PSTAX vs. NCZ

Last updated Jun 4, 2026

PSTAX (Virtus KAR Capital Growth Fund) and NCZ (Virtus Convertible and Income Fund II) are both mutual funds - PSTAX is a Large Cap Growth Equities fund managed by Virtus, while NCZ is a Convertible Bonds fund managed by Virtus. Over the past 10 years, PSTAX returned 13.73%/yr vs 8.98%/yr for NCZ. At a 0.49 correlation, their price movements are largely independent. PSTAX charges 1.20%/yr vs 0.03%/yr for NCZ.

Performance

PSTAX vs. NCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus KAR Capital Growth Fund (PSTAX) and Virtus Convertible and Income Fund II (NCZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSTAX achieves a 7.63% return, which is significantly lower than NCZ's 18.39% return. Over the past 10 years, PSTAX has outperformed NCZ with an annualized return of 13.73%, while NCZ has yielded a comparatively lower 8.98% annualized return.

PSTAX

• 1D: -0.28%
• 1M: 11.00%
• YTD: 7.63%
• 6M: 5.82%
• 1Y: 10.30%
• 3Y*: 17.97%
• 5Y*: 7.04%
• 10Y*: 13.73%

NCZ

• 1D: -1.69%
• 1M: 3.34%
• YTD: 18.39%
• 6M: 18.55%
• 1Y: 41.62%
• 3Y*: 23.93%
• 5Y*: 6.41%
• 10Y*: 8.98%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PSTAX vs. NCZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSTAX Virtus KAR Capital Growth Fund	7.63%	6.85%	25.19%	34.35%	-35.74%	11.70%	46.13%	42.83%	-8.07%	35.13%
NCZ Virtus Convertible and Income Fund II	18.39%	23.23%	18.40%	17.75%	-35.93%	9.24%	11.04%	27.19%	-18.66%	24.89%

Correlation

The correlation between PSTAX and NCZ is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jul 30, 2003	0.49

The correlation between PSTAX and NCZ shifts across timeframes, from 0.49 (all time) to 0.63 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PSTAX vs. NCZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PSTAX

PSTAX Risk / Return Rank: 7
PSTAX Sharpe Ratio Rank: 8
PSTAX Sortino Ratio Rank: 8
PSTAX Omega Ratio Rank: 8
PSTAX Calmar Ratio Rank: 6
PSTAX Martin Ratio Rank: 6

NCZ

NCZ Risk / Return Rank: 74
NCZ Sharpe Ratio Rank: 79
NCZ Sortino Ratio Rank: 66
NCZ Omega Ratio Rank: 65
NCZ Calmar Ratio Rank: 77
NCZ Martin Ratio Rank: 84

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PSTAX vs. NCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus KAR Capital Growth Fund (PSTAX) and Virtus Convertible and Income Fund II (NCZ). 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.

	PSTAX	NCZ	Difference
Sharpe ratio: Return per unit of total volatility	0.64	2.58	-1.94
Sortino ratio: Return per unit of downside risk	1.00	3.41	-2.41
Omega ratio: Gain probability vs. loss probability	1.12	1.45	-0.33
Calmar ratio: Return relative to maximum drawdown	0.55	3.50	-2.95
Martin ratio: Return relative to average drawdown	1.72	15.76	-14.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSTAX vs. NCZ - Sharpe Ratio Comparison

The current PSTAX Sharpe Ratio is 0.64, which is lower than the NCZ Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of PSTAX and NCZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PSTAX	NCZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	2.58	-1.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.30	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.37	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.23	+0.11

Drawdowns

PSTAX vs. NCZ - Drawdown Comparison

The maximum PSTAX drawdown since its inception was -76.37%, roughly equal to the maximum NCZ drawdown of -79.48%. Use the drawdown chart below to compare losses from any high point for PSTAX and NCZ.

Drawdown Indicators

	PSTAX	NCZ	Difference
Max Drawdown Largest peak-to-trough decline	-76.37%	-79.48%	+3.11%
Max Drawdown (1Y) Largest decline over 1 year	-19.58%	-11.94%	-7.64%
Max Drawdown (3Y) Largest decline over 3 years	-29.63%	-19.54%	-10.09%
Max Drawdown (5Y) Largest decline over 5 years	-44.54%	-43.93%	-0.61%
Max Drawdown (10Y) Largest decline over 10 years	-44.54%	-56.08%	+11.54%
Current Drawdown Current decline from peak	-3.53%	-1.69%	-1.84%
Average Drawdown Average peak-to-trough decline	-31.92%	-14.35%	-17.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.25%	2.65%	+3.60%

Volatility

PSTAX vs. NCZ - Volatility Comparison

Virtus KAR Capital Growth Fund (PSTAX) and Virtus Convertible and Income Fund II (NCZ) have volatilities of 5.47% and 5.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSTAX	NCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.47%	5.45%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	13.60%	12.69%	+0.91%
Volatility (1Y) Calculated over the trailing 1-year period	16.84%	16.21%	+0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.19%	21.32%	+3.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.66%	24.27%	-0.61%

PSTAX vs. NCZ - Expense Ratio Comparison

PSTAX has a 1.20% expense ratio, which is higher than NCZ's 0.03% expense ratio.

Dividends

PSTAX vs. NCZ - Dividend Comparison

PSTAX's dividend yield for the trailing twelve months is around 7.04%, less than NCZ's 9.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCZ Virtus Convertible and Income Fund II	9.20%	10.45%	11.50%	12.84%	15.62%	8.82%	9.28%	11.28%	15.33%	13.80%	12.08%	18.02%
PSTAX Virtus KAR Capital Growth Fund	7.04%	7.58%	14.19%	6.07%	23.19%	7.73%	3.15%	2.71%	11.57%	6.28%	8.98%	4.59%

Frequently Asked Questions

Can I hold both PSTAX and NCZ in my portfolio?

PSTAX and NCZ have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSTAX or NCZ?

PSTAX has higher volatility (5.47%) compared to NCZ (5.45%). In terms of maximum drawdown, PSTAX dropped -76.37% vs NCZ's -79.48%.

Which has better risk-adjusted returns?

NCZ currently has the higher Sharpe Ratio (2.58 vs 0.64), 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.