GRSPX vs. ZTR

Last updated Jun 25, 2026

GRSPX (Greenspring Fund) and ZTR (Virtus Total Return Fund) are both Diversified Portfolio funds. Over the past 10 years, GRSPX returned 10.41%/yr vs 6.88%/yr for ZTR. At a 0.33 correlation, their price movements are largely independent. GRSPX charges 1.09%/yr vs 3.77%/yr for ZTR.

Performance

GRSPX vs. ZTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Greenspring Fund (GRSPX) and Virtus Total Return Fund (ZTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GRSPX achieves a 20.56% return, which is significantly higher than ZTR's 11.79% return. Over the past 10 years, GRSPX has outperformed ZTR with an annualized return of 10.41%, while ZTR has yielded a comparatively lower 6.88% annualized return.

GRSPX

• 1D: -1.11%
• 1M: 1.13%
• YTD: 20.56%
• 6M: 18.80%
• 1Y: 24.57%
• 3Y*: 17.37%
• 5Y*: 10.44%
• 10Y*: 10.41%

ZTR

• 1D: 0.00%
• 1M: 0.81%
• YTD: 11.79%
• 6M: 11.43%
• 1Y: 20.25%
• 3Y*: 15.13%
• 5Y*: 3.99%
• 10Y*: 6.88%

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

GRSPX vs. ZTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GRSPX Greenspring Fund	20.56%	6.12%	16.03%	11.95%	-8.62%	26.89%	3.81%	20.84%	-10.21%	7.84%
ZTR Virtus Total Return Fund	11.79%	18.63%	18.31%	-3.21%	-21.32%	20.57%	-11.78%	44.65%	-24.86%	29.52%

Correlation

The correlation between GRSPX and ZTR is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jan 2, 1990	0.33

The correlation between GRSPX and ZTR shifts across timeframes, from 0.32 (1 year) to 0.49 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

GRSPX vs. ZTR — Risk / Return Rank

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

GRSPX

GRSPX Risk / Return Rank: 25
GRSPX Sharpe Ratio Rank: 7
GRSPX Sortino Ratio Rank: 12
GRSPX Omega Ratio Rank: 49
GRSPX Calmar Ratio Rank: 11
GRSPX Martin Ratio Rank: 46

ZTR

ZTR Risk / Return Rank: 49
ZTR Sharpe Ratio Rank: 48
ZTR Sortino Ratio Rank: 47
ZTR Omega Ratio Rank: 44
ZTR Calmar Ratio Rank: 68
ZTR Martin Ratio Rank: 38

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.

GRSPX vs. ZTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Greenspring Fund (GRSPX) and Virtus Total Return Fund (ZTR). 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.

	GRSPX	ZTR	Difference
Sharpe ratio: Return per unit of total volatility	0.51	1.77	-1.26
Sortino ratio: Return per unit of downside risk	1.25	2.50	-1.25
Omega ratio: Gain probability vs. loss probability	1.34	1.31	+0.03
Calmar ratio: Return relative to maximum drawdown	0.94	2.88	-1.94
Martin ratio: Return relative to average drawdown	8.86	7.56	+1.30

GRSPX vs. ZTR - Sharpe Ratio Comparison

The current GRSPX Sharpe Ratio is 0.51, which is lower than the ZTR Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of GRSPX and ZTR, 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

GRSPX vs. ZTR - Drawdown Comparison

The maximum GRSPX drawdown since its inception was -35.67%, smaller than the maximum ZTR drawdown of -57.25%. Use the drawdown chart below to compare losses from any high point for GRSPX and ZTR.

Drawdown Indicators

	GRSPX	ZTR	Difference
Max Drawdown Largest peak-to-trough decline	-35.67%	-57.25%	+21.58%
Max Drawdown (1Y) Largest decline over 1 year	-30.41%	-7.07%	-23.34%
Max Drawdown (3Y) Largest decline over 3 years	-30.41%	-25.15%	-5.26%
Max Drawdown (5Y) Largest decline over 5 years	-30.41%	-42.64%	+12.23%
Max Drawdown (10Y) Largest decline over 10 years	-35.07%	-57.25%	+22.18%
Current Drawdown Current decline from peak	-1.34%	-2.32%	+0.98%
Average Drawdown Average peak-to-trough decline	-4.81%	-9.34%	+4.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	2.68%	+0.41%

Volatility

GRSPX vs. ZTR - Volatility Comparison

Greenspring Fund (GRSPX) has a higher volatility of 50.72% compared to Virtus Total Return Fund (ZTR) at 3.30%. This indicates that GRSPX's price experiences larger fluctuations and is considered to be riskier than ZTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GRSPX	ZTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	50.72%	3.30%	+47.42%
Volatility (6M) Calculated over the trailing 6-month period	50.94%	9.01%	+41.93%
Volatility (1Y) Calculated over the trailing 1-year period	56.42%	11.58%	+44.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.15%	16.70%	+11.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.51%	21.61%	+0.90%

GRSPX vs. ZTR - Expense Ratio Comparison

GRSPX has a 1.09% expense ratio, which is lower than ZTR's 3.77% expense ratio.

Dividends

GRSPX vs. ZTR - Dividend Comparison

GRSPX's dividend yield for the trailing twelve months is around 7.80%, less than ZTR's 8.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GRSPX Greenspring Fund	7.80%	9.40%	7.14%	6.84%	8.04%	7.69%	2.39%	7.89%	11.05%	9.63%	6.81%	5.34%
ZTR Virtus Total Return Fund	8.99%	9.52%	10.24%	15.25%	15.88%	10.96%	13.72%	11.89%	15.18%	13.85%	10.58%	9.11%

Frequently Asked Questions

Can I hold both GRSPX and ZTR in my portfolio?

GRSPX and ZTR have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GRSPX or ZTR?

GRSPX has higher volatility (50.72%) compared to ZTR (3.30%). In terms of maximum drawdown, GRSPX dropped -35.67% vs ZTR's -57.25%.

Which has better risk-adjusted returns?

ZTR currently has the higher Sharpe Ratio (1.77 vs 0.51), 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.