NCV vs. CXGCX

Last updated Aug 1, 2026

NCV (Virtus Convertible and Income Fund) and CXGCX (Calamos Global Convertible Fund) are both Convertible Bonds funds. Over the past 10 years, NCV returned 6.96%/yr vs 8.96%/yr for CXGCX. Their 0.61 correlation means they have sometimes moved together and sometimes differently. NCV charges 0.03%/yr vs 1.03%/yr for CXGCX.

Performance

NCV vs. CXGCX - Performance Comparison

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

Returns By Period

In the year-to-date period, NCV achieves a 17.13% return, which is significantly higher than CXGCX's 14.10% return. Over the past 10 years, NCV has underperformed CXGCX with an annualized return of 6.96%, while CXGCX has yielded a comparatively higher 8.96% annualized return.

NCV

• 1D: -0.30%
• 1M: -2.87%
• 6M: 10.02%
• YTD: 17.13%
• 1Y: 30.67%
• 3Y*: 18.74%
• 5Y*: 4.63%
• 10Y*: 6.96%
• ALL TIME*: 6.47%

CXGCX

• 1D: 1.49%
• 1M: -0.13%
• 6M: 10.80%
• YTD: 14.10%
• 1Y: 23.25%
• 3Y*: 14.87%
• 5Y*: 5.30%
• 10Y*: 8.96%
• ALL TIME*: 7.92%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CXGCX Calamos Global Convertible Fund	$0.00	$0.00	$0.00
NCV Virtus Convertible and Income Fund	$1.13M	$1.62M	$1.40M

NCV vs. CXGCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NCV Virtus Convertible and Income Fund	17.13%	22.57%	16.18%	12.66%	-34.02%	10.68%	11.64%	24.12%	-17.25%	23.24%
CXGCX Calamos Global Convertible Fund	14.10%	18.49%	10.98%	13.48%	-22.06%	-0.31%	38.60%	15.18%	-2.76%	14.25%

Correlation

The correlation between NCV and CXGCX is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (10Y) Provides a long-term view across more market conditions.	0.63
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.61

The correlation between NCV and CXGCX shifts across timeframes, from 0.61 (all time) to 0.71 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NCV vs. CXGCX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NCV

NCV Risk / Return Rank: 75
NCV Sharpe Ratio Rank: 77
NCV Sortino Ratio Rank: 71
NCV Omega Ratio Rank: 70
NCV Calmar Ratio Rank: 78
NCV Martin Ratio Rank: 78

CXGCX

CXGCX Risk / Return Rank: 85
CXGCX Sharpe Ratio Rank: 84
CXGCX Sortino Ratio Rank: 82
CXGCX Omega Ratio Rank: 78
CXGCX Calmar Ratio Rank: 94
CXGCX Martin Ratio Rank: 87

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NCV vs. CXGCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Convertible and Income Fund (NCV) and Calamos Global Convertible Fund (CXGCX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NCV	CXGCX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.07	-0.23
Sortino ratio: Return per unit of downside risk	2.48	2.93	-0.45
Omega ratio: Gain probability vs. loss probability	1.32	1.36	-0.04
Calmar ratio: Return relative to maximum drawdown	2.59	3.95	-1.36
Martin ratio: Return relative to average drawdown	9.70	11.29	-1.59

NCV vs. CXGCX - Sharpe Ratio Comparison

The current NCV Sharpe Ratio is 1.84, which is comparable to the CXGCX Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of NCV and CXGCX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NCV vs. CXGCX - Drawdown Comparison

The maximum NCV drawdown since its inception was -78.94%, which is greater than CXGCX's maximum drawdown of -30.74%. Use the drawdown chart below to compare losses from any high point for NCV and CXGCX.

Drawdown Indicators

	NCV	CXGCX	Difference
Max Drawdown Largest peak-to-trough decline	-78.94%	-30.74%	-48.20%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-5.75%	-5.63%
Max Drawdown (3Y) Largest decline over 3 years	-17.80%	-8.92%	-8.88%
Max Drawdown (5Y) Largest decline over 5 years	-44.60%	-28.88%	-15.72%
Max Drawdown (10Y) Largest decline over 10 years	-56.18%	-30.74%	-25.44%
Current Drawdown Current decline from peak	-4.03%	-2.83%	-1.20%
Average Drawdown Average peak-to-trough decline	-13.81%	-7.19%	-6.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	2.01%	+1.03%

Volatility

NCV vs. CXGCX - Volatility Comparison

Virtus Convertible and Income Fund (NCV) has a higher volatility of 5.96% compared to Calamos Global Convertible Fund (CXGCX) at 2.92%. This indicates that NCV's price experiences larger fluctuations and is considered to be riskier than CXGCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCV	CXGCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.96%	2.92%	+3.04%
Volatility (6M) Calculated over the trailing 6-month period	13.62%	8.64%	+4.98%
Volatility (1Y) Calculated over the trailing 1-year period	16.05%	10.98%	+5.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.65%	9.83%	+10.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.86%	9.58%	+15.28%

NCV vs. CXGCX - Expense Ratio Comparison

NCV has a 0.03% expense ratio, which is lower than CXGCX's 1.03% expense ratio.

Dividends

NCV vs. CXGCX - Dividend Comparison

NCV's dividend yield for the trailing twelve months is around 9.74%, more than CXGCX's 4.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CXGCX Calamos Global Convertible Fund	4.69%	5.15%	0.00%	0.39%	0.00%	14.77%	8.19%	2.36%	5.75%	3.73%	2.22%	1.30%
NCV Virtus Convertible and Income Fund	9.74%	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 CXGCX in my portfolio?

NCV and CXGCX have a correlation of 0.71, 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 CXGCX?

NCV has higher volatility (5.96%) compared to CXGCX (2.92%). In terms of maximum drawdown, NCV dropped -78.94% vs CXGCX's -30.74%.

Which has better risk-adjusted returns?

CXGCX currently has the higher Sharpe Ratio (2.07 vs 1.84), 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.