NIE vs. PKSFX

Last updated Aug 6, 2026

NIE (Virtus Equity & Convertible Income Fund) and PKSFX (Virtus KAR Small-Cap Core Fund) are both mutual funds - NIE is a Derivative Income fund actively managed by Virtus, while PKSFX is a Mid Cap Growth Equities fund managed by Virtus. Over the past 10 years, NIE returned 13.71%/yr vs 15.36%/yr for PKSFX. Their 0.66 correlation means they have sometimes moved together and sometimes differently. NIE charges 1.12%/yr vs 1.00%/yr for PKSFX.

Performance

NIE vs. PKSFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Equity & Convertible Income Fund (NIE) and Virtus KAR Small-Cap Core Fund (PKSFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with NIE having a 10.15% return and PKSFX slightly higher at 10.42%. Over the past 10 years, NIE has underperformed PKSFX with an annualized return of 13.71%, while PKSFX has yielded a comparatively higher 15.36% 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%

PKSFX

• 1D: 1.26%
• 1M: -0.11%
• 6M: 1.00%
• YTD: 10.42%
• 1Y: 7.36%
• 3Y*: 10.07%
• 5Y*: 8.57%
• 10Y*: 15.36%
• ALL TIME*: 10.94%

*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)
NIE Virtus Equity & Convertible Income Fund	$1.38M	$1.35M	$1.71M
PKSFX Virtus KAR Small-Cap Core Fund	$0.00	$0.00	$0.00

NIE vs. PKSFX - 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%
PKSFX Virtus KAR Small-Cap Core Fund	10.42%	-2.58%	13.67%	32.32%	-10.77%	19.03%	21.38%	40.21%	-1.99%	34.98%

Correlation

The correlation between NIE and PKSFX is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (3Y) Balances recent behavior with more history.	0.53
Correlation (5Y) Shows whether the relationship held over a longer period.	0.64
Correlation (10Y) Provides a long-term view across more market conditions.	0.65
Correlation (All Time) Calculated using the full available price history since Feb 23, 2007	0.66

Over the past year, the correlation between NIE and PKSFX has dropped to 0.38 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

Return for Risk

NIE vs. PKSFX — 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

PKSFX

PKSFX Risk / Return Rank: 11
PKSFX Sharpe Ratio Rank: 10
PKSFX Sortino Ratio Rank: 12
PKSFX Omega Ratio Rank: 10
PKSFX Calmar Ratio Rank: 12
PKSFX Martin Ratio Rank: 9

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. PKSFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Equity & Convertible Income Fund (NIE) and Virtus KAR Small-Cap Core Fund (PKSFX). 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	PKSFX	Difference
Sharpe ratio: Return per unit of total volatility	1.69	0.49	+1.20
Sortino ratio: Return per unit of downside risk	2.38	0.86	+1.52
Omega ratio: Gain probability vs. loss probability	1.30	1.09	+0.21
Calmar ratio: Return relative to maximum drawdown	2.37	0.69	+1.68
Martin ratio: Return relative to average drawdown	9.18	1.36	+7.81

NIE vs. PKSFX - Sharpe Ratio Comparison

The current NIE Sharpe Ratio is 1.69, which is higher than the PKSFX Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of NIE and PKSFX, 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. PKSFX - Drawdown Comparison

The maximum NIE drawdown since its inception was -57.90%, which is greater than PKSFX's maximum drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for NIE and PKSFX.

Drawdown Indicators

	NIE	PKSFX	Difference
Max Drawdown Largest peak-to-trough decline	-57.90%	-54.46%	-3.44%
Max Drawdown (1Y) Largest decline over 1 year	-8.99%	-11.19%	+2.20%
Max Drawdown (3Y) Largest decline over 3 years	-20.79%	-21.82%	+1.03%
Max Drawdown (5Y) Largest decline over 5 years	-31.04%	-22.02%	-9.02%
Max Drawdown (10Y) Largest decline over 10 years	-38.99%	-33.45%	-5.54%
Current Drawdown Current decline from peak	-2.08%	-1.49%	-0.59%
Average Drawdown Average peak-to-trough decline	-7.96%	-7.15%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	5.62%	-3.31%

Volatility

NIE vs. PKSFX - Volatility Comparison

The current volatility for Virtus Equity & Convertible Income Fund (NIE) is 3.77%, while Virtus KAR Small-Cap Core Fund (PKSFX) has a volatility of 4.78%. This indicates that NIE experiences smaller price fluctuations and is considered to be less risky than PKSFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NIE	PKSFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	4.78%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	10.51%	11.16%	-0.65%
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	15.75%	-3.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.68%	18.01%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.81%	18.82%	+0.99%

NIE vs. PKSFX - Expense Ratio Comparison

NIE has a 1.12% expense ratio, which is higher than PKSFX's 1.00% expense ratio.

Dividends

NIE vs. PKSFX - Dividend Comparison

NIE's dividend yield for the trailing twelve months is around 9.91%, less than PKSFX's 12.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PKSFX Virtus KAR Small-Cap Core Fund	12.95%	14.30%	4.07%	4.12%	6.65%	12.05%	7.45%	4.03%	4.33%	0.17%	5.69%	19.83%

Frequently Asked Questions

Can I hold both NIE and PKSFX in my portfolio?

NIE and PKSFX have a correlation of 0.38, 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 PKSFX?

PKSFX has higher volatility (4.78%) compared to NIE (3.77%). In terms of maximum drawdown, NIE dropped -57.90% vs PKSFX's -54.46%.

Which has better risk-adjusted returns?

NIE currently has the higher Sharpe Ratio (1.69 vs 0.49), 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.