SMVTX vs. PHRAX

Last updated Aug 4, 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 11.68%/yr vs 6.06%/yr for PHRAX. Their 0.66 correlation means they have sometimes moved together and sometimes differently. 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 16.78% return, which is significantly lower than PHRAX's 20.09% return. Over the past 10 years, SMVTX has outperformed PHRAX with an annualized return of 11.68%, while PHRAX has yielded a comparatively lower 6.06% annualized return.

SMVTX

• 1D: 0.22%
• 1M: -3.73%
• 6M: 7.60%
• YTD: 16.78%
• 1Y: 29.69%
• 3Y*: 19.34%
• 5Y*: 10.99%
• 10Y*: 11.68%
• ALL TIME*: 10.05%

PHRAX

• 1D: -0.56%
• 1M: 1.10%
• 6M: 18.62%
• YTD: 20.09%
• 1Y: 23.08%
• 3Y*: 11.51%
• 5Y*: 4.25%
• 10Y*: 6.06%
• ALL TIME*: 9.97%

*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)
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	$0.00	$0.00	$0.00
SMVTX Virtus Ceredex Mid-Cap Value Equity Fund	$0.00	$0.00	$0.00

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	16.78%	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	20.09%	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 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (3Y) Balances recent behavior with more history.	0.56
Correlation (5Y) Shows whether the relationship held over a longer period.	0.67
Correlation (10Y) Provides a long-term view across more market conditions.	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 0.38 - 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 historical risk-adjusted metric ranks over the past 12 months.

SMVTX

SMVTX Risk / Return Rank: 74
SMVTX Sharpe Ratio Rank: 69
SMVTX Sortino Ratio Rank: 67
SMVTX Omega Ratio Rank: 61
SMVTX Calmar Ratio Rank: 89
SMVTX Martin Ratio Rank: 85

PHRAX

PHRAX Risk / Return Rank: 66
PHRAX Sharpe Ratio Rank: 64
PHRAX Sortino Ratio Rank: 60
PHRAX Omega Ratio Rank: 57
PHRAX Calmar Ratio Rank: 83
PHRAX Martin Ratio Rank: 67

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.

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	1.70	1.63	+0.07
Sortino ratio: Return per unit of downside risk	2.42	2.26	+0.17
Omega ratio: Gain probability vs. loss probability	1.29	1.29	+0.01
Calmar ratio: Return relative to maximum drawdown	3.45	2.87	+0.58
Martin ratio: Return relative to average drawdown	11.24	8.96	+2.29

SMVTX vs. PHRAX - Sharpe Ratio Comparison

The current SMVTX Sharpe Ratio is 1.70, which is comparable to the PHRAX Sharpe Ratio of 1.63. 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	-8.10%	-7.83%	-0.27%
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	-6.81%	-3.15%	-3.66%
Average Drawdown Average peak-to-trough decline	-8.20%	-11.31%	+3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	2.50%	-0.02%

Volatility

SMVTX vs. PHRAX - Volatility Comparison

The current volatility for Virtus Ceredex Mid-Cap Value Equity Fund (SMVTX) is 3.95%, while Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) has a volatility of 4.79%. This indicates that SMVTX experiences smaller price fluctuations and is considered to be less risky 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	3.95%	4.79%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	12.77%	10.81%	+1.96%
Volatility (1Y) Calculated over the trailing 1-year period	16.44%	13.85%	+2.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.54%	19.13%	+1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.60%	21.03%	-0.43%

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 14.95%, more than PHRAX's 4.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	4.87%	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	14.95%	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 0.38, 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?

PHRAX has higher volatility (4.79%) compared to SMVTX (3.95%). 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 (1.70 vs 1.63), 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.