NCV vs SDS

Comparison between Virtus Convertible & Income Fund (NCV, ETF) and ProShares UltraShort S&P500 -2x Shares (SDS, ETF).

5-Year PerformanceNCV has outperformed SDS, delivering a return of +4.1% compared to -20.4%

NCV vs SDS - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	NCV(ETF)	SDS(ETF)
Net Assets	$418M	$418M
Max Drawdown	84.83%	99.90%
Sharpe Ratio	1.30	-1.28
5Y Beta	0.76	-1.92
5Y Dividends CAGR	-4.36%	22.27%

Net Assets

NCV

$418M

Winner

SDS

$418M

Max Drawdown

Winner

NCV

84.83%

SDS

99.90%

Sharpe Ratio

Winner

NCV

1.30

SDS

-1.28

5Y Beta

NCV

0.76

Winner

SDS

-1.92

5Y Dividends CAGR

NCV

-4.36%

Winner

SDS

22.27%

NCV vs SDS - Historical Returns

Returns include dividend reinvestment.

Period	NCV	SDS
1 month	+1.88%	-7.66%
3 months	-1.42%	-4.44%
6 months	+7.95%	-19.83%
1 year	+26.04%	-27.07%
5 years(CAGR)	+4.14%	-20.36%
10 years(CAGR)	+6.87%	-27.36%
Max(CAGR)	+6.52%	-25.15%

Winner

NCV

+1.88%

SDS

-7.66%

Winner

NCV

-1.42%

SDS

-4.44%

Winner

NCV

+7.95%

SDS

-19.83%

Winner

NCV

+26.04%

SDS

-27.07%

5Y(CAGR)

Winner

NCV

+4.14%

SDS

-20.36%

10Y(CAGR)

Winner

NCV

+6.87%

SDS

-27.36%

Max(CAGR)

Winner

NCV

+6.52%

SDS

-25.15%

NCV vs SDS - Annual Returns (2003 - 2026)

Returns include dividend reinvestment.

Year	NCV	SDS
2026	+17.19%	-19.84%
2025	+22.91%	-27.18%
2024	+16.54%	-30.24%
2023	+13.01%	-32.17%
2022	-33.85%	+32.17%
2021	+11.44%	-44.54%
2020	+12.09%	-48.99%
2019	+20.19%	-41.12%
2018	-16.72%	+7.54%
2017	+23.13%	-30.97%
2016	+28.60%	-26.29%
2015	-32.82%	-9.61%
2014	+8.50%	-27.06%
2013	+21.81%	-42.30%
2012	+9.97%	-27.66%
2011	-7.46%	-17.21%
2010	+25.26%	-29.93%
2009	+112.18%	-47.35%
2008	-58.08%	+57.43%
2007	-16.53%	-4.12%
2006	+21.89%	-19.87%
2005	+0.06%	N/A
2004	+14.67%	N/A
2003	+18.55%	N/A

NCV vs SDS Drawdown Comparison

The maximum drawdown for NCV was -78.88%, occurring on Nov 21, 2008. Recovery took 917 trading sessions.

The maximum drawdown for SDS was -99.86%, occurring on Aug 13, 2026. This drawdown has not yet recovered.

The current NCV drawdown is -3.23%. The current SDS drawdown is -99.85%.

Rank	NCV	SDS
#1	-78.88% Jun 5, 2007 - Jan 24, 2011	-99.86% Mar 9, 2009 - Aug 13, 2026
#2	-56.13% Feb 13, 2020 - Dec 7, 2020	-41.04% Nov 20, 2008 - Mar 5, 2009
#3	-47.95% Jul 3, 2014 - Oct 6, 2017	-33.06% Jul 17, 2006 - Jul 11, 2008
#4	-44.60% Nov 5, 2021 - Nov 10, 2025	-31.02% Oct 27, 2008 - Nov 20, 2008
#5	-30.39% Sep 14, 2018 - Feb 10, 2020	-22.44% Oct 10, 2008 - Oct 27, 2008
#6	-27.22% Apr 4, 2011 - Sep 12, 2012	-14.92% Jul 15, 2008 - Sep 17, 2008
#7	-15.11% Feb 10, 2004 - Sep 7, 2004	-13.57% Sep 17, 2008 - Sep 29, 2008
#8	-12.69% Dec 30, 2004 - Jul 28, 2005	-8.50% Sep 29, 2008 - Oct 3, 2008
#9	-11.98% Oct 8, 2012 - Jan 23, 2013	-0.43% Mar 5, 2009 - Mar 9, 2009
#10	-11.39% Feb 11, 2026 - Apr 9, 2026	N/A
#11	-11.17% May 21, 2013 - Oct 17, 2013	N/A
#12	-8.21% Feb 10, 2021 - Jun 1, 2021	N/A
#13	-8.02% Jul 11, 2003 - Oct 3, 2003	N/A
#14	-7.53% Jul 7, 2021 - Aug 31, 2021	N/A
#15	-7.40% Sep 8, 2005 - Jan 6, 2006	N/A

Correlation

Correlation between NCV and SDS is -0.78 which considered as a strong negative correlation - the stocks tend to move in opposite directions.

-0.78

-101

Dividend Comparison (2003 - 2026)

NCV vs SDS dividend yield comparison.

Year	NCV	SDS
2026	6.49%	1.91%
2025	10.77%	5.88%
2024	11.76%	7.89%
2023	12.86%	5.77%
2022	15.00%	0.35%
2021	8.75%	0.00%
2020	9.41%	0.92%
2019	11.61%	1.84%
2018	15.03%	1.28%
2017	11.10%	0.09%
2016	12.23%	0.00%
2015	17.69%	0.00%
2014	11.46%	0.00%
2013	11.12%	0.00%
2012	12.43%	0.00%
2011	13.34%	0.00%
2010	12.23%	0.00%
2009	10.68%	0.00%
2008	26.94%	22.43%
2007	12.30%	3.30%
2006	10.49%	1.24%
2005	14.76%	0.00%
2004	13.92%	0.00%
2003	6.70%	0.00%