HYT vs. NIE

Last updated Jun 9, 2026

HYT (BlackRock Corporate High Yield Fund) and NIE (Virtus Equity & Convertible Income Fund) are both mutual funds - HYT is a High Yield Bonds fund actively managed by BlackRock, while NIE is a Derivative Income fund actively managed by Virtus. Both are actively managed. Over the past 10 years, HYT returned 7.34%/yr vs 13.98%/yr for NIE. At a 0.48 correlation, their price movements are largely independent. HYT charges 2.83%/yr vs 1.12%/yr for NIE.

Performance

HYT vs. NIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Corporate High Yield Fund (HYT) and Virtus Equity & Convertible Income Fund (NIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYT achieves a 1.45% return, which is significantly lower than NIE's 8.36% return. Over the past 10 years, HYT has underperformed NIE with an annualized return of 7.34%, while NIE has yielded a comparatively higher 13.98% annualized return.

HYT

• 1D: 0.12%
• 1M: 0.21%
• YTD: 1.45%
• 6M: -3.62%
• 1Y: -1.11%
• 3Y*: 10.09%
• 5Y*: 2.64%
• 10Y*: 7.34%

NIE

• 1D: 0.19%
• 1M: -0.30%
• YTD: 8.36%
• 6M: 9.96%
• 1Y: 24.76%
• 3Y*: 19.46%
• 5Y*: 10.33%
• 10Y*: 13.98%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HYT vs. NIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYT BlackRock Corporate High Yield Fund	1.45%	0.06%	14.43%	19.92%	-22.58%	16.62%	11.55%	31.19%	-7.81%	8.99%
NIE Virtus Equity & Convertible Income Fund	8.36%	12.15%	28.64%	26.71%	-26.73%	18.89%	33.78%	31.09%	-5.69%	23.68%

Correlation

The correlation between HYT and NIE is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Feb 26, 2007	0.48

The correlation between HYT and NIE has been stable across timeframes, ranging from 0.41 to 0.50 - a consistent structural relationship.

Return for Risk

HYT vs. NIE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HYT

HYT Risk / Return Rank: 2
HYT Sharpe Ratio Rank: 2
HYT Sortino Ratio Rank: 2
HYT Omega Ratio Rank: 2
HYT Calmar Ratio Rank: 2
HYT Martin Ratio Rank: 2

NIE

NIE Risk / Return Rank: 60
NIE Sharpe Ratio Rank: 61
NIE Sortino Ratio Rank: 60
NIE Omega Ratio Rank: 57
NIE Calmar Ratio Rank: 60
NIE Martin Ratio Rank: 64

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HYT vs. NIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Corporate High Yield Fund (HYT) and Virtus Equity & Convertible Income Fund (NIE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	HYT	NIE	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	2.12	-2.23
Sortino ratio: Return per unit of downside risk	-0.09	2.96	-3.05
Omega ratio: Gain probability vs. loss probability	0.99	1.38	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.11	2.77	-2.88
Martin ratio: Return relative to average drawdown	-0.27	11.56	-11.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYT vs. NIE - Sharpe Ratio Comparison

The current HYT Sharpe Ratio is -0.11, which is lower than the NIE Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of HYT and NIE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HYT	NIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.11	2.12	-2.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.59	-0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.71	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.44	-0.01

Drawdowns

HYT vs. NIE - Drawdown Comparison

The maximum HYT drawdown since its inception was -56.95%, roughly equal to the maximum NIE drawdown of -57.90%. Use the drawdown chart below to compare losses from any high point for HYT and NIE.

Drawdown Indicators

	HYT	NIE	Difference
Max Drawdown Largest peak-to-trough decline	-56.95%	-57.90%	+0.95%
Max Drawdown (1Y) Largest decline over 1 year	-10.17%	-8.99%	-1.18%
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	-20.79%	+6.84%
Max Drawdown (5Y) Largest decline over 5 years	-29.05%	-31.04%	+1.99%
Max Drawdown (10Y) Largest decline over 10 years	-42.59%	-38.99%	-3.60%
Current Drawdown Current decline from peak	-4.65%	-2.43%	-2.22%
Average Drawdown Average peak-to-trough decline	-5.91%	-8.01%	+2.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	2.15%	+2.04%

Volatility

HYT vs. NIE - Volatility Comparison

The current volatility for BlackRock Corporate High Yield Fund (HYT) is 2.64%, while Virtus Equity & Convertible Income Fund (NIE) has a volatility of 4.12%. This indicates that HYT experiences smaller price fluctuations and is considered to be less risky than NIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYT	NIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.64%	4.12%	-1.48%
Volatility (6M) Calculated over the trailing 6-month period	8.01%	9.43%	-1.42%
Volatility (1Y) Calculated over the trailing 1-year period	10.01%	11.77%	-1.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.47%	17.57%	-3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.94%	19.78%	-2.84%

HYT vs. NIE - Expense Ratio Comparison

HYT has a 2.83% expense ratio, which is higher than NIE's 1.12% expense ratio.

Dividends

HYT vs. NIE - Dividend Comparison

HYT's dividend yield for the trailing twelve months is around 10.84%, more than NIE's 9.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYT BlackRock Corporate High Yield Fund	10.84%	10.50%	9.53%	9.91%	9.80%	7.58%	8.18%	7.92%	9.20%	7.68%	8.23%	10.18%
NIE Virtus Equity & Convertible Income Fund	9.55%	10.14%	8.11%	9.56%	21.81%	10.86%	5.37%	6.71%	8.20%	7.19%	8.25%	8.46%

Frequently Asked Questions

Can I hold both HYT and NIE in my portfolio?

HYT and NIE have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYT or NIE?

NIE has higher volatility (4.12%) compared to HYT (2.64%). In terms of maximum drawdown, HYT dropped -56.95% vs NIE's -57.90%.

Which has better risk-adjusted returns?

NIE currently has the higher Sharpe Ratio (2.12 vs -0.11), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.