CWB vs. RSP
CWB (SPDR Bloomberg Barclays Convertible Securities ETF) and RSP (Invesco S&P 500 Equal Weight ETF) are both exchange-traded funds - CWB is a Preferred Stock/Convertible Bonds fund tracking the Bloomberg US Convertibles Liquid Bond, while RSP is a S&P 500 fund tracking the S&P 500 Equal Weight Index. Both are passively managed. Over the past 10 years, CWB returned 11.62%/yr vs 11.65%/yr for RSP. A 0.77 correlation means they provide meaningful diversification when combined. CWB charges 0.40%/yr vs 0.20%/yr for RSP.
Performance
CWB vs. RSP - Performance Comparison
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Returns By Period
In the year-to-date period, CWB achieves a 14.96% return, which is significantly higher than RSP's 11.80% return. Both investments have delivered pretty close results over the past 10 years, with CWB having a 11.62% annualized return and RSP not far ahead at 11.65%.
CWB
- 1D
- 0.33%
- 1M
- -7.84%
- 6M
- 9.22%
- YTD
- 14.96%
- 1Y
- 21.43%
- 3Y*
- 14.79%
- 5Y*
- 5.52%
- 10Y*
- 11.62%
- ALL TIME*
- 11.57%
RSP
- 1D
- -0.45%
- 1M
- 1.56%
- 6M
- 7.59%
- YTD
- 11.80%
- 1Y
- 17.25%
- 3Y*
- 13.13%
- 5Y*
- 8.88%
- 10Y*
- 11.65%
- ALL TIME*
- 11.26%
CWB vs. RSP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 14.96% | 16.61% | 10.06% | 14.49% | -20.81% | 2.18% | 53.39% | 22.39% | -2.00% | 15.69% |
RSP Invesco S&P 500 Equal Weight ETF | 11.80% | 11.21% | 12.79% | 13.70% | -11.62% | 29.41% | 12.66% | 28.91% | -7.84% | 18.52% |
Correlation
The correlation between CWB and RSP is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.77 |
Over the past year, the correlation between CWB and RSP has dropped to 0.56 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.
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Return for Risk
CWB vs. RSP — Risk / Return Rank
CWB
RSP
CWB vs. RSP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and Invesco S&P 500 Equal Weight ETF (RSP). 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 | RSP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.26 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 2.21 | +0.40 |
| Martin ratioReturn relative to average drawdown | 8.03 | 8.35 | -0.32 |
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Drawdowns
CWB vs. RSP - Drawdown Comparison
The maximum CWB drawdown since its inception was -32.06%, smaller than the maximum RSP drawdown of -59.92%. Use the drawdown chart below to compare losses from any high point for CWB and RSP.
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Drawdown Indicators
| CWB | RSP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.06% | -59.92% | +27.86% |
Max Drawdown (1Y)Largest decline over 1 year | -8.28% | -7.85% | -0.43% |
Max Drawdown (3Y)Largest decline over 3 years | -11.92% | -17.81% | +5.89% |
Max Drawdown (5Y)Largest decline over 5 years | -28.41% | -21.38% | -7.03% |
Max Drawdown (10Y)Largest decline over 10 years | -32.06% | -39.04% | +6.98% |
Current DrawdownCurrent decline from peak | -7.98% | -1.23% | -6.75% |
Average DrawdownAverage peak-to-trough decline | -6.15% | -6.62% | +0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.67% | 2.07% | +0.60% |
Volatility
CWB vs. RSP - Volatility Comparison
SPDR Bloomberg Barclays Convertible Securities ETF (CWB) has a higher volatility of 5.19% compared to Invesco S&P 500 Equal Weight ETF (RSP) at 2.85%. This indicates that CWB's price experiences larger fluctuations and is considered to be riskier than RSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWB | RSP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 2.85% | +2.34% |
Volatility (6M)Calculated over the trailing 6-month period | 13.31% | 8.72% | +4.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.01% | 11.79% | +4.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.33% | 16.16% | -2.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.62% | 18.28% | -3.66% |
CWB vs. RSP - Expense Ratio Comparison
CWB has a 0.40% expense ratio, which is higher than RSP's 0.20% expense ratio.
Dividends
CWB vs. RSP - Dividend Comparison
CWB's dividend yield for the trailing twelve months is around 1.45%, less than RSP's 1.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 1.45% | 1.69% | 1.85% | 1.97% | 2.21% | 1.97% | 2.34% | 3.03% | 6.17% | 4.25% | 4.60% | 7.52% |
RSP Invesco S&P 500 Equal Weight ETF | 1.51% | 1.64% | 1.52% | 1.64% | 1.82% | 1.28% | 1.64% | 1.69% | 2.02% | 1.52% | 1.20% | 1.70% |
Frequently Asked Questions
CWB and RSP have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CWB has higher volatility (5.19%) compared to RSP (2.85%). In terms of maximum drawdown, CWB dropped -32.06% vs RSP's -59.92%.
On 10-year performance, RSP leads with 11.65% vs 11.62% for CWB. On fees, RSP is cheaper at 0.20% per year. On volatility, RSP has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RSP has performed better with a 11.65% return vs 11.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RSP is cheaper with a 0.20% expense ratio, compared with 0.40% for CWB.
RSP has the higher dividend yield at 1.51%, compared with 1.45% for CWB.
CWB is categorized as Preferred Stock/Convertible Bonds, while RSP is S&P 500. CWB tracks Bloomberg US Convertibles Liquid Bond, while RSP tracks S&P 500 Equal Weight Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.40% for CWB and 0.20% for RSP.
RSP currently has the higher Sharpe Ratio (1.47 vs 1.35), 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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