FCVSX vs. OPTAX

Last updated Jul 15, 2026

FCVSX (Fidelity Convertible Securities Fund) and OPTAX (Invesco AMT-Free Municipal Fund) are both mutual funds - FCVSX is a Preferred Stock/Convertible Bonds fund managed by Fidelity, while OPTAX is a Municipal Bonds fund managed by Invesco. Over the past 10 years, FCVSX returned 11.74%/yr vs 3.35%/yr for OPTAX. At a 0.02 correlation, their price movements are largely independent. FCVSX charges 0.67%/yr vs 0.75%/yr for OPTAX.

Performance

FCVSX vs. OPTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Convertible Securities Fund (FCVSX) and Invesco AMT-Free Municipal Fund (OPTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCVSX achieves a 16.87% return, which is significantly higher than OPTAX's 1.72% return. Over the past 10 years, FCVSX has outperformed OPTAX with an annualized return of 11.74%, while OPTAX has yielded a comparatively lower 3.35% annualized return.

FCVSX

• 1D: -1.44%
• 1M: -3.48%
• 6M: 11.34%
• YTD: 16.87%
• 1Y: 16.83%
• 3Y*: 13.94%
• 5Y*: 7.21%
• 10Y*: 11.74%

OPTAX

• 1D: -0.15%
• 1M: 0.50%
• 6M: 1.42%
• YTD: 1.72%
• 1Y: 6.26%
• 3Y*: 3.06%
• 5Y*: 0.02%
• 10Y*: 3.35%

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

FCVSX vs. OPTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCVSX Fidelity Convertible Securities Fund	16.87%	8.52%	13.91%	11.42%	-15.33%	9.95%	42.52%	28.58%	-1.29%	9.03%
OPTAX Invesco AMT-Free Municipal Fund	1.72%	2.70%	2.13%	6.64%	-12.15%	4.16%	7.57%	12.33%	7.43%	5.98%

Correlation

The correlation between FCVSX and OPTAX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Jan 5, 1987	0.02

The correlation between FCVSX and OPTAX shifts across timeframes, from 0.02 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FCVSX vs. OPTAX — Risk / Return Rank

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

FCVSX

FCVSX Risk / Return Rank: 24
FCVSX Sharpe Ratio Rank: 21
FCVSX Sortino Ratio Rank: 16
FCVSX Omega Ratio Rank: 23
FCVSX Calmar Ratio Rank: 32
FCVSX Martin Ratio Rank: 27

OPTAX

OPTAX Risk / Return Rank: 69
OPTAX Sharpe Ratio Rank: 73
OPTAX Sortino Ratio Rank: 79
OPTAX Omega Ratio Rank: 84
OPTAX Calmar Ratio Rank: 57
OPTAX Martin Ratio Rank: 50

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. OPTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Convertible Securities Fund (FCVSX) and Invesco AMT-Free Municipal Fund (OPTAX). 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	OPTAX	Difference
Sharpe ratio: Return per unit of total volatility	0.95	1.90	-0.95
Sortino ratio: Return per unit of downside risk	1.25	2.91	-1.66
Omega ratio: Gain probability vs. loss probability	1.19	1.43	-0.25
Calmar ratio: Return relative to maximum drawdown	1.67	2.32	-0.65
Martin ratio: Return relative to average drawdown	4.80	8.08	-3.28

FCVSX vs. OPTAX - Sharpe Ratio Comparison

The current FCVSX Sharpe Ratio is 0.95, which is lower than the OPTAX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of FCVSX and OPTAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FCVSX vs. OPTAX - Drawdown Comparison

The maximum FCVSX drawdown since its inception was -58.76%, which is greater than OPTAX's maximum drawdown of -48.56%. Use the drawdown chart below to compare losses from any high point for FCVSX and OPTAX.

Drawdown Indicators

	FCVSX	OPTAX	Difference
Max Drawdown Largest peak-to-trough decline	-58.76%	-48.56%	-10.20%
Max Drawdown (1Y) Largest decline over 1 year	-10.68%	-2.93%	-7.75%
Max Drawdown (3Y) Largest decline over 3 years	-14.56%	-7.93%	-6.63%
Max Drawdown (5Y) Largest decline over 5 years	-24.18%	-17.30%	-6.88%
Max Drawdown (10Y) Largest decline over 10 years	-25.08%	-17.30%	-7.78%
Current Drawdown Current decline from peak	-6.80%	-0.59%	-6.21%
Average Drawdown Average peak-to-trough decline	-7.21%	-6.36%	-0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	0.87%	+2.82%

Volatility

FCVSX vs. OPTAX - Volatility Comparison

Fidelity Convertible Securities Fund (FCVSX) has a higher volatility of 5.50% compared to Invesco AMT-Free Municipal Fund (OPTAX) at 0.70%. This indicates that FCVSX's price experiences larger fluctuations and is considered to be riskier than OPTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCVSX	OPTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.50%	0.70%	+4.80%
Volatility (6M) Calculated over the trailing 6-month period	13.21%	2.57%	+10.64%
Volatility (1Y) Calculated over the trailing 1-year period	18.76%	3.59%	+15.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.21%	5.04%	+9.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.99%	4.87%	+9.12%

FCVSX vs. OPTAX - Expense Ratio Comparison

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

Dividends

FCVSX vs. OPTAX - Dividend Comparison

FCVSX's dividend yield for the trailing twelve months is around 1.04%, less than OPTAX's 2.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCVSX Fidelity Convertible Securities Fund	1.04%	2.21%	7.47%	2.13%	3.78%	20.64%	10.75%	3.28%	9.86%	4.11%	4.90%	10.41%
OPTAX Invesco AMT-Free Municipal Fund	2.72%	4.23%	4.16%	3.02%	2.99%	3.43%	3.80%	3.75%	3.82%	4.71%	5.77%	6.05%

Frequently Asked Questions

Can I hold both FCVSX and OPTAX in my portfolio?

FCVSX and OPTAX have a correlation of 0.20, 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 OPTAX?

FCVSX has higher volatility (5.50%) compared to OPTAX (0.70%). In terms of maximum drawdown, FCVSX dropped -58.76% vs OPTAX's -48.56%.

Which has better risk-adjusted returns?

OPTAX currently has the higher Sharpe Ratio (1.90 vs 0.95), 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.