CWB vs. SPYG
CWB (SPDR Bloomberg Barclays Convertible Securities ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - CWB is a Preferred Stock/Convertible Bonds fund tracking the Bloomberg US Convertibles Liquid Bond, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 10 years, CWB returned 11.97%/yr vs 17.58%/yr for SPYG. A 0.79 correlation means they provide meaningful diversification when combined. CWB charges 0.40%/yr vs 0.04%/yr for SPYG.
Performance
CWB vs. SPYG - Performance Comparison
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Returns By Period
In the year-to-date period, CWB achieves a 17.27% return, which is significantly higher than SPYG's 10.97% return. Over the past 10 years, CWB has underperformed SPYG with an annualized return of 11.97%, while SPYG has yielded a comparatively higher 17.58% annualized return.
CWB
- 1D
- -1.31%
- 1M
- -2.74%
- 6M
- 12.32%
- YTD
- 17.27%
- 1Y
- 26.21%
- 3Y*
- 15.70%
- 5Y*
- 6.19%
- 10Y*
- 11.97%
SPYG
- 1D
- -1.58%
- 1M
- 1.15%
- 6M
- 9.34%
- YTD
- 10.97%
- 1Y
- 23.89%
- 3Y*
- 25.06%
- 5Y*
- 13.59%
- 10Y*
- 17.58%
CWB vs. SPYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 17.27% | 16.61% | 10.06% | 14.49% | -20.81% | 2.18% | 53.39% | 22.39% | -2.00% | 15.69% |
SPYG State Street SPDR Portfolio S&P 500 Growth ETF | 10.97% | 22.09% | 35.99% | 30.02% | -29.41% | 32.01% | 33.46% | 30.84% | -0.12% | 27.24% |
Correlation
The correlation between CWB and SPYG is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.79 |
The correlation between CWB and SPYG has been stable across timeframes, ranging from 0.73 to 0.79 - a consistent structural relationship.
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Return for Risk
CWB vs. SPYG — Risk / Return Rank
CWB
SPYG
CWB vs. SPYG - 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 Portfolio S&P 500 Growth ETF (SPYG). 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 | SPYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.24 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.50 | 1.74 | +1.76 |
| Martin ratioReturn relative to average drawdown | 10.67 | 6.69 | +3.98 |
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Drawdowns
CWB vs. SPYG - Drawdown Comparison
The maximum CWB drawdown since its inception was -32.06%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for CWB and SPYG.
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Drawdown Indicators
| CWB | SPYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.06% | -67.63% | +35.57% |
Max Drawdown (1Y)Largest decline over 1 year | -7.52% | -13.76% | +6.24% |
Max Drawdown (3Y)Largest decline over 3 years | -11.92% | -22.14% | +10.22% |
Max Drawdown (5Y)Largest decline over 5 years | -28.41% | -32.67% | +4.26% |
Max Drawdown (10Y)Largest decline over 10 years | -32.06% | -32.67% | +0.61% |
Current DrawdownCurrent decline from peak | -6.13% | -3.55% | -2.58% |
Average DrawdownAverage peak-to-trough decline | -6.15% | -24.24% | +18.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.46% | 3.58% | -1.12% |
Volatility
CWB vs. SPYG - Volatility Comparison
SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) have volatilities of 6.23% and 6.43%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWB | SPYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.23% | 6.43% | -0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 13.16% | 14.28% | -1.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.88% | 17.49% | -1.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.33% | 21.42% | -8.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.61% | 20.73% | -6.12% |
CWB vs. SPYG - Expense Ratio Comparison
CWB has a 0.40% expense ratio, which is higher than SPYG's 0.04% expense ratio.
Dividends
CWB vs. SPYG - Dividend Comparison
CWB's dividend yield for the trailing twelve months is around 1.43%, more than SPYG's 0.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 1.43% | 1.69% | 1.85% | 1.97% | 2.21% | 1.97% | 2.34% | 3.03% | 6.17% | 4.25% | 4.60% | 7.52% |
SPYG State Street SPDR Portfolio S&P 500 Growth ETF | 0.49% | 0.52% | 0.60% | 1.15% | 1.03% | 0.62% | 0.90% | 1.37% | 1.51% | 1.41% | 1.55% | 1.57% |
Frequently Asked Questions
CWB and SPYG have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPYG has higher volatility (6.43%) compared to CWB (6.23%). In terms of maximum drawdown, CWB dropped -32.06% vs SPYG's -67.63%.
On 10-year performance, SPYG leads with 17.58% vs 11.97% for CWB. On fees, SPYG is cheaper at 0.04% per year. On volatility, CWB has been the lower-risk option at 6.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPYG has performed better with a 17.58% return vs 11.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPYG is cheaper with a 0.04% expense ratio, compared with 0.40% for CWB.
CWB has the higher dividend yield at 1.43%, compared with 0.49% for SPYG.
CWB is categorized as Preferred Stock/Convertible Bonds, while SPYG is S&P 500. CWB tracks Bloomberg US Convertibles Liquid Bond, while SPYG tracks S&P 500 Growth Index. Their fees differ too: 0.40% for CWB and 0.04% for SPYG.
CWB currently has the higher Sharpe Ratio (1.66 vs 1.38), 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.
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