ICVT vs. FCVT

Last updated Jun 5, 2026

ICVT (iShares Convertible Bond ETF) and FCVT (First Trust SSI Strategic Convertible Securities ETF) are both Preferred Stock/Convertible Bonds funds. ICVT is passively managed, while FCVT is actively managed. Over the past 10 years, ICVT returned 14.11%/yr vs 12.39%/yr for FCVT. A 0.78 correlation means they provide meaningful diversification when combined. ICVT charges 0.20%/yr vs 0.95%/yr for FCVT.

Performance

ICVT vs. FCVT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Convertible Bond ETF (ICVT) and First Trust SSI Strategic Convertible Securities ETF (FCVT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ICVT having a 25.39% return and FCVT slightly higher at 26.02%. Over the past 10 years, ICVT has outperformed FCVT with an annualized return of 14.11%, while FCVT has yielded a comparatively lower 12.39% annualized return.

ICVT

• 1D: 0.09%
• 1M: 6.06%
• YTD: 25.39%
• 6M: 23.41%
• 1Y: 41.66%
• 3Y*: 20.87%
• 5Y*: 7.81%
• 10Y*: 14.11%

FCVT

• 1D: 0.33%
• 1M: 6.13%
• YTD: 26.02%
• 6M: 24.20%
• 1Y: 46.37%
• 3Y*: 21.43%
• 5Y*: 7.65%
• 10Y*: 12.39%

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

ICVT vs. FCVT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICVT iShares Convertible Bond ETF	25.39%	18.10%	10.61%	15.35%	-20.66%	-0.66%	61.01%	21.76%	-0.27%	16.38%
FCVT First Trust SSI Strategic Convertible Securities ETF	26.02%	19.60%	11.92%	7.12%	-20.88%	4.23%	51.02%	22.30%	-2.28%	12.66%

Correlation

The correlation between ICVT and FCVT is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	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	0.82
Correlation (All Time) Calculated using the full available price history since Nov 5, 2015	0.78

The correlation between ICVT and FCVT shifts across timeframes, from 0.78 (all time) to 0.95 (1 year), reflecting how their relationship changes across market environments.

ICVT vs. FCVT - Sectors Allocation Comparison

Sectors	ICVT	FCVT
Technology	55.2%	-
Healthcare	44.8%	0.7%
Consumer Cyclical	13.0%	0.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.7%
Industrials	-	-
Real Estate	-	-
Utilities	-	1.3%

Return for Risk

ICVT vs. FCVT — Risk / Return Rank

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

ICVT

ICVT Risk / Return Rank: 88
ICVT Sharpe Ratio Rank: 88
ICVT Sortino Ratio Rank: 85
ICVT Omega Ratio Rank: 85
ICVT Calmar Ratio Rank: 90
ICVT Martin Ratio Rank: 90

FCVT

FCVT Risk / Return Rank: 87
FCVT Sharpe Ratio Rank: 88
FCVT Sortino Ratio Rank: 84
FCVT Omega Ratio Rank: 83
FCVT Calmar Ratio Rank: 90
FCVT Martin Ratio Rank: 90

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.

ICVT vs. FCVT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond ETF (ICVT) and First Trust SSI Strategic Convertible Securities ETF (FCVT). 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.

	ICVT	FCVT	Difference
Sharpe ratio: Return per unit of total volatility	2.92	2.93	-0.01
Sortino ratio: Return per unit of downside risk	3.80	3.72	+0.08
Omega ratio: Gain probability vs. loss probability	1.52	1.49	+0.02
Calmar ratio: Return relative to maximum drawdown	5.55	5.50	+0.05
Martin ratio: Return relative to average drawdown	20.21	20.58	-0.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICVT vs. FCVT - Sharpe Ratio Comparison

The current ICVT Sharpe Ratio is 2.92, which is comparable to the FCVT Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of ICVT and FCVT, 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

	ICVT	FCVT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	2.93	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.55	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	0.84	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.68	+0.10

Drawdowns

ICVT vs. FCVT - Drawdown Comparison

The maximum ICVT drawdown since its inception was -33.25%, roughly equal to the maximum FCVT drawdown of -31.79%. Use the drawdown chart below to compare losses from any high point for ICVT and FCVT.

Drawdown Indicators

	ICVT	FCVT	Difference
Max Drawdown Largest peak-to-trough decline	-33.25%	-31.79%	-1.46%
Max Drawdown (1Y) Largest decline over 1 year	-7.55%	-8.47%	+0.92%
Max Drawdown (3Y) Largest decline over 3 years	-11.22%	-15.06%	+3.84%
Max Drawdown (5Y) Largest decline over 5 years	-29.95%	-30.43%	+0.48%
Max Drawdown (10Y) Largest decline over 10 years	-33.25%	-31.79%	-1.46%
Current Drawdown Current decline from peak	-0.89%	-0.88%	-0.01%
Average Drawdown Average peak-to-trough decline	-9.49%	-10.36%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	2.26%	-0.19%

Volatility

ICVT vs. FCVT - Volatility Comparison

The current volatility for iShares Convertible Bond ETF (ICVT) is 5.47%, while First Trust SSI Strategic Convertible Securities ETF (FCVT) has a volatility of 6.00%. This indicates that ICVT experiences smaller price fluctuations and is considered to be less risky than FCVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICVT	FCVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.47%	6.00%	-0.53%
Volatility (6M) Calculated over the trailing 6-month period	11.67%	12.99%	-1.32%
Volatility (1Y) Calculated over the trailing 1-year period	14.36%	15.94%	-1.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.22%	14.09%	-0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.50%	14.85%	+0.65%

ICVT vs. FCVT - Expense Ratio Comparison

ICVT has a 0.20% expense ratio, which is lower than FCVT's 0.95% expense ratio.

Dividends

ICVT vs. FCVT - Dividend Comparison

ICVT's dividend yield for the trailing twelve months is around 1.29%, more than FCVT's 1.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCVT First Trust SSI Strategic Convertible Securities ETF	1.19%	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	1.29%	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

Can I hold both ICVT and FCVT in my portfolio?

With a correlation of 0.95, ICVT and FCVT 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, ICVT or FCVT?

FCVT has higher volatility (6.00%) compared to ICVT (5.47%). In terms of maximum drawdown, ICVT dropped -33.25% vs FCVT's -31.79%.

Which ETF is better, ICVT or FCVT?

On 10-year performance, ICVT leads with 14.11% vs 12.39% for FCVT. On fees, ICVT is cheaper at 0.20% per year. On volatility, ICVT has been the lower-risk option at 5.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICVT or FCVT?

Over the 10-year period, ICVT has performed better with a 14.11% return vs 12.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICVT or FCVT?

ICVT is cheaper with a 0.20% expense ratio, compared with 0.95% for FCVT.

Which ETF pays a higher dividend yield, ICVT or FCVT?

ICVT has the higher dividend yield at 1.29%, compared with 1.19% for FCVT.

What is the main difference between ICVT and FCVT?

They also come from different issuers: iShares and First Trust. Their fees differ too: 0.20% for ICVT and 0.95% for FCVT.

Which has better risk-adjusted returns?

FCVT currently has the higher Sharpe Ratio (2.93 vs 2.92), 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.