LDP vs. NCV

Last updated Jun 4, 2026

LDP (Cohen and Steers Limited Duration Preferred and Income Fund) and NCV (Virtus Convertible and Income Fund) are both Preferred Stock/Convertible Bonds funds. Over the past 10 years, LDP returned 6.29%/yr vs 8.31%/yr for NCV. At a 0.35 correlation, their price movements are largely independent. LDP charges 0.01%/yr vs 0.03%/yr for NCV.

Performance

LDP vs. NCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cohen and Steers Limited Duration Preferred and Income Fund (LDP) and Virtus Convertible and Income Fund (NCV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LDP achieves a 0.29% return, which is significantly lower than NCV's 19.08% return. Over the past 10 years, LDP has underperformed NCV with an annualized return of 6.29%, while NCV has yielded a comparatively higher 8.31% annualized return.

LDP

• 1D: -0.44%
• 1M: -0.82%
• YTD: 0.29%
• 6M: -0.08%
• 1Y: 7.95%
• 3Y*: 13.54%
• 5Y*: 2.98%
• 10Y*: 6.29%

NCV

• 1D: -1.37%
• 1M: 3.66%
• YTD: 19.08%
• 6M: 19.04%
• 1Y: 42.18%
• 3Y*: 23.31%
• 5Y*: 5.74%
• 10Y*: 8.31%

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

LDP vs. NCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LDP Cohen and Steers Limited Duration Preferred and Income Fund	0.29%	13.04%	18.49%	5.79%	-22.31%	7.81%	9.49%	29.72%	-9.69%	14.56%
NCV Virtus Convertible and Income Fund	19.08%	22.57%	16.18%	12.66%	-34.02%	10.68%	11.64%	24.12%	-17.25%	23.24%

Correlation

The correlation between LDP and NCV is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jul 31, 2012	0.35

The correlation between LDP and NCV shifts across timeframes, from 0.35 (all time) to 0.48 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

LDP vs. NCV — Risk / Return Rank

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

LDP

LDP Risk / Return Rank: 10
LDP Sharpe Ratio Rank: 11
LDP Sortino Ratio Rank: 10
LDP Omega Ratio Rank: 11
LDP Calmar Ratio Rank: 9
LDP Martin Ratio Rank: 12

NCV

NCV Risk / Return Rank: 80
NCV Sharpe Ratio Rank: 86
NCV Sortino Ratio Rank: 76
NCV Omega Ratio Rank: 74
NCV Calmar Ratio Rank: 81
NCV Martin Ratio Rank: 80

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.

LDP vs. NCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cohen and Steers Limited Duration Preferred and Income Fund (LDP) and Virtus Convertible and Income Fund (NCV). 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.

	LDP	NCV	Difference
Sharpe ratio: Return per unit of total volatility	0.84	2.81	-1.97
Sortino ratio: Return per unit of downside risk	1.21	3.65	-2.44
Omega ratio: Gain probability vs. loss probability	1.17	1.49	-0.33
Calmar ratio: Return relative to maximum drawdown	0.85	3.72	-2.87
Martin ratio: Return relative to average drawdown	3.56	15.08	-11.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LDP vs. NCV - Sharpe Ratio Comparison

The current LDP Sharpe Ratio is 0.84, which is lower than the NCV Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of LDP and NCV, 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

	LDP	NCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	2.81	-1.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.28	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	0.34	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.24	+0.13

Drawdowns

LDP vs. NCV - Drawdown Comparison

The maximum LDP drawdown since its inception was -49.59%, smaller than the maximum NCV drawdown of -78.94%. Use the drawdown chart below to compare losses from any high point for LDP and NCV.

Drawdown Indicators

	LDP	NCV	Difference
Max Drawdown Largest peak-to-trough decline	-49.59%	-78.94%	+29.35%
Max Drawdown (1Y) Largest decline over 1 year	-9.38%	-11.38%	+2.00%
Max Drawdown (3Y) Largest decline over 3 years	-12.02%	-17.80%	+5.78%
Max Drawdown (5Y) Largest decline over 5 years	-32.12%	-44.60%	+12.48%
Max Drawdown (10Y) Largest decline over 10 years	-49.59%	-56.18%	+6.59%
Current Drawdown Current decline from peak	-2.40%	-1.37%	-1.03%
Average Drawdown Average peak-to-trough decline	-6.56%	-13.89%	+7.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	2.80%	-0.56%

Volatility

LDP vs. NCV - Volatility Comparison

The current volatility for Cohen and Steers Limited Duration Preferred and Income Fund (LDP) is 2.86%, while Virtus Convertible and Income Fund (NCV) has a volatility of 5.58%. This indicates that LDP experiences smaller price fluctuations and is considered to be less risky than NCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LDP	NCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	5.58%	-2.72%
Volatility (6M) Calculated over the trailing 6-month period	7.46%	12.54%	-5.08%
Volatility (1Y) Calculated over the trailing 1-year period	9.54%	15.07%	-5.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.43%	20.59%	-7.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.09%	24.86%	-4.77%

LDP vs. NCV - Expense Ratio Comparison

LDP has a 0.01% expense ratio, which is lower than NCV's 0.03% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

LDP vs. NCV - Dividend Comparison

LDP's dividend yield for the trailing twelve months is around 7.64%, less than NCV's 9.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LDP Cohen and Steers Limited Duration Preferred and Income Fund	7.64%	7.43%	7.78%	8.66%	8.52%	7.99%	6.74%	7.14%	8.58%	7.56%	7.67%	8.31%
NCV Virtus Convertible and Income Fund	9.43%	10.77%	11.76%	12.86%	15.00%	8.75%	9.41%	11.61%	15.03%	11.10%	12.23%	17.69%

Frequently Asked Questions

Can I hold both LDP and NCV in my portfolio?

LDP and NCV have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LDP or NCV?

NCV has higher volatility (5.58%) compared to LDP (2.86%). In terms of maximum drawdown, LDP dropped -49.59% vs NCV's -78.94%.

Which has better risk-adjusted returns?

NCV currently has the higher Sharpe Ratio (2.81 vs 0.84), 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.