NCV vs NCZ: Correlation
Virtus Convertible & Income Fund (NCV) and Virtus Convertible & Income Fund II (NCZ) show a very strong relationship: their 3-year correlation of weekly returns is 0.91.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCV and NCZ?
Over the past 3 years, NCV and NCZ moved with a correlation of 0.91, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.93 lands near the 3-year figure. Over 5 years the correlation is 0.93, and the annualized covariance of weekly returns is 312.8 %².
In NCV's tracked universe of 16 assets, NCZ sits right near the top at #1. Twelve-month performance is nearly a tie, at +26.0% for NCV and +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.
NCV vs NCZ: side by side
| NCV (Virtus Convertible & Income Fund) | NCZ (Virtus Convertible & Income Fund II) | |
|---|---|---|
| 1-year return | +26.0% | +28.2% |
| 5-year return | +22.6% | +29.5% |
| Volatility (ann.) | 18.3% | 18.8% |
| Beta vs S&P 500 | 0.88 | 0.94 |
| Max drawdown (3Y) | -17.8% | -19.5% |
| Market cap | – | $0.3B |
| P/E (trailing) | 4.5 | 4.3 |
| Dividend yield | 9.84% | 9.33% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCV | NCZ |
|---|---|---|
| 2022 | -33.9% | -35.8% |
| 2023 | +12.7% | +17.8% |
| 2024 | +16.2% | +18.4% |
| 2025 | +22.6% | +23.2% |
| 2026 | +18.2% | +21.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCV and NCZ good diversifiers for each other?
Not really. At 0.91, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between NCV and NCZ?
Using weekly returns as of 2026-08-27: 0.91 over 3 years, with 0.93 over the last year and 0.93 over 5 years.
Is NCZ a good diversifier for NCV?
Not really. At 0.91, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.91 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ncv-vs-ncz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ncv-vs-ncz/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NCV correlations · NCZ correlations
