NCV vs SPY
NCV vs SPY
Virtus Convertible & Income Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. NCV delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | NCV | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.45% | 0.09% | |
| AUM | $418M | $789.1B | |
| Dividend Yield | 8.42% | 1.01% | |
| Holdings | 220 | 505 | |
| YTD Return | +18.35% | +13.10% | |
| 1Y Return | +31.59% | +22.80% | |
| 3Y Return (annualized) | +20.31% | +20.98% | |
| 5Y Return (annualized) | +4.30% | +13.20% | |
| Volatility (annualized) | 26.1% | 15.3% | |
| Max Drawdown | -84.8% | -56.5% | |
| Fund Family | Virtus Investment Partners | State Street Investment Management | |
| Category | Convertible | Equity | |
| Inception | Mar 31, 2003 | Jan 22, 1993 |
NCV vs SPY Performance
Virtus Convertible & Income Fund (NCV) is a ETF from Virtus Investment Partners and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year NCV returned +31.59% while SPY returned +22.80%. Year to date, NCV is up 18.35% versus a gain of 13.10% for SPY.
Over three years, NCV compounded at +20.31% per year against +20.98% for SPY; over five years the annualized figures are +4.30% and +13.20% respectively. Across the full 23-year window we track, SPY has the edge at +8.83% annualized vs -2.67%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
NCV has been the more volatile fund, with annualized monthly volatility of 26.1% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -84.8% for NCV and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.71. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
NCV charges 1.45% per year while SPY charges 0.09%. On a $10,000 position that is $145 vs $9 annually, a gap of $136 per year that compounds over a long holding period. On income, NCV currently yields 8.42% against 1.01% for SPY.
Holdings Overlap
NCV and SPY share 27 holdings out of 573 unique holdings combined, representing a 3.5% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in NCV | Weight in SPY | Difference |
|---|---|---|---|
| LITE | 3.80% | 0.09% | 3.71% |
| WDC | 2.64% | 0.31% | 2.33% |
| BA | 1.75% | 0.29% | 1.46% |
| NEE | Pro | Pro | Pro |
| AMD | Pro | Pro | Pro |
| LYV | Pro | Pro | Pro |
| ORCL | Pro | Pro | Pro |
| PCG | Pro | Pro | Pro |
| STX | Pro | Pro | Pro |
| SO | Pro | Pro | Pro |
See all 10 holdings NCV shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, NCV or SPY?
NCV has an expense ratio of 1.45% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $136 per year of difference.
Which performed better, NCV or SPY?
Over the past year NCV returned +31.59% vs +22.80% for SPY, so NCV leads on 1-year performance. Over the longest common window we track (23 years), NCV annualized -2.67% vs +8.83% for SPY. Past performance does not guarantee future results.
Which is riskier, NCV or SPY?
NCV has been the more volatile fund at 26.1% annualized versus 15.3% for SPY. Worst drawdown: NCV -84.8% vs SPY -56.5%.
Should I hold both NCV and SPY?
NCV and SPY have a monthly-return correlation of 0.71, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between NCV and SPY?
NCV and SPY share 27 common holdings with a 3.5% weight overlap. Combined, they hold 573 unique securities.
Which pays a higher dividend, NCV or SPY?
NCV yields 8.42% while SPY yields 1.01%, so NCV currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.