CICVX vs. FICVX

Last updated Jun 3, 2026

CICVX (Calamos Convertible Fund) and FICVX (Fidelity Advisor Convertible Securities Fund Class I) are both Preferred Stock/Convertible Bonds funds. Over the past 10 years, CICVX returned 12.39%/yr vs 13.15%/yr for FICVX. Their correlation of 0.93 suggests significant overlap in exposure. CICVX charges 0.85%/yr vs 0.70%/yr for FICVX.

Performance

CICVX vs. FICVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Convertible Fund (CICVX) and Fidelity Advisor Convertible Securities Fund Class I (FICVX). 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 CICVX having a 24.54% return and FICVX slightly lower at 23.97%. Over the past 10 years, CICVX has underperformed FICVX with an annualized return of 12.39%, while FICVX has yielded a comparatively higher 13.15% annualized return.

CICVX

• 1D: 1.09%
• 1M: 7.09%
• YTD: 24.54%
• 6M: 24.75%
• 1Y: 45.24%
• 3Y*: 20.34%
• 5Y*: 8.07%
• 10Y*: 12.39%

FICVX

• 1D: 0.90%
• 1M: 6.54%
• YTD: 23.97%
• 6M: 24.40%
• 1Y: 43.85%
• 3Y*: 19.15%
• 5Y*: 9.16%
• 10Y*: 13.15%

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

CICVX vs. FICVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CICVX Calamos Convertible Fund	24.54%	19.03%	9.94%	10.95%	-21.02%	5.36%	48.84%	19.51%	0.59%	14.21%
FICVX Fidelity Advisor Convertible Securities Fund Class I	23.97%	18.28%	8.11%	11.39%	-15.38%	9.93%	42.46%	28.58%	-1.31%	9.03%

Correlation

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

Return for Risk

CICVX vs. FICVX — Risk / Return Rank

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

CICVX

CICVX Risk / Return Rank: 90
CICVX Sharpe Ratio Rank: 92
CICVX Sortino Ratio Rank: 85
CICVX Omega Ratio Rank: 81
CICVX Calmar Ratio Rank: 95
CICVX Martin Ratio Rank: 96

FICVX

FICVX Risk / Return Rank: 89
FICVX Sharpe Ratio Rank: 91
FICVX Sortino Ratio Rank: 82
FICVX Omega Ratio Rank: 79
FICVX Calmar Ratio Rank: 96
FICVX 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.

CICVX vs. FICVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Fund (CICVX) and Fidelity Advisor Convertible Securities Fund Class I (FICVX). 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.

	CICVX	FICVX	Difference
Sharpe ratio Return per unit of total volatility	3.12	3.01	+0.11
Sortino ratio Return per unit of downside risk	4.01	3.88	+0.13
Omega ratio Gain probability vs. loss probability	1.54	1.52	+0.02
Calmar ratio Return relative to maximum drawdown	5.99	6.22	-0.24
Martin ratio Return relative to average drawdown	23.32	24.47	-1.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CICVX vs. FICVX - Sharpe Ratio Comparison

The current CICVX Sharpe Ratio is 3.12, which is comparable to the FICVX Sharpe Ratio of 3.01. The chart below compares the historical Sharpe Ratios of CICVX and FICVX, 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

	CICVX	FICVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.12	3.01	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.68	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.97	0.97	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	1.03	-0.68

Drawdowns

CICVX vs. FICVX - Drawdown Comparison

The maximum CICVX drawdown since its inception was -49.33%, which is greater than FICVX's maximum drawdown of -25.06%. Use the drawdown chart below to compare losses from any high point for CICVX and FICVX.

Drawdown Indicators

	CICVX	FICVX	Difference
Max Drawdown Largest peak-to-trough decline	-49.33%	-25.06%	-24.27%
Max Drawdown (1Y) Largest decline over 1 year	-7.70%	-7.14%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	-14.79%	-18.88%	+4.09%
Max Drawdown (5Y) Largest decline over 5 years	-27.17%	-24.20%	-2.97%
Max Drawdown (10Y) Largest decline over 10 years	-27.17%	-25.06%	-2.11%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-17.48%	-5.63%	-11.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	1.82%	+0.16%

Volatility

CICVX vs. FICVX - Volatility Comparison

Calamos Convertible Fund (CICVX) has a higher volatility of 5.11% compared to Fidelity Advisor Convertible Securities Fund Class I (FICVX) at 4.81%. This indicates that CICVX's price experiences larger fluctuations and is considered to be riskier than FICVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CICVX	FICVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	4.81%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	12.12%	11.85%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	14.83%	14.83%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.87%	13.48%	-0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.88%	13.64%	-0.76%

CICVX vs. FICVX - Expense Ratio Comparison

CICVX has a 0.85% expense ratio, which is higher than FICVX's 0.70% expense ratio.

Dividends

CICVX vs. FICVX - Dividend Comparison

CICVX's dividend yield for the trailing twelve months is around 10.12%, more than FICVX's 8.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CICVX Calamos Convertible Fund	10.12%	12.51%	1.83%	2.48%	0.94%	15.90%	7.74%	1.39%	16.75%	4.55%	3.43%	5.41%
FICVX Fidelity Advisor Convertible Securities Fund Class I	8.91%	11.38%	2.02%	2.12%	3.73%	20.65%	10.73%	3.28%	9.85%	4.09%	4.90%	10.39%

Frequently Asked Questions

Can I hold both CICVX and FICVX in my portfolio?

With a correlation of 0.97, CICVX and FICVX 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, CICVX or FICVX?

CICVX has higher volatility (5.11%) compared to FICVX (4.81%). In terms of maximum drawdown, CICVX dropped -49.33% vs FICVX's -25.06%.

Which has better risk-adjusted returns?

CICVX currently has the higher Sharpe Ratio (3.12 vs 3.01), 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.