CWB vs. SGOV
CWB (SPDR Bloomberg Barclays Convertible Securities ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - CWB is a Preferred Stock/Convertible Bonds fund tracking the Bloomberg US Convertibles Liquid Bond, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, CWB returned 7.23%/yr vs 3.58%/yr for SGOV. At a correlation of -0.03, they often move in opposite directions. CWB charges 0.40%/yr vs 0.09%/yr for SGOV.
Performance
CWB vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, CWB achieves a 24.57% return, which is significantly higher than SGOV's 1.70% return.
CWB
- 1D
- -0.14%
- 1M
- 4.67%
- YTD
- 24.57%
- 6M
- 22.13%
- 1Y
- 39.20%
- 3Y*
- 19.32%
- 5Y*
- 7.23%
- 10Y*
- 13.20%
SGOV
- 1D
- 0.01%
- 1M
- 0.27%
- YTD
- 1.70%
- 6M
- 1.80%
- 1Y
- 3.93%
- 3Y*
- 4.68%
- 5Y*
- 3.58%
- 10Y*
- —
CWB vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 24.57% | 16.61% | 10.06% | 14.49% | -20.81% | 2.18% | 50.19% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.70% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
Correlation
The correlation between CWB and SGOV is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | -0.03 |
The correlation between CWB and SGOV shifts across timeframes, from -0.13 (1 year) to -0.01 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CWB vs. SGOV — Risk / Return Rank
CWB
SGOV
CWB vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.78 | ||
| Sortino ratioReturn per unit of downside risk | -270.90 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 194.55 | -193.09 |
| Calmar ratioReturn relative to maximum drawdown | 5.24 | 396.11 | -390.87 |
| Martin ratioReturn relative to average drawdown | 17.71 | 4,438.60 | -4,420.88 |
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Drawdowns
CWB vs. SGOV - Drawdown Comparison
The maximum CWB drawdown since its inception was -32.06%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for CWB and SGOV.
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Drawdown Indicators
| CWB | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.06% | -0.03% | -32.03% |
Max Drawdown (1Y)Largest decline over 1 year | -7.52% | -0.01% | -7.51% |
Max Drawdown (3Y)Largest decline over 3 years | -11.92% | -0.01% | -11.91% |
Max Drawdown (5Y)Largest decline over 5 years | -28.41% | -0.03% | -28.38% |
Max Drawdown (10Y)Largest decline over 10 years | -32.06% | — | — |
Current DrawdownCurrent decline from peak | -0.29% | 0.00% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -6.16% | -0.00% | -6.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 0.00% | +2.22% |
Volatility
CWB vs. SGOV - Volatility Comparison
SPDR Bloomberg Barclays Convertible Securities ETF (CWB) has a higher volatility of 6.68% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. This indicates that CWB's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWB | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.68% | 0.06% | +6.62% |
Volatility (6M)Calculated over the trailing 6-month period | 12.58% | 0.13% | +12.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.18% | 0.19% | +14.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.18% | 0.24% | +12.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.58% | 0.24% | +14.34% |
CWB vs. SGOV - Expense Ratio Comparison
CWB has a 0.40% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
CWB vs. SGOV - Dividend Comparison
CWB's dividend yield for the trailing twelve months is around 1.34%, less than SGOV's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 1.34% | 1.69% | 1.85% | 1.97% | 2.21% | 1.97% | 2.34% | 3.03% | 6.17% | 4.25% | 4.60% | 7.52% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CWB and SGOV have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CWB has higher volatility (6.68%) compared to SGOV (0.06%). In terms of maximum drawdown, CWB dropped -32.06% vs SGOV's -0.03%.
On 5-year performance, CWB leads with 7.23% vs 3.58% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, CWB has performed better with a 7.23% return vs 3.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.40% for CWB.
SGOV has the higher dividend yield at 3.85%, compared with 1.34% for CWB.
CWB is categorized as Preferred Stock/Convertible Bonds, while SGOV is Ultrashort Bond. CWB tracks Bloomberg US Convertibles Liquid Bond, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for CWB and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.38 vs 2.60), 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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