NIE vs. HYT

Last updated Aug 6, 2026

NIE (Virtus Equity & Convertible Income Fund) and HYT (BlackRock Corporate High Yield Fund) are both mutual funds - NIE is a Derivative Income fund actively managed by Virtus, while HYT is a High Yield Bonds fund actively managed by BlackRock. Both are actively managed. Over the past 10 years, NIE returned 13.71%/yr vs 6.82%/yr for HYT. Their 0.48 correlation means their historical movements had little consistent relationship. NIE charges 1.12%/yr vs 2.83%/yr for HYT.

Performance

NIE vs. HYT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Equity & Convertible Income Fund (NIE) and BlackRock Corporate High Yield Fund (HYT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NIE achieves a 10.15% return, which is significantly higher than HYT's 1.16% return. Over the past 10 years, NIE has outperformed HYT with an annualized return of 13.71%, while HYT has yielded a comparatively lower 6.82% annualized return.

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%

HYT

• 1D: 0.48%
• 1M: -0.61%
• 6M: 0.67%
• YTD: 1.16%
• 1Y: -4.44%
• 3Y*: 8.07%
• 5Y*: 1.88%
• 10Y*: 6.82%
• ALL TIME*: 7.63%

*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)
HYT BlackRock Corporate High Yield Fund	$7.13M	$6.67M	$6.54M
NIE Virtus Equity & Convertible Income Fund	$1.38M	$1.35M	$1.71M

NIE vs. HYT - 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%
HYT BlackRock Corporate High Yield Fund	1.16%	0.06%	14.43%	19.92%	-22.58%	16.62%	11.55%	31.19%	-7.81%	8.99%

Correlation

The correlation between NIE and HYT is 0.50, 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.	0.50
Correlation (3Y) Balances recent behavior with more history.	0.41
Correlation (5Y) Shows whether the relationship held over a longer period.	0.50
Correlation (10Y) Provides a long-term view across more market conditions.	0.49
Correlation (All Time) Calculated using the full available price history since Feb 23, 2007	0.48

The correlation between NIE and HYT has been stable across timeframes, ranging from 0.41 to 0.50 - a consistent structural relationship.

Return for Risk

NIE vs. HYT — Risk / Return Rank

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

NIE

NIE Risk / Return Rank: 55
NIE Sharpe Ratio Rank: 55
NIE Sortino Ratio Rank: 53
NIE Omega Ratio Rank: 49
NIE Calmar Ratio Rank: 58
NIE Martin Ratio Rank: 60

HYT

HYT Risk / Return Rank: 1
HYT Sharpe Ratio Rank: 1
HYT Sortino Ratio Rank: 1
HYT Omega Ratio Rank: 1
HYT Calmar Ratio Rank: 1
HYT Martin Ratio Rank: 1

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.

NIE vs. HYT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Equity & Convertible Income Fund (NIE) and BlackRock Corporate High Yield Fund (HYT). 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	HYT	Difference
Sharpe ratio: Return per unit of total volatility	1.69	-0.45	+2.14
Sortino ratio: Return per unit of downside risk	2.38	-0.56	+2.94
Omega ratio: Gain probability vs. loss probability	1.30	0.93	+0.37
Calmar ratio: Return relative to maximum drawdown	2.37	-0.44	+2.80
Martin ratio: Return relative to average drawdown	9.18	-0.96	+10.14

NIE vs. HYT - Sharpe Ratio Comparison

The current NIE Sharpe Ratio is 1.69, which is higher than the HYT Sharpe Ratio of -0.45. The chart below compares the historical Sharpe Ratios of NIE and HYT, 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. HYT - Drawdown Comparison

The maximum NIE drawdown since its inception was -57.90%, roughly equal to the maximum HYT drawdown of -56.95%. Use the drawdown chart below to compare losses from any high point for NIE and HYT.

Drawdown Indicators

	NIE	HYT	Difference
Max Drawdown Largest peak-to-trough decline	-57.90%	-56.95%	-0.95%
Max Drawdown (1Y) Largest decline over 1 year	-8.99%	-10.17%	+1.18%
Max Drawdown (3Y) Largest decline over 3 years	-20.79%	-13.95%	-6.84%
Max Drawdown (5Y) Largest decline over 5 years	-31.04%	-29.05%	-1.99%
Max Drawdown (10Y) Largest decline over 10 years	-38.99%	-42.59%	+3.60%
Current Drawdown Current decline from peak	-2.08%	-4.92%	+2.84%
Average Drawdown Average peak-to-trough decline	-7.96%	-5.90%	-2.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	4.64%	-2.33%

Volatility

NIE vs. HYT - Volatility Comparison

Virtus Equity & Convertible Income Fund (NIE) has a higher volatility of 3.77% compared to BlackRock Corporate High Yield Fund (HYT) at 1.80%. This indicates that NIE's price experiences larger fluctuations and is considered to be riskier than HYT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NIE	HYT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	1.80%	+1.97%
Volatility (6M) Calculated over the trailing 6-month period	10.51%	6.81%	+3.70%
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	9.91%	+2.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.68%	14.38%	+3.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.81%	16.90%	+2.91%

NIE vs. HYT - Expense Ratio Comparison

NIE has a 1.12% expense ratio, which is lower than HYT's 2.83% expense ratio.

Dividends

NIE vs. HYT - Dividend Comparison

NIE's dividend yield for the trailing twelve months is around 9.91%, less than HYT's 11.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYT BlackRock Corporate High Yield Fund	11.08%	10.50%	9.53%	9.91%	9.80%	7.58%	8.18%	7.92%	9.20%	7.68%	8.23%	10.18%
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

Can I hold both NIE and HYT in my portfolio?

NIE and HYT have a correlation of 0.50, 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 HYT?

NIE has higher volatility (3.77%) compared to HYT (1.80%). In terms of maximum drawdown, NIE dropped -57.90% vs HYT's -56.95%.

Which has better risk-adjusted returns?

NIE currently has the higher Sharpe Ratio (1.69 vs -0.45), 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.