CWB vs. CVRT
CWB (SPDR Bloomberg Barclays Convertible Securities ETF) and CVRT (Calamos Convertible Equity Alternative ETF) are both Convertible Bonds funds. CWB is passively managed, while CVRT is actively managed. Over the past year, CWB returned 23.27% vs 46.88% for CVRT. Their correlation of 0.93 means they have usually moved in the same direction. CWB charges 0.40%/yr vs 0.69%/yr for CVRT.
Performance
CWB vs. CVRT - Performance Comparison
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Returns By Period
In the year-to-date period, CWB achieves a 15.00% return, which is significantly lower than CVRT's 25.14% return.
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%
CVRT
- 1D
- 0.21%
- 1M
- -3.61%
- 6M
- 16.26%
- YTD
- 25.14%
- 1Y
- 46.88%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 28.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $320.90K | $427.43K | $464.23K | |
| $56.06M | $68.05M | $91.74M |
CWB vs. CVRT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 15.00% | 16.61% | 10.06% | 9.02% |
CVRT Calamos Convertible Equity Alternative ETF | 25.14% | 29.37% | 13.23% | 11.44% |
Correlation
The correlation between CWB and CVRT is 0.94, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2023 | 0.93 |
The correlation between CWB and CVRT has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.
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Return for Risk
CWB vs. CVRT — Risk / Return Rank
CWB
CVRT
CWB vs. CVRT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and Calamos Convertible Equity Alternative ETF (CVRT). 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.
| CWB | CVRT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.31 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 2.80 | -0.82 |
| Martin ratioReturn relative to average drawdown | 7.11 | 10.73 | -3.63 |
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Drawdowns
CWB vs. CVRT - Drawdown Comparison
The maximum CWB drawdown since its inception was -32.06%, which is greater than CVRT's maximum drawdown of -20.71%. Use the drawdown chart below to compare losses from any high point for CWB and CVRT.
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Drawdown Indicators
| CWB | CVRT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.06% | -20.71% | -11.35% |
Max Drawdown (1Y)Largest decline over 1 year | -11.08% | -15.77% | +4.69% |
Max Drawdown (3Y)Largest decline over 3 years | -11.92% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -28.41% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -32.06% | — | — |
Current DrawdownCurrent decline from peak | -7.95% | -12.25% | +4.30% |
Average DrawdownAverage peak-to-trough decline | -6.16% | -3.34% | -2.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.08% | 4.12% | -1.04% |
Volatility
CWB vs. CVRT - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Convertible Securities ETF (CWB) is 5.90%, while Calamos Convertible Equity Alternative ETF (CVRT) has a volatility of 7.93%. This indicates that CWB experiences smaller price fluctuations and is considered to be less risky than CVRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWB | CVRT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.90% | 7.93% | -2.03% |
Volatility (6M)Calculated over the trailing 6-month period | 13.92% | 19.78% | -5.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.61% | 24.03% | -7.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.46% | 20.55% | -7.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.69% | 20.55% | -5.86% |
CWB vs. CVRT - Expense Ratio Comparison
CWB has a 0.40% expense ratio, which is lower than CVRT's 0.69% expense ratio.
Dividends
CWB vs. CVRT - Dividend Comparison
CWB's dividend yield for the trailing twelve months is around 1.45%, less than CVRT's 1.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVRT Calamos Convertible Equity Alternative ETF | 1.45% | 1.68% | 1.49% | 0.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
With a correlation of 0.94, CWB and CVRT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
CVRT has higher volatility (7.93%) compared to CWB (5.90%). In terms of maximum drawdown, CWB dropped -32.06% vs CVRT's -20.71%.
On 1-year performance, CVRT leads with 46.88% vs 23.27% for CWB. On fees, CWB is cheaper at 0.40% per year. On volatility, CWB has been the lower-risk option at 5.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CVRT has performed better with a 46.88% return vs 23.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CWB is cheaper with a 0.40% expense ratio, compared with 0.69% for CVRT.
CVRT has the higher dividend yield at 1.45%, compared with 1.33% for CWB.
They also come from different issuers: State Street and Calamos. Their fees differ too: 0.40% for CWB and 0.69% for CVRT.
CVRT currently has the higher Sharpe Ratio (1.84 vs 1.32), 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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