NIE vs. PUTW

Last updated Aug 6, 2026

NIE (Virtus Equity & Convertible Income Fund) and PUTW (WisdomTree PutWrite Strategy Fund) are both Derivative Income funds. NIE is actively managed, while PUTW is passively managed. Their 0.60 correlation means they have sometimes moved together and sometimes differently. NIE charges 1.12%/yr vs 0.44%/yr for PUTW.

Performance

NIE vs. PUTW - Performance Comparison

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

Returns By Period

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%

PUTW

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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

NIE vs. PUTW - 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%
PUTW WisdomTree PutWrite Strategy Fund	0.00%	-2.80%	17.19%	14.01%	-11.11%	20.92%	1.67%	13.55%	-8.07%	9.88%

Correlation

The correlation between NIE and PUTW is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (3Y) Balances recent behavior with more history.	0.51
Correlation (5Y) Shows whether the relationship held over a longer period.	0.59
Correlation (10Y) Provides a long-term view across more market conditions.	0.61
Correlation (All Time) Calculated using the full available price history since Feb 24, 2016	0.60

The correlation between NIE and PUTW has been stable across timeframes, ranging from 0.51 to 0.61 - a consistent structural relationship.

Return for Risk

NIE vs. PUTW — 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

PUTW

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. PUTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Equity & Convertible Income Fund (NIE) and WisdomTree PutWrite Strategy Fund (PUTW). 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	PUTW	Difference
Sharpe ratio: Return per unit of total volatility	1.69	—	—
Sortino ratio: Return per unit of downside risk	2.38	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	2.37	—	—
Martin ratio: Return relative to average drawdown	9.18	—	—

Drawdowns

Drawdown Indicators

	NIE	PUTW	Difference
Max Drawdown Largest peak-to-trough decline	-57.90%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-8.99%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-20.79%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.04%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.99%	—	—
Current Drawdown Current decline from peak	-2.08%	—	—
Average Drawdown Average peak-to-trough decline	-7.96%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	—	—

Volatility

Volatility by Period

	NIE	PUTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.51%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.68%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.81%	—	—

NIE vs. PUTW - Expense Ratio Comparison

NIE has a 1.12% expense ratio, which is higher than PUTW's 0.44% expense ratio.

Dividends

NIE vs. PUTW - Dividend Comparison

NIE's dividend yield for the trailing twelve months is around 9.91%, while PUTW has not paid dividends to shareholders.

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%
PUTW WisdomTree PutWrite Strategy Fund	0.00%	4.16%	11.99%	7.63%	2.16%	0.00%	1.43%	1.47%	5.49%	3.33%	2.27%	0.00%

Frequently Asked Questions

Can I hold both NIE and PUTW in my portfolio?

NIE and PUTW have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.