PALAX vs. PQNCX

Last updated Aug 1, 2026

PALAX (Virtus Global Allocation Fund) and PQNCX (Virtus NFJ Mid-Cap Value Fund) are both mutual funds - PALAX is a Global Allocation fund managed by Allianz, while PQNCX is a Mid Cap Value Equities fund managed by Allianz. Over the past 10 years, PALAX returned 7.27%/yr vs 8.55%/yr for PQNCX. Their correlation of 0.86 means they have usually moved in the same direction. PALAX charges 0.52%/yr vs 1.75%/yr for PQNCX.

Performance

PALAX vs. PQNCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Global Allocation Fund (PALAX) and Virtus NFJ Mid-Cap Value Fund (PQNCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PALAX achieves a 8.37% return, which is significantly lower than PQNCX's 16.15% return. Over the past 10 years, PALAX has underperformed PQNCX with an annualized return of 7.27%, while PQNCX has yielded a comparatively higher 8.55% annualized return.

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%

PQNCX

• 1D: 0.97%
• 1M: 2.92%
• 6M: 11.04%
• YTD: 16.15%
• 1Y: 21.46%
• 3Y*: 7.24%
• 5Y*: 5.76%
• 10Y*: 8.55%
• ALL TIME*: 10.48%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PALAX Virtus Global Allocation Fund	$0.00	$0.00	$0.00
PQNCX Virtus NFJ Mid-Cap Value Fund	$0.00	$0.00	$0.00

PALAX vs. PQNCX - 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%
PQNCX Virtus NFJ Mid-Cap Value Fund	16.15%	4.52%	2.69%	15.19%	-13.05%	24.95%	0.19%	28.03%	-16.89%	25.41%

Correlation

The correlation between PALAX and PQNCX is 0.67, 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.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (5Y) Shows whether the relationship held over a longer period.	0.79
Correlation (10Y) Provides a long-term view across more market conditions.	0.80
Correlation (All Time) Calculated using the full available price history since Oct 1, 1998	0.86

The correlation between PALAX and PQNCX shifts across timeframes, from 0.67 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PALAX vs. PQNCX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PALAX

PALAX Risk / Return Rank: 78
PALAX Sharpe Ratio Rank: 79
PALAX Sortino Ratio Rank: 76
PALAX Omega Ratio Rank: 76
PALAX Calmar Ratio Rank: 76
PALAX Martin Ratio Rank: 82

PQNCX

PQNCX Risk / Return Rank: 41
PQNCX Sharpe Ratio Rank: 38
PQNCX Sortino Ratio Rank: 42
PQNCX Omega Ratio Rank: 35
PQNCX Calmar Ratio Rank: 48
PQNCX Martin Ratio Rank: 42

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PALAX vs. PQNCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Global Allocation Fund (PALAX) and Virtus NFJ Mid-Cap Value Fund (PQNCX). 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	PQNCX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.23	+0.63
Sortino ratio: Return per unit of downside risk	2.62	1.88	+0.74
Omega ratio: Gain probability vs. loss probability	1.34	1.22	+0.12
Calmar ratio: Return relative to maximum drawdown	2.50	1.92	+0.58
Martin ratio: Return relative to average drawdown	10.18	6.40	+3.78

PALAX vs. PQNCX - Sharpe Ratio Comparison

The current PALAX Sharpe Ratio is 1.86, which is higher than the PQNCX Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of PALAX and PQNCX, 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

PALAX vs. PQNCX - Drawdown Comparison

The maximum PALAX drawdown since its inception was -44.59%, smaller than the maximum PQNCX drawdown of -59.51%. Use the drawdown chart below to compare losses from any high point for PALAX and PQNCX.

Drawdown Indicators

	PALAX	PQNCX	Difference
Max Drawdown Largest peak-to-trough decline	-44.59%	-59.51%	+14.92%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-9.73%	+2.80%
Max Drawdown (3Y) Largest decline over 3 years	-11.92%	-19.61%	+7.69%
Max Drawdown (5Y) Largest decline over 5 years	-27.75%	-24.00%	-3.75%
Max Drawdown (10Y) Largest decline over 10 years	-27.75%	-42.52%	+14.77%
Current Drawdown Current decline from peak	-1.18%	0.00%	-1.18%
Average Drawdown Average peak-to-trough decline	-6.67%	-7.45%	+0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.70%	2.93%	-1.23%

Volatility

PALAX vs. PQNCX - Volatility Comparison

Virtus Global Allocation Fund (PALAX) and Virtus NFJ Mid-Cap Value Fund (PQNCX) have volatilities of 2.78% and 2.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PALAX	PQNCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	2.90%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	7.73%	10.70%	-2.97%
Volatility (1Y) Calculated over the trailing 1-year period	9.31%	15.24%	-5.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.95%	18.95%	-7.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.36%	19.59%	-8.23%

PALAX vs. PQNCX - Expense Ratio Comparison

PALAX has a 0.52% expense ratio, which is lower than PQNCX's 1.75% expense ratio.

Dividends

PALAX vs. PQNCX - Dividend Comparison

PALAX's dividend yield for the trailing twelve months is around 9.28%, more than PQNCX's 6.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PQNCX Virtus NFJ Mid-Cap Value Fund	6.95%	8.07%	1.99%	9.82%	39.90%	14.94%	0.35%	10.06%	0.01%	10.70%	0.92%	4.54%

Frequently Asked Questions

Can I hold both PALAX and PQNCX in my portfolio?

PALAX and PQNCX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PALAX or PQNCX?

PQNCX has higher volatility (2.90%) compared to PALAX (2.78%). In terms of maximum drawdown, PALAX dropped -44.59% vs PQNCX's -59.51%.

Which has better risk-adjusted returns?

PALAX currently has the higher Sharpe Ratio (1.86 vs 1.23), 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.