIX dropped -57.57% vs AWTAX's -54.12%.

Which has better risk-adjusted returns?

FMGIX currently has the higher Sharpe Ratio (1.29 vs 0.15), 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.