FTCVX vs. DPIIX

Last updated Aug 1, 2026

FTCVX (Fidelity Advisor Convertible Securities Fund Class M) and DPIIX (Destra Flaherty & Crumrine Preferred and Income Fund) are both mutual funds - FTCVX is a Convertible Bonds fund managed by Fidelity, while DPIIX is a Preferred Stock fund managed by Destra. Over the past 10 years, FTCVX returned 11.43%/yr vs 4.30%/yr for DPIIX. Their 0.41 correlation means their historical movements had little consistent relationship. FTCVX charges 1.23%/yr vs 1.20%/yr for DPIIX.

Performance

FTCVX vs. DPIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Convertible Securities Fund Class M (FTCVX) and Destra Flaherty & Crumrine Preferred and Income Fund (DPIIX). 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 higher than DPIIX's 1.55% return. Over the past 10 years, FTCVX has outperformed DPIIX with an annualized return of 11.43%, while DPIIX has yielded a comparatively lower 4.30% annualized return.

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%

DPIIX

• 1D: 0.06%
• 1M: -0.29%
• 6M: 0.90%
• YTD: 1.55%
• 1Y: 5.21%
• 3Y*: 8.43%
• 5Y*: 2.29%
• 10Y*: 4.30%
• ALL TIME*: 5.55%

*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)
DPIIX Destra Flaherty & Crumrine Preferred and Income Fund	$0.00	$0.00	$0.00
FTCVX Fidelity Advisor Convertible Securities Fund Class M	$0.00	$0.00	$0.00

FTCVX vs. DPIIX - 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%
DPIIX Destra Flaherty & Crumrine Preferred and Income Fund	1.55%	7.85%	11.39%	5.94%	-13.68%	4.89%	5.82%	18.60%	-5.62%	11.88%

Correlation

The correlation between FTCVX and DPIIX is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (3Y) Balances recent behavior with more history.	0.41
Correlation (5Y) Shows whether the relationship held over a longer period.	0.46
Correlation (10Y) Provides a long-term view across more market conditions.	0.43
Correlation (All Time) Calculated using the full available price history since Apr 12, 2011	0.41

Return for Risk

FTCVX vs. DPIIX — 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

DPIIX

DPIIX Risk / Return Rank: 86
DPIIX Sharpe Ratio Rank: 95
DPIIX Sortino Ratio Rank: 94
DPIIX Omega Ratio Rank: 94
DPIIX Calmar Ratio Rank: 70
DPIIX Martin Ratio Rank: 80

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. DPIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Convertible Securities Fund Class M (FTCVX) and Destra Flaherty & Crumrine Preferred and Income Fund (DPIIX). 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	DPIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	2.57	-1.21
Sortino ratio: Return per unit of downside risk	1.88	3.84	-1.96
Omega ratio: Gain probability vs. loss probability	1.23	1.55	-0.32
Calmar ratio: Return relative to maximum drawdown	1.96	2.29	-0.33
Martin ratio: Return relative to average drawdown	7.68	9.73	-2.05

FTCVX vs. DPIIX - Sharpe Ratio Comparison

The current FTCVX Sharpe Ratio is 1.35, which is lower than the DPIIX Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of FTCVX and DPIIX, 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. DPIIX - Drawdown Comparison

The maximum FTCVX drawdown since its inception was -25.10%, smaller than the maximum DPIIX drawdown of -29.92%. Use the drawdown chart below to compare losses from any high point for FTCVX and DPIIX.

Drawdown Indicators

	FTCVX	DPIIX	Difference
Max Drawdown Largest peak-to-trough decline	-25.10%	-29.92%	+4.82%
Max Drawdown (1Y) Largest decline over 1 year	-11.74%	-2.39%	-9.35%
Max Drawdown (3Y) Largest decline over 3 years	-18.91%	-4.13%	-14.78%
Max Drawdown (5Y) Largest decline over 5 years	-24.45%	-19.76%	-4.69%
Max Drawdown (10Y) Largest decline over 10 years	-25.10%	-29.92%	+4.82%
Current Drawdown Current decline from peak	-9.09%	-0.41%	-8.68%
Average Drawdown Average peak-to-trough decline	-5.84%	-2.72%	-3.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	0.56%	+2.43%

Volatility

FTCVX vs. DPIIX - Volatility Comparison

Fidelity Advisor Convertible Securities Fund Class M (FTCVX) has a higher volatility of 6.05% compared to Destra Flaherty & Crumrine Preferred and Income Fund (DPIIX) at 0.49%. This indicates that FTCVX's price experiences larger fluctuations and is considered to be riskier than DPIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTCVX	DPIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.05%	0.49%	+5.56%
Volatility (6M) Calculated over the trailing 6-month period	13.97%	1.77%	+12.20%
Volatility (1Y) Calculated over the trailing 1-year period	17.00%	2.13%	+14.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.93%	5.13%	+8.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.87%	7.80%	+6.07%

FTCVX vs. DPIIX - Expense Ratio Comparison

FTCVX has a 1.23% expense ratio, which is higher than DPIIX's 1.20% expense ratio.

Dividends

FTCVX vs. DPIIX - Dividend Comparison

FTCVX's dividend yield for the trailing twelve months is around 8.82%, more than DPIIX's 5.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPIIX Destra Flaherty & Crumrine Preferred and Income Fund	5.68%	5.03%	3.98%	5.17%	4.89%	3.87%	4.55%	4.81%	6.27%	4.92%	4.68%	4.52%
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 DPIIX in my portfolio?

FTCVX and DPIIX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTCVX or DPIIX?

FTCVX has higher volatility (6.05%) compared to DPIIX (0.49%). In terms of maximum drawdown, FTCVX dropped -25.10% vs DPIIX's -29.92%.

Which has better risk-adjusted returns?

DPIIX currently has the higher Sharpe Ratio (2.57 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.