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ICVT vs. FPFD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ICVT vs. FPFD

Last updated Jun 4, 2026

ICVT (iShares Convertible Bond ETF) and FPFD (Fidelity Preferred Securities & Income ETF) are both Preferred Stock/Convertible Bonds funds. ICVT is passively managed, while FPFD is actively managed. Over the past 3 years, ICVT returned 21.04%/yr vs 7.66%/yr for FPFD. At a 0.46 correlation, their price movements are largely independent. ICVT charges 0.20%/yr vs 0.59%/yr for FPFD.

Performance

ICVT vs. FPFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Convertible Bond ETF (ICVT) and Fidelity Preferred Securities & Income ETF (FPFD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ICVT achieves a 25.28% return, which is significantly higher than FPFD's 0.73% return.

ICVT

1D
-0.97%
1M
7.16%
YTD
25.28%
6M
24.31%
1Y
42.20%
3Y*
21.04%
5Y*
7.79%
10Y*
13.99%

FPFD

1D
-0.23%
1M
-0.51%
YTD
0.73%
6M
0.81%
1Y
6.27%
3Y*
7.66%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ICVT vs. FPFD - Yearly Performance Comparison

2026 (YTD)20252024202320222021
ICVT
iShares Convertible Bond ETF		25.28%18.10%10.61%15.35%-20.66%-4.57%
FPFD
Fidelity Preferred Securities & Income ETF		0.73%6.46%8.50%10.91%-17.11%1.89%

Correlation

The correlation between ICVT and FPFD is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.46

Correlation (3Y)
Calculated over the trailing 3-year period

0.45

Correlation (All Time)
Calculated using the full available price history since Jun 18, 2021

0.46

ICVT vs. FPFD - Sectors Allocation Comparison

Sectors
ICVT
FPFD

Technology

55.2%
1.2%

Healthcare

44.8%

-

Consumer Cyclical

13.0%
0.3%

Basic Materials

-

-

Communication Services

-

3.5%

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

16.4%

Industrials

-

0.8%

Real Estate

-

1.6%

Utilities

-

5.4%

Technology

ICVT
55.2%
FPFD
1.2%

Healthcare

ICVT
44.8%
FPFD

-

Consumer Cyclical

ICVT
13.0%
FPFD
0.3%

Basic Materials

ICVT

-

FPFD

-

Communication Services

ICVT

-

FPFD
3.5%

Consumer Defensive

ICVT

-

FPFD

-

Energy

ICVT

-

FPFD

-

Financial Services

ICVT

-

FPFD
16.4%

Industrials

ICVT

-

FPFD
0.8%

Real Estate

ICVT

-

FPFD
1.6%

Utilities

ICVT

-

FPFD
5.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Convertible Bond ETF

Fidelity Preferred Securities & Income ETF

Often compared with ICVT:
ICVT vs. CWBICVT vs. FCVSXICVT vs. LKORICVT vs. SPYICVT vs. FCVTICVT vs. GOLYICVT vs. JAAAX
Often compared with FPFD:
FPFD vs. PFFFPFD vs. PFFAFPFD vs. JHPIFPFD vs. FAHCXFPFD vs. QPFFFPFD vs. FDRRFPFD vs. RDFI

Return for Risk

ICVT vs. FPFD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ICVT
ICVT Risk / Return Rank: 8787
Overall Rank
ICVT Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
ICVT Sortino Ratio Rank: 8484
Sortino Ratio Rank
ICVT Omega Ratio Rank: 8484
Omega Ratio Rank
ICVT Calmar Ratio Rank: 9090
Calmar Ratio Rank
ICVT Martin Ratio Rank: 8989
Martin Ratio Rank
FPFD
FPFD Risk / Return Rank: 5959
Overall Rank
FPFD Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
FPFD Sortino Ratio Rank: 6868
Sortino Ratio Rank
FPFD Omega Ratio Rank: 6969
Omega Ratio Rank
FPFD Calmar Ratio Rank: 4747
Calmar Ratio Rank
FPFD Martin Ratio Rank: 5151
Martin Ratio Rank
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. FPFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond ETF (ICVT) and Fidelity Preferred Securities & Income ETF (FPFD). 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.

ICVTFPFDDifference
Sharpe ratioReturn per unit of total volatility
2.95
2.14

+0.82

Sortino ratioReturn per unit of downside risk
3.84
3.14

+0.70

Omega ratioGain probability vs. loss probability

1.52

1.42

+0.10

Calmar ratioReturn relative to maximum drawdown

5.62

2.29

+3.33

Martin ratioReturn relative to average drawdown

20.48

8.64

+11.84

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. FPFD - Sharpe Ratio Comparison

The current ICVT Sharpe Ratio is 2.95, which is higher than the FPFD Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of ICVT and FPFD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ICVTFPFDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.95

2.14

+0.82

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.59

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.91

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.78

0.33

+0.45

Drawdowns

ICVT vs. FPFD - Drawdown Comparison

The maximum ICVT drawdown since its inception was -33.25%, which is greater than FPFD's maximum drawdown of -20.83%. Use the drawdown chart below to compare losses from any high point for ICVT and FPFD.

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Drawdown Indicators

ICVTFPFDDifference

Max Drawdown

Largest peak-to-trough decline

-33.25%

-20.83%

-12.42%

Max Drawdown (1Y)

Largest decline over 1 year

-7.55%

-2.75%

-4.80%

Max Drawdown (3Y)

Largest decline over 3 years

-11.22%

-4.92%

-6.30%

Max Drawdown (5Y)

Largest decline over 5 years

-29.95%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-33.25%

—

—

Current Drawdown

Current decline from peak

-0.97%

-1.23%

+0.26%

Average Drawdown

Average peak-to-trough decline

-9.50%

-6.82%

-2.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.07%

0.73%

+1.34%

Volatility

ICVT vs. FPFD - Volatility Comparison

iShares Convertible Bond ETF (ICVT) has a higher volatility of 5.53% compared to Fidelity Preferred Securities & Income ETF (FPFD) at 1.00%. This indicates that ICVT's price experiences larger fluctuations and is considered to be riskier than FPFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ICVTFPFDDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.53%

1.00%

+4.53%

Volatility (6M)

Calculated over the trailing 6-month period

11.69%

2.24%

+9.45%

Volatility (1Y)

Calculated over the trailing 1-year period

14.36%

2.95%

+11.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.23%

5.32%

+7.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.50%

5.32%

+10.18%

ICVT vs. FPFD - Expense Ratio Comparison

ICVT has a 0.20% expense ratio, which is lower than FPFD's 0.59% expense ratio.

Dividends

ICVT vs. FPFD - Dividend Comparison

ICVT's dividend yield for the trailing twelve months is around 1.30%, less than FPFD's 5.15% yield.

PositionTTM20252024202320222021202020192018201720162015
FPFD
Fidelity Preferred Securities & Income ETF		5.15%5.04%4.89%5.09%5.22%1.59%0.00%0.00%0.00%0.00%0.00%0.00%
ICVT
iShares Convertible Bond ETF		1.30%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

ICVT and FPFD have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ICVT has higher volatility (5.53%) compared to FPFD (1.00%). In terms of maximum drawdown, ICVT dropped -33.25% vs FPFD's -20.83%.

On 3-year performance, ICVT leads with 21.04% vs 7.66% for FPFD. On fees, ICVT is cheaper at 0.20% per year. On volatility, FPFD has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, ICVT has performed better with a 21.04% return vs 7.66%. 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 0.59% for FPFD.

FPFD has the higher dividend yield at 5.15%, compared with 1.30% for ICVT.

They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.20% for ICVT and 0.59% for FPFD.

ICVT currently has the higher Sharpe Ratio (2.95 vs 2.14), 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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