FICVX vs. HPS

Last updated Jun 4, 2026

FICVX (Fidelity Advisor Convertible Securities Fund Class I) and HPS (John Hancock Preferred Income Fund III) are both Preferred Stock/Convertible Bonds funds. Over the past 10 years, FICVX returned 13.28%/yr vs 5.37%/yr for HPS. At a 0.42 correlation, their price movements are largely independent. FICVX charges 0.70%/yr vs 0.01%/yr for HPS.

Performance

FICVX vs. HPS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Convertible Securities Fund Class I (FICVX) and John Hancock Preferred Income Fund III (HPS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FICVX achieves a 25.40% return, which is significantly higher than HPS's 4.49% return. Over the past 10 years, FICVX has outperformed HPS with an annualized return of 13.28%, while HPS has yielded a comparatively lower 5.37% annualized return.

FICVX

• 1D: 1.16%
• 1M: 7.39%
• YTD: 25.40%
• 6M: 24.89%
• 1Y: 44.52%
• 3Y*: 19.61%
• 5Y*: 9.63%
• 10Y*: 13.28%

HPS

• 1D: -0.07%
• 1M: -1.10%
• YTD: 4.49%
• 6M: 2.71%
• 1Y: 11.63%
• 3Y*: 10.94%
• 5Y*: 2.87%
• 10Y*: 5.37%

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

FICVX vs. HPS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FICVX Fidelity Advisor Convertible Securities Fund Class I	25.40%	18.28%	8.11%	11.39%	-15.38%	9.93%	42.46%	28.58%	-1.31%	9.03%
HPS John Hancock Preferred Income Fund III	4.49%	4.86%	15.65%	7.66%	-16.56%	16.44%	-3.00%	31.43%	-8.37%	14.32%

Correlation

The correlation between FICVX and HPS is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Feb 20, 2009	0.42

Return for Risk

FICVX vs. HPS — Risk / Return Rank

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

FICVX

FICVX Risk / Return Rank: 90
FICVX Sharpe Ratio Rank: 92
FICVX Sortino Ratio Rank: 84
FICVX Omega Ratio Rank: 80
FICVX Calmar Ratio Rank: 96
FICVX Martin Ratio Rank: 96

HPS

HPS Risk / Return Rank: 17
HPS Sharpe Ratio Rank: 18
HPS Sortino Ratio Rank: 17
HPS Omega Ratio Rank: 18
HPS Calmar Ratio Rank: 18
HPS Martin Ratio Rank: 14

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.

FICVX vs. HPS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Convertible Securities Fund Class I (FICVX) and John Hancock Preferred Income Fund III (HPS). 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.

	FICVX	HPS	Difference
Sharpe ratio: Return per unit of total volatility	3.08	1.22	+1.86
Sortino ratio: Return per unit of downside risk	3.96	1.75	+2.21
Omega ratio: Gain probability vs. loss probability	1.53	1.22	+0.30
Calmar ratio: Return relative to maximum drawdown	6.40	1.53	+4.87
Martin ratio: Return relative to average drawdown	25.13	4.07	+21.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FICVX vs. HPS - Sharpe Ratio Comparison

The current FICVX Sharpe Ratio is 3.08, which is higher than the HPS Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of FICVX and HPS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FICVX	HPS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.08	1.22	+1.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.18	+0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	0.25	+0.73
Sharpe Ratio (All Time) Calculated using the full available price history	1.03	0.25	+0.79

Drawdowns

FICVX vs. HPS - Drawdown Comparison

The maximum FICVX drawdown since its inception was -25.06%, smaller than the maximum HPS drawdown of -70.04%. Use the drawdown chart below to compare losses from any high point for FICVX and HPS.

Drawdown Indicators

	FICVX	HPS	Difference
Max Drawdown Largest peak-to-trough decline	-25.06%	-70.04%	+44.98%
Max Drawdown (1Y) Largest decline over 1 year	-7.14%	-7.61%	+0.47%
Max Drawdown (3Y) Largest decline over 3 years	-18.88%	-17.58%	-1.30%
Max Drawdown (5Y) Largest decline over 5 years	-24.20%	-29.39%	+5.19%
Max Drawdown (10Y) Largest decline over 10 years	-25.06%	-52.12%	+27.06%
Current Drawdown Current decline from peak	0.00%	-2.51%	+2.51%
Average Drawdown Average peak-to-trough decline	-5.63%	-8.37%	+2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	2.86%	-1.04%

Volatility

FICVX vs. HPS - Volatility Comparison

Fidelity Advisor Convertible Securities Fund Class I (FICVX) has a higher volatility of 4.87% compared to John Hancock Preferred Income Fund III (HPS) at 2.65%. This indicates that FICVX's price experiences larger fluctuations and is considered to be riskier than HPS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FICVX	HPS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	2.65%	+2.22%
Volatility (6M) Calculated over the trailing 6-month period	11.86%	7.19%	+4.67%
Volatility (1Y) Calculated over the trailing 1-year period	14.84%	9.55%	+5.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.48%	15.67%	-2.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.65%	21.46%	-7.81%

FICVX vs. HPS - Expense Ratio Comparison

FICVX has a 0.70% expense ratio, which is higher than HPS's 0.01% expense ratio.

Dividends

FICVX vs. HPS - Dividend Comparison

FICVX's dividend yield for the trailing twelve months is around 8.81%, less than HPS's 9.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FICVX Fidelity Advisor Convertible Securities Fund Class I	8.81%	11.38%	2.02%	2.12%	3.73%	20.65%	10.73%	3.28%	9.85%	4.09%	4.90%	10.39%
HPS John Hancock Preferred Income Fund III	9.10%	9.16%	8.78%	9.34%	9.15%	7.04%	7.63%	7.41%	9.26%	7.82%	8.27%	7.53%

Frequently Asked Questions

Can I hold both FICVX and HPS in my portfolio?

FICVX and HPS have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FICVX or HPS?

FICVX has higher volatility (4.87%) compared to HPS (2.65%). In terms of maximum drawdown, FICVX dropped -25.06% vs HPS's -70.04%.

Which has better risk-adjusted returns?

FICVX currently has the higher Sharpe Ratio (3.08 vs 1.22), 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.