IVV vs NCZ
iShares Core S&P 500 ETF vs Virtus Convertible & Income Fund II
Which is better, IVV or NCZ?
Large Cap Blend against Convertibles.
IVV has a lower expense ratio. IVV led over 1Y, 5Y and the full window, NCZ over 3Y.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | IVV | NCZ |
|---|---|---|
| Expense Ratio | 0.03%Best | 1.44% |
| AUM | $876.4B | $305M |
| Dividend Yield | 1.06% | 8.91% |
| Holdings | 508 | 220 |
| YTD Return | +13.32% | +13.60%Best |
| 1Y Return | +17.08%Best | +15.78% |
| 3Y Return (annualized) | +22.72% | +23.69%Best |
| 5Y Return (annualized) | +13.20%Best | +4.19% |
| Volatility (annualized) | 14.5%Best | 25.6% |
| Max Drawdown | -56.5%Best | -85.6% |
| $10,000 over 5 years | $18,588Best | $12,278 |
| Fund Family | iShares by BlackRock (US) | Virtus Investment Partners |
| Category | Equity | Convertible |
| Style | Large Cap Blend | Convertibles |
| Inception | May 15, 2000 | Jul 31, 2003 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jul 29, 2003 to Sep 23, 2026 (23.2 years).
IVV vs NCZ growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
IVV vs NCZ Performance
iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US) and Virtus Convertible & Income Fund II (NCZ) is an ETF from Virtus Investment Partners. Over the past year IVV returned +17.08% while NCZ returned +15.78%. Year to date, IVV is up 13.32% versus a gain of 13.60% for NCZ.
Over three years, IVV compounded at +22.72% per year against +23.69% for NCZ; over five years the annualized figures are +13.20% and +4.19% respectively. Across the full 23-year window we track, IVV has the edge at +9.62% annualized vs -3.25%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
NCZ has been the more volatile fund, with annualized monthly volatility of 25.6% compared with 14.5% for IVV. 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 -56.5% for IVV and -85.6% for NCZ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.73. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
IVV charges 0.03% per year while NCZ charges 1.44%. On a $10,000 position that is $3 vs $144 annually, a gap of $141 per year that compounds over a long holding period. On income, IVV currently yields 1.06% against 8.91% for NCZ.
Holdings Overlap
At least 4.1% of IVV's money is in holdings NCZ also owns.
Stated as a floor: for NCZ, our book for it covers 62.2% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
IVV and NCZ share little of their money.
The two holdings books were reported 185 days apart, IVV as of Aug 31, 2026 and NCZ as of Feb 27, 2026, so some of the difference between them is the time between the two reports rather than the funds.
27 positions in common, counted across the 490 positions we hold weights for in IVV and 98 in NCZ, against full books of 508 and 220.
Top Shared Holdings
| Stock | Weight in IVV | Weight in NCZ | Difference |
|---|---|---|---|
| LITELumentum Holdings Inc | 0.11% | 3.94% | 3.83% |
| WDCWestern Digital Corp Company Guar 11/28 3 | 0.23% | 2.73% | 2.50% |
| BABoeing Co. (The) | 0.25% | 1.81% | 1.56% |
| NEENextera Energy Inc | 0.26% | 1.65% | 1.39% |
| AMDAdvanced Micro Devices Inc | 1.16% | 0.41% | 0.75% |
| LYVLive Nation Entertainment Inc | 0.04% | 1.51% | 1.47% |
| ORCLOracle Corp - Common | 0.38% | 0.91% | 0.53% |
| PCGPg&E Corp. | 0.04% | 1.03% | 0.99% |
| STXSeagate Technology Holdings Plc | 0.28% | 0.76% | 0.48% |
| SOSouthern Co. | 0.15% | 0.84% | 0.69% |
You are not choosing between two funds in isolation.
Whichever of IVV and NCZ you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IVV or NCZ?
IVV has an expense ratio of 0.03% while NCZ charges 1.44%. IVV is the cheaper option, by $141 a year on a $10,000 investment.
Which performed better, IVV or NCZ?
Over the past year IVV returned +17.08% vs +15.78% for NCZ, so IVV leads on 1-year performance. Over the longest common window we track (23 years), IVV annualized +9.62% vs -3.25% for NCZ. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IVV or NCZ?
NCZ has been the more volatile fund at 25.6% annualized versus 14.5% for IVV. Worst drawdown: IVV -56.5% vs NCZ -85.6%.
Should I hold both IVV and NCZ?
IVV and NCZ have a monthly-return correlation of 0.73, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between IVV and NCZ?
At least 4.1% of IVV's money is in holdings NCZ also owns. Our book for NCZ is partial, so the real figure is this or higher. They hold 27 positions in common, counted across the 490 positions we hold weights for in IVV and 98 in NCZ.
Which pays a higher dividend, IVV or NCZ?
IVV yields 1.06% while NCZ yields 8.91%, so NCZ currently pays the higher dividend yield.
Is NCZ better than IVV?
IVV has a lower expense ratio. IVV led over 1Y, 5Y and the full window, NCZ over 3Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.