CWB vs. IHY
CWB (SPDR Bloomberg Barclays Convertible Securities ETF) and IHY (VanEck Vectors International High Yield Bond ETF) are both exchange-traded funds - CWB is a Convertible Bonds fund tracking the Bloomberg US Convertibles Liquid Bond, while IHY is a High Yield Bonds fund tracking the Bank of America Merrill Lynch Global Ex-‐US Issuers High Yield Constrained Index. Both are passively managed. Over the past 10 years, CWB returned 11.70%/yr vs 3.92%/yr for IHY. Their 0.41 correlation means their historical movements had little consistent relationship. Both charge a 0.40% expense ratio.
Performance
CWB vs. IHY - Performance Comparison
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Returns By Period
In the year-to-date period, CWB achieves a 15.00% return, which is significantly higher than IHY's 1.15% return. Over the past 10 years, CWB has outperformed IHY with an annualized return of 11.70%, while IHY has yielded a comparatively lower 3.92% annualized 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%
IHY
- 1D
- 0.21%
- 1M
- 0.00%
- 6M
- -0.17%
- YTD
- 1.15%
- 1Y
- 4.23%
- 3Y*
- 8.23%
- 5Y*
- 1.96%
- 10Y*
- 3.92%
- ALL TIME*
- 4.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $56.06M | $68.05M | $91.74M | |
| $227.17K | $188.57K | $346.23K |
CWB vs. IHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
IHY VanEck Vectors International High Yield Bond ETF | 1.15% | 13.39% | 3.55% | 12.11% | -14.34% | -2.82% | 8.65% | 12.77% | -4.52% | 12.54% |
Correlation
The correlation between CWB and IHY is 0.41, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.41 |
Correlation (3Y) Balances recent behavior with more history. | 0.46 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.51 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.45 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2012 | 0.41 |
The correlation between CWB and IHY shifts across timeframes, from 0.41 (all time) to 0.51 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CWB vs. IHY — Risk / Return Rank
CWB
IHY
CWB vs. IHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and VanEck Vectors International High Yield Bond ETF (IHY). 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 | IHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.17 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 1.01 | +0.97 |
| Martin ratioReturn relative to average drawdown | 7.11 | 3.51 | +3.60 |
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Drawdowns
CWB vs. IHY - Drawdown Comparison
The maximum CWB drawdown since its inception was -32.06%, which is greater than IHY's maximum drawdown of -27.63%. Use the drawdown chart below to compare losses from any high point for CWB and IHY.
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Drawdown Indicators
| CWB | IHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.06% | -27.63% | -4.43% |
Max Drawdown (1Y)Largest decline over 1 year | -11.08% | -4.75% | -6.33% |
Max Drawdown (3Y)Largest decline over 3 years | -11.92% | -4.75% | -7.17% |
Max Drawdown (5Y)Largest decline over 5 years | -28.41% | -26.86% | -1.55% |
Max Drawdown (10Y)Largest decline over 10 years | -32.06% | -27.63% | -4.43% |
Current DrawdownCurrent decline from peak | -7.95% | -0.93% | -7.02% |
Average DrawdownAverage peak-to-trough decline | -6.16% | -5.23% | -0.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.08% | 1.36% | +1.72% |
Volatility
CWB vs. IHY - Volatility Comparison
SPDR Bloomberg Barclays Convertible Securities ETF (CWB) has a higher volatility of 5.90% compared to VanEck Vectors International High Yield Bond ETF (IHY) at 1.20%. This indicates that CWB's price experiences larger fluctuations and is considered to be riskier than IHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWB | IHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.90% | 1.20% | +4.70% |
Volatility (6M)Calculated over the trailing 6-month period | 13.92% | 4.01% | +9.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.61% | 5.04% | +11.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.46% | 7.75% | +5.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.69% | 7.62% | +7.07% |
CWB vs. IHY - Expense Ratio Comparison
Both CWB and IHY have an expense ratio of 0.40%.
Dividends
CWB vs. IHY - Dividend Comparison
CWB's dividend yield for the trailing twelve months is around 1.45%, less than IHY's 5.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IHY VanEck Vectors International High Yield Bond ETF | 5.30% | 5.31% | 5.60% | 5.26% | 4.97% | 4.55% | 4.65% | 4.86% | 4.70% | 4.36% | 5.11% | 5.79% |
Frequently Asked Questions
CWB and IHY have a correlation of 0.41, 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 IHY (1.20%). In terms of maximum drawdown, CWB dropped -32.06% vs IHY's -27.63%.
On 10-year performance, CWB leads with 11.70% vs 3.92% for IHY. Both ETFs have the same 0.40% expense ratio. On volatility, IHY has been the lower-risk option at 1.20%. 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 11.70% return vs 3.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CWB and IHY have the same expense ratio: 0.40% per year.
IHY has the higher dividend yield at 5.30%, compared with 1.33% for CWB.
CWB is categorized as Convertible Bonds, while IHY is High Yield Bonds. CWB tracks Bloomberg US Convertibles Liquid Bond, while IHY tracks Bank of America Merrill Lynch Global Ex-‐US Issuers High Yield Constrained Index. They also come from different issuers: State Street and VanEck.
CWB currently has the higher Sharpe Ratio (1.32 vs 0.95), 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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