CWB vs. FCVT
Compare and contrast key facts about SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and First Trust SSI Strategic Convertible Securities ETF (FCVT).
CWB and FCVT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CWB is a passively managed fund by State Street that tracks the performance of the Bloomberg US Convertibles Liquid Bond. It was launched on Apr 14, 2009. FCVT is an actively managed fund by First Trust. It was launched on Nov 4, 2015.
Performance
CWB vs. FCVT - Performance Comparison
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CWB vs. FCVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 4.04% | 16.61% | 10.06% | 14.49% | -20.81% | 2.18% | 53.39% | 22.39% | -2.00% | 15.69% |
FCVT First Trust SSI Strategic Convertible Securities ETF | 4.51% | 19.60% | 11.92% | 7.12% | -20.88% | 4.23% | 51.02% | 22.30% | -2.28% | 12.66% |
Returns By Period
In the year-to-date period, CWB achieves a 4.04% return, which is significantly lower than FCVT's 4.51% return. Both investments have delivered pretty close results over the past 10 years, with CWB having a 11.19% annualized return and FCVT not far behind at 10.66%.
CWB
- 1D
- 1.15%
- 1M
- -2.29%
- YTD
- 4.04%
- 6M
- 2.10%
- 1Y
- 22.53%
- 3Y*
- 13.49%
- 5Y*
- 3.90%
- 10Y*
- 11.19%
FCVT
- 1D
- 1.51%
- 1M
- -2.71%
- YTD
- 4.51%
- 6M
- 4.53%
- 1Y
- 30.26%
- 3Y*
- 14.03%
- 5Y*
- 3.47%
- 10Y*
- 10.66%
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CWB vs. FCVT - Expense Ratio Comparison
CWB has a 0.40% expense ratio, which is lower than FCVT's 0.95% expense ratio.
Return for Risk
CWB vs. FCVT — Risk / Return Rank
CWB
FCVT
CWB vs. FCVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and First Trust SSI Strategic Convertible Securities ETF (FCVT). 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.
| CWB | FCVT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.57 | 1.89 | -0.32 |
Sortino ratioReturn per unit of downside risk | 2.16 | 2.47 | -0.32 |
Omega ratioGain probability vs. loss probability | 1.29 | 1.34 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | 3.05 | 3.64 | -0.59 |
Martin ratioReturn relative to average drawdown | 10.06 | 12.28 | -2.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CWB | FCVT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.57 | 1.89 | -0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 0.25 | +0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.78 | 0.63 | +0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.85 | 0.58 | +0.27 |
Correlation
The correlation between CWB and FCVT is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
CWB vs. FCVT - Dividend Comparison
CWB's dividend yield for the trailing twelve months is around 1.62%, which matches FCVT's 1.63% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 1.62% | 1.69% | 1.85% | 1.97% | 2.21% | 1.97% | 2.34% | 3.03% | 6.17% | 4.25% | 4.60% | 7.52% |
FCVT First Trust SSI Strategic Convertible Securities ETF | 1.63% | 1.98% | 1.30% | 1.76% | 3.71% | 23.07% | 1.72% | 1.60% | 1.85% | 2.18% | 1.88% | 0.59% |
Drawdowns
CWB vs. FCVT - Drawdown Comparison
The maximum CWB drawdown since its inception was -32.06%, roughly equal to the maximum FCVT drawdown of -31.79%. Use the drawdown chart below to compare losses from any high point for CWB and FCVT.
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Drawdown Indicators
| CWB | FCVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.06% | -31.79% | -0.27% |
Max Drawdown (1Y)Largest decline over 1 year | -7.52% | -8.47% | +0.95% |
Max Drawdown (5Y)Largest decline over 5 years | -28.41% | -30.43% | +2.02% |
Max Drawdown (10Y)Largest decline over 10 years | -32.06% | -31.79% | -0.27% |
Current DrawdownCurrent decline from peak | -3.06% | -4.46% | +1.40% |
Average DrawdownAverage peak-to-trough decline | -6.22% | -10.52% | +4.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 2.51% | -0.23% |
Volatility
CWB vs. FCVT - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Convertible Securities ETF (CWB) is 6.25%, while First Trust SSI Strategic Convertible Securities ETF (FCVT) has a volatility of 7.09%. This indicates that CWB experiences smaller price fluctuations and is considered to be less risky than FCVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWB | FCVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.25% | 7.09% | -0.84% |
Volatility (6M)Calculated over the trailing 6-month period | 11.54% | 13.01% | -1.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.41% | 16.12% | -1.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.84% | 13.95% | -1.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.33% | 16.95% | -2.62% |