SMVTX vs. PHRAX

Last updated Jun 26, 2026

SMVTX (Virtus Ceredex Mid-Cap Value Equity Fund) and PHRAX (Virtus Duff & Phelps Real Estate Securities Fund) are both mutual funds - SMVTX is a Mid Cap Value Equities fund managed by Virtus, while PHRAX is a REIT fund managed by Virtus. Over the past 10 years, SMVTX returned 12.81%/yr vs 6.51%/yr for PHRAX. A 0.66 correlation means they provide meaningful diversification when combined. SMVTX charges 0.99%/yr vs 1.36%/yr for PHRAX.

Performance

SMVTX vs. PHRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Ceredex Mid-Cap Value Equity Fund (SMVTX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMVTX achieves a 23.44% return, which is significantly higher than PHRAX's 17.26% return. Over the past 10 years, SMVTX has outperformed PHRAX with an annualized return of 12.81%, while PHRAX has yielded a comparatively lower 6.51% annualized return.

SMVTX

• 1D: 0.00%
• 1M: 1.35%
• YTD: 23.44%
• 6M: 21.33%
• 1Y: 43.61%
• 3Y*: 24.18%
• 5Y*: 12.09%
• 10Y*: 12.81%

PHRAX

• 1D: 0.15%
• 1M: 1.35%
• YTD: 17.26%
• 6M: 16.86%
• 1Y: 18.61%
• 3Y*: 13.05%
• 5Y*: 4.60%
• 10Y*: 6.51%

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

SMVTX vs. PHRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMVTX Virtus Ceredex Mid-Cap Value Equity Fund	23.44%	17.58%	18.93%	10.94%	-13.89%	29.15%	-1.19%	33.14%	-8.01%	11.69%
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	17.26%	0.23%	10.15%	10.98%	-26.33%	46.79%	-1.98%	27.09%	-7.41%	5.65%

Correlation

The correlation between SMVTX and PHRAX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
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	0.62
Correlation (All Time) Calculated using the full available price history since Jan 2, 2002	0.66

Over the past year, the correlation between SMVTX and PHRAX has dropped to 0.44 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

Return for Risk

SMVTX vs. PHRAX — Risk / Return Rank

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

SMVTX

SMVTX Risk / Return Rank: 91
SMVTX Sharpe Ratio Rank: 92
SMVTX Sortino Ratio Rank: 87
SMVTX Omega Ratio Rank: 82
SMVTX Calmar Ratio Rank: 97
SMVTX Martin Ratio Rank: 97

PHRAX

PHRAX Risk / Return Rank: 26
PHRAX Sharpe Ratio Rank: 23
PHRAX Sortino Ratio Rank: 21
PHRAX Omega Ratio Rank: 22
PHRAX Calmar Ratio Rank: 37
PHRAX Martin Ratio Rank: 30

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.

SMVTX vs. PHRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Ceredex Mid-Cap Value Equity Fund (SMVTX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX). 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.

	SMVTX	PHRAX	Difference
Sharpe ratio: Return per unit of total volatility	2.68	1.13	+1.55
Sortino ratio: Return per unit of downside risk	3.63	1.57	+2.06
Omega ratio: Gain probability vs. loss probability	1.46	1.20	+0.26
Calmar ratio: Return relative to maximum drawdown	5.99	1.98	+4.01
Martin ratio: Return relative to average drawdown	21.68	5.93	+15.75

SMVTX vs. PHRAX - Sharpe Ratio Comparison

The current SMVTX Sharpe Ratio is 2.68, which is higher than the PHRAX Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of SMVTX and PHRAX, 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

SMVTX vs. PHRAX - Drawdown Comparison

The maximum SMVTX drawdown since its inception was -54.72%, smaller than the maximum PHRAX drawdown of -72.56%. Use the drawdown chart below to compare losses from any high point for SMVTX and PHRAX.

Drawdown Indicators

	SMVTX	PHRAX	Difference
Max Drawdown Largest peak-to-trough decline	-54.72%	-72.56%	+17.84%
Max Drawdown (1Y) Largest decline over 1 year	-7.17%	-7.83%	+0.66%
Max Drawdown (3Y) Largest decline over 3 years	-24.75%	-19.09%	-5.66%
Max Drawdown (5Y) Largest decline over 5 years	-25.44%	-33.51%	+8.07%
Max Drawdown (10Y) Largest decline over 10 years	-45.45%	-42.00%	-3.45%
Current Drawdown Current decline from peak	-1.36%	0.00%	-1.36%
Average Drawdown Average peak-to-trough decline	-8.21%	-11.35%	+3.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	2.69%	-0.71%

Volatility

SMVTX vs. PHRAX - Volatility Comparison

Virtus Ceredex Mid-Cap Value Equity Fund (SMVTX) has a higher volatility of 6.24% compared to Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) at 5.29%. This indicates that SMVTX's price experiences larger fluctuations and is considered to be riskier than PHRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMVTX	PHRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.24%	5.29%	+0.95%
Volatility (6M) Calculated over the trailing 6-month period	12.70%	10.20%	+2.50%
Volatility (1Y) Calculated over the trailing 1-year period	16.07%	13.73%	+2.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.54%	19.12%	+1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.64%	21.01%	-0.37%

SMVTX vs. PHRAX - Expense Ratio Comparison

SMVTX has a 0.99% expense ratio, which is lower than PHRAX's 1.36% expense ratio.

Dividends

SMVTX vs. PHRAX - Dividend Comparison

SMVTX's dividend yield for the trailing twelve months is around 14.14%, more than PHRAX's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	4.99%	5.93%	8.39%	12.35%	11.12%	4.45%	5.58%	21.34%	19.03%	18.54%	21.22%	20.04%
SMVTX Virtus Ceredex Mid-Cap Value Equity Fund	14.14%	16.44%	15.96%	1.16%	6.75%	18.53%	2.52%	5.82%	14.47%	20.86%	3.61%	7.05%

Frequently Asked Questions

Can I hold both SMVTX and PHRAX in my portfolio?

SMVTX and PHRAX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMVTX or PHRAX?

SMVTX has higher volatility (6.24%) compared to PHRAX (5.29%). In terms of maximum drawdown, SMVTX dropped -54.72% vs PHRAX's -72.56%.

Which has better risk-adjusted returns?

SMVTX currently has the higher Sharpe Ratio (2.68 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.