PSVIX vs. AZMIX

Last updated Jun 3, 2026

PSVIX (Virtus NFJ Small-Cap Value Fund) and AZMIX (Virtus NFJ Emerging Markets Value Fund) are both mutual funds - PSVIX is a Small Cap Value Equities fund managed by Allianz, while AZMIX is a Emerging Markets Diversified fund managed by Allianz. Over the past 10 years, PSVIX returned 6.68%/yr vs 8.88%/yr for AZMIX. A 0.51 correlation means they provide meaningful diversification when combined. PSVIX charges 0.82%/yr vs 0.89%/yr for AZMIX.

Performance

PSVIX vs. AZMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus NFJ Small-Cap Value Fund (PSVIX) and Virtus NFJ Emerging Markets Value Fund (AZMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSVIX achieves a 12.15% return, which is significantly lower than AZMIX's 23.49% return. Over the past 10 years, PSVIX has underperformed AZMIX with an annualized return of 6.68%, while AZMIX has yielded a comparatively higher 8.88% annualized return.

PSVIX

• 1D: -0.75%
• 1M: -1.21%
• YTD: 12.15%
• 6M: 13.61%
• 1Y: 25.43%
• 3Y*: 11.86%
• 5Y*: 5.45%
• 10Y*: 6.68%

AZMIX

• 1D: 0.41%
• 1M: 7.92%
• YTD: 23.49%
• 6M: 25.56%
• 1Y: 49.25%
• 3Y*: 18.58%
• 5Y*: 4.06%
• 10Y*: 8.88%

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

PSVIX vs. AZMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSVIX Virtus NFJ Small-Cap Value Fund	12.15%	1.37%	5.87%	23.36%	-15.77%	24.66%	-4.31%	24.80%	-19.33%	9.10%
AZMIX Virtus NFJ Emerging Markets Value Fund	23.49%	33.20%	0.98%	7.15%	-27.76%	2.53%	22.61%	21.90%	-19.63%	36.72%

Correlation

The correlation between PSVIX and AZMIX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Dec 26, 2012	0.51

Over the past year, the correlation between PSVIX and AZMIX has dropped to 0.28 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.

Return for Risk

PSVIX vs. AZMIX — Risk / Return Rank

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

PSVIX

PSVIX Risk / Return Rank: 34
PSVIX Sharpe Ratio Rank: 26
PSVIX Sortino Ratio Rank: 27
PSVIX Omega Ratio Rank: 24
PSVIX Calmar Ratio Rank: 56
PSVIX Martin Ratio Rank: 35

AZMIX

AZMIX Risk / Return Rank: 76
AZMIX Sharpe Ratio Rank: 84
AZMIX Sortino Ratio Rank: 67
AZMIX Omega Ratio Rank: 77
AZMIX Calmar Ratio Rank: 83
AZMIX Martin Ratio Rank: 68

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.

PSVIX vs. AZMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus NFJ Small-Cap Value Fund (PSVIX) and Virtus NFJ Emerging Markets Value Fund (AZMIX). 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.

	PSVIX	AZMIX	Difference
Sharpe ratio Return per unit of total volatility	1.45	2.72	-1.26
Sortino ratio Return per unit of downside risk	2.17	3.43	-1.26
Omega ratio Gain probability vs. loss probability	1.26	1.50	-0.25
Calmar ratio Return relative to maximum drawdown	2.89	3.87	-0.98
Martin ratio Return relative to average drawdown	7.86	13.09	-5.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSVIX vs. AZMIX - Sharpe Ratio Comparison

The current PSVIX Sharpe Ratio is 1.45, which is lower than the AZMIX Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of PSVIX and AZMIX, 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

	PSVIX	AZMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	2.72	-1.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.21	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.48	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.37	+0.15

Drawdowns

PSVIX vs. AZMIX - Drawdown Comparison

The maximum PSVIX drawdown since its inception was -55.62%, which is greater than AZMIX's maximum drawdown of -44.57%. Use the drawdown chart below to compare losses from any high point for PSVIX and AZMIX.

Drawdown Indicators

	PSVIX	AZMIX	Difference
Max Drawdown Largest peak-to-trough decline	-55.62%	-44.57%	-11.05%
Max Drawdown (1Y) Largest decline over 1 year	-8.38%	-12.58%	+4.20%
Max Drawdown (3Y) Largest decline over 3 years	-27.34%	-17.91%	-9.43%
Max Drawdown (5Y) Largest decline over 5 years	-27.34%	-43.05%	+15.71%
Max Drawdown (10Y) Largest decline over 10 years	-45.39%	-44.57%	-0.82%
Current Drawdown Current decline from peak	-3.38%	0.00%	-3.38%
Average Drawdown Average peak-to-trough decline	-7.94%	-14.25%	+6.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	3.71%	-0.63%

Volatility

PSVIX vs. AZMIX - Volatility Comparison

The current volatility for Virtus NFJ Small-Cap Value Fund (PSVIX) is 4.32%, while Virtus NFJ Emerging Markets Value Fund (AZMIX) has a volatility of 6.64%. This indicates that PSVIX experiences smaller price fluctuations and is considered to be less risky than AZMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSVIX	AZMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	6.64%	-2.32%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	14.92%	-3.89%
Volatility (1Y) Calculated over the trailing 1-year period	17.12%	18.44%	-1.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.11%	19.45%	+1.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.21%	18.42%	+3.79%

PSVIX vs. AZMIX - Expense Ratio Comparison

PSVIX has a 0.82% expense ratio, which is lower than AZMIX's 0.89% expense ratio.

Dividends

PSVIX vs. AZMIX - Dividend Comparison

PSVIX's dividend yield for the trailing twelve months is around 2.92%, more than AZMIX's 2.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AZMIX Virtus NFJ Emerging Markets Value Fund	2.55%	3.15%	1.57%	1.80%	2.08%	0.57%	1.68%	2.96%	3.07%	1.70%	2.41%	3.62%
PSVIX Virtus NFJ Small-Cap Value Fund	2.92%	3.27%	3.72%	9.11%	15.72%	7.15%	2.08%	8.04%	32.47%	17.56%	3.74%	16.77%

Frequently Asked Questions

Can I hold both PSVIX and AZMIX in my portfolio?

PSVIX and AZMIX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSVIX or AZMIX?

AZMIX has higher volatility (6.64%) compared to PSVIX (4.32%). In terms of maximum drawdown, PSVIX dropped -55.62% vs AZMIX's -44.57%.

Which has better risk-adjusted returns?

AZMIX currently has the higher Sharpe Ratio (2.72 vs 1.45), 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.