FCVSX vs. ICVT
FCVSX (Fidelity Convertible Securities Fund) and ICVT (iShares Convertible Bond ETF) are both Preferred Stock/Convertible Bonds funds. Over the past 10 years, FCVSX returned 12.79%/yr vs 14.40%/yr for ICVT. Their correlation of 0.83 suggests significant overlap in exposure. FCVSX charges 0.67%/yr vs 0.20%/yr for ICVT.
Performance
FCVSX vs. ICVT - Performance Comparison
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Returns By Period
In the year-to-date period, FCVSX achieves a 23.99% return, which is significantly lower than ICVT's 26.89% return. Over the past 10 years, FCVSX has underperformed ICVT with an annualized return of 12.79%, while ICVT has yielded a comparatively higher 14.40% annualized return.
FCVSX
- 1D
- 1.21%
- 1M
- 3.09%
- YTD
- 23.99%
- 6M
- 11.57%
- 1Y
- 30.12%
- 3Y*
- 16.96%
- 5Y*
- 8.58%
- 10Y*
- 12.79%
ICVT
- 1D
- 0.02%
- 1M
- 5.09%
- YTD
- 26.89%
- 6M
- 24.71%
- 1Y
- 43.39%
- 3Y*
- 20.83%
- 5Y*
- 7.36%
- 10Y*
- 14.40%
FCVSX vs. ICVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCVSX Fidelity Convertible Securities Fund | 23.99% | 8.52% | 13.91% | 11.42% | -15.33% | 9.95% | 42.52% | 28.58% | -1.29% | 9.03% |
ICVT iShares Convertible Bond ETF | 26.89% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -0.27% | 16.38% |
Correlation
The correlation between FCVSX and ICVT is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2015 | 0.83 |
The correlation between FCVSX and ICVT shifts across timeframes, from 0.83 (all time) to 0.96 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FCVSX vs. ICVT — Risk / Return Rank
FCVSX
ICVT
FCVSX vs. ICVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Convertible Securities Fund (FCVSX) and iShares Convertible Bond ETF (ICVT). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FCVSX | ICVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.15 | ||
| Sortino ratioReturn per unit of downside risk | -1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.50 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 5.78 | -2.93 |
| Martin ratioReturn relative to average drawdown | 8.60 | 19.71 | -11.11 |
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Drawdowns
FCVSX vs. ICVT - Drawdown Comparison
The maximum FCVSX drawdown since its inception was -58.76%, which is greater than ICVT's maximum drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for FCVSX and ICVT.
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Drawdown Indicators
| FCVSX | ICVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.76% | -33.25% | -25.51% |
Max Drawdown (1Y)Largest decline over 1 year | -10.68% | -7.55% | -3.13% |
Max Drawdown (3Y)Largest decline over 3 years | -14.56% | -11.22% | -3.34% |
Max Drawdown (5Y)Largest decline over 5 years | -24.18% | -29.95% | +5.77% |
Max Drawdown (10Y)Largest decline over 10 years | -25.08% | -33.25% | +8.17% |
Current DrawdownCurrent decline from peak | -1.12% | 0.00% | -1.12% |
Average DrawdownAverage peak-to-trough decline | -7.22% | -9.46% | +2.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.52% | 2.21% | +1.31% |
Volatility
FCVSX vs. ICVT - Volatility Comparison
The current volatility for Fidelity Convertible Securities Fund (FCVSX) is 6.47%, while iShares Convertible Bond ETF (ICVT) has a volatility of 6.96%. This indicates that FCVSX experiences smaller price fluctuations and is considered to be less risky than ICVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCVSX | ICVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.47% | 6.96% | -0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 16.18% | 12.95% | +3.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.36% | 15.57% | +2.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.12% | 13.49% | +0.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.97% | 15.61% | -1.64% |
FCVSX vs. ICVT - Expense Ratio Comparison
FCVSX has a 0.67% expense ratio, which is higher than ICVT's 0.20% expense ratio.
Dividends
FCVSX vs. ICVT - Dividend Comparison
FCVSX's dividend yield for the trailing twelve months is around 1.48%, more than ICVT's 1.28% 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% |
ICVT iShares Convertible Bond ETF | 1.28% | 1.73% | 2.19% | 1.85% | 1.93% | 7.70% | 3.98% | 1.86% | 4.82% | 2.56% | 3.06% | 1.57% |
Frequently Asked Questions
With a correlation of 0.96, FCVSX and ICVT 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.
ICVT has higher volatility (6.96%) compared to FCVSX (6.47%). In terms of maximum drawdown, FCVSX dropped -58.76% vs ICVT's -33.25%.
ICVT currently has the higher Sharpe Ratio (2.81 vs 1.66), 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.
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