PBXIX vs. NCV
PBXIX (Rational/Pier 88 Convertible Securities Fund) and NCV (Virtus Convertible and Income Fund) are both Convertible Bonds funds. Over the past 5 years, PBXIX returned 3.06%/yr vs 4.63%/yr for NCV. Their 0.64 correlation means they have sometimes moved together and sometimes differently. PBXIX charges 0.99%/yr vs 0.03%/yr for NCV.
Performance
PBXIX vs. NCV - Performance Comparison
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Returns By Period
In the year-to-date period, PBXIX achieves a 10.10% return, which is significantly lower than NCV's 17.13% return.
PBXIX
- 1D
- 0.69%
- 1M
- -0.34%
- 6M
- 8.72%
- YTD
- 10.10%
- 1Y
- 10.85%
- 3Y*
- 8.26%
- 5Y*
- 3.06%
- 10Y*
- —
- ALL TIME*
- 5.98%
NCV
- 1D
- -0.30%
- 1M
- -2.87%
- 6M
- 10.02%
- YTD
- 17.13%
- 1Y
- 30.67%
- 3Y*
- 18.74%
- 5Y*
- 4.63%
- 10Y*
- 6.96%
- ALL TIME*
- 6.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.13M | $1.62M | $1.40M | |
| $0.00 | $0.00 | $0.00 |
PBXIX vs. NCV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PBXIX Rational/Pier 88 Convertible Securities Fund | 10.10% | 2.12% | 8.23% | 3.28% | -10.82% | 10.23% | 17.09% | 1.70% |
NCV Virtus Convertible and Income Fund | 17.13% | 22.57% | 16.18% | 12.66% | -34.02% | 10.68% | 11.64% | 1.82% |
Correlation
The correlation between PBXIX and NCV is 0.59, 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. | 0.59 |
Correlation (3Y) Balances recent behavior with more history. | 0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.66 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2019 | 0.64 |
The correlation between PBXIX and NCV has been stable across timeframes, ranging from 0.59 to 0.66 - a consistent structural relationship.
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Return for Risk
PBXIX vs. NCV — Risk / Return Rank
PBXIX
NCV
PBXIX vs. NCV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Rational/Pier 88 Convertible Securities Fund (PBXIX) and Virtus Convertible and Income Fund (NCV). 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.
| PBXIX | NCV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.32 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.90 | 2.59 | -0.70 |
| Martin ratioReturn relative to average drawdown | 7.25 | 9.70 | -2.45 |
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Drawdowns
PBXIX vs. NCV - Drawdown Comparison
The maximum PBXIX drawdown since its inception was -24.03%, smaller than the maximum NCV drawdown of -78.94%. Use the drawdown chart below to compare losses from any high point for PBXIX and NCV.
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Drawdown Indicators
| PBXIX | NCV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.03% | -78.94% | +54.91% |
Max Drawdown (1Y)Largest decline over 1 year | -5.16% | -11.38% | +6.22% |
Max Drawdown (3Y)Largest decline over 3 years | -10.71% | -17.80% | +7.09% |
Max Drawdown (5Y)Largest decline over 5 years | -15.57% | -44.60% | +29.03% |
Max Drawdown (10Y)Largest decline over 10 years | — | -56.18% | — |
Current DrawdownCurrent decline from peak | -0.68% | -4.03% | +3.35% |
Average DrawdownAverage peak-to-trough decline | -5.39% | -13.81% | +8.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.35% | 3.04% | -1.69% |
Volatility
PBXIX vs. NCV - Volatility Comparison
The current volatility for Rational/Pier 88 Convertible Securities Fund (PBXIX) is 1.55%, while Virtus Convertible and Income Fund (NCV) has a volatility of 5.96%. This indicates that PBXIX experiences smaller price fluctuations and is considered to be less risky than NCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBXIX | NCV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.55% | 5.96% | -4.41% |
Volatility (6M)Calculated over the trailing 6-month period | 5.36% | 13.62% | -8.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.20% | 16.05% | -8.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.64% | 20.65% | -12.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.41% | 24.86% | -13.45% |
PBXIX vs. NCV - Expense Ratio Comparison
PBXIX has a 0.99% expense ratio, which is higher than NCV's 0.03% expense ratio.
Dividends
PBXIX vs. NCV - Dividend Comparison
PBXIX's dividend yield for the trailing twelve months is around 4.97%, less than NCV's 9.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NCV Virtus Convertible and Income Fund | 9.74% | 10.77% | 11.76% | 12.86% | 15.00% | 8.75% | 9.41% | 11.61% | 15.03% | 11.10% | 12.23% | 17.69% |
PBXIX Rational/Pier 88 Convertible Securities Fund | 4.97% | 3.48% | 2.14% | 2.22% | 2.25% | 7.56% | 1.77% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PBXIX and NCV have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NCV has higher volatility (5.96%) compared to PBXIX (1.55%). In terms of maximum drawdown, PBXIX dropped -24.03% vs NCV's -78.94%.
NCV currently has the higher Sharpe Ratio (1.84 vs 1.36), 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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