PHRAX vs. NAINX

Last updated Aug 1, 2026

PHRAX (Virtus Duff & Phelps Real Estate Securities Fund) and NAINX (Virtus Tactical Allocation Fund) are both mutual funds - PHRAX is a REIT fund managed by Virtus, while NAINX is a Diversified Portfolio fund managed by Virtus. Over the past 10 years, PHRAX returned 5.95%/yr vs 7.65%/yr for NAINX. Their 0.54 correlation means they have sometimes moved together and sometimes differently. PHRAX charges 1.36%/yr vs 1.00%/yr for NAINX.

Performance

PHRAX vs. NAINX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) and Virtus Tactical Allocation Fund (NAINX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHRAX achieves a 20.77% return, which is significantly higher than NAINX's -0.04% return. Over the past 10 years, PHRAX has underperformed NAINX with an annualized return of 5.95%, while NAINX has yielded a comparatively higher 7.65% annualized return.

PHRAX

• 1D: -1.39%
• 1M: 1.67%
• 6M: 18.05%
• YTD: 20.77%
• 1Y: 23.78%
• 3Y*: 11.61%
• 5Y*: 4.37%
• 10Y*: 5.95%
• ALL TIME*: 9.99%

NAINX

• 1D: 0.73%
• 1M: -1.84%
• 6M: -0.45%
• YTD: -0.04%
• 1Y: 0.10%
• 3Y*: 8.14%
• 5Y*: 1.47%
• 10Y*: 7.65%
• ALL TIME*: 6.70%

*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)
NAINX Virtus Tactical Allocation Fund	$0.00	$0.00	$0.00
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	$0.00	$0.00	$0.00

PHRAX vs. NAINX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	20.77%	0.23%	10.15%	10.98%	-26.33%	46.79%	-1.98%	27.09%	-7.41%	5.65%
NAINX Virtus Tactical Allocation Fund	-0.04%	6.83%	14.00%	22.38%	-28.48%	6.63%	31.47%	28.49%	-7.19%	19.84%

Correlation

The correlation between PHRAX and NAINX is 0.25, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.25
Correlation (3Y) Balances recent behavior with more history.	0.44
Correlation (5Y) Shows whether the relationship held over a longer period.	0.55
Correlation (10Y) Provides a long-term view across more market conditions.	0.48
Correlation (All Time) Calculated using the full available price history since Feb 28, 1995	0.54

Over the past year, the correlation between PHRAX and NAINX has dropped to 0.25 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.

Return for Risk

PHRAX vs. NAINX — Risk / Return Rank

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

PHRAX

PHRAX Risk / Return Rank: 68
PHRAX Sharpe Ratio Rank: 66
PHRAX Sortino Ratio Rank: 62
PHRAX Omega Ratio Rank: 60
PHRAX Calmar Ratio Rank: 82
PHRAX Martin Ratio Rank: 69

NAINX

NAINX Risk / Return Rank: 4
NAINX Sharpe Ratio Rank: 4
NAINX Sortino Ratio Rank: 3
NAINX Omega Ratio Rank: 3
NAINX Calmar Ratio Rank: 4
NAINX Martin Ratio Rank: 4

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.

PHRAX vs. NAINX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) and Virtus Tactical Allocation Fund (NAINX). 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.

	PHRAX	NAINX	Difference
Sharpe ratio: Return per unit of total volatility	1.54	-0.09	+1.63
Sortino ratio: Return per unit of downside risk	2.13	-0.06	+2.19
Omega ratio: Gain probability vs. loss probability	1.27	0.99	+0.28
Calmar ratio: Return relative to maximum drawdown	2.72	-0.09	+2.80
Martin ratio: Return relative to average drawdown	8.52	-0.28	+8.80

PHRAX vs. NAINX - Sharpe Ratio Comparison

The current PHRAX Sharpe Ratio is 1.54, which is higher than the NAINX Sharpe Ratio of -0.09. The chart below compares the historical Sharpe Ratios of PHRAX and NAINX, 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

PHRAX vs. NAINX - Drawdown Comparison

The maximum PHRAX drawdown since its inception was -72.56%, which is greater than NAINX's maximum drawdown of -36.50%. Use the drawdown chart below to compare losses from any high point for PHRAX and NAINX.

Drawdown Indicators

	PHRAX	NAINX	Difference
Max Drawdown Largest peak-to-trough decline	-72.56%	-36.50%	-36.06%
Max Drawdown (1Y) Largest decline over 1 year	-7.83%	-10.19%	+2.36%
Max Drawdown (3Y) Largest decline over 3 years	-19.09%	-11.79%	-7.30%
Max Drawdown (5Y) Largest decline over 5 years	-33.51%	-36.50%	+2.99%
Max Drawdown (10Y) Largest decline over 10 years	-42.00%	-36.50%	-5.50%
Current Drawdown Current decline from peak	-2.61%	-2.30%	-0.31%
Average Drawdown Average peak-to-trough decline	-11.31%	-5.26%	-6.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	3.13%	-0.61%

Volatility

PHRAX vs. NAINX - Volatility Comparison

Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) has a higher volatility of 4.74% compared to Virtus Tactical Allocation Fund (NAINX) at 2.38%. This indicates that PHRAX's price experiences larger fluctuations and is considered to be riskier than NAINX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHRAX	NAINX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	2.38%	+2.36%
Volatility (6M) Calculated over the trailing 6-month period	10.88%	7.97%	+2.91%
Volatility (1Y) Calculated over the trailing 1-year period	13.93%	9.65%	+4.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.14%	13.78%	+5.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.03%	13.30%	+7.73%

PHRAX vs. NAINX - Expense Ratio Comparison

PHRAX has a 1.36% expense ratio, which is higher than NAINX's 1.00% expense ratio.

Dividends

PHRAX vs. NAINX - Dividend Comparison

PHRAX's dividend yield for the trailing twelve months is around 4.85%, less than NAINX's 16.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NAINX Virtus Tactical Allocation Fund	16.05%	15.87%	13.38%	1.94%	7.34%	7.54%	2.06%	2.24%	4.41%	2.61%	10.78%	7.34%
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	4.85%	5.93%	8.39%	12.35%	11.12%	4.45%	5.58%	21.34%	19.03%	18.54%	21.22%	20.04%

Frequently Asked Questions

Can I hold both PHRAX and NAINX in my portfolio?

PHRAX and NAINX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHRAX or NAINX?

PHRAX has higher volatility (4.74%) compared to NAINX (2.38%). In terms of maximum drawdown, PHRAX dropped -72.56% vs NAINX's -36.50%.

Which has better risk-adjusted returns?

PHRAX currently has the higher Sharpe Ratio (1.54 vs -0.09), 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.