NIE vs. KNGLX

Last updated Aug 6, 2026

NIE (Virtus Equity & Convertible Income Fund) and KNGLX (CBOE Vest S&P 500 Dividend Aristocrats Target Income Fund) are both Derivative Income funds. NIE is actively managed, while KNGLX is passively managed. Over the past 5 years, NIE returned 9.66%/yr vs 5.11%/yr for KNGLX. Their 0.57 correlation means they have sometimes moved together and sometimes differently. NIE charges 1.12%/yr vs 1.20%/yr for KNGLX.

Performance

NIE vs. KNGLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Equity & Convertible Income Fund (NIE) and CBOE Vest S&P 500 Dividend Aristocrats Target Income Fund (KNGLX). 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 lower than KNGLX's 11.39% 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%

KNGLX

• 1D: 1.30%
• 1M: 1.47%
• 6M: 3.61%
• YTD: 11.39%
• 1Y: 14.62%
• 3Y*: 6.95%
• 5Y*: 5.11%
• 10Y*: —
• ALL TIME*: 7.88%

*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)
KNGLX CBOE Vest S&P 500 Dividend Aristocrats Target Income Fund	$0.00	$0.00	$0.00
NIE Virtus Equity & Convertible Income Fund	$1.38M	$1.35M	$1.71M

NIE vs. KNGLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
NIE Virtus Equity & Convertible Income Fund	10.15%	12.15%	28.64%	26.71%	-26.73%	18.89%	33.78%	31.09%	-5.69%
KNGLX CBOE Vest S&P 500 Dividend Aristocrats Target Income Fund	11.39%	6.43%	2.91%	6.46%	-7.29%	23.23%	7.08%	26.58%	-4.64%

Correlation

The correlation between NIE and KNGLX is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.18
Correlation (3Y) Balances recent behavior with more history.	0.37
Correlation (5Y) Shows whether the relationship held over a longer period.	0.53
Correlation (All Time) Calculated using the full available price history since Jan 2, 2018	0.57

Over the past year, the correlation between NIE and KNGLX has dropped to 0.18 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.

Return for Risk

NIE vs. KNGLX — 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

KNGLX

KNGLX Risk / Return Rank: 32
KNGLX Sharpe Ratio Rank: 34
KNGLX Sortino Ratio Rank: 38
KNGLX Omega Ratio Rank: 31
KNGLX Calmar Ratio Rank: 33
KNGLX Martin Ratio Rank: 26

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. KNGLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Equity & Convertible Income Fund (NIE) and CBOE Vest S&P 500 Dividend Aristocrats Target Income Fund (KNGLX). 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	KNGLX	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.32	+0.37
Sortino ratio: Return per unit of downside risk	2.38	2.02	+0.36
Omega ratio: Gain probability vs. loss probability	1.30	1.23	+0.07
Calmar ratio: Return relative to maximum drawdown	2.37	1.68	+0.69
Martin ratio: Return relative to average drawdown	9.18	4.40	+4.78

NIE vs. KNGLX - Sharpe Ratio Comparison

The current NIE Sharpe Ratio is 1.69, which is comparable to the KNGLX Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of NIE and KNGLX, 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. KNGLX - Drawdown Comparison

The maximum NIE drawdown since its inception was -57.90%, which is greater than KNGLX's maximum drawdown of -31.48%. Use the drawdown chart below to compare losses from any high point for NIE and KNGLX.

Drawdown Indicators

	NIE	KNGLX	Difference
Max Drawdown Largest peak-to-trough decline	-57.90%	-31.48%	-26.42%
Max Drawdown (1Y) Largest decline over 1 year	-8.99%	-8.90%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-20.79%	-14.79%	-6.00%
Max Drawdown (5Y) Largest decline over 5 years	-31.04%	-18.25%	-12.79%
Max Drawdown (10Y) Largest decline over 10 years	-38.99%	—	—
Current Drawdown Current decline from peak	-2.08%	-0.34%	-1.74%
Average Drawdown Average peak-to-trough decline	-7.96%	-4.57%	-3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	3.39%	-1.08%

Volatility

NIE vs. KNGLX - Volatility Comparison

The current volatility for Virtus Equity & Convertible Income Fund (NIE) is 3.77%, while CBOE Vest S&P 500 Dividend Aristocrats Target Income Fund (KNGLX) has a volatility of 4.58%. This indicates that NIE experiences smaller price fluctuations and is considered to be less risky than KNGLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NIE	KNGLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	4.58%	-0.81%
Volatility (6M) Calculated over the trailing 6-month period	10.51%	8.87%	+1.64%
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	11.38%	+1.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.68%	14.10%	+3.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.81%	17.09%	+2.72%

NIE vs. KNGLX - Expense Ratio Comparison

NIE has a 1.12% expense ratio, which is lower than KNGLX's 1.20% expense ratio.

Dividends

NIE vs. KNGLX - Dividend Comparison

NIE's dividend yield for the trailing twelve months is around 9.91%, less than KNGLX's 12.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KNGLX CBOE Vest S&P 500 Dividend Aristocrats Target Income Fund	12.04%	8.02%	9.60%	7.99%	4.54%	4.41%	3.53%	4.53%	4.74%	0.00%	0.00%	0.00%
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 KNGLX in my portfolio?

NIE and KNGLX have a correlation of 0.18, 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 KNGLX?

KNGLX has higher volatility (4.58%) compared to NIE (3.77%). In terms of maximum drawdown, NIE dropped -57.90% vs KNGLX's -31.48%.

Which has better risk-adjusted returns?

NIE currently has the higher Sharpe Ratio (1.69 vs 1.32), 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.