CWB vs. GLD
CWB (SPDR Bloomberg Barclays Convertible Securities ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - CWB is a Preferred Stock/Convertible Bonds fund tracking the Bloomberg US Convertibles Liquid Bond, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, CWB returned 12.98%/yr vs 11.59%/yr for GLD. At a 0.09 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
CWB vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, CWB achieves a 22.11% return, which is significantly higher than GLD's -4.79% return. Over the past 10 years, CWB has outperformed GLD with an annualized return of 12.98%, while GLD has yielded a comparatively lower 11.59% annualized return.
CWB
- 1D
- -1.97%
- 1M
- 2.60%
- YTD
- 22.11%
- 6M
- 20.22%
- 1Y
- 36.00%
- 3Y*
- 18.53%
- 5Y*
- 6.58%
- 10Y*
- 12.98%
GLD
- 1D
- -1.89%
- 1M
- -8.82%
- YTD
- -4.79%
- 6M
- -8.78%
- 1Y
- 21.29%
- 3Y*
- 28.41%
- 5Y*
- 17.84%
- 10Y*
- 11.59%
CWB vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 22.11% | 16.61% | 10.06% | 14.49% | -20.81% | 2.18% | 53.39% | 22.39% | -2.00% | 15.69% |
GLD SPDR Gold Shares | -4.79% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between CWB and GLD is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.09 |
The correlation between CWB and GLD shifts across timeframes, from 0.09 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CWB vs. GLD — Risk / Return Rank
CWB
GLD
CWB vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.59 | ||
| Sortino ratioReturn per unit of downside risk | +1.96 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.17 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 4.81 | 0.87 | +3.93 |
| Martin ratioReturn relative to average drawdown | 16.23 | 2.35 | +13.88 |
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Drawdowns
CWB vs. GLD - Drawdown Comparison
The maximum CWB drawdown since its inception was -32.06%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for CWB and GLD.
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Drawdown Indicators
| CWB | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.06% | -45.56% | +13.50% |
Max Drawdown (1Y)Largest decline over 1 year | -7.52% | -24.46% | +16.94% |
Max Drawdown (3Y)Largest decline over 3 years | -11.92% | -24.46% | +12.54% |
Max Drawdown (5Y)Largest decline over 5 years | -28.41% | -24.46% | -3.95% |
Max Drawdown (10Y)Largest decline over 10 years | -32.06% | -24.46% | -7.60% |
Current DrawdownCurrent decline from peak | -2.26% | -23.91% | +21.65% |
Average DrawdownAverage peak-to-trough decline | -6.16% | -16.17% | +10.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 9.10% | -6.88% |
Volatility
CWB vs. GLD - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Convertible Securities ETF (CWB) is 6.78%, while SPDR Gold Shares (GLD) has a volatility of 8.18%. This indicates that CWB experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWB | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.78% | 8.18% | -1.40% |
Volatility (6M)Calculated over the trailing 6-month period | 12.74% | 24.38% | -11.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.29% | 27.57% | -12.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.21% | 18.24% | -5.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.57% | 16.04% | -1.47% |
CWB vs. GLD - Expense Ratio Comparison
Both CWB and GLD have an expense ratio of 0.40%.
Dividends
CWB vs. GLD - Dividend Comparison
CWB's dividend yield for the trailing twelve months is around 1.37%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 1.37% | 1.69% | 1.85% | 1.97% | 2.21% | 1.97% | 2.34% | 3.03% | 6.17% | 4.25% | 4.60% | 7.52% |
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CWB and GLD 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.
GLD has higher volatility (8.18%) compared to CWB (6.78%). In terms of maximum drawdown, CWB dropped -32.06% vs GLD's -45.56%.
On 10-year performance, CWB leads with 12.98% vs 11.59% for GLD. Both ETFs have the same 0.40% expense ratio. On volatility, CWB has been the lower-risk option at 6.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CWB has performed better with a 12.98% return vs 11.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CWB and GLD have the same expense ratio: 0.40% per year.
CWB has the higher dividend yield at 1.37%, compared with 0.00% for GLD.
CWB is categorized as Preferred Stock/Convertible Bonds, while GLD is Gold. CWB tracks Bloomberg US Convertibles Liquid Bond, while GLD tracks LBMA Gold Price PM.
CWB currently has the higher Sharpe Ratio (2.37 vs 0.78), 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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