AVK vs. LOCFX

Last updated Jun 5, 2026

AVK (Advent Convertible and Income Fund) and LOCFX (Lord Abbett Convertible Fund Class F3) are both Convertible Bonds funds. AVK is actively managed, while LOCFX is passively managed. Over the past 5 years, AVK returned 5.11%/yr vs 7.16%/yr for LOCFX. A 0.58 correlation means they provide meaningful diversification when combined. AVK charges 0.75%/yr vs 0.82%/yr for LOCFX.

Performance

AVK vs. LOCFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Advent Convertible and Income Fund (AVK) and Lord Abbett Convertible Fund Class F3 (LOCFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVK achieves a 8.71% return, which is significantly lower than LOCFX's 21.12% return.

AVK

• 1D: 0.08%
• 1M: 3.71%
• YTD: 8.71%
• 6M: 8.44%
• 1Y: 24.97%
• 3Y*: 18.49%
• 5Y*: 5.11%
• 10Y*: 10.61%

LOCFX

• 1D: -1.09%
• 1M: 3.12%
• YTD: 21.12%
• 6M: 20.56%
• 1Y: 39.99%
• 3Y*: 21.06%
• 5Y*: 7.16%
• 10Y*: —

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

AVK vs. LOCFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AVK Advent Convertible and Income Fund	8.71%	19.66%	19.42%	18.16%	-34.45%	30.18%	17.62%	36.54%	-13.36%	9.17%
LOCFX Lord Abbett Convertible Fund Class F3	21.12%	22.43%	14.00%	7.30%	-23.12%	1.40%	64.47%	25.07%	-6.42%	10.04%

Correlation

The correlation between AVK and LOCFX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Apr 5, 2017	0.58

The correlation between AVK and LOCFX has been stable across timeframes, ranging from 0.58 to 0.63 - a consistent structural relationship.

Return for Risk

AVK vs. LOCFX — Risk / Return Rank

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

AVK

AVK Risk / Return Rank: 36
AVK Sharpe Ratio Rank: 39
AVK Sortino Ratio Rank: 34
AVK Omega Ratio Rank: 39
AVK Calmar Ratio Rank: 24
AVK Martin Ratio Rank: 41

LOCFX

LOCFX Risk / Return Rank: 85
LOCFX Sharpe Ratio Rank: 86
LOCFX Sortino Ratio Rank: 76
LOCFX Omega Ratio Rank: 74
LOCFX Calmar Ratio Rank: 95
LOCFX Martin Ratio Rank: 95

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.

AVK vs. LOCFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Advent Convertible and Income Fund (AVK) and Lord Abbett Convertible Fund Class F3 (LOCFX). 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.

	AVK	LOCFX	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.77	-0.98
Sortino ratio: Return per unit of downside risk	2.41	3.62	-1.21
Omega ratio: Gain probability vs. loss probability	1.33	1.48	-0.15
Calmar ratio: Return relative to maximum drawdown	1.76	5.82	-4.06
Martin ratio: Return relative to average drawdown	8.66	21.78	-13.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVK vs. LOCFX - Sharpe Ratio Comparison

The current AVK Sharpe Ratio is 1.79, which is lower than the LOCFX Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of AVK and LOCFX, 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

	AVK	LOCFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	2.77	-0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.55	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.91	-0.59

Drawdowns

AVK vs. LOCFX - Drawdown Comparison

The maximum AVK drawdown since its inception was -67.49%, which is greater than LOCFX's maximum drawdown of -33.29%. Use the drawdown chart below to compare losses from any high point for AVK and LOCFX.

Drawdown Indicators

	AVK	LOCFX	Difference
Max Drawdown Largest peak-to-trough decline	-67.49%	-33.29%	-34.20%
Max Drawdown (1Y) Largest decline over 1 year	-14.25%	-7.02%	-7.23%
Max Drawdown (3Y) Largest decline over 3 years	-19.98%	-12.09%	-7.89%
Max Drawdown (5Y) Largest decline over 5 years	-38.50%	-30.60%	-7.90%
Max Drawdown (10Y) Largest decline over 10 years	-49.82%	—	—
Current Drawdown Current decline from peak	-1.51%	-1.09%	-0.42%
Average Drawdown Average peak-to-trough decline	-11.70%	-11.21%	-0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	1.87%	+1.02%

Volatility

AVK vs. LOCFX - Volatility Comparison

Advent Convertible and Income Fund (AVK) and Lord Abbett Convertible Fund Class F3 (LOCFX) have volatilities of 5.41% and 5.53%, 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

	AVK	LOCFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	5.53%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	11.74%	12.18%	-0.44%
Volatility (1Y) Calculated over the trailing 1-year period	14.02%	14.74%	-0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.78%	12.97%	+6.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.60%	14.01%	+8.59%

AVK vs. LOCFX - Expense Ratio Comparison

AVK has a 0.75% expense ratio, which is lower than LOCFX's 0.82% expense ratio.

Dividends

AVK vs. LOCFX - Dividend Comparison

AVK's dividend yield for the trailing twelve months is around 10.81%, more than LOCFX's 1.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVK Advent Convertible and Income Fund	10.81%	11.22%	11.71%	12.36%	12.90%	15.13%	8.51%	9.04%	11.21%	8.10%	7.68%	8.33%
LOCFX Lord Abbett Convertible Fund Class F3	1.28%	1.86%	2.29%	2.06%	2.72%	18.36%	16.20%	8.75%	5.02%	2.08%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVK and LOCFX in my portfolio?

AVK and LOCFX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVK or LOCFX?

LOCFX has higher volatility (5.53%) compared to AVK (5.41%). In terms of maximum drawdown, AVK dropped -67.49% vs LOCFX's -33.29%.

Which has better risk-adjusted returns?

LOCFX currently has the higher Sharpe Ratio (2.77 vs 1.79), 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.