CCVIX vs. FTCVX

Last updated Jun 3, 2026

CCVIX (Calamos Convertible Fund) and FTCVX (Fidelity Advisor Convertible Securities Fund Class M) are both Preferred Stock/Convertible Bonds funds. Over the past 10 years, CCVIX returned 12.13%/yr vs 12.73%/yr for FTCVX. Their correlation of 0.93 suggests significant overlap in exposure. CCVIX charges 1.10%/yr vs 1.23%/yr for FTCVX.

Performance

CCVIX vs. FTCVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Convertible Fund (CCVIX) and Fidelity Advisor Convertible Securities Fund Class M (FTCVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CCVIX having a 24.45% return and FTCVX slightly lower at 23.71%. Both investments have delivered pretty close results over the past 10 years, with CCVIX having a 12.13% annualized return and FTCVX not far ahead at 12.73%.

CCVIX

• 1D: 1.12%
• 1M: 7.06%
• YTD: 24.45%
• 6M: 24.59%
• 1Y: 44.86%
• 3Y*: 20.08%
• 5Y*: 7.83%
• 10Y*: 12.13%

FTCVX

• 1D: 0.90%
• 1M: 6.49%
• YTD: 23.71%
• 6M: 24.09%
• 1Y: 43.10%
• 3Y*: 19.16%
• 5Y*: 8.94%
• 10Y*: 12.73%

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

CCVIX vs. FTCVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CCVIX Calamos Convertible Fund	24.45%	18.83%	9.71%	10.61%	-21.23%	5.13%	48.51%	19.18%	0.38%	14.04%
FTCVX Fidelity Advisor Convertible Securities Fund Class M	23.71%	17.67%	7.70%	12.42%	-15.82%	9.35%	41.70%	27.83%	-1.88%	8.54%

Correlation

The correlation between CCVIX and FTCVX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Feb 20, 2009	0.93

The correlation between CCVIX and FTCVX has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

Return for Risk

CCVIX vs. FTCVX — Risk / Return Rank

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

CCVIX

CCVIX Risk / Return Rank: 90
CCVIX Sharpe Ratio Rank: 92
CCVIX Sortino Ratio Rank: 84
CCVIX Omega Ratio Rank: 81
CCVIX Calmar Ratio Rank: 95
CCVIX Martin Ratio Rank: 95

FTCVX

FTCVX Risk / Return Rank: 88
FTCVX Sharpe Ratio Rank: 90
FTCVX Sortino Ratio Rank: 81
FTCVX Omega Ratio Rank: 78
FTCVX Calmar Ratio Rank: 96
FTCVX Martin Ratio Rank: 96

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.

CCVIX vs. FTCVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Fund (CCVIX) and Fidelity Advisor Convertible Securities Fund Class M (FTCVX). 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.

	CCVIX	FTCVX	Difference
Sharpe ratio Return per unit of total volatility	3.10	2.96	+0.14
Sortino ratio Return per unit of downside risk	3.99	3.82	+0.17
Omega ratio Gain probability vs. loss probability	1.53	1.51	+0.03
Calmar ratio Return relative to maximum drawdown	5.93	6.10	-0.17
Martin ratio Return relative to average drawdown	23.04	23.82	-0.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CCVIX vs. FTCVX - Sharpe Ratio Comparison

The current CCVIX Sharpe Ratio is 3.10, which is comparable to the FTCVX Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of CCVIX and FTCVX, 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

	CCVIX	FTCVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.10	2.96	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.67	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.95	0.94	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.99	-0.18

Drawdowns

CCVIX vs. FTCVX - Drawdown Comparison

The maximum CCVIX drawdown since its inception was -36.56%, which is greater than FTCVX's maximum drawdown of -25.10%. Use the drawdown chart below to compare losses from any high point for CCVIX and FTCVX.

Drawdown Indicators

	CCVIX	FTCVX	Difference
Max Drawdown Largest peak-to-trough decline	-36.56%	-25.10%	-11.46%
Max Drawdown (1Y) Largest decline over 1 year	-7.71%	-7.16%	-0.55%
Max Drawdown (3Y) Largest decline over 3 years	-14.80%	-18.91%	+4.11%
Max Drawdown (5Y) Largest decline over 5 years	-27.33%	-24.45%	-2.88%
Max Drawdown (10Y) Largest decline over 10 years	-27.33%	-25.10%	-2.23%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.89%	-5.85%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	1.83%	+0.15%

Volatility

CCVIX vs. FTCVX - Volatility Comparison

Calamos Convertible Fund (CCVIX) and Fidelity Advisor Convertible Securities Fund Class M (FTCVX) have volatilities of 5.05% and 4.81%, 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

	CCVIX	FTCVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	4.81%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	12.07%	11.86%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	14.81%	14.85%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.89%	13.49%	-0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.88%	13.65%	-0.77%

CCVIX vs. FTCVX - Expense Ratio Comparison

CCVIX has a 1.10% expense ratio, which is lower than FTCVX's 1.23% expense ratio.

Dividends

CCVIX vs. FTCVX - Dividend Comparison

CCVIX's dividend yield for the trailing twelve months is around 8.24%, less than FTCVX's 8.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCVIX Calamos Convertible Fund	8.24%	10.25%	1.31%	1.87%	0.60%	13.59%	6.56%	1.00%	14.47%	3.90%	2.84%	4.68%
FTCVX Fidelity Advisor Convertible Securities Fund Class M	8.50%	10.89%	1.66%	3.03%	3.18%	20.07%	10.32%	2.74%	9.06%	3.78%	4.32%	9.73%

Frequently Asked Questions

Can I hold both CCVIX and FTCVX in my portfolio?

With a correlation of 0.97, CCVIX and FTCVX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CCVIX or FTCVX?

CCVIX has higher volatility (5.05%) compared to FTCVX (4.81%). In terms of maximum drawdown, CCVIX dropped -36.56% vs FTCVX's -25.10%.

Which has better risk-adjusted returns?

CCVIX currently has the higher Sharpe Ratio (3.10 vs 2.96), 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.