EW vs NIE: Correlation
Measured on weekly returns over the past three years, Edwards Lifesciences (EW) and Virtus Equity & Convertible Income Fund (NIE) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EW and NIE?
Over the past 3 years, EW and NIE moved with a correlation of 0.39, which is moderate. The link has loosened recently: the 1-year correlation (0.29) runs below the 3-year figure (0.39). Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 184.0 %².
Within EW's tracked universe of 30 assets, NIE comes in at #8 by 3-year correlation. Over the last 12 months NIE came out ahead by 5.6 percentage points (+11.2% against +16.8%). One caveat on sizing: EW is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
EW vs NIE: side by side
| EW (Edwards Lifesciences) | NIE (Virtus Equity & Convertible Income Fund) | |
|---|---|---|
| 1-year return | +11.2% | +16.8% |
| 5-year return | -23.8% | +55.1% |
| Volatility (ann.) | 31.6% | 14.9% |
| Beta vs S&P 500 | 0.81 | 0.92 |
| Max drawdown (3Y) | -37.5% | -20.8% |
| Market cap | $51.8B | $0.7B |
| P/E (trailing) | 54.2 | 6.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | EW | NIE |
|---|---|---|
| 2022 | -42.4% | -26.7% |
| 2023 | +2.2% | +26.7% |
| 2024 | -2.9% | +28.6% |
| 2025 | +15.2% | +12.2% |
| 2026 | +5.5% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EW and NIE good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EW and NIE?
The EW/NIE correlation stands at 0.39 on a 3-year window (1 year: 0.29, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is NIE a good diversifier for EW?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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/ew-vs-nie.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ew-vs-nie/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EW correlations · NIE correlations
