ICVT vs. FCVSX
ICVT (iShares Convertible Bond ETF) and FCVSX (Fidelity Convertible Securities Fund) are both Preferred Stock/Convertible Bonds funds. Over the past 10 years, ICVT returned 14.40%/yr vs 12.79%/yr for FCVSX. Their correlation of 0.83 suggests significant overlap in exposure. ICVT charges 0.20%/yr vs 0.67%/yr for FCVSX.
Performance
ICVT vs. FCVSX - Performance Comparison
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Returns By Period
In the year-to-date period, ICVT achieves a 26.89% return, which is significantly higher than FCVSX's 23.99% return. Over the past 10 years, ICVT has outperformed FCVSX with an annualized return of 14.40%, while FCVSX has yielded a comparatively lower 12.79% annualized return.
ICVT
- 1D
- 0.02%
- 1M
- 5.09%
- YTD
- 26.89%
- 6M
- 24.71%
- 1Y
- 43.39%
- 3Y*
- 20.83%
- 5Y*
- 7.36%
- 10Y*
- 14.40%
FCVSX
- 1D
- 1.21%
- 1M
- 3.09%
- YTD
- 23.99%
- 6M
- 11.57%
- 1Y
- 30.12%
- 3Y*
- 16.96%
- 5Y*
- 8.58%
- 10Y*
- 12.79%
ICVT vs. FCVSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 26.89% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -0.27% | 16.38% |
FCVSX Fidelity Convertible Securities Fund | 23.99% | 8.52% | 13.91% | 11.42% | -15.33% | 9.95% | 42.52% | 28.58% | -1.29% | 9.03% |
Correlation
The correlation between ICVT and FCVSX is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2015 | 0.83 |
The correlation between ICVT and FCVSX shifts across timeframes, from 0.83 (all time) to 0.96 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ICVT vs. FCVSX — Risk / Return Rank
ICVT
FCVSX
ICVT vs. FCVSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond ETF (ICVT) and Fidelity Convertible Securities Fund (FCVSX). 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.
| ICVT | FCVSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.15 | ||
| Sortino ratioReturn per unit of downside risk | +1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.32 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 5.78 | 2.85 | +2.93 |
| Martin ratioReturn relative to average drawdown | 19.71 | 8.60 | +11.11 |
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Drawdowns
ICVT vs. FCVSX - Drawdown Comparison
The maximum ICVT drawdown since its inception was -33.25%, smaller than the maximum FCVSX drawdown of -58.76%. Use the drawdown chart below to compare losses from any high point for ICVT and FCVSX.
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Drawdown Indicators
| ICVT | FCVSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.25% | -58.76% | +25.51% |
Max Drawdown (1Y)Largest decline over 1 year | -7.55% | -10.68% | +3.13% |
Max Drawdown (3Y)Largest decline over 3 years | -11.22% | -14.56% | +3.34% |
Max Drawdown (5Y)Largest decline over 5 years | -29.95% | -24.18% | -5.77% |
Max Drawdown (10Y)Largest decline over 10 years | -33.25% | -25.08% | -8.17% |
Current DrawdownCurrent decline from peak | 0.00% | -1.12% | +1.12% |
Average DrawdownAverage peak-to-trough decline | -9.46% | -7.22% | -2.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 3.52% | -1.31% |
Volatility
ICVT vs. FCVSX - Volatility Comparison
iShares Convertible Bond ETF (ICVT) has a higher volatility of 6.96% compared to Fidelity Convertible Securities Fund (FCVSX) at 6.47%. This indicates that ICVT's price experiences larger fluctuations and is considered to be riskier than FCVSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICVT | FCVSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.96% | 6.47% | +0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 12.95% | 16.18% | -3.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.57% | 18.36% | -2.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.49% | 14.12% | -0.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.61% | 13.97% | +1.64% |
ICVT vs. FCVSX - Expense Ratio Comparison
ICVT has a 0.20% expense ratio, which is lower than FCVSX's 0.67% expense ratio.
Dividends
ICVT vs. FCVSX - Dividend Comparison
ICVT's dividend yield for the trailing twelve months is around 1.28%, less than FCVSX's 1.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCVSX Fidelity Convertible Securities Fund | 1.48% | 2.21% | 7.47% | 2.13% | 3.78% | 20.64% | 10.75% | 3.28% | 9.86% | 4.11% | 4.90% | 10.41% |
ICVT iShares Convertible Bond ETF | 1.28% | 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 0.96, ICVT and FCVSX 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.
ICVT has higher volatility (6.96%) compared to FCVSX (6.47%). In terms of maximum drawdown, ICVT dropped -33.25% vs FCVSX's -58.76%.
ICVT currently has the higher Sharpe Ratio (2.81 vs 1.66), 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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