- ISIN
- US78464A3591
- CUSIP
- 78464A359
- Issuer
- State Street
- Inception Date
- Apr 14, 2009
- Region
- North America (U.S.)
- Category
- Convertible Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- Bloomberg US Convertibles Liquid Bond
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $6B
Highlights
- Avg. Volume (1M)
- 661K
- Avg. Volume Value (1M)
- $68.05M
Share Price Chart
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Performance
CWB Performance Chart
SPDR Bloomberg Barclays Convertible Securities ETF (CWB) is up 15.0% since the beginning of the year. CWB is currently trading at $102 per share. Investors who bought $1,000 worth of CWB shares 5 years ago would now be looking at an investment worth $1,313.
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Compare this symbol against anything
Returns By Period
SPDR Bloomberg Barclays Convertible Securities ETF (CWB) has returned 15.00% so far this year and 23.27% over the past 12 months. Over the last ten years, CWB has returned 11.70% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
SPDR Bloomberg Barclays Convertible Securities ETF
- 1D
- 0.35%
- 1M
- -2.42%
- 6M
- 9.82%
- YTD
- 15.00%
- 1Y
- 23.27%
- 3Y*
- 14.55%
- 5Y*
- 5.59%
- 10Y*
- 11.70%
- ALL TIME*
- 11.55%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
CWB Monthly Returns History
Based on dividend-adjusted daily data since Apr 16, 2009, CWB's average daily return is +0.05%, while the average monthly return is +0.98%. At this rate, an investment would double in approximately 5.9 years.
Historically, 66% of months were positive and 34% were negative. The best month was Nov 2020 with a return of +13.7%, while the worst month was Mar 2020 at -13.1%. The longest winning streak lasted 12 consecutive months, and the longest losing streak was 4 months.
On a daily basis, CWB closed higher 55% of trading days. The best single day was Mar 24, 2020 with a return of +6.2%, while the worst single day was Mar 12, 2020 at -9.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 4.71% | 1.14% | -2.88% | 10.53% | 7.12% | -0.12% | -5.46% | 15.00% | |||||
| 2025 | 3.06% | -1.29% | -2.99% | 1.32% | 3.07% | 3.83% | 2.84% | 1.75% | 5.07% | 3.03% | -2.65% | -1.18% | 16.61% |
| 2024 | -1.40% | 0.89% | 2.08% | -3.67% | 2.13% | 0.73% | 2.18% | 1.15% | 3.28% | 0.34% | 6.76% | -4.35% | 10.06% |
| 2023 | 6.01% | -1.61% | 0.26% | -1.39% | 1.33% | 4.84% | 2.92% | -2.84% | -2.61% | -4.22% | 5.68% | 6.03% | 14.49% |
| 2022 | -7.40% | -1.14% | 1.56% | -7.70% | -3.03% | -5.89% | 5.43% | 0.15% | -6.74% | 2.98% | 2.48% | -2.68% | -20.81% |
| 2021 | 2.17% | 2.88% | -4.04% | 2.49% | -1.19% | 3.07% | -1.07% | 2.00% | -2.17% | 3.19% | -4.53% | -0.21% | 2.18% |
Benchmark Metrics
SPDR Bloomberg Barclays Convertible Securities ETF has an annualized alpha of 2.99%, beta of 0.63, and R2 of 0.68 versus S&P 500 Index. Calculated based on daily prices since April 16, 2009.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (74.34%) than losses (73.94%) - typical of diversified or defensive assets.
- This ETF generated an annualized alpha of 2.99% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Beta of 0.63 indicates this ETF moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 2.99%
- Beta
- 0.63
- R²
- 0.68
- Upside Capture
- 74.34%
- Downside Capture
- 73.94%
Expense Ratio
CWB has an expense ratio of 0.40%, placing it in the medium range.
Return for Risk
Risk / Return Rank
CWB ranks 54 for risk / return — above 54% of ETFs peers on PortfoliosLab. Its historical combined result is near the middle of the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and compare them to S&P 500 Index.
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.
| CWB | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.25 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 2.00 | -0.02 |
| Martin ratioReturn relative to average drawdown | 7.11 | 8.49 | -1.39 |
Dividends
Dividend History
SPDR Bloomberg Barclays Convertible Securities ETF provided a 1.33% dividend yield over the last twelve months, with an annual payout of $1.36 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.36 | $1.51 | $1.44 | $1.42 | $1.42 | $1.63 | $1.94 | $1.68 | $2.89 | $2.15 | $2.10 | $3.25 |
Dividend yield | 1.33% | 1.69% | 1.85% | 1.97% | 2.21% | 1.97% | 2.34% | 3.03% | 6.17% | 4.25% | 4.60% | 7.52% |
Monthly Dividends
The table displays the monthly dividend distributions for SPDR Bloomberg Barclays Convertible Securities ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.09 | $0.15 | $0.10 | $0.12 | $0.16 | $0.09 | $0.71 | |||||
| 2025 | $0.00 | $0.10 | $0.16 | $0.10 | $0.14 | $0.16 | $0.09 | $0.12 | $0.15 | $0.08 | $0.13 | $0.30 | $1.51 |
| 2024 | $0.00 | $0.09 | $0.13 | $0.10 | $0.08 | $0.13 | $0.08 | $0.11 | $0.13 | $0.07 | $0.11 | $0.42 | $1.44 |
| 2023 | $0.00 | $0.06 | $0.15 | $0.11 | $0.05 | $0.14 | $0.09 | $0.08 | $0.16 | $0.12 | $0.12 | $0.34 | $1.42 |
| 2022 | $0.00 | $0.04 | $0.13 | $0.10 | $0.05 | $0.13 | $0.09 | $0.05 | $0.14 | $0.09 | $0.06 | $0.52 | $1.42 |
| 2021 | $0.00 | $0.04 | $0.12 | $0.09 | $0.05 | $0.12 | $0.09 | $0.04 | $0.13 | $0.09 | $0.05 | $0.80 | $1.63 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the SPDR Bloomberg Barclays Convertible Securities ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the SPDR Bloomberg Barclays Convertible Securities ETF was 32.06%, occurring on Mar 23, 2020. Recovery took 53 trading sessions.
The current SPDR Bloomberg Barclays Convertible Securities ETF drawdown is 7.95%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-32.06%Mar 2020 | 1mo 2d | 2mo 17d | 3mo 19dFeb 2020 - Jun 2020 | COVID crash2020 |
-29.86%Jun 2022 | 1y 4mo | 3y 1mo | 4y 5moFeb 2021 - Jul 2025 | Bear market2022 |
-17.10%Oct 2011 | 5mo 3d | 1y 16d | 1y 5moMay 2011 - Oct 2012 | — |
-15.93%Feb 2016 | 8mo 14d | 5mo 12d | 1y 1moJun 2015 - Jul 2016 | — |
-13.82%Dec 2018 | 6mo 6d | 2mo 3d | 8mo 9dJun 2018 - Feb 2019 | Rate-hike selloffLate 2018 |
Drawdown Indicators
| CWB | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.06% | -56.78% | +24.72% |
Max Drawdown (1Y)Largest decline over 1 year | -11.08% | -9.10% | -1.98% |
Max Drawdown (3Y)Largest decline over 3 years | -11.92% | -18.90% | +6.98% |
Max Drawdown (5Y)Largest decline over 5 years | -28.41% | -25.43% | -2.98% |
Max Drawdown (10Y)Largest decline over 10 years | -32.06% | -33.92% | +1.86% |
Current DrawdownCurrent decline from peak | -7.95% | -1.58% | -6.37% |
Average DrawdownAverage peak-to-trough decline | -6.16% | -10.70% | +4.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.08% | 2.14% | +0.94% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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