I post reluctantly to this thread. People hear what they want and take what they want to take from the info posted.
There are some very sharp fisheries management people here with great knowledge, that live this every day.
I see a post above about there being too many variables to believe anything "observed".. The key is to remove all of the variables you can control in a feed trial to get the best results we can as humans.
With that said, one manufacturer has test results of 1.12 to 1 conversion. I feed the same and have only observed 1.42 to 1 on BG.
One thing I have learned is if a pellet sinks it is not the same ingredients as one that floats, MVP has both, but is intended to be used for many species at the same time so in a feed trial, it is not apples to apples to use MVP against any other feed for a specific species because-as jpsdad says- the digestive process is different in each. So... with that said, "observation" is incredibly important in selecting your feed. BUT,, knowing what you are looking for is even more important and I think there are aspects in this part that we as humans, may never have the answers to. Is it maximum growth rate? Maximum growth with longevity in lifespan? Just because they grow faster doesn't mean they will achieve their true potential.
I guess I'm trying to say observation is important, to include the fishery as a whole, not just 1 species. Listen to the guys here that do this every day, there's good data right here.