FTCVX vs. CICVX

Last updated Aug 1, 2026

FTCVX (Fidelity Advisor Convertible Securities Fund Class M) and CICVX (Calamos Convertible Fund) are both Convertible Bonds funds. Over the past 10 years, FTCVX returned 11.43%/yr vs 11.45%/yr for CICVX. Their correlation of 0.93 means they have usually moved in the same direction. FTCVX charges 1.23%/yr vs 0.85%/yr for CICVX.

Performance

FTCVX vs. CICVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Convertible Securities Fund Class M (FTCVX) and Calamos Convertible Fund (CICVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTCVX achieves a 13.75% return, which is significantly lower than CICVX's 17.72% return. Both investments have delivered pretty close results over the past 10 years, with FTCVX having a 11.43% annualized return and CICVX not far ahead at 11.45%.

FTCVX

• 1D: 3.00%
• 1M: -3.65%
• 6M: 8.34%
• YTD: 13.75%
• 1Y: 24.69%
• 3Y*: 13.84%
• 5Y*: 6.91%
• 10Y*: 11.43%
• ALL TIME*: 12.99%

CICVX

• 1D: 3.16%
• 1M: -3.18%
• 6M: 11.47%
• YTD: 17.72%
• 1Y: 29.56%
• 3Y*: 15.73%
• 5Y*: 6.49%
• 10Y*: 11.45%
• ALL TIME*: 4.28%

*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)
CICVX Calamos Convertible Fund	$0.00	$0.00	$0.00
FTCVX Fidelity Advisor Convertible Securities Fund Class M	$0.00	$0.00	$0.00

FTCVX vs. CICVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTCVX Fidelity Advisor Convertible Securities Fund Class M	13.75%	17.67%	7.70%	12.42%	-15.82%	9.35%	41.70%	27.83%	-1.88%	8.54%
CICVX Calamos Convertible Fund	17.72%	19.03%	9.94%	10.95%	-21.02%	5.36%	48.84%	19.51%	0.59%	14.21%

Correlation

The correlation between FTCVX and CICVX 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.	0.96
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (10Y) Provides a long-term view across more market conditions.	0.95
Correlation (All Time) Calculated using the full available price history since Feb 19, 2009	0.93

The correlation between FTCVX and CICVX has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.

Return for Risk

FTCVX vs. CICVX — Risk / Return Rank

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

FTCVX

FTCVX Risk / Return Rank: 49
FTCVX Sharpe Ratio Rank: 48
FTCVX Sortino Ratio Rank: 44
FTCVX Omega Ratio Rank: 42
FTCVX Calmar Ratio Rank: 53
FTCVX Martin Ratio Rank: 57

CICVX

CICVX Risk / Return Rank: 72
CICVX Sharpe Ratio Rank: 69
CICVX Sortino Ratio Rank: 64
CICVX Omega Ratio Rank: 61
CICVX Calmar Ratio Rank: 82
CICVX Martin Ratio Rank: 83

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.

FTCVX vs. CICVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Convertible Securities Fund Class M (FTCVX) and Calamos Convertible Fund (CICVX). 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.

	FTCVX	CICVX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.62	-0.27
Sortino ratio: Return per unit of downside risk	1.88	2.23	-0.35
Omega ratio: Gain probability vs. loss probability	1.23	1.28	-0.04
Calmar ratio: Return relative to maximum drawdown	1.96	2.73	-0.77
Martin ratio: Return relative to average drawdown	7.68	10.26	-2.58

FTCVX vs. CICVX - Sharpe Ratio Comparison

The current FTCVX Sharpe Ratio is 1.35, which is comparable to the CICVX Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of FTCVX and CICVX, 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

FTCVX vs. CICVX - Drawdown Comparison

The maximum FTCVX drawdown since its inception was -25.10%, smaller than the maximum CICVX drawdown of -49.33%. Use the drawdown chart below to compare losses from any high point for FTCVX and CICVX.

Drawdown Indicators

	FTCVX	CICVX	Difference
Max Drawdown Largest peak-to-trough decline	-25.10%	-49.33%	+24.23%
Max Drawdown (1Y) Largest decline over 1 year	-11.74%	-10.15%	-1.59%
Max Drawdown (3Y) Largest decline over 3 years	-18.91%	-14.79%	-4.12%
Max Drawdown (5Y) Largest decline over 5 years	-24.45%	-27.17%	+2.72%
Max Drawdown (10Y) Largest decline over 10 years	-25.10%	-27.17%	+2.07%
Current Drawdown Current decline from peak	-9.09%	-7.31%	-1.78%
Average Drawdown Average peak-to-trough decline	-5.84%	-17.40%	+11.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	2.69%	+0.30%

Volatility

FTCVX vs. CICVX - Volatility Comparison

Fidelity Advisor Convertible Securities Fund Class M (FTCVX) and Calamos Convertible Fund (CICVX) have volatilities of 6.05% and 6.18%, 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

	FTCVX	CICVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.05%	6.18%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	13.97%	14.15%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	17.00%	17.06%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.93%	13.39%	+0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.87%	13.12%	+0.75%

FTCVX vs. CICVX - Expense Ratio Comparison

FTCVX has a 1.23% expense ratio, which is higher than CICVX's 0.85% expense ratio.

Dividends

FTCVX vs. CICVX - Dividend Comparison

FTCVX's dividend yield for the trailing twelve months is around 8.82%, less than CICVX's 10.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CICVX Calamos Convertible Fund	10.59%	12.51%	1.83%	2.48%	0.94%	15.90%	7.74%	1.39%	16.75%	4.55%	3.43%	5.41%
FTCVX Fidelity Advisor Convertible Securities Fund Class M	8.82%	10.89%	1.66%	3.03%	3.18%	20.07%	10.32%	2.74%	9.06%	3.78%	4.32%	9.73%

Frequently Asked Questions

Can I hold both FTCVX and CICVX in my portfolio?

With a correlation of 0.98, FTCVX and CICVX 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, FTCVX or CICVX?

CICVX has higher volatility (6.18%) compared to FTCVX (6.05%). In terms of maximum drawdown, FTCVX dropped -25.10% vs CICVX's -49.33%.

Which has better risk-adjusted returns?

CICVX currently has the higher Sharpe Ratio (1.62 vs 1.35), 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.