PFO vs. FTCVX

Last updated Aug 1, 2026

PFO (Flaherty & Crumrine Preferred and Income Opportunity Fund) and FTCVX (Fidelity Advisor Convertible Securities Fund Class M) are both mutual funds - PFO is a Preferred Stock fund actively managed by Flaherty & Crumrine, while FTCVX is a Convertible Bonds fund managed by Fidelity. Over the past 10 years, PFO returned 3.96%/yr vs 11.43%/yr for FTCVX. Their 0.34 correlation means their historical movements had little consistent relationship. PFO charges 1.40%/yr vs 1.23%/yr for FTCVX.

Performance

PFO vs. FTCVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Flaherty & Crumrine Preferred and Income Opportunity Fund (PFO) and Fidelity Advisor Convertible Securities Fund Class M (FTCVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFO achieves a 0.83% return, which is significantly lower than FTCVX's 13.75% return. Over the past 10 years, PFO has underperformed FTCVX with an annualized return of 3.96%, while FTCVX has yielded a comparatively higher 11.43% annualized return.

PFO

• 1D: 0.55%
• 1M: -0.36%
• 6M: -1.72%
• YTD: 0.83%
• 1Y: 5.86%
• 3Y*: 12.55%
• 5Y*: 0.10%
• 10Y*: 3.96%
• ALL TIME*: 5.16%

FTCVX

• 1D: 3.00%
• 1M: -3.65%
• 6M: 8.34%
• YTD: 13.75%
• 1Y: 24.69%
• 3Y*: 13.84%
• 5Y*: 6.91%
• 10Y*: 11.43%
• ALL TIME*: 12.99%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FTCVX Fidelity Advisor Convertible Securities Fund Class M	$0.00	$0.00	$0.00
PFO Flaherty & Crumrine Preferred and Income Opportunity Fund	$273.61K	$212.78K	$249.77K

PFO vs. FTCVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFO Flaherty & Crumrine Preferred and Income Opportunity Fund	0.83%	12.47%	21.42%	-0.59%	-27.25%	3.57%	14.06%	24.93%	-4.20%	13.98%
FTCVX Fidelity Advisor Convertible Securities Fund Class M	13.75%	17.67%	7.70%	12.42%	-15.82%	9.35%	41.70%	27.83%	-1.88%	8.54%

Correlation

The correlation between PFO and FTCVX is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (3Y) Balances recent behavior with more history.	0.39
Correlation (5Y) Shows whether the relationship held over a longer period.	0.41
Correlation (10Y) Provides a long-term view across more market conditions.	0.35
Correlation (All Time) Calculated using the full available price history since Feb 19, 2009	0.34

Return for Risk

PFO vs. FTCVX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PFO

PFO Risk / Return Rank: 17
PFO Sharpe Ratio Rank: 20
PFO Sortino Ratio Rank: 18
PFO Omega Ratio Rank: 20
PFO Calmar Ratio Rank: 15
PFO Martin Ratio Rank: 14

FTCVX

FTCVX Risk / Return Rank: 49
FTCVX Sharpe Ratio Rank: 48
FTCVX Sortino Ratio Rank: 44
FTCVX Omega Ratio Rank: 42
FTCVX Calmar Ratio Rank: 53
FTCVX Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PFO vs. FTCVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Flaherty & Crumrine Preferred and Income Opportunity Fund (PFO) and Fidelity Advisor Convertible Securities Fund Class M (FTCVX). 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.

	PFO	FTCVX	Difference
Sharpe ratio: Return per unit of total volatility	0.80	1.35	-0.55
Sortino ratio: Return per unit of downside risk	1.13	1.88	-0.75
Omega ratio: Gain probability vs. loss probability	1.15	1.23	-0.09
Calmar ratio: Return relative to maximum drawdown	0.80	1.96	-1.16
Martin ratio: Return relative to average drawdown	2.17	7.68	-5.52

PFO vs. FTCVX - Sharpe Ratio Comparison

The current PFO Sharpe Ratio is 0.80, which is lower than the FTCVX Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of PFO and FTCVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PFO vs. FTCVX - Drawdown Comparison

The maximum PFO drawdown since its inception was -77.36%, which is greater than FTCVX's maximum drawdown of -25.10%. Use the drawdown chart below to compare losses from any high point for PFO and FTCVX.

Drawdown Indicators

	PFO	FTCVX	Difference
Max Drawdown Largest peak-to-trough decline	-77.36%	-25.10%	-52.26%
Max Drawdown (1Y) Largest decline over 1 year	-7.47%	-11.74%	+4.27%
Max Drawdown (3Y) Largest decline over 3 years	-11.64%	-18.91%	+7.27%
Max Drawdown (5Y) Largest decline over 5 years	-39.29%	-24.45%	-14.84%
Max Drawdown (10Y) Largest decline over 10 years	-48.97%	-25.10%	-23.87%
Current Drawdown Current decline from peak	-3.89%	-9.09%	+5.20%
Average Drawdown Average peak-to-trough decline	-12.46%	-5.84%	-6.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	2.99%	-0.22%

Volatility

PFO vs. FTCVX - Volatility Comparison

The current volatility for Flaherty & Crumrine Preferred and Income Opportunity Fund (PFO) is 1.91%, while Fidelity Advisor Convertible Securities Fund Class M (FTCVX) has a volatility of 6.05%. This indicates that PFO experiences smaller price fluctuations and is considered to be less risky than FTCVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFO	FTCVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.91%	6.05%	-4.14%
Volatility (6M) Calculated over the trailing 6-month period	5.29%	13.97%	-8.68%
Volatility (1Y) Calculated over the trailing 1-year period	7.49%	17.00%	-9.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.81%	13.93%	+0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	13.87%	+7.91%

PFO vs. FTCVX - Expense Ratio Comparison

PFO has a 1.40% expense ratio, which is higher than FTCVX's 1.23% expense ratio.

Dividends

PFO vs. FTCVX - Dividend Comparison

PFO's dividend yield for the trailing twelve months is around 7.39%, less than FTCVX's 8.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTCVX Fidelity Advisor Convertible Securities Fund Class M	8.82%	10.89%	1.66%	3.03%	3.18%	20.07%	10.32%	2.74%	9.06%	3.78%	4.32%	9.73%
PFO Flaherty & Crumrine Preferred and Income Opportunity Fund	7.39%	6.84%	6.75%	7.18%	8.73%	6.49%	6.10%	6.31%	7.55%	7.25%	8.03%	8.21%

Frequently Asked Questions

Can I hold both PFO and FTCVX in my portfolio?

PFO and FTCVX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFO or FTCVX?

FTCVX has higher volatility (6.05%) compared to PFO (1.91%). In terms of maximum drawdown, PFO dropped -77.36% vs FTCVX's -25.10%.

Which has better risk-adjusted returns?

FTCVX currently has the higher Sharpe Ratio (1.35 vs 0.80), 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.