How many Convicts are in this tank? What else is in it? Pictures of the tank and fish?
I've been keeping cichlids for many years. Blood Parrots are not shy fish. They are one of the most active and have huge personalities.....similar to Oscars. They can be docile or very aggressive.
Convicts are very aggressive for their size.....but much smaller than blood parrots when fully grown. My Blood Parrot and Convict are nearing max size, and the Blood Parrot is absolutely the boss. If it wasn't for his head and mouth shape, he would kill everything. Convicts do great with larger and slightly less aggressive cichlids. These two fish are generally great tankmates.... Unless the convicts are breeding. If you have multiple convcits in the tank, I'm sure there are breeding pairs and that just isn't a fair fight for any fish. Breeding pairs of any cichlid should not have tankmates.
A loss of color can certainly be stress due to aggression, and more likely water quality. How is he behaving?
You say your water is on point, but what exactly are ammonia, nitrite, and nitrate levels? A 46 gallon tank is likely not big enough for all these fish. I have no idea how many fish are in this tank, but I can only assume that with multiple medium and at least one larger cichlid in this tank, water quality is not ideal.
Blood Parrots will change color over time. They are white or brown when young, and eventually will be bright orange,pink, or red.
With pictures and answering all the questions we have asked, we can steer you in the right direction.