FCVSX vs. PCONX

Last updated Aug 1, 2026

FCVSX (Fidelity Convertible Securities Fund) and PCONX (Putnam Convertible Securities Fund) are both Convertible Bonds funds. Over the past 10 years, FCVSX returned 11.53%/yr vs 10.65%/yr for PCONX. Their correlation of 0.89 means they have usually moved in the same direction. FCVSX charges 0.67%/yr vs 1.03%/yr for PCONX.

Performance

FCVSX vs. PCONX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with FCVSX having a 14.49% return and PCONX slightly lower at 14.08%. Over the past 10 years, FCVSX has outperformed PCONX with an annualized return of 11.53%, while PCONX has yielded a comparatively lower 10.65% annualized return.

FCVSX

• 1D: 3.03%
• 1M: -3.27%
• 6M: 9.02%
• YTD: 14.49%
• 1Y: 15.39%
• 3Y*: 12.69%
• 5Y*: 6.50%
• 10Y*: 11.53%
• ALL TIME*: 9.98%

PCONX

• 1D: 3.35%
• 1M: -2.66%
• 6M: 8.93%
• YTD: 14.08%
• 1Y: 20.05%
• 3Y*: 13.31%
• 5Y*: 5.04%
• 10Y*: 10.65%
• ALL TIME*: 7.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FCVSX Fidelity Convertible Securities Fund	$0.00	$0.00	$0.00
PCONX Putnam Convertible Securities Fund	$0.00	$0.00	$0.00

FCVSX vs. PCONX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCVSX Fidelity Convertible Securities Fund	14.49%	8.52%	13.91%	11.42%	-15.33%	9.95%	42.52%	28.58%	-1.29%	9.03%
PCONX Putnam Convertible Securities Fund	14.08%	11.97%	12.60%	10.13%	-19.27%	4.23%	44.86%	24.32%	-2.92%	14.41%

Correlation

The correlation between FCVSX and PCONX is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (3Y) Balances recent behavior with more history.	0.97
Correlation (5Y) Shows whether the relationship held over a longer period.	0.97
Correlation (10Y) Provides a long-term view across more market conditions.	0.96
Correlation (All Time) Calculated using the full available price history since Jan 5, 1987	0.89

The correlation between FCVSX and PCONX has been stable across timeframes, ranging from 0.89 to 0.98 - a consistent structural relationship.

Return for Risk

FCVSX vs. PCONX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FCVSX

FCVSX Risk / Return Rank: 23
FCVSX Sharpe Ratio Rank: 20
FCVSX Sortino Ratio Rank: 18
FCVSX Omega Ratio Rank: 23
FCVSX Calmar Ratio Rank: 28
FCVSX Martin Ratio Rank: 24

PCONX

PCONX Risk / Return Rank: 38
PCONX Sharpe Ratio Rank: 36
PCONX Sortino Ratio Rank: 34
PCONX Omega Ratio Rank: 33
PCONX Calmar Ratio Rank: 42
PCONX Martin Ratio Rank: 44

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FCVSX vs. PCONX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Convertible Securities Fund (FCVSX) and Putnam Convertible Securities Fund (PCONX). 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	PCONX	Difference
Sharpe ratio: Return per unit of total volatility	0.72	1.11	-0.39
Sortino ratio: Return per unit of downside risk	1.00	1.59	-0.59
Omega ratio: Gain probability vs. loss probability	1.14	1.20	-0.05
Calmar ratio: Return relative to maximum drawdown	1.22	1.69	-0.47
Martin ratio: Return relative to average drawdown	3.35	6.22	-2.87

FCVSX vs. PCONX - Sharpe Ratio Comparison

The current FCVSX Sharpe Ratio is 0.72, which is lower than the PCONX Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of FCVSX and PCONX, 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. PCONX - Drawdown Comparison

The maximum FCVSX drawdown since its inception was -58.76%, which is greater than PCONX's maximum drawdown of -47.70%. Use the drawdown chart below to compare losses from any high point for FCVSX and PCONX.

Drawdown Indicators

	FCVSX	PCONX	Difference
Max Drawdown Largest peak-to-trough decline	-58.76%	-47.70%	-11.06%
Max Drawdown (1Y) Largest decline over 1 year	-11.39%	-10.91%	-0.48%
Max Drawdown (3Y) Largest decline over 3 years	-14.56%	-13.41%	-1.15%
Max Drawdown (5Y) Largest decline over 5 years	-24.18%	-25.48%	+1.30%
Max Drawdown (10Y) Largest decline over 10 years	-25.08%	-26.14%	+1.06%
Current Drawdown Current decline from peak	-8.70%	-7.92%	-0.78%
Average Drawdown Average peak-to-trough decline	-7.21%	-8.28%	+1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	2.96%	+1.17%

Volatility

FCVSX vs. PCONX - Volatility Comparison

Fidelity Convertible Securities Fund (FCVSX) and Putnam Convertible Securities Fund (PCONX) have volatilities of 6.07% and 6.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCVSX	PCONX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.07%	6.35%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	13.97%	14.09%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	19.35%	16.60%	+2.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.33%	13.15%	+1.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.07%	13.26%	+0.81%

FCVSX vs. PCONX - Expense Ratio Comparison

FCVSX has a 0.67% expense ratio, which is lower than PCONX's 1.03% expense ratio.

Dividends

FCVSX vs. PCONX - Dividend Comparison

FCVSX's dividend yield for the trailing twelve months is around 1.43%, less than PCONX's 4.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCVSX Fidelity Convertible Securities Fund	1.43%	2.21%	7.47%	2.13%	3.78%	20.64%	10.75%	3.28%	9.86%	4.11%	4.90%	10.41%
PCONX Putnam Convertible Securities Fund	4.22%	6.10%	1.48%	0.99%	0.72%	26.98%	11.62%	7.72%	13.92%	3.48%	2.08%	6.22%

Frequently Asked Questions

Can I hold both FCVSX and PCONX in my portfolio?

With a correlation of 0.98, FCVSX and PCONX 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.

Which is riskier, FCVSX or PCONX?

PCONX has higher volatility (6.35%) compared to FCVSX (6.07%). In terms of maximum drawdown, FCVSX dropped -58.76% vs PCONX's -47.70%.

Which has better risk-adjusted returns?

PCONX currently has the higher Sharpe Ratio (1.11 vs 0.72), 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.