MLOZX vs. AWTAX

Last updated Jun 4, 2026

MLOZX (Cohen & Steers MLP & Energy Opportunity Fund, Inc.) and AWTAX (Virtus Water Fund) are both Energy Equities funds. Over the past 10 years, MLOZX returned 10.55%/yr vs 7.17%/yr for AWTAX. At a 0.49 correlation, their price movements are largely independent. MLOZX charges 0.90%/yr vs 1.22%/yr for AWTAX.

Performance

MLOZX vs. AWTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cohen & Steers MLP & Energy Opportunity Fund, Inc. (MLOZX) 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, MLOZX achieves a 36.18% return, which is significantly higher than AWTAX's -3.74% return. Over the past 10 years, MLOZX has outperformed AWTAX with an annualized return of 10.55%, while AWTAX has yielded a comparatively lower 7.17% annualized return.

MLOZX

• 1D: 1.79%
• 1M: 1.71%
• YTD: 36.18%
• 6M: 33.41%
• 1Y: 58.83%
• 3Y*: 25.68%
• 5Y*: 19.48%
• 10Y*: 10.55%

AWTAX

• 1D: 0.83%
• 1M: -3.74%
• YTD: -3.74%
• 6M: -5.55%
• 1Y: -1.30%
• 3Y*: 6.71%
• 5Y*: 2.29%
• 10Y*: 7.17%

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

MLOZX vs. AWTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLOZX Cohen & Steers MLP & Energy Opportunity Fund, Inc.	36.18%	17.35%	12.16%	10.49%	21.10%	39.09%	-26.70%	12.62%	-13.43%	0.33%
AWTAX Virtus Water Fund	-3.74%	11.87%	5.25%	11.99%	-21.01%	25.39%	16.68%	32.78%	-12.50%	21.99%

Correlation

The correlation between MLOZX and AWTAX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Dec 24, 2013	0.49

Over the past year, the correlation between MLOZX and AWTAX has dropped to 0.19 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.

Return for Risk

MLOZX vs. AWTAX — Risk / Return Rank

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

MLOZX

MLOZX Risk / Return Rank: 97
MLOZX Sharpe Ratio Rank: 99
MLOZX Sortino Ratio Rank: 97
MLOZX Omega Ratio Rank: 94
MLOZX Calmar Ratio Rank: 99
MLOZX Martin Ratio Rank: 99

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.

MLOZX vs. AWTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cohen & Steers MLP & Energy Opportunity Fund, Inc. (MLOZX) 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.

	MLOZX	AWTAX	Difference
Sharpe ratio: Return per unit of total volatility	4.27	-0.06	+4.33
Sortino ratio: Return per unit of downside risk	5.60	0.01	+5.60
Omega ratio: Gain probability vs. loss probability	1.73	1.00	+0.72
Calmar ratio: Return relative to maximum drawdown	13.16	-0.06	+13.23
Martin ratio: Return relative to average drawdown	40.52	-0.17	+40.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLOZX vs. AWTAX - Sharpe Ratio Comparison

The current MLOZX Sharpe Ratio is 4.27, which is higher than the AWTAX Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of MLOZX 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

	MLOZX	AWTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.27	-0.06	+4.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.07	0.13	+0.93
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.41	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.31	-0.02

Drawdowns

MLOZX vs. AWTAX - Drawdown Comparison

The maximum MLOZX drawdown since its inception was -72.01%, which is greater than AWTAX's maximum drawdown of -54.12%. Use the drawdown chart below to compare losses from any high point for MLOZX and AWTAX.

Drawdown Indicators

	MLOZX	AWTAX	Difference
Max Drawdown Largest peak-to-trough decline	-72.01%	-54.12%	-17.89%
Max Drawdown (1Y) Largest decline over 1 year	-4.71%	-12.17%	+7.46%
Max Drawdown (3Y) Largest decline over 3 years	-20.84%	-17.00%	-3.84%
Max Drawdown (5Y) Largest decline over 5 years	-20.84%	-30.85%	+10.01%
Max Drawdown (10Y) Largest decline over 10 years	-64.94%	-32.78%	-32.16%
Current Drawdown Current decline from peak	-0.08%	-11.00%	+10.92%
Average Drawdown Average peak-to-trough decline	-20.64%	-9.90%	-10.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	4.56%	-3.04%

Volatility

MLOZX vs. AWTAX - Volatility Comparison

Cohen & Steers MLP & Energy Opportunity Fund, Inc. (MLOZX) has a higher volatility of 5.09% compared to Virtus Water Fund (AWTAX) at 4.26%. This indicates that MLOZX's price experiences larger fluctuations and is considered to be riskier than AWTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLOZX	AWTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.09%	4.26%	+0.83%
Volatility (6M) Calculated over the trailing 6-month period	11.23%	10.00%	+1.23%
Volatility (1Y) Calculated over the trailing 1-year period	14.51%	13.05%	+1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.36%	17.19%	+1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.10%	17.33%	+6.77%

MLOZX vs. AWTAX - Expense Ratio Comparison

MLOZX has a 0.90% expense ratio, which is lower than AWTAX's 1.22% expense ratio.

Dividends

MLOZX vs. AWTAX - Dividend Comparison

MLOZX's dividend yield for the trailing twelve months is around 1.79%, less than AWTAX's 12.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AWTAX Virtus Water Fund	12.39%	11.93%	7.78%	3.30%	0.42%	7.72%	1.61%	2.98%	3.71%	2.43%	0.99%	0.38%
MLOZX Cohen & Steers MLP & Energy Opportunity Fund, Inc.	1.79%	1.71%	10.24%	4.61%	3.66%	3.08%	6.57%	6.21%	4.44%	3.86%	3.72%	6.05%

Frequently Asked Questions

Can I hold both MLOZX and AWTAX in my portfolio?

MLOZX and AWTAX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLOZX or AWTAX?

MLOZX has higher volatility (5.09%) compared to AWTAX (4.26%). In terms of maximum drawdown, MLOZX dropped -72.01% vs AWTAX's -54.12%.

Which has better risk-adjusted returns?

MLOZX currently has the higher Sharpe Ratio (4.27 vs -0.06), 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.