Convolutional network-error correcting codes (CNECCs) are known to provide error correcting capability in acyclic instantaneous networks within the network coding paradigm under small field size conditions. In this work, we investigate the performance of CNECCs under the error model of the network where the edges are assumed to be statistically independent binary symmetric channels, each with the same probability of error pe(0 ≤ pe < 0.5). We obtain bounds on the performance of such CNECCs based on a modified generating function (the transfer function) of the CNECCs. For a given network, we derive a mathematical condition on how small pe should be so that only single edge network-errors need to be accounted for, thus reducing the complexity of evaluating the probability of error of any CNECC. Simulations indicate that convolutional codes are required to possess different properties to achieve good performance in low pe and high pe regimes. For the low pe regime, convolutional codes with good distance properties show good performance. For the high pe regime, convolutional codes that have a good slope (the minimum normalized cycle weight) are seen to be good. We derive a lower bound on the slope of any rate b/c convolutional code with a certain degree.