NIE vs. EDF

Last updated Jul 14, 2026

NIE (Virtus Equity & Convertible Income Fund) and EDF (Virtus Stone Harbor Emerging Markets Income Fund) are both mutual funds - NIE is a Derivative Income fund actively managed by Virtus, while EDF is a Emerging Markets Bonds fund actively managed by Virtus. Both are actively managed. Over the past 10 years, NIE returned 14.03%/yr vs 4.31%/yr for EDF. At a 0.35 correlation, their price movements are largely independent. NIE charges 1.12%/yr vs 1.45%/yr for EDF.

Performance

NIE vs. EDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Equity & Convertible Income Fund (NIE) and Virtus Stone Harbor Emerging Markets Income Fund (EDF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NIE achieves a 11.03% return, which is significantly lower than EDF's 17.95% return. Over the past 10 years, NIE has outperformed EDF with an annualized return of 14.03%, while EDF has yielded a comparatively lower 4.31% annualized return.

NIE

• 1D: -0.86%
• 1M: 1.96%
• 6M: 7.70%
• YTD: 11.03%
• 1Y: 23.38%
• 3Y*: 17.80%
• 5Y*: 9.75%
• 10Y*: 14.03%

EDF

• 1D: -1.46%
• 1M: -1.63%
• 6M: 18.91%
• YTD: 17.95%
• 1Y: 23.96%
• 3Y*: 22.46%
• 5Y*: 5.32%
• 10Y*: 4.31%

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

NIE vs. EDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NIE Virtus Equity & Convertible Income Fund	11.03%	12.15%	28.64%	26.71%	-26.73%	18.89%	33.78%	31.09%	-5.69%	23.68%
EDF Virtus Stone Harbor Emerging Markets Income Fund	17.95%	22.24%	25.54%	21.63%	-27.96%	-8.47%	-31.14%	45.06%	-18.24%	24.22%

Correlation

The correlation between NIE and EDF is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Dec 27, 2010	0.35

The correlation between NIE and EDF shifts across timeframes, from 0.26 (1 year) to 0.36 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

NIE vs. EDF — Risk / Return Rank

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

NIE

NIE Risk / Return Rank: 72
NIE Sharpe Ratio Rank: 74
NIE Sortino Ratio Rank: 73
NIE Omega Ratio Rank: 70
NIE Calmar Ratio Rank: 71
NIE Martin Ratio Rank: 75

EDF

EDF Risk / Return Rank: 57
EDF Sharpe Ratio Rank: 50
EDF Sortino Ratio Rank: 57
EDF Omega Ratio Rank: 48
EDF Calmar Ratio Rank: 69
EDF 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.

NIE vs. EDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Equity & Convertible Income Fund (NIE) and Virtus Stone Harbor Emerging Markets Income Fund (EDF). 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.

	NIE	EDF	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.59	+0.32
Sortino ratio: Return per unit of downside risk	2.70	2.40	+0.30
Omega ratio: Gain probability vs. loss probability	1.35	1.28	+0.06
Calmar ratio: Return relative to maximum drawdown	2.61	2.55	+0.06
Martin ratio: Return relative to average drawdown	10.69	9.64	+1.06

NIE vs. EDF - Sharpe Ratio Comparison

The current NIE Sharpe Ratio is 1.92, which is comparable to the EDF Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of NIE and EDF, 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

NIE vs. EDF - Drawdown Comparison

The maximum NIE drawdown since its inception was -57.90%, smaller than the maximum EDF drawdown of -64.23%. Use the drawdown chart below to compare losses from any high point for NIE and EDF.

Drawdown Indicators

	NIE	EDF	Difference
Max Drawdown Largest peak-to-trough decline	-57.90%	-64.23%	+6.33%
Max Drawdown (1Y) Largest decline over 1 year	-8.99%	-9.44%	+0.45%
Max Drawdown (3Y) Largest decline over 3 years	-20.79%	-24.32%	+3.53%
Max Drawdown (5Y) Largest decline over 5 years	-31.04%	-52.47%	+21.43%
Max Drawdown (10Y) Largest decline over 10 years	-38.99%	-64.23%	+25.24%
Current Drawdown Current decline from peak	-1.30%	-3.37%	+2.07%
Average Drawdown Average peak-to-trough decline	-7.97%	-21.35%	+13.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	2.49%	-0.30%

Volatility

NIE vs. EDF - Volatility Comparison

The current volatility for Virtus Equity & Convertible Income Fund (NIE) is 4.76%, while Virtus Stone Harbor Emerging Markets Income Fund (EDF) has a volatility of 5.61%. This indicates that NIE experiences smaller price fluctuations and is considered to be less risky than EDF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NIE	EDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	5.61%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	10.21%	12.45%	-2.24%
Volatility (1Y) Calculated over the trailing 1-year period	12.28%	15.16%	-2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.68%	25.75%	-8.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.80%	30.70%	-10.90%

NIE vs. EDF - Expense Ratio Comparison

NIE has a 1.12% expense ratio, which is lower than EDF's 1.45% expense ratio.

Dividends

NIE vs. EDF - Dividend Comparison

NIE's dividend yield for the trailing twelve months is around 9.83%, less than EDF's 13.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EDF Virtus Stone Harbor Emerging Markets Income Fund	13.31%	14.49%	15.32%	16.71%	17.31%	12.91%	16.46%	15.67%	19.37%	13.58%	14.75%	17.93%
NIE Virtus Equity & Convertible Income Fund	9.83%	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 NIE and EDF in my portfolio?

NIE and EDF have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NIE or EDF?

EDF has higher volatility (5.61%) compared to NIE (4.76%). In terms of maximum drawdown, NIE dropped -57.90% vs EDF's -64.23%.

Which has better risk-adjusted returns?

NIE currently has the higher Sharpe Ratio (1.92 vs 1.59), 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.