NCZ vs NIE: Correlation
Measured on weekly returns over the past three years, Virtus Convertible & Income Fund II (NCZ) and Virtus Equity & Convertible Income Fund (NIE) carry a correlation of 0.76, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCZ and NIE?
On 3 years of weekly data the NCZ/NIE correlation comes out at 0.76, strong. The relationship has been stable: the 1-year correlation (0.78) sits close to the 3-year figure. The 5-year figure is 0.78, and annualized covariance runs at 212.6 %².
Among the 18 assets we track against NCZ, NIE ranks #5 by 3-year correlation. Over the last 12 months NCZ came out ahead by 11.4 percentage points (+28.2% 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.
NCZ vs NIE: side by side
| NCZ (Virtus Convertible & Income Fund II) | NIE (Virtus Equity & Convertible Income Fund) | |
|---|---|---|
| 1-year return | +28.2% | +16.8% |
| 5-year return | +29.5% | +55.1% |
| Volatility (ann.) | 18.8% | 14.9% |
| Beta vs S&P 500 | 0.94 | 0.92 |
| Max drawdown (3Y) | -19.5% | -20.8% |
| Market cap | $0.3B | $0.7B |
| P/E (trailing) | 4.3 | 6.3 |
| Dividend yield | 9.33% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCZ | NIE |
|---|---|---|
| 2022 | -35.8% | -26.7% |
| 2023 | +17.8% | +26.7% |
| 2024 | +18.4% | +28.6% |
| 2025 | +23.2% | +12.2% |
| 2026 | +21.0% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCZ and NIE good diversifiers for each other?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NCZ and NIE?
As of 2026-08-27, the correlation of weekly returns between NCZ and NIE is 0.76 over 3 years, 0.78 over 1 year and 0.78 over 5 years.
Is NIE a good diversifier for NCZ?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.76 mean?
A reading of 0.76 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/ncz-vs-nie.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ncz-vs-nie/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NCZ correlations · NIE correlations
