VIESX vs. ASFYX

Last updated Aug 1, 2026

VIESX (Virtus KAR Emerging Markets Small-Cap Fund) and ASFYX (Virtus AlphaSimplex Managed Futures Strategy Fund Class I) are both mutual funds - VIESX is a Emerging Markets Equities fund managed by Virtus, while ASFYX is a Systematic Trend fund actively managed by Virtus. Over the past 10 years, VIESX returned 8.56%/yr vs 2.08%/yr for ASFYX. Their 0.12 correlation means their historical movements had little consistent relationship. VIESX charges 1.51%/yr vs 1.45%/yr for ASFYX.

Performance

VIESX vs. ASFYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus KAR Emerging Markets Small-Cap Fund (VIESX) and Virtus AlphaSimplex Managed Futures Strategy Fund Class I (ASFYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIESX achieves a 1.96% return, which is significantly lower than ASFYX's 9.56% return. Over the past 10 years, VIESX has outperformed ASFYX with an annualized return of 8.56%, while ASFYX has yielded a comparatively lower 2.08% annualized return.

VIESX

• 1D: 1.28%
• 1M: 0.18%
• 6M: -4.58%
• YTD: 1.96%
• 1Y: 2.28%
• 3Y*: 8.65%
• 5Y*: 1.12%
• 10Y*: 8.56%
• ALL TIME*: 6.49%

ASFYX

• 1D: -0.35%
• 1M: 1.07%
• 6M: 5.34%
• YTD: 9.56%
• 1Y: 21.27%
• 3Y*: -3.32%
• 5Y*: 2.26%
• 10Y*: 2.08%
• ALL TIME*: 3.84%

*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)
ASFYX Virtus AlphaSimplex Managed Futures Strategy Fund Class I	$0.00	$0.00	$0.00
VIESX Virtus KAR Emerging Markets Small-Cap Fund	$0.00	$0.00	$0.00

VIESX vs. ASFYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIESX Virtus KAR Emerging Markets Small-Cap Fund	1.96%	13.61%	3.62%	21.83%	-22.92%	-1.62%	38.88%	18.28%	-5.40%	31.01%
ASFYX Virtus AlphaSimplex Managed Futures Strategy Fund Class I	9.56%	-9.67%	-3.22%	-10.33%	35.67%	3.52%	13.59%	8.99%	-12.59%	6.78%

Correlation

The correlation between VIESX and ASFYX is 0.31, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.31
Correlation (3Y) Balances recent behavior with more history.	0.25
Correlation (5Y) Shows whether the relationship held over a longer period.	0.10
Correlation (10Y) Provides a long-term view across more market conditions.	0.12
Correlation (All Time) Calculated using the full available price history since Dec 19, 2013	0.12

The correlation between VIESX and ASFYX shifts across timeframes, from 0.10 (5 years) to 0.31 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VIESX vs. ASFYX — Risk / Return Rank

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

VIESX

VIESX Risk / Return Rank: 5
VIESX Sharpe Ratio Rank: 5
VIESX Sortino Ratio Rank: 5
VIESX Omega Ratio Rank: 5
VIESX Calmar Ratio Rank: 5
VIESX Martin Ratio Rank: 5

ASFYX

ASFYX Risk / Return Rank: 66
ASFYX Sharpe Ratio Rank: 67
ASFYX Sortino Ratio Rank: 61
ASFYX Omega Ratio Rank: 60
ASFYX Calmar Ratio Rank: 81
ASFYX Martin Ratio Rank: 60

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.

VIESX vs. ASFYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus KAR Emerging Markets Small-Cap Fund (VIESX) and Virtus AlphaSimplex Managed Futures Strategy Fund Class I (ASFYX). 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.

	VIESX	ASFYX	Difference
Sharpe ratio: Return per unit of total volatility	0.06	1.55	-1.49
Sortino ratio: Return per unit of downside risk	0.17	2.08	-1.91
Omega ratio: Gain probability vs. loss probability	1.02	1.26	-0.24
Calmar ratio: Return relative to maximum drawdown	0.07	2.63	-2.56
Martin ratio: Return relative to average drawdown	0.15	7.58	-7.43

VIESX vs. ASFYX - Sharpe Ratio Comparison

The current VIESX Sharpe Ratio is 0.06, which is lower than the ASFYX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of VIESX and ASFYX, 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

VIESX vs. ASFYX - Drawdown Comparison

The maximum VIESX drawdown since its inception was -35.10%, roughly equal to the maximum ASFYX drawdown of -36.43%. Use the drawdown chart below to compare losses from any high point for VIESX and ASFYX.

Drawdown Indicators

	VIESX	ASFYX	Difference
Max Drawdown Largest peak-to-trough decline	-35.10%	-36.43%	+1.33%
Max Drawdown (1Y) Largest decline over 1 year	-10.58%	-7.42%	-3.16%
Max Drawdown (3Y) Largest decline over 3 years	-11.97%	-30.32%	+18.35%
Max Drawdown (5Y) Largest decline over 5 years	-35.10%	-36.43%	+1.33%
Max Drawdown (10Y) Largest decline over 10 years	-35.10%	-36.43%	+1.33%
Current Drawdown Current decline from peak	-7.08%	-22.26%	+15.18%
Average Drawdown Average peak-to-trough decline	-9.70%	-13.26%	+3.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.79%	2.57%	+2.22%

Volatility

VIESX vs. ASFYX - Volatility Comparison

Virtus KAR Emerging Markets Small-Cap Fund (VIESX) has a higher volatility of 3.68% compared to Virtus AlphaSimplex Managed Futures Strategy Fund Class I (ASFYX) at 2.89%. This indicates that VIESX's price experiences larger fluctuations and is considered to be riskier than ASFYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIESX	ASFYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.68%	2.89%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	9.60%	9.77%	-0.17%
Volatility (1Y) Calculated over the trailing 1-year period	11.85%	12.62%	-0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.27%	13.79%	-0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.22%	12.74%	+0.48%

VIESX vs. ASFYX - Expense Ratio Comparison

VIESX has a 1.51% expense ratio, which is higher than ASFYX's 1.45% expense ratio.

Dividends

VIESX vs. ASFYX - Dividend Comparison

VIESX's dividend yield for the trailing twelve months is around 2.74%, more than ASFYX's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASFYX Virtus AlphaSimplex Managed Futures Strategy Fund Class I	1.39%	1.52%	1.46%	0.99%	32.48%	6.07%	3.40%	5.51%	1.30%	0.07%	0.01%	5.06%
VIESX Virtus KAR Emerging Markets Small-Cap Fund	2.74%	2.79%	3.64%	0.00%	0.00%	8.80%	1.17%	2.06%	0.38%	0.83%	2.01%	2.24%

Frequently Asked Questions

Can I hold both VIESX and ASFYX in my portfolio?

VIESX and ASFYX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIESX or ASFYX?

VIESX has higher volatility (3.68%) compared to ASFYX (2.89%). In terms of maximum drawdown, VIESX dropped -35.10% vs ASFYX's -36.43%.

Which has better risk-adjusted returns?

ASFYX currently has the higher Sharpe Ratio (1.55 vs 0.06), 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.