NIE vs. FFA
NIE (Virtus Equity & Convertible Income Fund) and FFA (First Trust Enhanced Equity Income Fund) are both Derivative Income funds. Both are actively managed. Over the past 10 years, NIE returned 13.71%/yr vs 13.58%/yr for FFA. Their 0.69 correlation means they have sometimes moved together and sometimes differently. NIE charges 1.12%/yr vs 1.22%/yr for FFA.
Performance
NIE vs. FFA - Performance Comparison
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Returns By Period
In the year-to-date period, NIE achieves a 10.15% return, which is significantly higher than FFA's 9.22% return. Both investments have delivered pretty close results over the past 10 years, with NIE having a 13.71% annualized return and FFA not far behind at 13.58%.
NIE
- 1D
- -0.27%
- 1M
- -1.09%
- 6M
- 8.58%
- YTD
- 10.15%
- 1Y
- 21.18%
- 3Y*
- 17.77%
- 5Y*
- 9.66%
- 10Y*
- 13.71%
- ALL TIME*
- 9.51%
FFA
- 1D
- 0.48%
- 1M
- 2.97%
- 6M
- 9.67%
- YTD
- 9.22%
- 1Y
- 20.86%
- 3Y*
- 17.11%
- 5Y*
- 9.43%
- 10Y*
- 13.58%
- ALL TIME*
- 8.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $569.46K | $515.05K | $619.77K | |
| $1.38M | $1.35M | $1.71M |
NIE vs. FFA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NIE Virtus Equity & Convertible Income Fund | 10.15% | 12.15% | 28.64% | 26.71% | -26.73% | 18.89% | 33.78% | 31.09% | -5.69% | 23.68% |
FFA First Trust Enhanced Equity Income Fund | 9.22% | 14.23% | 21.46% | 24.73% | -20.26% | 28.69% | 10.82% | 43.35% | -13.93% | 28.97% |
Correlation
The correlation between NIE and FFA is 0.75, 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. | 0.75 |
Correlation (3Y) Balances recent behavior with more history. | 0.73 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.77 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.70 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2007 | 0.69 |
The correlation between NIE and FFA has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.
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Return for Risk
NIE vs. FFA — Risk / Return Rank
NIE
FFA
NIE vs. FFA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus Equity & Convertible Income Fund (NIE) and First Trust Enhanced Equity Income Fund (FFA). 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 | FFA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.31 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | 2.06 | +0.30 |
| Martin ratioReturn relative to average drawdown | 9.18 | 9.00 | +0.18 |
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Drawdowns
NIE vs. FFA - Drawdown Comparison
The maximum NIE drawdown since its inception was -57.90%, roughly equal to the maximum FFA drawdown of -57.51%. Use the drawdown chart below to compare losses from any high point for NIE and FFA.
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Drawdown Indicators
| NIE | FFA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.90% | -57.51% | -0.39% |
Max Drawdown (1Y)Largest decline over 1 year | -8.99% | -10.15% | +1.16% |
Max Drawdown (3Y)Largest decline over 3 years | -20.79% | -19.94% | -0.85% |
Max Drawdown (5Y)Largest decline over 5 years | -31.04% | -29.96% | -1.08% |
Max Drawdown (10Y)Largest decline over 10 years | -38.99% | -44.35% | +5.36% |
Current DrawdownCurrent decline from peak | -2.08% | 0.00% | -2.08% |
Average DrawdownAverage peak-to-trough decline | -7.96% | -8.37% | +0.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.31% | 2.32% | -0.01% |
Volatility
NIE vs. FFA - Volatility Comparison
Virtus Equity & Convertible Income Fund (NIE) has a higher volatility of 3.77% compared to First Trust Enhanced Equity Income Fund (FFA) at 2.82%. This indicates that NIE's price experiences larger fluctuations and is considered to be riskier than FFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NIE | FFA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.77% | 2.82% | +0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 10.51% | 10.06% | +0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.59% | 12.42% | +0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.68% | 17.34% | +0.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.81% | 19.72% | +0.09% |
NIE vs. FFA - Expense Ratio Comparison
NIE has a 1.12% expense ratio, which is lower than FFA's 1.22% expense ratio.
Dividends
NIE vs. FFA - Dividend Comparison
NIE's dividend yield for the trailing twelve months is around 9.91%, more than FFA's 6.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FFA First Trust Enhanced Equity Income Fund | 6.68% | 6.70% | 6.59% | 6.90% | 7.99% | 5.92% | 6.47% | 6.61% | 8.82% | 6.83% | 7.07% | 7.12% |
NIE Virtus Equity & Convertible Income Fund | 9.91% | 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
NIE and FFA have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NIE has higher volatility (3.77%) compared to FFA (2.82%). In terms of maximum drawdown, NIE dropped -57.90% vs FFA's -57.51%.
NIE currently has the higher Sharpe Ratio (1.69 vs 1.69), 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.
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