FCVT vs. FXAIX

Last updated Jun 24, 2026

FCVT (First Trust SSI Strategic Convertible Securities ETF) and FXAIX (Fidelity 500 Index Fund) are both funds - FCVT is a Preferred Stock/Convertible Bonds fund actively managed by First Trust, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. FCVT is actively managed, while FXAIX is passively managed. Over the past 10 years, FCVT returned 12.06%/yr vs 15.80%/yr for FXAIX. A 0.66 correlation means they provide meaningful diversification when combined. FCVT charges 0.95%/yr vs 0.02%/yr for FXAIX.

Performance

FCVT vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust SSI Strategic Convertible Securities ETF (FCVT) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCVT achieves a 24.74% return, which is significantly higher than FXAIX's 9.79% return. Over the past 10 years, FCVT has underperformed FXAIX with an annualized return of 12.06%, while FXAIX has yielded a comparatively higher 15.80% annualized return.

FCVT

• 1D: -2.29%
• 1M: 2.99%
• YTD: 24.74%
• 6M: 22.65%
• 1Y: 43.93%
• 3Y*: 20.64%
• 5Y*: 6.75%
• 10Y*: 12.06%

FXAIX

• 1D: -0.37%
• 1M: 0.10%
• YTD: 9.79%
• 6M: 8.79%
• 1Y: 25.51%
• 3Y*: 21.39%
• 5Y*: 13.60%
• 10Y*: 15.80%

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

FCVT vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCVT First Trust SSI Strategic Convertible Securities ETF	24.74%	19.60%	11.92%	7.12%	-20.88%	4.23%	51.02%	22.30%	-2.28%	12.66%
FXAIX Fidelity 500 Index Fund	9.79%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	21.82%

Correlation

The correlation between FCVT and FXAIX is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Nov 4, 2015	0.66

The correlation between FCVT and FXAIX shifts across timeframes, from 0.66 (all time) to 0.77 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FCVT vs. FXAIX — Risk / Return Rank

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

FCVT

FCVT Risk / Return Rank: 84
FCVT Sharpe Ratio Rank: 85
FCVT Sortino Ratio Rank: 78
FCVT Omega Ratio Rank: 78
FCVT Calmar Ratio Rank: 90
FCVT Martin Ratio Rank: 89

FXAIX

FXAIX Risk / Return Rank: 65
FXAIX Sharpe Ratio Rank: 64
FXAIX Sortino Ratio Rank: 57
FXAIX Omega Ratio Rank: 59
FXAIX Calmar Ratio Rank: 68
FXAIX Martin Ratio Rank: 78

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.

FCVT vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust SSI Strategic Convertible Securities ETF (FCVT) and Fidelity 500 Index Fund (FXAIX). 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.

	FCVT	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.57	2.15	+0.42
Sortino ratio: Return per unit of downside risk	3.22	2.91	+0.31
Omega ratio: Gain probability vs. loss probability	1.43	1.39	+0.04
Calmar ratio: Return relative to maximum drawdown	5.21	3.02	+2.19
Martin ratio: Return relative to average drawdown	18.41	13.62	+4.79

FCVT vs. FXAIX - Sharpe Ratio Comparison

The current FCVT Sharpe Ratio is 2.57, which is comparable to the FXAIX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of FCVT and FXAIX, 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

FCVT vs. FXAIX - Drawdown Comparison

The maximum FCVT drawdown since its inception was -31.79%, smaller than the maximum FXAIX drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for FCVT and FXAIX.

Drawdown Indicators

	FCVT	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-31.79%	-33.79%	+2.00%
Max Drawdown (1Y) Largest decline over 1 year	-8.47%	-8.89%	+0.42%
Max Drawdown (3Y) Largest decline over 3 years	-15.06%	-18.76%	+3.70%
Max Drawdown (5Y) Largest decline over 5 years	-30.43%	-24.50%	-5.93%
Max Drawdown (10Y) Largest decline over 10 years	-31.79%	-33.79%	+2.00%
Current Drawdown Current decline from peak	-2.29%	-1.72%	-0.57%
Average Drawdown Average peak-to-trough decline	-10.32%	-3.79%	-6.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.39%	1.97%	+0.42%

Volatility

FCVT vs. FXAIX - Volatility Comparison

First Trust SSI Strategic Convertible Securities ETF (FCVT) has a higher volatility of 7.27% compared to Fidelity 500 Index Fund (FXAIX) at 4.68%. This indicates that FCVT's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCVT	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.27%	4.68%	+2.59%
Volatility (6M) Calculated over the trailing 6-month period	14.25%	9.84%	+4.41%
Volatility (1Y) Calculated over the trailing 1-year period	17.19%	12.50%	+4.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.37%	17.00%	-2.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.99%	18.12%	-3.13%

FCVT vs. FXAIX - Expense Ratio Comparison

FCVT has a 0.95% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

FCVT vs. FXAIX - Dividend Comparison

FCVT's dividend yield for the trailing twelve months is around 1.20%, more than FXAIX's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCVT First Trust SSI Strategic Convertible Securities ETF	1.20%	1.98%	1.30%	1.76%	3.71%	23.07%	1.72%	1.60%	1.85%	2.18%	1.88%	0.59%
FXAIX Fidelity 500 Index Fund	1.04%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%

Frequently Asked Questions

Can I hold both FCVT and FXAIX in my portfolio?

FCVT and FXAIX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCVT or FXAIX?

FCVT has higher volatility (7.27%) compared to FXAIX (4.68%). In terms of maximum drawdown, FCVT dropped -31.79% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FCVT currently has the higher Sharpe Ratio (2.57 vs 2.15), 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.