PALAX vs. AWTAX
PALAX (Virtus Global Allocation Fund) and AWTAX (Virtus Water Fund) are both mutual funds - PALAX is a Global Allocation fund managed by Allianz, while AWTAX is a Energy Equities fund managed by Allianz. Over the past 10 years, PALAX returned 7.27%/yr vs 7.42%/yr for AWTAX. Their correlation of 0.85 means they have usually moved in the same direction. PALAX charges 0.52%/yr vs 1.22%/yr for AWTAX.
Performance
PALAX vs. AWTAX - Performance Comparison
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Returns By Period
In the year-to-date period, PALAX achieves a 8.37% return, which is significantly higher than AWTAX's 0.47% return. Both investments have delivered pretty close results over the past 10 years, with PALAX having a 7.27% annualized return and AWTAX not far ahead at 7.42%.
PALAX
- 1D
- 1.27%
- 1M
- 0.31%
- 6M
- 5.36%
- YTD
- 8.37%
- 1Y
- 18.01%
- 3Y*
- 11.02%
- 5Y*
- 5.55%
- 10Y*
- 7.27%
- ALL TIME*
- 5.95%
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%
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 |
| $0.00 | $0.00 | $0.00 |
PALAX vs. AWTAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PALAX Virtus Global Allocation Fund | 8.37% | 17.73% | 6.39% | 11.78% | -15.69% | 10.82% | 13.99% | 17.93% | -8.72% | 16.92% |
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 PALAX 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. | 0.72 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.80 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.81 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2008 | 0.85 |
Over the past year, the correlation between PALAX and AWTAX has dropped to 0.58 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.
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Return for Risk
PALAX vs. AWTAX — Risk / Return Rank
PALAX
AWTAX
PALAX vs. AWTAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus Global Allocation Fund (PALAX) 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.
| PALAX | AWTAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.72 | ||
| Sortino ratioReturn per unit of downside risk | +2.32 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.03 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 0.17 | +2.33 |
| Martin ratioReturn relative to average drawdown | 10.18 | 0.36 | +9.82 |
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Drawdowns
PALAX vs. AWTAX - Drawdown Comparison
The maximum PALAX drawdown since its inception was -44.59%, smaller than the maximum AWTAX drawdown of -54.12%. Use the drawdown chart below to compare losses from any high point for PALAX and AWTAX.
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Drawdown Indicators
| PALAX | AWTAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.59% | -54.12% | +9.53% |
Max Drawdown (1Y)Largest decline over 1 year | -6.93% | -12.17% | +5.24% |
Max Drawdown (3Y)Largest decline over 3 years | -11.92% | -17.00% | +5.08% |
Max Drawdown (5Y)Largest decline over 5 years | -27.75% | -30.85% | +3.10% |
Max Drawdown (10Y)Largest decline over 10 years | -27.75% | -32.78% | +5.03% |
Current DrawdownCurrent decline from peak | -1.18% | -7.11% | +5.93% |
Average DrawdownAverage peak-to-trough decline | -6.67% | -9.88% | +3.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.70% | 5.60% | -3.90% |
Volatility
PALAX vs. AWTAX - Volatility Comparison
The current volatility for Virtus Global Allocation Fund (PALAX) is 2.78%, while Virtus Water Fund (AWTAX) has a volatility of 4.21%. This indicates that PALAX 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.
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Volatility by Period
| PALAX | AWTAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 4.21% | -1.43% |
Volatility (6M)Calculated over the trailing 6-month period | 7.73% | 10.88% | -3.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.31% | 13.93% | -4.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.95% | 17.28% | -5.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.36% | 17.24% | -5.88% |
PALAX vs. AWTAX - Expense Ratio Comparison
PALAX has a 0.52% expense ratio, which is lower than AWTAX's 1.22% expense ratio.
Dividends
PALAX vs. AWTAX - Dividend Comparison
PALAX's dividend yield for the trailing twelve months is around 9.28%, less 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% |
PALAX Virtus Global Allocation Fund | 9.28% | 6.94% | 3.07% | 2.60% | 6.29% | 9.15% | 6.14% | 10.09% | 6.19% | 10.69% | 1.61% | 5.30% |
Frequently Asked Questions
PALAX 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.
AWTAX has higher volatility (4.21%) compared to PALAX (2.78%). In terms of maximum drawdown, PALAX dropped -44.59% vs AWTAX's -54.12%.
PALAX currently has the higher Sharpe Ratio (1.86 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.
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