VTAIX vs. PHRAX

Last updated Jun 27, 2026

VTAIX (Virtus Tactical Allocation Fund Class I) and PHRAX (Virtus Duff & Phelps Real Estate Securities Fund) are both mutual funds - VTAIX is a Tactical Allocation fund actively managed by Virtus, while PHRAX is a REIT fund managed by Virtus. Over the past 5 years, VTAIX returned 2.00%/yr vs 4.73%/yr for PHRAX. A 0.53 correlation means they provide meaningful diversification when combined. VTAIX charges 0.76%/yr vs 1.36%/yr for PHRAX.

Performance

VTAIX vs. PHRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Tactical Allocation Fund Class I (VTAIX) 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, VTAIX achieves a 0.49% return, which is significantly lower than PHRAX's 17.94% return.

VTAIX

• 1D: 0.21%
• 1M: 0.81%
• YTD: 0.49%
• 6M: -0.23%
• 1Y: 0.57%
• 3Y*: 10.40%
• 5Y*: 2.00%
• 10Y*: —

PHRAX

• 1D: 0.58%
• 1M: 2.39%
• YTD: 17.94%
• 6M: 17.48%
• 1Y: 19.82%
• 3Y*: 12.38%
• 5Y*: 4.73%
• 10Y*: 6.56%

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

VTAIX vs. PHRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VTAIX Virtus Tactical Allocation Fund Class I	0.49%	7.10%	14.31%	22.60%	-28.27%	6.87%	31.40%	21.54%
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	17.94%	0.23%	10.15%	10.98%	-26.33%	46.79%	-1.98%	17.70%

Correlation

The correlation between VTAIX and PHRAX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jan 29, 2019	0.53

Over the past year, the correlation between VTAIX and PHRAX has dropped to 0.30 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

Return for Risk

VTAIX vs. PHRAX — Risk / Return Rank

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

VTAIX

VTAIX Risk / Return Rank: 4
VTAIX Sharpe Ratio Rank: 4
VTAIX Sortino Ratio Rank: 4
VTAIX Omega Ratio Rank: 4
VTAIX Calmar Ratio Rank: 4
VTAIX Martin Ratio Rank: 4

PHRAX

PHRAX Risk / Return Rank: 40
PHRAX Sharpe Ratio Rank: 36
PHRAX Sortino Ratio Rank: 33
PHRAX Omega Ratio Rank: 34
PHRAX Calmar Ratio Rank: 57
PHRAX Martin Ratio Rank: 41

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.

VTAIX vs. PHRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Tactical Allocation Fund Class I (VTAIX) 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.

	VTAIX	PHRAX	Difference
Sharpe ratio: Return per unit of total volatility	0.12	1.44	-1.32
Sortino ratio: Return per unit of downside risk	0.23	1.98	-1.74
Omega ratio: Gain probability vs. loss probability	1.03	1.25	-0.23
Calmar ratio: Return relative to maximum drawdown	0.11	2.48	-2.37
Martin ratio: Return relative to average drawdown	0.36	7.43	-7.07

VTAIX vs. PHRAX - Sharpe Ratio Comparison

The current VTAIX Sharpe Ratio is 0.12, which is lower than the PHRAX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of VTAIX 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

VTAIX vs. PHRAX - Drawdown Comparison

The maximum VTAIX drawdown since its inception was -36.37%, smaller than the maximum PHRAX drawdown of -72.56%. Use the drawdown chart below to compare losses from any high point for VTAIX and PHRAX.

Drawdown Indicators

	VTAIX	PHRAX	Difference
Max Drawdown Largest peak-to-trough decline	-36.37%	-72.56%	+36.19%
Max Drawdown (1Y) Largest decline over 1 year	-10.12%	-7.83%	-2.29%
Max Drawdown (3Y) Largest decline over 3 years	-11.71%	-19.09%	+7.38%
Max Drawdown (5Y) Largest decline over 5 years	-36.37%	-33.51%	-2.86%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.00%	—
Current Drawdown Current decline from peak	-1.85%	0.00%	-1.85%
Average Drawdown Average peak-to-trough decline	-9.47%	-11.35%	+1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	2.60%	+0.47%

Volatility

VTAIX vs. PHRAX - Volatility Comparison

The current volatility for Virtus Tactical Allocation Fund Class I (VTAIX) is 4.25%, while Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) has a volatility of 5.29%. This indicates that VTAIX 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

	VTAIX	PHRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.25%	5.29%	-1.04%
Volatility (6M) Calculated over the trailing 6-month period	7.91%	10.20%	-2.29%
Volatility (1Y) Calculated over the trailing 1-year period	9.46%	13.74%	-4.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.76%	19.12%	-5.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.38%	21.01%	-6.63%

VTAIX vs. PHRAX - Expense Ratio Comparison

VTAIX has a 0.76% expense ratio, which is lower than PHRAX's 1.36% expense ratio.

Dividends

VTAIX vs. PHRAX - Dividend Comparison

VTAIX's dividend yield for the trailing twelve months is around 16.26%, more than PHRAX's 4.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	4.96%	5.93%	8.39%	12.35%	11.12%	4.45%	5.58%	21.34%	19.03%	18.54%	21.22%	20.04%
VTAIX Virtus Tactical Allocation Fund Class I	16.26%	16.18%	13.67%	2.16%	7.58%	7.79%	2.26%	2.49%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VTAIX and PHRAX in my portfolio?

VTAIX and PHRAX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTAIX or PHRAX?

PHRAX has higher volatility (5.29%) compared to VTAIX (4.25%). In terms of maximum drawdown, VTAIX dropped -36.37% vs PHRAX's -72.56%.

Which has better risk-adjusted returns?

PHRAX currently has the higher Sharpe Ratio (1.44 vs 0.12), 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.