CWB vs. PFXF
CWB (SPDR Bloomberg Barclays Convertible Securities ETF) and PFXF (VanEck Vectors Preferred Securities ex Financials ETF) are both Preferred Stock/Convertible Bonds funds - CWB tracks the Bloomberg US Convertibles Liquid Bond while PFXF tracks the Wells Fargo Hybrid and Preferred Securities ex Financials Index. Both are passively managed. Over the past 10 years, CWB returned 12.98%/yr vs 5.12%/yr for PFXF. A 0.59 correlation means they provide meaningful diversification when combined. CWB charges 0.40%/yr vs 0.41%/yr for PFXF.
Performance
CWB vs. PFXF - 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 PFXF's 5.24% return. Over the past 10 years, CWB has outperformed PFXF with an annualized return of 12.98%, while PFXF has yielded a comparatively lower 5.12% 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%
PFXF
- 1D
- -0.33%
- 1M
- -1.17%
- YTD
- 5.24%
- 6M
- 4.73%
- 1Y
- 15.10%
- 3Y*
- 9.41%
- 5Y*
- 3.74%
- 10Y*
- 5.12%
CWB vs. PFXF - 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% |
PFXF VanEck Vectors Preferred Securities ex Financials ETF | 5.24% | 9.64% | 8.42% | 11.20% | -18.83% | 11.61% | 7.61% | 20.52% | -4.17% | 7.93% |
Correlation
The correlation between CWB and PFXF is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Jul 19, 2012 | 0.59 |
The correlation between CWB and PFXF has been stable across timeframes, ranging from 0.59 to 0.68 - a consistent structural relationship.
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Return for Risk
CWB vs. PFXF — Risk / Return Rank
CWB
PFXF
CWB vs. PFXF - 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 Preferred Securities ex Financials ETF (PFXF). 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 | PFXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.28 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 4.81 | 2.60 | +2.21 |
| Martin ratioReturn relative to average drawdown | 16.23 | 8.59 | +7.64 |
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Drawdowns
CWB vs. PFXF - Drawdown Comparison
The maximum CWB drawdown since its inception was -32.06%, smaller than the maximum PFXF drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for CWB and PFXF.
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Drawdown Indicators
| CWB | PFXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.06% | -35.49% | +3.43% |
Max Drawdown (1Y)Largest decline over 1 year | -7.52% | -5.83% | -1.69% |
Max Drawdown (3Y)Largest decline over 3 years | -11.92% | -11.90% | -0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -28.41% | -21.80% | -6.61% |
Max Drawdown (10Y)Largest decline over 10 years | -32.06% | -35.49% | +3.43% |
Current DrawdownCurrent decline from peak | -2.26% | -3.96% | +1.70% |
Average DrawdownAverage peak-to-trough decline | -6.16% | -3.90% | -2.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 1.76% | +0.46% |
Volatility
CWB vs. PFXF - Volatility Comparison
SPDR Bloomberg Barclays Convertible Securities ETF (CWB) has a higher volatility of 6.78% compared to VanEck Vectors Preferred Securities ex Financials ETF (PFXF) at 3.71%. This indicates that CWB's price experiences larger fluctuations and is considered to be riskier than PFXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWB | PFXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.78% | 3.71% | +3.07% |
Volatility (6M)Calculated over the trailing 6-month period | 12.74% | 7.33% | +5.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.29% | 9.42% | +5.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.21% | 11.00% | +2.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.57% | 13.25% | +1.32% |
CWB vs. PFXF - Expense Ratio Comparison
CWB has a 0.40% expense ratio, which is lower than PFXF's 0.41% expense ratio.
Dividends
CWB vs. PFXF - Dividend Comparison
CWB's dividend yield for the trailing twelve months is around 1.37%, less than PFXF's 6.27% yield.
| 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% |
PFXF VanEck Vectors Preferred Securities ex Financials ETF | 6.27% | 6.72% | 7.82% | 7.88% | 6.74% | 4.66% | 5.19% | 5.35% | 6.56% | 5.93% | 5.81% | 5.99% |
Frequently Asked Questions
CWB and PFXF have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CWB has higher volatility (6.78%) compared to PFXF (3.71%). In terms of maximum drawdown, CWB dropped -32.06% vs PFXF's -35.49%.
On 10-year performance, CWB leads with 12.98% vs 5.12% for PFXF. On fees, CWB is cheaper at 0.40% per year. On volatility, PFXF has been the lower-risk option at 3.71%. 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 5.12%. 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 0.41% for PFXF.
PFXF has the higher dividend yield at 6.27%, compared with 1.37% for CWB.
CWB tracks Bloomberg US Convertibles Liquid Bond, while PFXF tracks Wells Fargo Hybrid and Preferred Securities ex Financials Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.40% for CWB and 0.41% for PFXF.
CWB currently has the higher Sharpe Ratio (2.37 vs 1.61), 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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