NCZ vs SPY
Virtus Convertible & Income Fund II vs State Street SPDR S&P 500 ETF Trust
Which is better, NCZ or SPY?
Convertibles against Large Cap Blend.
SPY has a lower expense ratio. NCZ led over 3Y, SPY over 1Y, 5Y and the full window.
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 | NCZ | SPY |
|---|---|---|
| Expense Ratio | 1.44% | 0.09%Best |
| AUM | $305M | $804.7B |
| Dividend Yield | 8.91% | 0.98% |
| Holdings | 220 | 505 |
| YTD Return | +13.60%Best | +12.99% |
| 1Y Return | +15.78% | +16.73%Best |
| 3Y Return (annualized) | +23.69%Best | +22.52% |
| 5Y Return (annualized) | +4.19% | +13.07%Best |
| Volatility (annualized) | 25.6% | 14.5%Best |
| Max Drawdown | -85.6% | -56.5%Best |
| $10,000 over 5 years | $12,278 | $18,481Best |
| Fund Family | Virtus Investment Partners | State Street Investment Management |
| Category | Convertible | Equity |
| Style | Convertibles | Large Cap Blend |
| Inception | Jul 31, 2003 | Jan 22, 1993 |
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).
NCZ vs SPY 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.
NCZ vs SPY Performance
Virtus Convertible & Income Fund II (NCZ) is an ETF from Virtus Investment Partners and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year NCZ returned +15.78% while SPY returned +16.73%. Year to date, NCZ is up 13.60% versus a gain of 12.99% for SPY.
Over three years, NCZ compounded at +23.69% per year against +22.52% for SPY; over five years the annualized figures are +4.19% and +13.07% respectively. Across the full 23-year window we track, SPY has the edge at +9.58% 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 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 -85.6% for NCZ and -56.5% for SPY. 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
NCZ charges 1.44% per year while SPY charges 0.09%. On a $10,000 position that is $144 vs $9 annually, a gap of $135 per year that compounds over a long holding period. On income, NCZ currently yields 8.91% against 0.98% for SPY.
Holdings Overlap
At least 4.0% of SPY'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.
SPY and NCZ share little of their money.
The two holdings books were reported 186 days apart, NCZ as of Feb 27, 2026 and SPY as of Sep 1, 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 98 positions we hold weights for in NCZ and 504 in SPY, against full books of 220 and 505.
Top Shared Holdings
| Stock | Weight in NCZ | Weight in SPY | Difference |
|---|---|---|---|
| LITELumentum Holdings Inc | 3.94% | 0.10% | 3.84% |
| WDCWestern Digital Corp Company Guar 11/28 3 | 2.73% | 0.24% | 2.49% |
| BABoeing Co. (The) | 1.81% | 0.25% | 1.56% |
| NEENextera Energy Inc | 1.65% | 0.26% | 1.39% |
| LYVLive Nation Entertainment Inc | 1.51% | 0.04% | 1.47% |
| AMDAdvanced Micro Devices Inc | 0.41% | 1.14% | 0.73% |
| ORCLOracle Corp - Common | 0.91% | 0.36% | 0.55% |
| PCGPg&E Corp. | 1.03% | 0.05% | 0.98% |
| STXSeagate Technology Holdings Plc | 0.76% | 0.28% | 0.48% |
| AKAMAkamai Technologies Inc. | 0.97% | 0.02% | 0.95% |
You are not choosing between two funds in isolation.
Whichever of NCZ and SPY 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, NCZ or SPY?
NCZ has an expense ratio of 1.44% while SPY charges 0.09%. SPY is the cheaper option, by $135 a year on a $10,000 investment.
Which performed better, NCZ or SPY?
Over the past year NCZ returned +15.78% vs +16.73% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (23 years), NCZ annualized -3.25% vs +9.58% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, NCZ or SPY?
NCZ has been the more volatile fund at 25.6% annualized versus 14.5% for SPY. Worst drawdown: NCZ -85.6% vs SPY -56.5%.
Should I hold both NCZ and SPY?
NCZ and SPY 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 NCZ and SPY?
At least 4.0% of SPY'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 98 positions we hold weights for in NCZ and 504 in SPY.
Which pays a higher dividend, NCZ or SPY?
NCZ yields 8.91% while SPY yields 0.98%, so NCZ currently pays the higher dividend yield.
Is SPY better than NCZ?
SPY has a lower expense ratio. NCZ led over 3Y, SPY over 1Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.