NCV vs. BLW

Last updated Jun 5, 2026

NCV (Virtus Convertible and Income Fund) is Preferred Stock/Convertible Bonds fund managed by Virtus, while BLW (BlackRock Limited Duration Income Trust) is a stock. Over the past 10 years, NCV returned 8.29%/yr vs 6.37%/yr for BLW. At a 0.36 correlation, their price movements are largely independent.

Performance

NCV vs. BLW - Performance Comparison

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

Returns By Period

In the year-to-date period, NCV achieves a 19.63% return, which is significantly higher than BLW's -5.79% return. Over the past 10 years, NCV has outperformed BLW with an annualized return of 8.29%, while BLW has yielded a comparatively lower 6.37% annualized return.

NCV

• 1D: 0.46%
• 1M: 3.22%
• YTD: 19.63%
• 6M: 18.43%
• 1Y: 42.41%
• 3Y*: 23.12%
• 5Y*: 5.83%
• 10Y*: 8.29%

BLW

• 1D: 0.00%
• 1M: -2.10%
• YTD: -5.79%
• 6M: -5.84%
• 1Y: -2.16%
• 3Y*: 8.97%
• 5Y*: 2.77%
• 10Y*: 6.37%

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

NCV vs. BLW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NCV Virtus Convertible and Income Fund	19.63%	22.57%	16.18%	12.66%	-34.02%	10.68%	11.64%	24.12%	-17.25%	23.24%
BLW BlackRock Limited Duration Income Trust	-5.79%	7.17%	11.06%	17.29%	-15.92%	13.52%	5.36%	31.08%	-10.22%	11.53%

Correlation

The correlation between NCV and BLW is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jul 30, 2003	0.36

Return for Risk

NCV vs. BLW — Risk / Return Rank

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

NCV

NCV Risk / Return Rank: 81
NCV Sharpe Ratio Rank: 87
NCV Sortino Ratio Rank: 77
NCV Omega Ratio Rank: 77
NCV Calmar Ratio Rank: 83
NCV Martin Ratio Rank: 83

BLW

BLW Risk / Return Rank: 28
BLW Sharpe Ratio Rank: 30
BLW Sortino Ratio Rank: 23
BLW Omega Ratio Rank: 23
BLW Calmar Ratio Rank: 35
BLW Martin Ratio Rank: 30

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.

NCV vs. BLW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Convertible and Income Fund (NCV) and BlackRock Limited Duration Income Trust (BLW). 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.

	NCV	BLW	Difference
Sharpe ratio: Return per unit of total volatility	2.83	-0.27	+3.10
Sortino ratio: Return per unit of downside risk	3.67	-0.33	+3.99
Omega ratio: Gain probability vs. loss probability	1.49	0.95	+0.54
Calmar ratio: Return relative to maximum drawdown	3.74	-0.19	+3.94
Martin ratio: Return relative to average drawdown	15.16	-0.62	+15.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCV vs. BLW - Sharpe Ratio Comparison

The current NCV Sharpe Ratio is 2.83, which is higher than the BLW Sharpe Ratio of -0.27. The chart below compares the historical Sharpe Ratios of NCV and BLW, 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

	NCV	BLW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.83	-0.27	+3.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.23	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.44	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.40	-0.16

Drawdowns

NCV vs. BLW - Drawdown Comparison

The maximum NCV drawdown since its inception was -78.94%, which is greater than BLW's maximum drawdown of -44.13%. Use the drawdown chart below to compare losses from any high point for NCV and BLW.

Drawdown Indicators

	NCV	BLW	Difference
Max Drawdown Largest peak-to-trough decline	-78.94%	-44.13%	-34.81%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-11.19%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-17.80%	-11.19%	-6.61%
Max Drawdown (5Y) Largest decline over 5 years	-44.60%	-26.30%	-18.30%
Max Drawdown (10Y) Largest decline over 10 years	-56.18%	-41.85%	-14.33%
Current Drawdown Current decline from peak	-0.91%	-7.80%	+6.89%
Average Drawdown Average peak-to-trough decline	-13.89%	-6.04%	-7.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	3.47%	-0.67%

Volatility

NCV vs. BLW - Volatility Comparison

Virtus Convertible and Income Fund (NCV) has a higher volatility of 5.54% compared to BlackRock Limited Duration Income Trust (BLW) at 2.33%. This indicates that NCV's price experiences larger fluctuations and is considered to be riskier than BLW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCV	BLW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.54%	2.33%	+3.21%
Volatility (6M) Calculated over the trailing 6-month period	12.50%	6.92%	+5.58%
Volatility (1Y) Calculated over the trailing 1-year period	15.07%	7.93%	+7.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.59%	12.32%	+8.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.86%	14.59%	+10.27%

Dividends

NCV vs. BLW - Dividend Comparison

NCV's dividend yield for the trailing twelve months is around 9.39%, less than BLW's 10.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BLW BlackRock Limited Duration Income Trust	10.95%	9.89%	9.39%	8.63%	8.26%	6.99%	7.39%	6.27%	7.14%	6.24%	9.68%	8.26%
NCV Virtus Convertible and Income Fund	9.39%	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 NCV and BLW in my portfolio?

NCV and BLW have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCV or BLW?

NCV has higher volatility (5.54%) compared to BLW (2.33%). In terms of maximum drawdown, NCV dropped -78.94% vs BLW's -44.13%.

Which has better risk-adjusted returns?

NCV currently has the higher Sharpe Ratio (2.83 vs -0.27), 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.