- Issuer
- Virtus
- Inception Date
- Jul 31, 2003
- Category
- Convertible Bonds
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Asset Class Size
- Multi-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
NCZ Performance Chart
Virtus Convertible and Income Fund II (NCZ) is up 20.4% since the beginning of the year. NCZ is currently trading at $16 per share. Investors who bought $1,000 worth of NCZ shares 5 years ago would now be looking at an investment worth $1,401.
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Returns By Period
Virtus Convertible and Income Fund II (NCZ) has returned 20.43% so far this year and 44.65% over the past 12 months. Over the last ten years, NCZ has returned 9.17% per year, falling short of the S&P 500 Index benchmark, which averaged 13.75% annually.
Virtus Convertible and Income Fund II
- 1D
- 0.31%
- 1M
- 5.60%
- YTD
- 20.43%
- 6M
- 20.94%
- 1Y
- 44.65%
- 3Y*
- 24.64%
- 5Y*
- 6.98%
- 10Y*
- 9.17%
Benchmark (S&P 500 Index)
- 1D
- 0.13%
- 1M
- 5.25%
- YTD
- 11.16%
- 6M
- 11.43%
- 1Y
- 28.20%
- 3Y*
- 21.12%
- 5Y*
- 12.66%
- 10Y*
- 13.75%
NCZ Monthly Returns History
Based on dividend-adjusted daily data since Jul 29, 2003, NCZ's average daily return is +0.04%, while the average monthly return is +0.79%. At this rate, an investment would double in approximately 7.3 years.
Historically, 61% of months were positive and 39% were negative. The best month was Dec 2008 with a return of +34.2%, while the worst month was Nov 2008 at -37.1%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 7 months.
On a daily basis, NCZ closed higher 51% of trading days. The best single day was Oct 13, 2008 with a return of +22.6%, while the worst single day was Mar 18, 2020 at -27.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 5.90% | 2.55% | -8.11% | 13.00% | 6.73% | 0.06% | 20.43% | ||||||
| 2025 | 5.49% | -4.52% | -5.59% | 1.21% | 6.95% | 5.84% | 3.37% | 3.91% | 1.91% | 4.98% | -0.92% | -0.66% | 23.23% |
| 2024 | -2.38% | 0.69% | 5.26% | -5.39% | 3.93% | 2.45% | 2.75% | 3.74% | 2.98% | -2.28% | 11.67% | -5.15% | 18.40% |
| 2023 | 16.99% | -4.93% | -2.94% | 3.03% | -6.23% | 10.62% | 2.30% | -3.50% | -7.35% | -5.85% | 9.81% | 7.94% | 17.75% |
| 2022 | -8.73% | -4.00% | -0.70% | -10.30% | -7.57% | -9.25% | 9.55% | -0.42% | -15.40% | 6.38% | 6.70% | -6.58% | -35.93% |
| 2021 | -0.65% | 0.51% | 0.15% | 3.77% | 0.16% | 5.67% | -0.24% | 2.22% | -2.86% | 4.98% | -5.08% | 0.74% | 9.24% |
Benchmark Metrics
Virtus Convertible and Income Fund II has an annualized alpha of 0.15%, beta of 0.88, and R2 of 0.38 versus S&P 500 Index. Calculated based on daily prices since July 30, 2003.
- This fund participated in 130.68% of S&P 500 Index downside but only 117.88% of its upside - more exposed to losses than it benefited from rallies.
- R2 of 0.38 means the benchmark explains less than half of this fund's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 0.15%
- Beta
- 0.88
- R²
- 0.38
- Upside Capture
- 117.88%
- Downside Capture
- 130.68%
Expense Ratio
NCZ has an expense ratio of 0.03%, which is considered low.
Return for Risk
Risk / Return Rank
NCZ ranks 81 for risk / return — in the top 81% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Virtus Convertible and Income Fund II (NCZ) and compare them to S&P 500 Index.
| NCZ | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.79 | 2.39 | +0.40 |
Sortino ratioReturn per unit of downside risk | 3.65 | 3.25 | +0.40 |
Omega ratioGain probability vs. loss probability | 1.49 | 1.43 | +0.05 |
Calmar ratioReturn relative to maximum drawdown | 3.76 | 3.11 | +0.65 |
Martin ratioReturn relative to average drawdown | 16.92 | 14.38 | +2.54 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Virtus Convertible and Income Fund II provided a 9.04% dividend yield over the last twelve months, with an annual payout of $1.44 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.44 | $1.44 | $1.44 | $1.53 | $1.80 | $1.80 | $1.89 | $2.31 | $2.76 | $3.43 | $2.76 | $3.64 |
Dividend yield | 9.04% | 10.45% | 11.50% | 12.84% | 15.62% | 8.82% | 9.28% | 11.28% | 15.33% | 13.80% | 12.08% | 18.02% |
Monthly Dividends
The table displays the monthly dividend distributions for Virtus Convertible and Income Fund II. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.00 | $0.60 | ||||||
| 2025 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $1.44 |
| 2024 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $1.44 |
| 2023 | $0.15 | $0.15 | $0.15 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $1.53 |
| 2022 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $1.80 |
| 2021 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $1.80 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Virtus Convertible and Income Fund II. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Virtus Convertible and Income Fund II was 79.48%, occurring on Nov 21, 2008. Recovery took 553 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -79.48%Nov 2008 | 1y 5mo | 2y 2mo | 3y 8moJun 2007 - Feb 2011 |
COVID crash2020 | -56.08%Mar 2020 | 27d | 8mo 21d | 9mo 18dFeb 2020 - Dec 2020 |
2016 bear market2016 | -50.84%Feb 2016 | 1y 7mo | 2y 4mo | 3y 12moJul 2014 - Jul 2018 |
Bear market2022 | -43.93%Oct 2022 | 11mo 9d | 2y 11mo | 3y 10moNov 2021 - Sep 2025 |
Rate-hike selloffLate 2018 | -30.43%Dec 2018 | 3mo 8d | 1y 1mo | 1y 5moSep 2018 - Feb 2020 |
Drawdown Indicators
| NCZ | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.48% | -56.78% | -22.70% |
Max Drawdown (1Y)Largest decline over 1 year | -11.94% | -9.10% | -2.84% |
Max Drawdown (3Y)Largest decline over 3 years | -19.54% | -18.90% | -0.64% |
Max Drawdown (5Y)Largest decline over 5 years | -43.93% | -25.43% | -18.50% |
Max Drawdown (10Y)Largest decline over 10 years | -56.08% | -33.92% | -22.16% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -14.35% | -10.72% | -3.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.65% | 1.97% | +0.68% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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