PALAX vs. RAGHX

Last updated Jun 24, 2026

PALAX (Virtus Global Allocation Fund) and RAGHX (Virtus Health Sciences Fund) are both mutual funds - PALAX is a Global Allocation fund managed by Allianz, while RAGHX is a Health & Biotech Equities fund managed by Allianz. Over the past 10 years, PALAX returned 7.73%/yr vs 6.86%/yr for RAGHX. A 0.74 correlation means they provide meaningful diversification when combined. PALAX charges 0.52%/yr vs 1.37%/yr for RAGHX.

Performance

PALAX vs. RAGHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Global Allocation Fund (PALAX) and Virtus Health Sciences Fund (RAGHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PALAX achieves a 8.93% return, which is significantly higher than RAGHX's -8.49% return. Over the past 10 years, PALAX has outperformed RAGHX with an annualized return of 7.73%, while RAGHX has yielded a comparatively lower 6.86% annualized return.

PALAX

• 1D: -0.16%
• 1M: 1.40%
• YTD: 8.93%
• 6M: 8.65%
• 1Y: 21.55%
• 3Y*: 12.59%
• 5Y*: 6.16%
• 10Y*: 7.73%

RAGHX

• 1D: 0.15%
• 1M: 1.23%
• YTD: -8.49%
• 6M: -9.11%
• 1Y: 4.99%
• 3Y*: -0.39%
• 5Y*: -0.67%
• 10Y*: 6.86%

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

PALAX vs. RAGHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PALAX Virtus Global Allocation Fund	8.93%	17.73%	6.39%	11.78%	-15.69%	10.82%	13.99%	17.93%	-8.72%	16.92%
RAGHX Virtus Health Sciences Fund	-8.49%	7.23%	-2.33%	2.57%	-11.64%	25.44%	13.76%	26.69%	4.37%	17.33%

Correlation

The correlation between PALAX and RAGHX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jan 2, 2003	0.74

Over the past year, the correlation between PALAX and RAGHX has dropped to 0.46 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

Return for Risk

PALAX vs. RAGHX — Risk / Return Rank

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

PALAX

PALAX Risk / Return Rank: 78
PALAX Sharpe Ratio Rank: 82
PALAX Sortino Ratio Rank: 79
PALAX Omega Ratio Rank: 79
PALAX Calmar Ratio Rank: 75
PALAX Martin Ratio Rank: 77

RAGHX

RAGHX Risk / Return Rank: 5
RAGHX Sharpe Ratio Rank: 5
RAGHX Sortino Ratio Rank: 5
RAGHX Omega Ratio Rank: 5
RAGHX Calmar Ratio Rank: 5
RAGHX Martin Ratio Rank: 5

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.

PALAX vs. RAGHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Global Allocation Fund (PALAX) and Virtus Health Sciences Fund (RAGHX). 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	RAGHX	Difference
Sharpe ratio: Return per unit of total volatility	2.49	0.32	+2.16
Sortino ratio: Return per unit of downside risk	3.46	0.59	+2.87
Omega ratio: Gain probability vs. loss probability	1.47	1.07	+0.40
Calmar ratio: Return relative to maximum drawdown	3.22	0.33	+2.89
Martin ratio: Return relative to average drawdown	13.57	0.76	+12.81

PALAX vs. RAGHX - Sharpe Ratio Comparison

The current PALAX Sharpe Ratio is 2.49, which is higher than the RAGHX Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of PALAX and RAGHX, 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. RAGHX - Drawdown Comparison

The maximum PALAX drawdown since its inception was -44.59%, which is greater than RAGHX's maximum drawdown of -40.23%. Use the drawdown chart below to compare losses from any high point for PALAX and RAGHX.

Drawdown Indicators

	PALAX	RAGHX	Difference
Max Drawdown Largest peak-to-trough decline	-44.59%	-40.23%	-4.36%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-15.94%	+9.01%
Max Drawdown (3Y) Largest decline over 3 years	-11.92%	-22.14%	+10.22%
Max Drawdown (5Y) Largest decline over 5 years	-27.75%	-22.14%	-5.61%
Max Drawdown (10Y) Largest decline over 10 years	-27.75%	-28.01%	+0.26%
Current Drawdown Current decline from peak	-0.67%	-13.65%	+12.98%
Average Drawdown Average peak-to-trough decline	-6.69%	-7.13%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	6.95%	-5.31%

Volatility

PALAX vs. RAGHX - Volatility Comparison

The current volatility for Virtus Global Allocation Fund (PALAX) is 3.30%, while Virtus Health Sciences Fund (RAGHX) has a volatility of 5.42%. This indicates that PALAX experiences smaller price fluctuations and is considered to be less risky than RAGHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PALAX	RAGHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.30%	5.42%	-2.12%
Volatility (6M) Calculated over the trailing 6-month period	7.46%	11.99%	-4.53%
Volatility (1Y) Calculated over the trailing 1-year period	9.00%	16.51%	-7.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.91%	16.64%	-4.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.38%	17.52%	-6.14%

PALAX vs. RAGHX - Expense Ratio Comparison

PALAX has a 0.52% expense ratio, which is lower than RAGHX's 1.37% expense ratio.

Dividends

PALAX vs. RAGHX - Dividend Comparison

PALAX's dividend yield for the trailing twelve months is around 8.80%, while RAGHX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PALAX Virtus Global Allocation Fund	8.80%	6.94%	3.07%	2.60%	6.29%	9.15%	6.14%	10.09%	6.19%	10.69%	1.61%	5.30%
RAGHX Virtus Health Sciences Fund	0.00%	0.00%	0.00%	0.00%	9.51%	21.85%	14.50%	6.89%	16.12%	0.00%	0.00%	23.19%

Frequently Asked Questions

Can I hold both PALAX and RAGHX in my portfolio?

PALAX and RAGHX have a correlation of 0.46, 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 RAGHX?

RAGHX has higher volatility (5.42%) compared to PALAX (3.30%). In terms of maximum drawdown, PALAX dropped -44.59% vs RAGHX's -40.23%.

Which has better risk-adjusted returns?

PALAX currently has the higher Sharpe Ratio (2.49 vs 0.32), 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.