FCVSX vs. ARBIX

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity Convertible Securities Fund (FCVSX) and Absolute Convertible Arbitrage Fund Institutional Shares (ARBIX).

FCVSX is managed by Fidelity. It was launched on Jan 5, 1987. ARBIX is an actively managed fund by Absolute Investment Advisers. It was launched on Aug 14, 2017.

Performance

FCVSX vs. ARBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Convertible Securities Fund (FCVSX) and Absolute Convertible Arbitrage Fund Institutional Shares (ARBIX). The values are adjusted to include any dividend payments, if applicable.

FCVSX vs. ARBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCVSX Fidelity Convertible Securities Fund	4.06%	8.52%	13.91%	11.42%	-15.33%	9.95%	42.52%	28.58%	-1.29%	2.81%
ARBIX Absolute Convertible Arbitrage Fund Institutional Shares	1.65%	8.29%	7.53%	5.30%	-0.53%	2.95%	9.28%	6.38%	2.07%	8,411.75%

Returns By Period

In the year-to-date period, FCVSX achieves a 4.06% return, which is significantly higher than ARBIX's 1.65% return.

FCVSX

• 1D: 2.65%
• 1M: -4.07%
• YTD: 4.06%
• 6M: -4.40%
• 1Y: 16.70%
• 3Y*: 11.27%
• 5Y*: 4.84%
• 10Y*: 11.05%

ARBIX

• 1D: 0.26%
• 1M: -0.26%
• YTD: 1.65%
• 6M: 3.28%
• 1Y: 7.86%
• 3Y*: 7.16%
• 5Y*: 4.72%
• 10Y*: —

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

FCVSX vs. ARBIX - Expense Ratio Comparison

FCVSX has a 0.67% expense ratio, which is lower than ARBIX's 1.47% expense ratio.

ARBIX

Absolute Convertible Arbitrage Fund Institutional Shares

FCVSX

Fidelity Convertible Securities Fund

Return for Risk

FCVSX vs. ARBIX — Risk / Return Rank

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

FCVSX

FCVSX Risk / Return Rank: 45
FCVSX Sharpe Ratio Rank: 45
FCVSX Sortino Ratio Rank: 37
FCVSX Omega Ratio Rank: 45
FCVSX Calmar Ratio Rank: 57
FCVSX Martin Ratio Rank: 40

ARBIX

ARBIX Risk / Return Rank: 100
ARBIX Sharpe Ratio Rank: 100
ARBIX Sortino Ratio Rank: 100
ARBIX Omega Ratio Rank: 99
ARBIX Calmar Ratio Rank: 100
ARBIX Martin Ratio Rank: 100

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.

FCVSX vs. ARBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Convertible Securities Fund (FCVSX) and Absolute Convertible Arbitrage Fund Institutional Shares (ARBIX). 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.

	FCVSX	ARBIX	Difference
Sharpe ratio Return per unit of total volatility	0.95	6.20	-5.25
Sortino ratio Return per unit of downside risk	1.25	11.37	-10.11
Omega ratio Gain probability vs. loss probability	1.20	3.06	-1.85
Calmar ratio Return relative to maximum drawdown	1.42	15.19	-13.77
Martin ratio Return relative to average drawdown	4.29	70.66	-66.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCVSX vs. ARBIX - Sharpe Ratio Comparison

The current FCVSX Sharpe Ratio is 0.95, which is lower than the ARBIX Sharpe Ratio of 6.20. The chart below compares the historical Sharpe Ratios of FCVSX and ARBIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FCVSX	ARBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	6.20	-5.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	2.59	-2.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.10	+0.60

Correlation

The correlation between FCVSX and ARBIX is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FCVSX vs. ARBIX - Dividend Comparison

FCVSX's dividend yield for the trailing twelve months is around 2.13%, less than ARBIX's 5.25% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCVSX Fidelity Convertible Securities Fund	2.13%	2.21%	7.47%	2.13%	3.78%	20.64%	10.75%	3.28%	9.86%	4.11%	4.90%	10.41%
ARBIX Absolute Convertible Arbitrage Fund Institutional Shares	5.25%	5.34%	4.87%	3.62%	3.33%	3.12%	2.92%	2.83%	1.97%	0.24%	0.00%	0.00%

Drawdowns

FCVSX vs. ARBIX - Drawdown Comparison

The maximum FCVSX drawdown since its inception was -58.76%, which is greater than ARBIX's maximum drawdown of -4.31%. Use the drawdown chart below to compare losses from any high point for FCVSX and ARBIX.

Drawdown Indicators

	FCVSX	ARBIX	Difference
Max Drawdown Largest peak-to-trough decline	-58.76%	-4.31%	-54.45%
Max Drawdown (1Y) Largest decline over 1 year	-10.68%	-0.51%	-10.17%
Max Drawdown (5Y) Largest decline over 5 years	-24.18%	-4.02%	-20.16%
Max Drawdown (10Y) Largest decline over 10 years	-25.08%	—	—
Current Drawdown Current decline from peak	-7.05%	-0.26%	-6.79%
Average Drawdown Average peak-to-trough decline	-7.25%	-0.40%	-6.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	0.11%	+3.42%

Volatility

FCVSX vs. ARBIX - Volatility Comparison

Fidelity Convertible Securities Fund (FCVSX) has a higher volatility of 6.86% compared to Absolute Convertible Arbitrage Fund Institutional Shares (ARBIX) at 0.47%. This indicates that FCVSX's price experiences larger fluctuations and is considered to be riskier than ARBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCVSX	ARBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.86%	0.47%	+6.39%
Volatility (6M) Calculated over the trailing 6-month period	15.63%	0.90%	+14.73%
Volatility (1Y) Calculated over the trailing 1-year period	18.35%	1.28%	+17.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.83%	1.83%	+12.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.74%	745.92%	-732.18%