CWB vs. PFLD
Compare and contrast key facts about SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and AAM Low Duration Preferred and Income Securities ETF 144A (PFLD).
CWB and PFLD 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. PFLD is a passively managed fund by Advisors Asset Management that tracks the performance of the ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index. It was launched on Nov 19, 2019. Both CWB and PFLD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
CWB vs. PFLD - Performance Comparison
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CWB vs. PFLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 2.86% | 16.61% | 10.06% | 14.49% | -20.81% | 2.18% | 53.39% | 3.99% |
PFLD AAM Low Duration Preferred and Income Securities ETF 144A | 0.25% | 1.44% | 5.48% | 8.16% | -12.73% | 4.49% | 5.34% | 1.04% |
Returns By Period
In the year-to-date period, CWB achieves a 2.86% return, which is significantly higher than PFLD's 0.25% return.
CWB
- 1D
- 2.79%
- 1M
- -2.88%
- YTD
- 2.86%
- 6M
- 1.95%
- 1Y
- 21.54%
- 3Y*
- 13.06%
- 5Y*
- 3.66%
- 10Y*
- 11.06%
PFLD
- 1D
- 0.58%
- 1M
- -1.09%
- YTD
- 0.25%
- 6M
- 0.97%
- 1Y
- 1.72%
- 3Y*
- 4.02%
- 5Y*
- 0.88%
- 10Y*
- —
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CWB vs. PFLD - Expense Ratio Comparison
CWB has a 0.40% expense ratio, which is lower than PFLD's 0.45% expense ratio.
Return for Risk
CWB vs. PFLD — Risk / Return Rank
CWB
PFLD
CWB vs. PFLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and AAM Low Duration Preferred and Income Securities ETF 144A (PFLD). 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 | PFLD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.50 | 0.33 | +1.18 |
Sortino ratioReturn per unit of downside risk | 2.07 | 0.48 | +1.60 |
Omega ratioGain probability vs. loss probability | 1.28 | 1.07 | +0.21 |
Calmar ratioReturn relative to maximum drawdown | 2.80 | 0.30 | +2.50 |
Martin ratioReturn relative to average drawdown | 9.27 | 1.09 | +8.18 |
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 | PFLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.50 | 0.33 | +1.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.29 | 0.12 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.77 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.84 | 0.14 | +0.70 |
Correlation
The correlation between CWB and PFLD is 0.46, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
CWB vs. PFLD - Dividend Comparison
CWB's dividend yield for the trailing twelve months is around 1.63%, less than PFLD's 6.05% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 1.63% | 1.69% | 1.85% | 1.97% | 2.21% | 1.97% | 2.34% | 3.03% | 6.17% | 4.25% | 4.60% | 7.52% |
PFLD AAM Low Duration Preferred and Income Securities ETF 144A | 6.05% | 6.52% | 7.09% | 7.09% | 5.76% | 4.52% | 4.79% | 0.82% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
CWB vs. PFLD - Drawdown Comparison
The maximum CWB drawdown since its inception was -32.06%, roughly equal to the maximum PFLD drawdown of -33.20%. Use the drawdown chart below to compare losses from any high point for CWB and PFLD.
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Drawdown Indicators
| CWB | PFLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.06% | -33.20% | +1.14% |
Max Drawdown (1Y)Largest decline over 1 year | -7.52% | -4.06% | -3.46% |
Max Drawdown (5Y)Largest decline over 5 years | -28.41% | -15.51% | -12.90% |
Max Drawdown (10Y)Largest decline over 10 years | -32.06% | — | — |
Current DrawdownCurrent decline from peak | -4.16% | -1.67% | -2.49% |
Average DrawdownAverage peak-to-trough decline | -6.22% | -4.28% | -1.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.27% | 1.12% | +1.15% |
Volatility
CWB vs. PFLD - Volatility Comparison
SPDR Bloomberg Barclays Convertible Securities ETF (CWB) has a higher volatility of 6.36% compared to AAM Low Duration Preferred and Income Securities ETF 144A (PFLD) at 1.14%. This indicates that CWB's price experiences larger fluctuations and is considered to be riskier than PFLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWB | PFLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.36% | 1.14% | +5.22% |
Volatility (6M)Calculated over the trailing 6-month period | 11.48% | 2.22% | +9.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.38% | 5.28% | +9.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 7.49% | +5.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.33% | 13.55% | +0.78% |