NCV vs. PHRAX

Last updated Jun 26, 2026

NCV (Virtus Convertible and Income Fund) and PHRAX (Virtus Duff & Phelps Real Estate Securities Fund) are both mutual funds - NCV is a Preferred Stock/Convertible Bonds fund managed by Virtus, while PHRAX is a REIT fund managed by Virtus. Over the past 10 years, NCV returned 8.60%/yr vs 6.51%/yr for PHRAX. At a 0.38 correlation, their price movements are largely independent. NCV charges 0.03%/yr vs 1.36%/yr for PHRAX.

Performance

NCV vs. PHRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Convertible and Income Fund (NCV) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NCV achieves a 20.10% return, which is significantly higher than PHRAX's 17.26% return. Over the past 10 years, NCV has outperformed PHRAX with an annualized return of 8.60%, while PHRAX has yielded a comparatively lower 6.51% annualized return.

NCV

• 1D: -0.35%
• 1M: 0.86%
• YTD: 20.10%
• 6M: 17.46%
• 1Y: 37.90%
• 3Y*: 22.61%
• 5Y*: 4.68%
• 10Y*: 8.60%

PHRAX

• 1D: 0.15%
• 1M: 1.35%
• YTD: 17.26%
• 6M: 16.86%
• 1Y: 18.61%
• 3Y*: 13.05%
• 5Y*: 4.60%
• 10Y*: 6.51%

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

NCV vs. PHRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NCV Virtus Convertible and Income Fund	20.10%	22.57%	16.18%	12.66%	-34.02%	10.68%	11.64%	24.12%	-17.25%	23.24%
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	17.26%	0.23%	10.15%	10.98%	-26.33%	46.79%	-1.98%	27.09%	-7.41%	5.65%

Correlation

The correlation between NCV and PHRAX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Mar 31, 2003	0.38

The correlation between NCV and PHRAX shifts across timeframes, from 0.20 (1 year) to 0.46 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NCV vs. PHRAX — Risk / Return Rank

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

NCV

NCV Risk / Return Rank: 84
NCV Sharpe Ratio Rank: 88
NCV Sortino Ratio Rank: 82
NCV Omega Ratio Rank: 80
NCV Calmar Ratio Rank: 83
NCV Martin Ratio Rank: 85

PHRAX

PHRAX Risk / Return Rank: 26
PHRAX Sharpe Ratio Rank: 23
PHRAX Sortino Ratio Rank: 21
PHRAX Omega Ratio Rank: 22
PHRAX Calmar Ratio Rank: 37
PHRAX 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. PHRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Convertible and Income Fund (NCV) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX). 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	PHRAX	Difference
Sharpe ratio: Return per unit of total volatility	2.49	1.13	+1.36
Sortino ratio: Return per unit of downside risk	3.29	1.57	+1.72
Omega ratio: Gain probability vs. loss probability	1.43	1.20	+0.23
Calmar ratio: Return relative to maximum drawdown	3.35	1.98	+1.37
Martin ratio: Return relative to average drawdown	13.37	5.93	+7.44

NCV vs. PHRAX - Sharpe Ratio Comparison

The current NCV Sharpe Ratio is 2.49, which is higher than the PHRAX Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of NCV and PHRAX, 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. PHRAX - Drawdown Comparison

The maximum NCV drawdown since its inception was -78.94%, which is greater than PHRAX's maximum drawdown of -72.56%. Use the drawdown chart below to compare losses from any high point for NCV and PHRAX.

Drawdown Indicators

	NCV	PHRAX	Difference
Max Drawdown Largest peak-to-trough decline	-78.94%	-72.56%	-6.38%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-7.83%	-3.55%
Max Drawdown (3Y) Largest decline over 3 years	-17.80%	-19.09%	+1.29%
Max Drawdown (5Y) Largest decline over 5 years	-44.60%	-33.51%	-11.09%
Max Drawdown (10Y) Largest decline over 10 years	-56.18%	-42.00%	-14.18%
Current Drawdown Current decline from peak	-1.48%	0.00%	-1.48%
Average Drawdown Average peak-to-trough decline	-13.86%	-11.35%	-2.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	2.69%	+0.15%

Volatility

NCV vs. PHRAX - Volatility Comparison

The current volatility for Virtus Convertible and Income Fund (NCV) is 3.98%, while Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) has a volatility of 5.29%. This indicates that NCV experiences smaller price fluctuations and is considered to be less risky than PHRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCV	PHRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	5.29%	-1.31%
Volatility (6M) Calculated over the trailing 6-month period	12.54%	10.20%	+2.34%
Volatility (1Y) Calculated over the trailing 1-year period	15.32%	13.73%	+1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.62%	19.12%	+1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.85%	21.01%	+3.84%

NCV vs. PHRAX - Expense Ratio Comparison

NCV has a 0.03% expense ratio, which is lower than PHRAX's 1.36% expense ratio.

Dividends

NCV vs. PHRAX - Dividend Comparison

NCV's dividend yield for the trailing twelve months is around 9.43%, more than PHRAX's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	4.99%	5.93%	8.39%	12.35%	11.12%	4.45%	5.58%	21.34%	19.03%	18.54%	21.22%	20.04%

Frequently Asked Questions

Can I hold both NCV and PHRAX in my portfolio?

NCV and PHRAX have a correlation of 0.20, 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 PHRAX?

PHRAX has higher volatility (5.29%) compared to NCV (3.98%). In terms of maximum drawdown, NCV dropped -78.94% vs PHRAX's -72.56%.

Which has better risk-adjusted returns?

NCV currently has the higher Sharpe Ratio (2.49 vs 1.13), 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.