PHRAX vs. NIE
PHRAX (Virtus Duff & Phelps Real Estate Securities Fund) and NIE (Virtus Equity & Convertible Income Fund) are both mutual funds - PHRAX is a REIT fund managed by Virtus, while NIE is a Derivative Income fund actively managed by Virtus. Over the past 10 years, PHRAX returned 6.49%/yr vs 14.19%/yr for NIE. At a 0.49 correlation, their price movements are largely independent. PHRAX charges 1.36%/yr vs 1.12%/yr for NIE.
Performance
PHRAX vs. NIE - Performance Comparison
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Returns By Period
In the year-to-date period, PHRAX achieves a 17.09% return, which is significantly higher than NIE's 9.65% return. Over the past 10 years, PHRAX has underperformed NIE with an annualized return of 6.49%, while NIE has yielded a comparatively higher 14.19% annualized return.
PHRAX
- 1D
- 1.27%
- 1M
- 1.75%
- YTD
- 17.09%
- 6M
- 16.70%
- 1Y
- 15.25%
- 3Y*
- 13.00%
- 5Y*
- 4.76%
- 10Y*
- 6.49%
NIE
- 1D
- -0.11%
- 1M
- 1.07%
- YTD
- 9.65%
- 6M
- 9.58%
- 1Y
- 24.72%
- 3Y*
- 19.46%
- 5Y*
- 9.92%
- 10Y*
- 14.19%
PHRAX vs. NIE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHRAX Virtus Duff & Phelps Real Estate Securities Fund | 17.09% | 0.23% | 10.15% | 10.98% | -26.33% | 46.79% | -1.98% | 27.09% | -7.41% | 5.65% |
NIE Virtus Equity & Convertible Income Fund | 9.65% | 12.15% | 28.64% | 26.71% | -26.73% | 18.89% | 33.78% | 31.09% | -5.69% | 23.68% |
Correlation
The correlation between PHRAX and NIE is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2007 | 0.49 |
Over the past year, the correlation between PHRAX and NIE has dropped to 0.22 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.
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Return for Risk
PHRAX vs. NIE — Risk / Return Rank
PHRAX
NIE
PHRAX vs. NIE - 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 Equity & Convertible Income Fund (NIE). 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 | NIE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.37 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.99 | 2.76 | -0.77 |
| Martin ratioReturn relative to average drawdown | 5.77 | 11.36 | -5.58 |
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Drawdowns
PHRAX vs. NIE - Drawdown Comparison
The maximum PHRAX drawdown since its inception was -72.56%, which is greater than NIE's maximum drawdown of -57.90%. Use the drawdown chart below to compare losses from any high point for PHRAX and NIE.
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Drawdown Indicators
| PHRAX | NIE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.56% | -57.90% | -14.66% |
Max Drawdown (1Y)Largest decline over 1 year | -7.83% | -8.99% | +1.16% |
Max Drawdown (3Y)Largest decline over 3 years | -19.09% | -20.79% | +1.70% |
Max Drawdown (5Y)Largest decline over 5 years | -33.51% | -31.04% | -2.47% |
Max Drawdown (10Y)Largest decline over 10 years | -42.00% | -38.99% | -3.01% |
Current DrawdownCurrent decline from peak | 0.00% | -1.28% | +1.28% |
Average DrawdownAverage peak-to-trough decline | -11.35% | -7.99% | -3.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 2.18% | +0.51% |
Volatility
PHRAX vs. NIE - Volatility Comparison
Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) has a higher volatility of 5.29% compared to Virtus Equity & Convertible Income Fund (NIE) at 4.97%. This indicates that PHRAX's price experiences larger fluctuations and is considered to be riskier than NIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHRAX | NIE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.29% | 4.97% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 10.21% | 9.91% | +0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.78% | 12.14% | +1.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.12% | 17.65% | +1.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.02% | 19.80% | +1.22% |
PHRAX vs. NIE - Expense Ratio Comparison
PHRAX has a 1.36% expense ratio, which is higher than NIE's 1.12% expense ratio.
Dividends
PHRAX vs. NIE - Dividend Comparison
PHRAX's dividend yield for the trailing twelve months is around 5.00%, less than NIE's 9.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NIE Virtus Equity & Convertible Income Fund | 9.95% | 10.14% | 8.11% | 9.56% | 21.81% | 10.86% | 5.37% | 6.71% | 8.20% | 7.19% | 8.25% | 8.46% |
PHRAX Virtus Duff & Phelps Real Estate Securities Fund | 5.00% | 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
PHRAX and NIE have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PHRAX has higher volatility (5.29%) compared to NIE (4.97%). In terms of maximum drawdown, PHRAX dropped -72.56% vs NIE's -57.90%.
NIE currently has the higher Sharpe Ratio (2.05 vs 1.13), 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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