BGT vs. CWB
BGT (BlackRock Floating Rate Income Trust) and CWB (SPDR Bloomberg Barclays Convertible Securities ETF) are both funds - BGT is a Bank Loan fund managed by BlackRock, while CWB is a Convertible Bonds fund tracking the Bloomberg US Convertibles Liquid Bond. Over the past 10 years, BGT returned 6.51%/yr vs 11.70%/yr for CWB. Their 0.28 correlation means their historical movements had little consistent relationship. BGT charges 1.74%/yr vs 0.40%/yr for CWB.
Performance
BGT vs. CWB - Performance Comparison
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Returns By Period
In the year-to-date period, BGT achieves a 3.20% return, which is significantly lower than CWB's 15.00% return. Over the past 10 years, BGT has underperformed CWB with an annualized return of 6.51%, while CWB has yielded a comparatively higher 11.70% annualized return.
BGT
- 1D
- 0.74%
- 1M
- 2.93%
- 6M
- 1.06%
- YTD
- 3.20%
- 1Y
- -3.09%
- 3Y*
- 8.77%
- 5Y*
- 6.83%
- 10Y*
- 6.51%
- ALL TIME*
- 5.40%
CWB
- 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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.59M | $1.30M | $1.18M | |
| $56.06M | $68.05M | $91.74M |
BGT vs. CWB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BGT BlackRock Floating Rate Income Trust | 3.20% | -0.84% | 16.12% | 26.29% | -16.57% | 25.89% | -0.81% | 18.97% | -11.95% | 3.91% |
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 15.00% | 16.61% | 10.06% | 14.49% | -20.81% | 2.18% | 53.39% | 22.39% | -2.00% | 15.69% |
Correlation
The correlation between BGT and CWB is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.25 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.31 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.29 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.28 |
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Return for Risk
BGT vs. CWB — Risk / Return Rank
BGT
CWB
BGT vs. CWB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Floating Rate Income Trust (BGT) and SPDR Bloomberg Barclays Convertible Securities ETF (CWB). 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.
| BGT | CWB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.60 | ||
| Sortino ratioReturn per unit of downside risk | -2.17 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.23 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | 1.98 | -2.23 |
| Martin ratioReturn relative to average drawdown | -0.52 | 7.11 | -7.62 |
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Drawdowns
BGT vs. CWB - Drawdown Comparison
The maximum BGT drawdown since its inception was -58.06%, which is greater than CWB's maximum drawdown of -32.06%. Use the drawdown chart below to compare losses from any high point for BGT and CWB.
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Drawdown Indicators
| BGT | CWB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -32.06% | -26.00% |
Max Drawdown (1Y)Largest decline over 1 year | -11.06% | -11.08% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -15.91% | -11.92% | -3.99% |
Max Drawdown (5Y)Largest decline over 5 years | -23.19% | -28.41% | +5.22% |
Max Drawdown (10Y)Largest decline over 10 years | -41.90% | -32.06% | -9.84% |
Current DrawdownCurrent decline from peak | -3.09% | -7.95% | +4.86% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -6.16% | -1.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.41% | 3.08% | +2.33% |
Volatility
BGT vs. CWB - Volatility Comparison
The current volatility for BlackRock Floating Rate Income Trust (BGT) is 3.08%, while SPDR Bloomberg Barclays Convertible Securities ETF (CWB) has a volatility of 5.90%. This indicates that BGT experiences smaller price fluctuations and is considered to be less risky than CWB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BGT | CWB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.08% | 5.90% | -2.82% |
Volatility (6M)Calculated over the trailing 6-month period | 7.43% | 13.92% | -6.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.95% | 16.61% | -6.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.60% | 13.46% | +0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.35% | 14.69% | +0.66% |
BGT vs. CWB - Expense Ratio Comparison
BGT has a 1.74% expense ratio, which is higher than CWB's 0.40% expense ratio.
Dividends
BGT vs. CWB - Dividend Comparison
BGT's dividend yield for the trailing twelve months is around 13.33%, more than CWB's 1.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BGT BlackRock Floating Rate Income Trust | 13.33% | 12.74% | 11.22% | 10.36% | 6.87% | 5.55% | 7.58% | 6.33% | 6.64% | 5.03% | 5.03% | 6.04% |
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 1.33% | 1.69% | 1.85% | 1.97% | 2.21% | 1.97% | 2.34% | 3.03% | 6.17% | 4.25% | 4.60% | 7.52% |
Frequently Asked Questions
BGT and CWB have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CWB has higher volatility (5.90%) compared to BGT (3.08%). In terms of maximum drawdown, BGT dropped -58.06% vs CWB's -32.06%.
CWB currently has the higher Sharpe Ratio (1.32 vs -0.28), 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.
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