FCVSX vs. FMSDX

Last updated Jun 5, 2026

FCVSX (Fidelity Convertible Securities Fund) and FMSDX (Fidelity Multi-Asset Income Fund) are both mutual funds - FCVSX is a Preferred Stock/Convertible Bonds fund managed by Fidelity, while FMSDX is a Diversified Portfolio fund managed by Fidelity. Over the past 5 years, FCVSX returned 8.53%/yr vs 6.06%/yr for FMSDX. Their correlation of 0.85 suggests significant overlap in exposure. FCVSX charges 0.67%/yr vs 0.78%/yr for FMSDX.

Performance

FCVSX vs. FMSDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Convertible Securities Fund (FCVSX) and Fidelity Multi-Asset Income Fund (FMSDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCVSX achieves a 24.16% return, which is significantly higher than FMSDX's 7.14% return.

FCVSX

• 1D: -0.99%
• 1M: 4.95%
• YTD: 24.16%
• 6M: 12.61%
• 1Y: 30.96%
• 3Y*: 17.89%
• 5Y*: 8.53%
• 10Y*: 12.80%

FMSDX

• 1D: -1.21%
• 1M: -0.84%
• YTD: 7.14%
• 6M: 6.32%
• 1Y: 19.27%
• 3Y*: 12.53%
• 5Y*: 6.06%
• 10Y*: —

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

FCVSX vs. FMSDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FCVSX Fidelity Convertible Securities Fund	24.16%	8.52%	13.91%	11.42%	-15.33%	9.95%	42.52%	28.58%	-3.29%
FMSDX Fidelity Multi-Asset Income Fund	7.14%	14.10%	9.95%	11.75%	-13.67%	17.27%	14.56%	23.14%	-0.91%

Correlation

The correlation between FCVSX and FMSDX is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Feb 27, 2018	0.85

The correlation between FCVSX and FMSDX has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

Return for Risk

FCVSX vs. FMSDX — Risk / Return Rank

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

FCVSX

FCVSX Risk / Return Rank: 42
FCVSX Sharpe Ratio Rank: 38
FCVSX Sortino Ratio Rank: 26
FCVSX Omega Ratio Rank: 42
FCVSX Calmar Ratio Rank: 60
FCVSX Martin Ratio Rank: 43

FMSDX

FMSDX Risk / Return Rank: 48
FMSDX Sharpe Ratio Rank: 45
FMSDX Sortino Ratio Rank: 41
FMSDX Omega Ratio Rank: 42
FMSDX Calmar Ratio Rank: 62
FMSDX Martin Ratio Rank: 52

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. FMSDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Convertible Securities Fund (FCVSX) and Fidelity Multi-Asset Income Fund (FMSDX). 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	FMSDX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.97	-0.17
Sortino ratio: Return per unit of downside risk	2.16	2.68	-0.52
Omega ratio: Gain probability vs. loss probability	1.35	1.35	0.00
Calmar ratio: Return relative to maximum drawdown	2.95	3.03	-0.07
Martin ratio: Return relative to average drawdown	9.14	10.51	-1.37
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. FMSDX - Sharpe Ratio Comparison

The current FCVSX Sharpe Ratio is 1.80, which is comparable to the FMSDX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of FCVSX and FMSDX, 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

	FCVSX	FMSDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	1.97	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.62	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.93	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.90	-0.17

Drawdowns

FCVSX vs. FMSDX - Drawdown Comparison

The maximum FCVSX drawdown since its inception was -58.76%, which is greater than FMSDX's maximum drawdown of -21.64%. Use the drawdown chart below to compare losses from any high point for FCVSX and FMSDX.

Drawdown Indicators

	FCVSX	FMSDX	Difference
Max Drawdown Largest peak-to-trough decline	-58.76%	-21.64%	-37.12%
Max Drawdown (1Y) Largest decline over 1 year	-10.68%	-6.47%	-4.21%
Max Drawdown (3Y) Largest decline over 3 years	-14.56%	-13.17%	-1.39%
Max Drawdown (5Y) Largest decline over 5 years	-24.18%	-18.12%	-6.06%
Max Drawdown (10Y) Largest decline over 10 years	-25.08%	—	—
Current Drawdown Current decline from peak	-0.99%	-1.90%	+0.91%
Average Drawdown Average peak-to-trough decline	-7.22%	-3.81%	-3.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	1.86%	+1.58%

Volatility

FCVSX vs. FMSDX - Volatility Comparison

Fidelity Convertible Securities Fund (FCVSX) has a higher volatility of 5.03% compared to Fidelity Multi-Asset Income Fund (FMSDX) at 2.76%. This indicates that FCVSX's price experiences larger fluctuations and is considered to be riskier than FMSDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCVSX	FMSDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.03%	2.76%	+2.27%
Volatility (6M) Calculated over the trailing 6-month period	15.35%	7.42%	+7.93%
Volatility (1Y) Calculated over the trailing 1-year period	17.54%	9.98%	+7.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.91%	9.82%	+4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.86%	10.61%	+3.25%

FCVSX vs. FMSDX - Expense Ratio Comparison

FCVSX has a 0.67% expense ratio, which is lower than FMSDX's 0.78% expense ratio.

Dividends

FCVSX vs. FMSDX - Dividend Comparison

FCVSX's dividend yield for the trailing twelve months is around 1.48%, less than FMSDX's 3.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCVSX Fidelity Convertible Securities Fund	1.48%	2.21%	7.47%	2.13%	3.78%	20.64%	10.75%	3.28%	9.86%	4.11%	4.90%	10.41%
FMSDX Fidelity Multi-Asset Income Fund	3.51%	3.81%	3.84%	4.23%	3.74%	2.81%	1.79%	2.82%	4.36%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCVSX and FMSDX in my portfolio?

FCVSX and FMSDX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCVSX or FMSDX?

FCVSX has higher volatility (5.03%) compared to FMSDX (2.76%). In terms of maximum drawdown, FCVSX dropped -58.76% vs FMSDX's -21.64%.

Which has better risk-adjusted returns?

FMSDX currently has the higher Sharpe Ratio (1.97 vs 1.80), 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.