NCZ vs RNW: Correlation
How closely do Virtus Convertible & Income Fund II (NCZ) and ReNew Energy Global plc - Class A Shares (RNW) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCZ and RNW?
On 3 years of weekly data the NCZ/RNW correlation comes out at 0.38, moderate. Recent behaviour matches the longer record: 0.32 over 1 year against 0.38 over 3. The 5-year figure is 0.39, and annualized covariance runs at 252.6 %².
RNW is close to the least connected end of NCZ's tracked universe, ranking #15 of 18. The last year tells two different stories: NCZ led by 39.7 percentage points, +28.2% for NCZ against -11.5% for RNW. Risk is not evenly split, since RNW carries 1.9 times the volatility of the other side.
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 RNW: side by side
| NCZ (Virtus Convertible & Income Fund II) | RNW (ReNew Energy Global plc - Class A Shares) | |
|---|---|---|
| 1-year return | +28.2% | -11.5% |
| 5-year return | +29.5% | -26.6% |
| Volatility (ann.) | 18.8% | 35.5% |
| Beta vs S&P 500 | 0.94 | 0.53 |
| Max drawdown (3Y) | -19.5% | -45.1% |
| Market cap | $0.3B | $2.5B |
| P/E (trailing) | 4.3 | 22.0 |
| Dividend yield | 9.33% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCZ | RNW |
|---|---|---|
| 2022 | -35.8% | -29.3% |
| 2023 | +17.8% | +39.3% |
| 2024 | +18.4% | -10.8% |
| 2025 | +23.2% | -17.3% |
| 2026 | +21.0% | +20.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCZ and RNW good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NCZ and RNW?
The NCZ/RNW correlation stands at 0.38 on a 3-year window (1 year: 0.32, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is RNW a good diversifier for NCZ?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 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/ncz-vs-rnw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ncz-vs-rnw/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NCZ correlations · RNW correlations
