PBXIX vs. ANNPX

Last updated Jun 4, 2026

PBXIX (Rational/Pier 88 Convertible Securities Fund) and ANNPX (Virtus Convertible Fund) are both Convertible Bonds funds. Over the past 5 years, PBXIX returned 3.44%/yr vs 9.38%/yr for ANNPX. Their correlation of 0.86 suggests significant overlap in exposure. PBXIX charges 0.99%/yr vs 0.71%/yr for ANNPX.

Performance

PBXIX vs. ANNPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rational/Pier 88 Convertible Securities Fund (PBXIX) and Virtus Convertible Fund (ANNPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBXIX achieves a 8.94% return, which is significantly lower than ANNPX's 21.91% return.

PBXIX

• 1D: 0.52%
• 1M: 3.28%
• YTD: 8.94%
• 6M: 8.36%
• 1Y: 12.53%
• 3Y*: 8.68%
• 5Y*: 3.44%
• 10Y*: —

ANNPX

• 1D: 1.01%
• 1M: 6.09%
• YTD: 21.91%
• 6M: 21.76%
• 1Y: 45.57%
• 3Y*: 21.53%
• 5Y*: 9.38%
• 10Y*: 14.60%

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

PBXIX vs. ANNPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PBXIX Rational/Pier 88 Convertible Securities Fund	8.94%	2.12%	8.23%	3.28%	-10.82%	10.23%	17.09%	1.70%
ANNPX Virtus Convertible Fund	21.91%	22.50%	14.13%	8.39%	-18.65%	4.96%	55.99%	2.30%

Correlation

The correlation between PBXIX and ANNPX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Dec 9, 2019	0.86

The correlation between PBXIX and ANNPX shifts across timeframes, from 0.74 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PBXIX vs. ANNPX — Risk / Return Rank

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

PBXIX

PBXIX Risk / Return Rank: 39
PBXIX Sharpe Ratio Rank: 38
PBXIX Sortino Ratio Rank: 38
PBXIX Omega Ratio Rank: 36
PBXIX Calmar Ratio Rank: 41
PBXIX Martin Ratio Rank: 44

ANNPX

ANNPX Risk / Return Rank: 93
ANNPX Sharpe Ratio Rank: 95
ANNPX Sortino Ratio Rank: 89
ANNPX Omega Ratio Rank: 85
ANNPX Calmar Ratio Rank: 96
ANNPX Martin Ratio Rank: 98

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.

PBXIX vs. ANNPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rational/Pier 88 Convertible Securities Fund (PBXIX) and Virtus Convertible Fund (ANNPX). 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.

	PBXIX	ANNPX	Difference
Sharpe ratio Return per unit of total volatility	1.79	3.33	-1.54
Sortino ratio Return per unit of downside risk	2.57	4.28	-1.71
Omega ratio Gain probability vs. loss probability	1.32	1.58	-0.25
Calmar ratio Return relative to maximum drawdown	2.42	6.50	-4.09
Martin ratio Return relative to average drawdown	9.28	28.78	-19.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBXIX vs. ANNPX - Sharpe Ratio Comparison

The current PBXIX Sharpe Ratio is 1.79, which is lower than the ANNPX Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of PBXIX and ANNPX, 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

	PBXIX	ANNPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	3.33	-1.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.73	-0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.08	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.55	-0.03

Drawdowns

PBXIX vs. ANNPX - Drawdown Comparison

The maximum PBXIX drawdown since its inception was -24.03%, smaller than the maximum ANNPX drawdown of -55.61%. Use the drawdown chart below to compare losses from any high point for PBXIX and ANNPX.

Drawdown Indicators

	PBXIX	ANNPX	Difference
Max Drawdown Largest peak-to-trough decline	-24.03%	-55.61%	+31.58%
Max Drawdown (1Y) Largest decline over 1 year	-5.16%	-7.15%	+1.99%
Max Drawdown (3Y) Largest decline over 3 years	-10.71%	-13.67%	+2.96%
Max Drawdown (5Y) Largest decline over 5 years	-15.57%	-26.85%	+11.28%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.36%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.52%	-17.45%	+11.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	1.61%	-0.27%

Volatility

PBXIX vs. ANNPX - Volatility Comparison

The current volatility for Rational/Pier 88 Convertible Securities Fund (PBXIX) is 2.32%, while Virtus Convertible Fund (ANNPX) has a volatility of 4.58%. This indicates that PBXIX experiences smaller price fluctuations and is considered to be less risky than ANNPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBXIX	ANNPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	4.58%	-2.26%
Volatility (6M) Calculated over the trailing 6-month period	5.06%	11.25%	-6.19%
Volatility (1Y) Calculated over the trailing 1-year period	6.97%	13.97%	-7.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.61%	12.84%	-4.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.50%	13.59%	-2.09%

PBXIX vs. ANNPX - Expense Ratio Comparison

PBXIX has a 0.99% expense ratio, which is higher than ANNPX's 0.71% expense ratio.

Dividends

PBXIX vs. ANNPX - Dividend Comparison

PBXIX's dividend yield for the trailing twelve months is around 5.39%, less than ANNPX's 9.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ANNPX Virtus Convertible Fund	9.23%	11.32%	2.31%	2.56%	1.55%	20.74%	6.94%	5.12%	18.79%	23.47%	2.88%	10.63%
PBXIX Rational/Pier 88 Convertible Securities Fund	5.39%	3.48%	2.14%	2.22%	2.25%	7.56%	1.77%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBXIX and ANNPX in my portfolio?

PBXIX and ANNPX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBXIX or ANNPX?

ANNPX has higher volatility (4.58%) compared to PBXIX (2.32%). In terms of maximum drawdown, PBXIX dropped -24.03% vs ANNPX's -55.61%.

Which has better risk-adjusted returns?

ANNPX currently has the higher Sharpe Ratio (3.33 vs 1.79), 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.