CII vs NIE: Correlation
How closely do BlackRock Enhanced Large Cap Core Fund, Inc. (CII) and Virtus Equity & Convertible Income Fund (NIE) trade together? Their weekly returns over three years give a correlation of 0.81, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CII and NIE?
On 3 years of weekly data the CII/NIE correlation comes out at 0.81, very strong, meaning they move nearly in lockstep. The past 12 months show a weaker link (0.71) than the 3-year average (0.81). The 5-year figure is 0.84, and annualized covariance runs at 214.1 %².
Within CII's tracked universe of 12 assets, NIE comes in at #5 by 3-year correlation. On 12-month performance CII holds a 14.2-point edge, +31.0% against +16.8%.
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.
CII vs NIE: side by side
| CII (BlackRock Enhanced Large Cap Core Fund, Inc.) | NIE (Virtus Equity & Convertible Income Fund) | |
|---|---|---|
| 1-year return | +31.0% | +16.8% |
| 5-year return | +85.9% | +55.1% |
| Volatility (ann.) | 17.7% | 14.9% |
| Beta vs S&P 500 | 0.97 | 0.92 |
| Max drawdown (3Y) | -21.1% | -20.8% |
| Market cap | $1.0B | $0.7B |
| P/E (trailing) | 4.8 | 6.3 |
| Dividend yield | 8.38% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CII | NIE |
|---|---|---|
| 2022 | -13.2% | -26.7% |
| 2023 | +18.5% | +26.7% |
| 2024 | +12.7% | +28.6% |
| 2025 | +37.8% | +12.2% |
| 2026 | +11.2% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CII and NIE good diversifiers for each other?
No. With a correlation of 0.81, CII and NIE move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between CII and NIE?
The CII/NIE correlation stands at 0.81 on a 3-year window (1 year: 0.71, 5 years: 0.84), computed from weekly returns as of 2026-08-27.
Is NIE a good diversifier for CII?
No. With a correlation of 0.81, CII and NIE move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.81 mean?
A reading of 0.81 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cii-vs-nie.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cii-vs-nie/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CII correlations · NIE correlations
