ICVT vs. FCVT
ICVT (iShares Convertible Bond ETF) and FCVT (First Trust SSI Strategic Convertible Securities ETF) are both Convertible Bonds funds. ICVT is passively managed, while FCVT is actively managed. Over the past 10 years, ICVT returned 12.94%/yr vs 11.20%/yr for FCVT. Their 0.79 correlation means they have sometimes moved together and sometimes differently. ICVT charges 0.20%/yr vs 0.95%/yr for FCVT.
Performance
ICVT vs. FCVT - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with ICVT having a 17.80% return and FCVT slightly lower at 17.32%. Over the past 10 years, ICVT has outperformed FCVT with an annualized return of 12.94%, while FCVT has yielded a comparatively lower 11.20% annualized return.
ICVT
- 1D
- 1.79%
- 1M
- -1.86%
- 6M
- 11.47%
- YTD
- 17.80%
- 1Y
- 27.93%
- 3Y*
- 16.83%
- 5Y*
- 6.12%
- 10Y*
- 12.94%
- ALL TIME*
- 11.20%
FCVT
- 1D
- 2.20%
- 1M
- -2.49%
- 6M
- 9.67%
- YTD
- 17.32%
- 1Y
- 29.79%
- 3Y*
- 17.52%
- 5Y*
- 5.76%
- 10Y*
- 11.20%
- ALL TIME*
- 10.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.39M | $2.14M | $1.42M | |
| $62.95M | $66.48M | $89.93M |
ICVT vs. FCVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 17.80% | 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 | 17.32% | 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 0.96 - 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. | 0.96 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.84 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2015 | 0.79 |
The correlation between ICVT and FCVT shifts across timeframes, from 0.79 (all time) to 0.96 (1 year), reflecting how their relationship changes across market environments.
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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 | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.26 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 2.16 | +0.25 |
| Martin ratioReturn relative to average drawdown | 8.92 | 8.56 | +0.37 |
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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.
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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 | -11.65% | -13.87% | +2.22% |
Max Drawdown (3Y)Largest decline over 3 years | -11.65% | -15.06% | +3.41% |
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 | -7.17% | -8.10% | +0.93% |
Average DrawdownAverage peak-to-trough decline | -9.43% | -10.29% | +0.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 3.49% | -0.35% |
Volatility
ICVT vs. FCVT - Volatility Comparison
The current volatility for iShares Convertible Bond ETF (ICVT) is 6.50%, while First Trust SSI Strategic Convertible Securities ETF (FCVT) has a volatility of 7.92%. 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.
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Volatility by Period
| ICVT | FCVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.50% | 7.92% | -1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 14.60% | 16.06% | -1.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.26% | 19.20% | -1.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.81% | 14.80% | -0.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.74% | 15.01% | +0.73% |
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 1.39%, more than FCVT's 1.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCVT First Trust SSI Strategic Convertible Securities ETF | 1.12% | 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 | 1.39% | 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 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 (7.92%) compared to ICVT (6.50%). In terms of maximum drawdown, ICVT dropped -33.25% vs FCVT's -31.79%.
On 10-year performance, ICVT leads with 12.94% vs 11.20% for FCVT. On fees, ICVT is cheaper at 0.20% per year. On volatility, ICVT has been the lower-risk option at 6.50%. 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 12.94% return vs 11.20%. 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 1.39%, compared with 1.12% 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.
ICVT currently has the higher Sharpe Ratio (1.63 vs 1.56), 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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