ZTR vs. PHRAX

Last updated Jun 6, 2026

ZTR (Virtus Total Return Fund) and PHRAX (Virtus Duff & Phelps Real Estate Securities Fund) are both mutual funds - ZTR is a Diversified Portfolio fund actively managed by Virtus, while PHRAX is a REIT fund managed by Virtus. Over the past 10 years, ZTR returned 6.53%/yr vs 6.37%/yr for PHRAX. At a 0.32 correlation, their price movements are largely independent. ZTR charges 3.77%/yr vs 1.36%/yr for PHRAX.

Performance

ZTR vs. PHRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Total Return Fund (ZTR) 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, ZTR achieves a 9.07% return, which is significantly lower than PHRAX's 13.33% return. Both investments have delivered pretty close results over the past 10 years, with ZTR having a 6.53% annualized return and PHRAX not far behind at 6.37%.

ZTR

• 1D: -0.30%
• 1M: -2.57%
• YTD: 9.07%
• 6M: 8.91%
• 1Y: 18.28%
• 3Y*: 13.82%
• 5Y*: 3.13%
• 10Y*: 6.53%

PHRAX

• 1D: 1.41%
• 1M: -1.38%
• YTD: 13.33%
• 6M: 12.57%
• 1Y: 13.22%
• 3Y*: 10.92%
• 5Y*: 4.16%
• 10Y*: 6.37%

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

ZTR vs. PHRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZTR Virtus Total Return Fund	9.07%	18.63%	18.31%	-3.21%	-21.32%	20.57%	-11.78%	44.65%	-24.86%	29.52%
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	13.33%	0.23%	10.15%	10.98%	-26.33%	46.79%	-1.98%	27.09%	-7.41%	5.65%

Correlation

The correlation between ZTR and PHRAX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Mar 1, 1995	0.32

The correlation between ZTR and PHRAX shifts across timeframes, from 0.32 (all time) to 0.51 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ZTR vs. PHRAX — Risk / Return Rank

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

ZTR

ZTR Risk / Return Rank: 36
ZTR Sharpe Ratio Rank: 33
ZTR Sortino Ratio Rank: 33
ZTR Omega Ratio Rank: 30
ZTR Calmar Ratio Rank: 50
ZTR Martin Ratio Rank: 32

PHRAX

PHRAX Risk / Return Rank: 17
PHRAX Sharpe Ratio Rank: 14
PHRAX Sortino Ratio Rank: 13
PHRAX Omega Ratio Rank: 13
PHRAX Calmar Ratio Rank: 23
PHRAX Martin Ratio Rank: 20

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.

ZTR vs. PHRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Total Return Fund (ZTR) 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.

	ZTR	PHRAX	Difference
Sharpe ratio: Return per unit of total volatility	1.59	0.99	+0.60
Sortino ratio: Return per unit of downside risk	2.28	1.39	+0.89
Omega ratio: Gain probability vs. loss probability	1.28	1.18	+0.10
Calmar ratio: Return relative to maximum drawdown	2.60	1.66	+0.93
Martin ratio: Return relative to average drawdown	6.97	4.85	+2.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZTR vs. PHRAX - Sharpe Ratio Comparison

The current ZTR Sharpe Ratio is 1.59, which is higher than the PHRAX Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of ZTR 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.

Sharpe Ratios by Period

	ZTR	PHRAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	0.99	+0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.22	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.30	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.40	-0.09

Drawdowns

ZTR vs. PHRAX - Drawdown Comparison

The maximum ZTR drawdown since its inception was -57.25%, smaller than the maximum PHRAX drawdown of -72.56%. Use the drawdown chart below to compare losses from any high point for ZTR and PHRAX.

Drawdown Indicators

	ZTR	PHRAX	Difference
Max Drawdown Largest peak-to-trough decline	-57.25%	-72.56%	+15.31%
Max Drawdown (1Y) Largest decline over 1 year	-7.07%	-7.83%	+0.76%
Max Drawdown (3Y) Largest decline over 3 years	-25.15%	-19.09%	-6.06%
Max Drawdown (5Y) Largest decline over 5 years	-42.64%	-33.51%	-9.13%
Max Drawdown (10Y) Largest decline over 10 years	-57.25%	-42.00%	-15.25%
Current Drawdown Current decline from peak	-4.69%	-2.05%	-2.64%
Average Drawdown Average peak-to-trough decline	-9.35%	-11.37%	+2.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	2.68%	-0.05%

Volatility

ZTR vs. PHRAX - Volatility Comparison

The current volatility for Virtus Total Return Fund (ZTR) is 3.28%, while Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) has a volatility of 4.16%. This indicates that ZTR 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

	ZTR	PHRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	4.16%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	9.19%	9.44%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	11.60%	13.18%	-1.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.67%	19.09%	-2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.60%	20.97%	+0.63%

ZTR vs. PHRAX - Expense Ratio Comparison

ZTR has a 3.77% expense ratio, which is higher than PHRAX's 1.36% expense ratio.

Dividends

ZTR vs. PHRAX - Dividend Comparison

ZTR's dividend yield for the trailing twelve months is around 9.06%, more than PHRAX's 5.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	5.22%	5.93%	8.39%	12.35%	11.12%	4.45%	5.58%	21.34%	19.03%	18.54%	21.22%	20.04%
ZTR Virtus Total Return Fund	9.06%	9.52%	10.24%	15.25%	15.88%	10.96%	13.72%	11.89%	15.18%	13.85%	10.58%	9.11%

Frequently Asked Questions

Can I hold both ZTR and PHRAX in my portfolio?

ZTR and PHRAX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZTR or PHRAX?

PHRAX has higher volatility (4.16%) compared to ZTR (3.28%). In terms of maximum drawdown, ZTR dropped -57.25% vs PHRAX's -72.56%.

Which has better risk-adjusted returns?

ZTR currently has the higher Sharpe Ratio (1.59 vs 0.99), 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.