DMA vs NIE: Correlation
How closely do Destra Multi-Alternative Fund (DMA) and Virtus Equity & Convertible Income Fund (NIE) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DMA and NIE?
On 3 years of weekly data the DMA/NIE correlation comes out at 0.45, moderate. The link has loosened recently: the 1-year correlation (0.12) runs below the 3-year figure (0.45). The 5-year figure is 0.31, and annualized covariance runs at 119.3 %².
Among the 10 assets we track against DMA, NIE ranks #5 by 3-year correlation. The last year tells two different stories: NIE led by 20.1 percentage points, -3.3% for DMA against +16.8% for NIE.
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.
DMA vs NIE: side by side
| DMA (Destra Multi-Alternative Fund) | NIE (Virtus Equity & Convertible Income Fund) | |
|---|---|---|
| 1-year return | -3.3% | +16.8% |
| 5-year return | +19.8% | +55.1% |
| Volatility (ann.) | 17.6% | 14.9% |
| Beta vs S&P 500 | 0.47 | 0.92 |
| Max drawdown (3Y) | -19.4% | -20.8% |
| Market cap | $0.1B | $0.7B |
| P/E (trailing) | – | 6.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DMA | NIE |
|---|---|---|
| 2022 | – | -26.7% |
| 2023 | -3.8% | +26.7% |
| 2024 | +41.1% | +28.6% |
| 2025 | +12.0% | +12.2% |
| 2026 | -6.3% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DMA and NIE good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DMA and NIE?
As of 2026-08-27, the correlation of weekly returns between DMA and NIE is 0.45 over 3 years, 0.12 over 1 year and 0.31 over 5 years.
Is NIE a good diversifier for DMA?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
A reading of 0.45 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/dma-vs-nie.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dma-vs-nie/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DMA correlations · NIE correlations
