HXBIX vs. PHRAX

Last updated Jul 15, 2026

HXBIX (Virtus Newfleet Tax-Exempt Bond Fund) and PHRAX (Virtus Duff & Phelps Real Estate Securities Fund) are both mutual funds - HXBIX is a Municipal Bonds fund managed by Virtus, while PHRAX is a REIT fund managed by Virtus. At a 0.02 correlation, their price movements are largely independent. HXBIX charges 0.60%/yr vs 1.36%/yr for PHRAX.

Performance

HXBIX vs. PHRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Newfleet Tax-Exempt Bond Fund (HXBIX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HXBIX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PHRAX

• 1D: 0.67%
• 1M: 1.68%
• 6M: 16.82%
• YTD: 18.79%
• 1Y: 18.62%
• 3Y*: 10.58%
• 5Y*: 4.33%
• 10Y*: 6.05%

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

HXBIX vs. PHRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HXBIX Virtus Newfleet Tax-Exempt Bond Fund	1.09%	4.22%	0.71%	4.72%	-7.76%	0.72%	4.27%	6.81%	0.59%	4.69%
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	18.79%	0.23%	10.15%	10.98%	-26.33%	46.79%	-1.98%	27.09%	-7.41%	5.65%

Correlation

The correlation between HXBIX and PHRAX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Feb 26, 1996	0.02

Over the past year, HXBIX and PHRAX have become more correlated (0.24) than their long-term average of 0.02, meaning their price movements have been converging.

Return for Risk

HXBIX vs. PHRAX — Risk / Return Rank

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

HXBIX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

PHRAX

PHRAX Risk / Return Rank: 45
PHRAX Sharpe Ratio Rank: 40
PHRAX Sortino Ratio Rank: 37
PHRAX Omega Ratio Rank: 37
PHRAX Calmar Ratio Rank: 67
PHRAX Martin Ratio Rank: 44

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.

HXBIX vs. PHRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Newfleet Tax-Exempt Bond Fund (HXBIX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX). 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.

	HXBIX	PHRAX	Difference
Sharpe ratio: Return per unit of total volatility	—	1.41	—
Sortino ratio: Return per unit of downside risk	—	1.93	—
Omega ratio: Gain probability vs. loss probability	—	1.25	—
Calmar ratio: Return relative to maximum drawdown	—	2.48	—
Martin ratio: Return relative to average drawdown	—	7.41	—

Drawdowns

Drawdown Indicators

	HXBIX	PHRAX	Difference
Max Drawdown Largest peak-to-trough decline	—	-72.56%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-7.83%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.09%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.51%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.00%	—
Current Drawdown Current decline from peak	—	-0.62%	—
Average Drawdown Average peak-to-trough decline	—	-11.33%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.61%	—

Volatility

Volatility by Period

	HXBIX	PHRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.81%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.56%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	13.83%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	19.13%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	21.01%	—

HXBIX vs. PHRAX - Expense Ratio Comparison

HXBIX has a 0.60% expense ratio, which is lower than PHRAX's 1.36% expense ratio.

Dividends

HXBIX vs. PHRAX - Dividend Comparison

HXBIX's dividend yield for the trailing twelve months is around 3.51%, less than PHRAX's 4.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HXBIX Virtus Newfleet Tax-Exempt Bond Fund	3.51%	3.01%	2.47%	2.61%	2.58%	2.05%	2.93%	2.60%	3.41%	3.51%	2.78%	2.87%
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	4.93%	5.93%	8.39%	12.35%	11.12%	4.45%	5.58%	21.34%	19.03%	18.54%	21.22%	20.04%

Frequently Asked Questions

Can I hold both HXBIX and PHRAX in my portfolio?

HXBIX and PHRAX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.