FCVSX vs. FPHAX

Last updated Jun 4, 2026

FCVSX (Fidelity Convertible Securities Fund) and FPHAX (Fidelity Select Pharmaceuticals Portfolio) are both mutual funds - FCVSX is a Preferred Stock/Convertible Bonds fund managed by Fidelity, while FPHAX is a Health & Biotech Equities fund managed by Fidelity. Over the past 10 years, FCVSX returned 12.91%/yr vs 11.40%/yr for FPHAX. A 0.62 correlation means they provide meaningful diversification when combined. FCVSX charges 0.67%/yr vs 0.75%/yr for FPHAX.

Performance

FCVSX vs. FPHAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Convertible Securities Fund (FCVSX) and Fidelity Select Pharmaceuticals Portfolio (FPHAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCVSX achieves a 25.40% return, which is significantly higher than FPHAX's 6.98% return. Over the past 10 years, FCVSX has outperformed FPHAX with an annualized return of 12.91%, while FPHAX has yielded a comparatively lower 11.40% annualized return.

FCVSX

• 1D: 1.13%
• 1M: 7.40%
• YTD: 25.40%
• 6M: 14.56%
• 1Y: 32.57%
• 3Y*: 18.28%
• 5Y*: 8.91%
• 10Y*: 12.91%

FPHAX

• 1D: 0.22%
• 1M: 4.33%
• YTD: 6.98%
• 6M: 7.84%
• 1Y: 40.09%
• 3Y*: 17.20%
• 5Y*: 12.94%
• 10Y*: 11.40%

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

FCVSX vs. FPHAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCVSX Fidelity Convertible Securities Fund	25.40%	8.52%	13.91%	11.42%	-15.33%	9.95%	42.52%	28.58%	-1.29%	9.03%
FPHAX Fidelity Select Pharmaceuticals Portfolio	6.98%	30.41%	9.39%	12.54%	0.94%	11.79%	11.16%	31.73%	5.41%	10.70%

Correlation

The correlation between FCVSX and FPHAX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jun 19, 2001	0.62

Over the past year, the correlation between FCVSX and FPHAX has dropped to 0.34 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

Return for Risk

FCVSX vs. FPHAX — Risk / Return Rank

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

FCVSX

FCVSX Risk / Return Rank: 47
FCVSX Sharpe Ratio Rank: 43
FCVSX Sortino Ratio Rank: 30
FCVSX Omega Ratio Rank: 47
FCVSX Calmar Ratio Rank: 67
FCVSX Martin Ratio Rank: 47

FPHAX

FPHAX Risk / Return Rank: 53
FPHAX Sharpe Ratio Rank: 46
FPHAX Sortino Ratio Rank: 45
FPHAX Omega Ratio Rank: 41
FPHAX Calmar Ratio Rank: 83
FPHAX Martin Ratio Rank: 49

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. FPHAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Convertible Securities Fund (FCVSX) and Fidelity Select Pharmaceuticals Portfolio (FPHAX). 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	FPHAX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.99	-0.06
Sortino ratio: Return per unit of downside risk	2.29	2.80	-0.51
Omega ratio: Gain probability vs. loss probability	1.37	1.34	+0.04
Calmar ratio: Return relative to maximum drawdown	3.16	3.88	-0.72
Martin ratio: Return relative to average drawdown	9.79	10.11	-0.33
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. FPHAX - Sharpe Ratio Comparison

The current FCVSX Sharpe Ratio is 1.93, which is comparable to the FPHAX Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of FCVSX and FPHAX, 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	FPHAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	1.99	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.72	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.94	0.64	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.54	+0.20

Drawdowns

FCVSX vs. FPHAX - Drawdown Comparison

The maximum FCVSX drawdown since its inception was -58.76%, which is greater than FPHAX's maximum drawdown of -38.26%. Use the drawdown chart below to compare losses from any high point for FCVSX and FPHAX.

Drawdown Indicators

	FCVSX	FPHAX	Difference
Max Drawdown Largest peak-to-trough decline	-58.76%	-38.26%	-20.50%
Max Drawdown (1Y) Largest decline over 1 year	-10.68%	-10.33%	-0.35%
Max Drawdown (3Y) Largest decline over 3 years	-14.56%	-28.82%	+14.26%
Max Drawdown (5Y) Largest decline over 5 years	-24.18%	-28.82%	+4.64%
Max Drawdown (10Y) Largest decline over 10 years	-25.08%	-28.82%	+3.74%
Current Drawdown Current decline from peak	0.00%	-2.57%	+2.57%
Average Drawdown Average peak-to-trough decline	-7.22%	-9.18%	+1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	3.96%	-0.52%

Volatility

FCVSX vs. FPHAX - Volatility Comparison

The current volatility for Fidelity Convertible Securities Fund (FCVSX) is 4.85%, while Fidelity Select Pharmaceuticals Portfolio (FPHAX) has a volatility of 5.34%. This indicates that FCVSX experiences smaller price fluctuations and is considered to be less risky than FPHAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCVSX	FPHAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.85%	5.34%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	15.34%	14.11%	+1.23%
Volatility (1Y) Calculated over the trailing 1-year period	17.51%	20.14%	-2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.91%	18.03%	-4.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.86%	17.86%	-4.00%

FCVSX vs. FPHAX - Expense Ratio Comparison

FCVSX has a 0.67% expense ratio, which is lower than FPHAX's 0.75% expense ratio.

Dividends

FCVSX vs. FPHAX - Dividend Comparison

FCVSX's dividend yield for the trailing twelve months is around 1.46%, less than FPHAX's 5.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCVSX Fidelity Convertible Securities Fund	1.46%	2.21%	7.47%	2.13%	3.78%	20.64%	10.75%	3.28%	9.86%	4.11%	4.90%	10.41%
FPHAX Fidelity Select Pharmaceuticals Portfolio	5.20%	5.68%	1.90%	8.08%	5.18%	11.09%	8.85%	8.33%	1.65%	1.62%	1.07%	12.63%

Frequently Asked Questions

Can I hold both FCVSX and FPHAX in my portfolio?

FCVSX and FPHAX have a correlation of 0.34, 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 FPHAX?

FPHAX has higher volatility (5.34%) compared to FCVSX (4.85%). In terms of maximum drawdown, FCVSX dropped -58.76% vs FPHAX's -38.26%.

Which has better risk-adjusted returns?

FPHAX currently has the higher Sharpe Ratio (1.99 vs 1.93), 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.