CWB vs. SPY

Last updated Jun 4, 2026

CWB (SPDR Bloomberg Barclays Convertible Securities ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - CWB is a Preferred Stock/Convertible Bonds fund tracking the Bloomberg US Convertibles Liquid Bond, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, CWB returned 12.92%/yr vs 15.49%/yr for SPY. A 0.80 correlation means they provide meaningful diversification when combined. CWB charges 0.40%/yr vs 0.09%/yr for SPY.

Performance

CWB vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CWB achieves a 23.48% return, which is significantly higher than SPY's 10.91% return. Over the past 10 years, CWB has underperformed SPY with an annualized return of 12.92%, while SPY has yielded a comparatively higher 15.49% annualized return.

CWB

• 1D: -1.16%
• 1M: 7.03%
• YTD: 23.48%
• 6M: 22.61%
• 1Y: 38.47%
• 3Y*: 19.67%
• 5Y*: 7.54%
• 10Y*: 12.92%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CWB vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CWB SPDR Bloomberg Barclays Convertible Securities ETF	23.48%	16.61%	10.06%	14.49%	-20.81%	2.18%	53.39%	22.39%	-2.00%	15.69%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between CWB and SPY is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Apr 17, 2009	0.80

The correlation between CWB and SPY has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.

CWB vs. SPY - Sectors Allocation Comparison

Sectors	CWB	SPY
Utilities	89.4%	2.4%
Healthcare	8.8%	8.4%
Technology	6.0%	35.9%
Industrials	4.6%	7.8%
Consumer Cyclical	0.6%	10.3%
Communication Services	0.1%	11.3%
Basic Materials	-	1.8%
Consumer Defensive	-	4.8%
Energy	-	3.6%
Financial Services	-	11.8%
Real Estate	-	1.9%

Return for Risk

CWB vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CWB

CWB Risk / Return Rank: 83
CWB Sharpe Ratio Rank: 83
CWB Sortino Ratio Rank: 80
CWB Omega Ratio Rank: 80
CWB Calmar Ratio Rank: 88
CWB Martin Ratio Rank: 86

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CWB vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.74	2.38	+0.37
Sortino ratio Return per unit of downside risk	3.63	3.24	+0.39
Omega ratio Gain probability vs. loss probability	1.49	1.43	+0.05
Calmar ratio Return relative to maximum drawdown	5.14	3.16	+1.97
Martin ratio Return relative to average drawdown	18.58	14.72	+3.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CWB vs. SPY - Sharpe Ratio Comparison

The current CWB Sharpe Ratio is 2.74, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of CWB and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CWB	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.74	2.38	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.82	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.87	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.59	+0.33

Drawdowns

CWB vs. SPY - Drawdown Comparison

The maximum CWB drawdown since its inception was -32.06%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CWB and SPY.

Drawdown Indicators

	CWB	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-32.06%	-55.19%	+23.13%
Max Drawdown (1Y) Largest decline over 1 year	-7.52%	-8.88%	+1.36%
Max Drawdown (3Y) Largest decline over 3 years	-11.92%	-18.76%	+6.84%
Max Drawdown (5Y) Largest decline over 5 years	-28.41%	-24.50%	-3.91%
Max Drawdown (10Y) Largest decline over 10 years	-32.06%	-33.72%	+1.66%
Current Drawdown Current decline from peak	-1.16%	-0.70%	-0.46%
Average Drawdown Average peak-to-trough decline	-6.17%	-9.05%	+2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	1.91%	+0.17%

Volatility

CWB vs. SPY - Volatility Comparison

SPDR Bloomberg Barclays Convertible Securities ETF (CWB) has a higher volatility of 5.33% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that CWB's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWB	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.33%	2.84%	+2.49%
Volatility (6M) Calculated over the trailing 6-month period	11.43%	8.90%	+2.53%
Volatility (1Y) Calculated over the trailing 1-year period	14.10%	11.83%	+2.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.95%	17.05%	-4.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.47%	17.94%	-3.47%

CWB vs. SPY - Expense Ratio Comparison

CWB has a 0.40% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

CWB vs. SPY - Dividend Comparison

CWB's dividend yield for the trailing twelve months is around 1.35%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CWB SPDR Bloomberg Barclays Convertible Securities ETF	1.35%	1.69%	1.85%	1.97%	2.21%	1.97%	2.34%	3.03%	6.17%	4.25%	4.60%	7.52%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both CWB and SPY in my portfolio?

CWB and SPY have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CWB or SPY?

CWB has higher volatility (5.33%) compared to SPY (2.84%). In terms of maximum drawdown, CWB dropped -32.06% vs SPY's -55.19%.

Which ETF is better, CWB or SPY?

On 10-year performance, SPY leads with 15.49% vs 12.92% for CWB. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWB or SPY?

Over the 10-year period, SPY has performed better with a 15.49% return vs 12.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CWB or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.40% for CWB.

Which ETF pays a higher dividend yield, CWB or SPY?

CWB has the higher dividend yield at 1.35%, compared with 0.98% for SPY.

What is the main difference between CWB and SPY?

CWB is categorized as Preferred Stock/Convertible Bonds, while SPY is S&P 500. CWB tracks Bloomberg US Convertibles Liquid Bond, while SPY tracks S&P 500 Index. Their fees differ too: 0.40% for CWB and 0.09% for SPY.

Which has better risk-adjusted returns?

CWB currently has the higher Sharpe Ratio (2.74 vs 2.38), 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.