FCVT vs. ICVT
FCVT (First Trust SSI Strategic Convertible Securities ETF) and ICVT (iShares Convertible Bond ETF) are both Preferred Stock/Convertible Bonds funds. FCVT is actively managed, while ICVT is passively managed. Over the past 10 years, FCVT returned 12.06%/yr vs 14.18%/yr for ICVT. A 0.78 correlation means they provide meaningful diversification when combined. FCVT charges 0.95%/yr vs 0.20%/yr for ICVT.
Performance
FCVT vs. ICVT - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with FCVT having a 24.74% return and ICVT slightly lower at 24.42%. Over the past 10 years, FCVT has underperformed ICVT with an annualized return of 12.06%, while ICVT has yielded a comparatively higher 14.18% 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%
ICVT
- 1D
- -1.95%
- 1M
- 3.04%
- YTD
- 24.42%
- 6M
- 22.70%
- 1Y
- 40.17%
- 3Y*
- 20.04%
- 5Y*
- 6.76%
- 10Y*
- 14.18%
FCVT vs. ICVT - 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% |
ICVT iShares Convertible Bond ETF | 24.42% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -0.27% | 16.38% |
Correlation
The correlation between FCVT and ICVT is 0.95 - 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2015 | 0.78 |
The correlation between FCVT and ICVT shifts across timeframes, from 0.78 (all time) to 0.95 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FCVT vs. ICVT — Risk / Return Rank
FCVT
ICVT
FCVT vs. ICVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust SSI Strategic Convertible Securities ETF (FCVT) 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.
| FCVT | ICVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.46 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 5.21 | 5.35 | -0.14 |
| Martin ratioReturn relative to average drawdown | 18.41 | 18.22 | +0.19 |
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Drawdowns
FCVT vs. ICVT - Drawdown Comparison
The maximum FCVT drawdown since its inception was -31.79%, roughly equal to the maximum ICVT drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for FCVT and ICVT.
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Drawdown Indicators
| FCVT | ICVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.79% | -33.25% | +1.46% |
Max Drawdown (1Y)Largest decline over 1 year | -8.47% | -7.55% | -0.92% |
Max Drawdown (3Y)Largest decline over 3 years | -15.06% | -11.22% | -3.84% |
Max Drawdown (5Y)Largest decline over 5 years | -30.43% | -29.95% | -0.48% |
Max Drawdown (10Y)Largest decline over 10 years | -31.79% | -33.25% | +1.46% |
Current DrawdownCurrent decline from peak | -2.29% | -1.95% | -0.34% |
Average DrawdownAverage peak-to-trough decline | -10.32% | -9.46% | -0.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.39% | 2.21% | +0.18% |
Volatility
FCVT vs. ICVT - Volatility Comparison
First Trust SSI Strategic Convertible Securities ETF (FCVT) and iShares Convertible Bond ETF (ICVT) have volatilities of 7.27% and 7.08%, 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.
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Volatility by Period
| FCVT | ICVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.27% | 7.08% | +0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 14.25% | 13.10% | +1.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.19% | 15.68% | +1.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.37% | 13.51% | +0.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.99% | 15.61% | -0.62% |
FCVT vs. ICVT - Expense Ratio Comparison
FCVT has a 0.95% expense ratio, which is higher than ICVT's 0.20% expense ratio.
Dividends
FCVT vs. ICVT - Dividend Comparison
FCVT's dividend yield for the trailing twelve months is around 1.20%, less than ICVT's 1.30% 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% |
ICVT iShares Convertible Bond ETF | 1.30% | 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 0.95, FCVT 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.
FCVT has higher volatility (7.27%) compared to ICVT (7.08%). In terms of maximum drawdown, FCVT dropped -31.79% vs ICVT's -33.25%.
On 10-year performance, ICVT leads with 14.18% vs 12.06% for FCVT. On fees, ICVT is cheaper at 0.20% per year. On volatility, ICVT has been the lower-risk option at 7.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ICVT has performed better with a 14.18% return vs 12.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICVT is cheaper with a 0.20% expense ratio, compared with 0.95% for FCVT.
ICVT has the higher dividend yield at 1.30%, compared with 1.20% for FCVT.
They also come from different issuers: First Trust and iShares. Their fees differ too: 0.95% for FCVT and 0.20% for ICVT.
ICVT currently has the higher Sharpe Ratio (2.57 vs 2.57), 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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