ACV vs NCZ: Correlation
Virtus Diversified Income & Convertible Fund (ACV) and Virtus Convertible & Income Fund II (NCZ) show a strong relationship: their 3-year correlation of weekly returns is 0.79.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACV and NCZ?
Across a 3-year window, the weekly returns of ACV and NCZ correlate at 0.79, strong. Recent behaviour matches the longer record: 0.81 over 1 year against 0.79 over 3. Stretching to 5 years gives 0.78, with an annualized covariance of 289.0 %².
Within ACV's tracked universe of 17 assets, NCZ comes in at #4 by 3-year correlation. Their 12-month results are close: +27.4% for ACV against +28.2% for NCZ.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ACV vs NCZ: side by side
| ACV (Virtus Diversified Income & Convertible Fund) | NCZ (Virtus Convertible & Income Fund II) | |
|---|---|---|
| 1-year return | +27.4% | +28.2% |
| 5-year return | +45.0% | +29.5% |
| Volatility (ann.) | 19.4% | 18.8% |
| Beta vs S&P 500 | 1.02 | 0.94 |
| Max drawdown (3Y) | -23.5% | -19.5% |
| Market cap | $0.3B | $0.3B |
| P/E (trailing) | 5.1 | 4.3 |
| Dividend yield | 0.00% | 9.33% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ACV | NCZ |
|---|---|---|
| 2022 | -36.0% | -35.8% |
| 2023 | +26.0% | +17.8% |
| 2024 | +15.4% | +18.4% |
| 2025 | +33.7% | +23.2% |
| 2026 | +7.0% | +21.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACV and NCZ good diversifiers for each other?
Only partially. A correlation of 0.79 means ACV and NCZ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ACV and NCZ?
Using weekly returns as of 2026-08-27: 0.79 over 3 years, with 0.81 over the last year and 0.78 over 5 years.
Is NCZ a good diversifier for ACV?
Only partially. A correlation of 0.79 means ACV and NCZ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.79 mean?
On the −1 to +1 scale, 0.79 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/acv-vs-ncz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/acv-vs-ncz/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ACV correlations · NCZ correlations
