ICVT vs. FCVT
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 14.06%/yr vs 11.97%/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
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with ICVT having a 23.10% return and FCVT slightly higher at 23.75%. Over the past 10 years, ICVT has outperformed FCVT with an annualized return of 14.06%, while FCVT has yielded a comparatively lower 11.97% annualized return.
ICVT
- 1D
- -1.06%
- 1M
- 1.95%
- YTD
- 23.10%
- 6M
- 21.41%
- 1Y
- 37.30%
- 3Y*
- 19.62%
- 5Y*
- 6.55%
- 10Y*
- 14.06%
FCVT
- 1D
- -0.80%
- 1M
- 2.17%
- YTD
- 23.75%
- 6M
- 21.67%
- 1Y
- 41.58%
- 3Y*
- 20.32%
- 5Y*
- 6.54%
- 10Y*
- 11.97%
ICVT vs. FCVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 23.10% | 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 | 23.75% | 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 - 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 | 0.95 |
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 | 0.83 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ICVT vs. FCVT — Risk / Return Rank
ICVT
FCVT
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.
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 | FCVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.41 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 4.97 | 4.93 | +0.04 |
| Martin ratioReturn relative to average drawdown | 16.86 | 17.37 | -0.51 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| ICVT | FCVT | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -2.99% | -3.07% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -9.46% | -10.32% | +0.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 2.40% | -0.18% |
Volatility
ICVT vs. FCVT - Volatility Comparison
iShares Convertible Bond ETF (ICVT) and First Trust SSI Strategic Convertible Securities ETF (FCVT) have volatilities of 7.19% and 7.33%, 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.
Loading charts...
Volatility by Period
| ICVT | FCVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.19% | 7.33% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 13.09% | 14.20% | -1.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.72% | 17.21% | -1.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.52% | 14.37% | -0.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.62% | 14.99% | +0.63% |
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 1.32%, more than FCVT's 1.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCVT First Trust SSI Strategic Convertible Securities ETF | 1.21% | 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 | 1.32% | 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 0.95, 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.
FCVT has higher volatility (7.33%) compared to ICVT (7.19%). In terms of maximum drawdown, ICVT dropped -33.25% vs FCVT's -31.79%.
On 10-year performance, ICVT leads with 14.06% vs 11.97% for FCVT. On fees, ICVT is cheaper at 0.20% per year. On volatility, ICVT has been the lower-risk option at 7.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ICVT has performed better with a 14.06% return vs 11.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICVT is cheaper with a 0.20% expense ratio, compared with 0.95% for FCVT.
ICVT has the higher dividend yield at 1.32%, compared with 1.21% for FCVT.
They also come from different issuers: iShares and First Trust. Their fees differ too: 0.20% for ICVT and 0.95% for FCVT.
FCVT currently has the higher Sharpe Ratio (2.43 vs 2.39), 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.
Find the right allocation for ICVT and FCVT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer