NFJEX vs. AWTAX

Last updated Jun 4, 2026

NFJEX (Virtus NFJ Dividend Value Fund) and AWTAX (Virtus Water Fund) are both mutual funds - NFJEX is a Large Cap Value Equities fund managed by Allianz, while AWTAX is a Energy Equities fund managed by Allianz. Over the past 10 years, NFJEX returned 9.82%/yr vs 7.17%/yr for AWTAX. Their correlation of 0.82 suggests significant overlap in exposure. NFJEX charges 0.70%/yr vs 1.22%/yr for AWTAX.

Performance

NFJEX vs. AWTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus NFJ Dividend Value Fund (NFJEX) 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, NFJEX achieves a 19.17% return, which is significantly higher than AWTAX's -3.74% return. Over the past 10 years, NFJEX has outperformed AWTAX with an annualized return of 9.82%, while AWTAX has yielded a comparatively lower 7.17% annualized return.

NFJEX

• 1D: 1.27%
• 1M: 5.92%
• YTD: 19.17%
• 6M: 19.26%
• 1Y: 32.75%
• 3Y*: 16.48%
• 5Y*: 9.55%
• 10Y*: 9.82%

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)

NFJEX vs. AWTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NFJEX Virtus NFJ Dividend Value Fund	19.17%	8.46%	5.29%	19.79%	-13.63%	28.90%	-2.13%	25.12%	-10.15%	15.49%
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 NFJEX and AWTAX is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Apr 1, 2008	0.82

The correlation between NFJEX and AWTAX has been stable across timeframes, ranging from 0.72 to 0.82 - a consistent structural relationship.

Return for Risk

NFJEX vs. AWTAX — Risk / Return Rank

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

NFJEX

NFJEX Risk / Return Rank: 80
NFJEX Sharpe Ratio Rank: 80
NFJEX Sortino Ratio Rank: 79
NFJEX Omega Ratio Rank: 68
NFJEX Calmar Ratio Rank: 89
NFJEX Martin Ratio Rank: 83

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.

NFJEX vs. AWTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus NFJ Dividend Value Fund (NFJEX) 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.

	NFJEX	AWTAX	Difference
Sharpe ratio: Return per unit of total volatility	2.60	-0.06	+2.66
Sortino ratio: Return per unit of downside risk	3.75	0.01	+3.75
Omega ratio: Gain probability vs. loss probability	1.46	1.00	+0.46
Calmar ratio: Return relative to maximum drawdown	4.55	-0.06	+4.61
Martin ratio: Return relative to average drawdown	15.62	-0.17	+15.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NFJEX vs. AWTAX - Sharpe Ratio Comparison

The current NFJEX Sharpe Ratio is 2.60, which is higher than the AWTAX Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of NFJEX 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

	NFJEX	AWTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.60	-0.06	+2.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.13	+0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.41	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.31	+0.12

Drawdowns

NFJEX vs. AWTAX - Drawdown Comparison

The maximum NFJEX drawdown since its inception was -61.94%, which is greater than AWTAX's maximum drawdown of -54.12%. Use the drawdown chart below to compare losses from any high point for NFJEX and AWTAX.

Drawdown Indicators

	NFJEX	AWTAX	Difference
Max Drawdown Largest peak-to-trough decline	-61.94%	-54.12%	-7.82%
Max Drawdown (1Y) Largest decline over 1 year	-7.38%	-12.17%	+4.79%
Max Drawdown (3Y) Largest decline over 3 years	-19.69%	-17.00%	-2.69%
Max Drawdown (5Y) Largest decline over 5 years	-23.29%	-30.85%	+7.56%
Max Drawdown (10Y) Largest decline over 10 years	-39.25%	-32.78%	-6.47%
Current Drawdown Current decline from peak	0.00%	-11.00%	+11.00%
Average Drawdown Average peak-to-trough decline	-9.61%	-9.90%	+0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	4.56%	-2.42%

Volatility

NFJEX vs. AWTAX - Volatility Comparison

The current volatility for Virtus NFJ Dividend Value Fund (NFJEX) is 3.89%, while Virtus Water Fund (AWTAX) has a volatility of 4.26%. This indicates that NFJEX 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

	NFJEX	AWTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.89%	4.26%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	9.50%	10.00%	-0.50%
Volatility (1Y) Calculated over the trailing 1-year period	12.92%	13.05%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.50%	17.19%	-0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.14%	17.33%	+0.81%

NFJEX vs. AWTAX - Expense Ratio Comparison

NFJEX has a 0.70% expense ratio, which is lower than AWTAX's 1.22% expense ratio.

Dividends

NFJEX vs. AWTAX - Dividend Comparison

NFJEX's dividend yield for the trailing twelve months is around 10.49%, 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%
NFJEX Virtus NFJ Dividend Value Fund	10.49%	12.61%	3.51%	14.16%	19.01%	6.43%	1.96%	14.20%	27.33%	27.35%	6.05%	2.77%

Frequently Asked Questions

Can I hold both NFJEX and AWTAX in my portfolio?

NFJEX and AWTAX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFJEX or AWTAX?

AWTAX has higher volatility (4.26%) compared to NFJEX (3.89%). In terms of maximum drawdown, NFJEX dropped -61.94% vs AWTAX's -54.12%.

Which has better risk-adjusted returns?

NFJEX currently has the higher Sharpe Ratio (2.60 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.