NCZ vs RSKD: Correlation
Measured on weekly returns over the past three years, Virtus Convertible & Income Fund II (NCZ) and Riskified Ltd. Class A (RSKD) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCZ and RSKD?
Across a 3-year window, the weekly returns of NCZ and RSKD correlate at 0.49, moderate. The link has loosened recently: the 1-year correlation (0.33) runs below the 3-year figure (0.49). Stretching to 5 years gives 0.44, with an annualized covariance of 348.8 %².
Within NCZ's tracked universe of 18 assets, RSKD comes in at #13 by 3-year correlation. Neither side won the trailing year by much: +28.2% against +31.6%. One caveat on sizing: RSKD is 2.0 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.
NCZ vs RSKD: side by side
| NCZ (Virtus Convertible & Income Fund II) | RSKD (Riskified Ltd. Class A) | |
|---|---|---|
| 1-year return | +28.2% | +31.6% |
| 5-year return | +29.5% | -81.3% |
| Volatility (ann.) | 18.8% | 38.0% |
| Beta vs S&P 500 | 0.94 | 1.09 |
| Max drawdown (3Y) | -19.5% | -42.2% |
| Market cap | $0.3B | $0.8B |
| P/E (trailing) | 4.3 | – |
| Dividend yield | 9.33% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCZ | RSKD |
|---|---|---|
| 2022 | -35.8% | -41.2% |
| 2023 | +17.8% | +1.3% |
| 2024 | +18.4% | +1.1% |
| 2025 | +23.2% | +5.1% |
| 2026 | +21.0% | +23.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCZ and RSKD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NCZ and RSKD?
As of 2026-08-27, the correlation of weekly returns between NCZ and RSKD is 0.49 over 3 years, 0.33 over 1 year and 0.44 over 5 years.
Is RSKD a good diversifier for NCZ?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 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.
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Related comparisons
Hubs: NCZ correlations · RSKD correlations
