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CWB vs. VCSH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CWB vs. VCSH

Last updated Jun 4, 2026

CWB (SPDR Bloomberg Barclays Convertible Securities ETF) and VCSH (Vanguard Short-Term Corporate Bond ETF) are both exchange-traded funds - CWB is a Preferred Stock/Convertible Bonds fund tracking the Bloomberg US Convertibles Liquid Bond, while VCSH is a Corporate Bonds fund tracking the Barclays Capital U.S. 1-5 Year Corporate Index. Both are passively managed. Over the past 10 years, CWB returned 12.92%/yr vs 2.70%/yr for VCSH. At a 0.12 correlation, their price movements are largely independent. CWB charges 0.40%/yr vs 0.04%/yr for VCSH.

Performance

CWB vs. VCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and Vanguard Short-Term Corporate Bond ETF (VCSH). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CWB achieves a 23.48% return, which is significantly higher than VCSH's 0.64% return. Over the past 10 years, CWB has outperformed VCSH with an annualized return of 12.92%, while VCSH has yielded a comparatively lower 2.70% 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%

VCSH

1D
-0.08%
1M
0.20%
YTD
0.64%
6M
0.95%
1Y
4.59%
3Y*
5.52%
5Y*
2.32%
10Y*
2.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CWB vs. VCSH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
VCSH
Vanguard Short-Term Corporate Bond ETF		0.64%6.77%4.91%6.20%-5.62%-0.63%5.13%7.02%0.92%2.17%

Correlation

The correlation between CWB and VCSH is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.23

Correlation (3Y)
Calculated over the trailing 3-year period

0.27

Correlation (5Y)
Calculated over the trailing 5-year period

0.28

Correlation (10Y)
Calculated over the trailing 10-year period

0.19

Correlation (All Time)
Calculated using the full available price history since Nov 24, 2009

0.12

The correlation between CWB and VCSH shifts across timeframes, from 0.12 (all time) to 0.28 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR Bloomberg Barclays Convertible Securities ETF

Vanguard Short-Term Corporate Bond ETF

Often compared with CWB:
CWB vs. ICVTCWB vs. ANGLCWB vs. PFFCWB vs. BGTCWB vs. VCLTCWB vs. SCHDCWB vs. IVV
Often compared with VCSH:
VCSH vs. VGSHVCSH vs. IGSBVCSH vs. BSVVCSH vs. BNDVCSH vs. VTIPVCSH vs. JPSTVCSH vs. VFSTX

Return for Risk

CWB vs. VCSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CWB
CWB Risk / Return Rank: 8383
Overall Rank
CWB Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
CWB Sortino Ratio Rank: 8080
Sortino Ratio Rank
CWB Omega Ratio Rank: 8080
Omega Ratio Rank
CWB Calmar Ratio Rank: 8888
Calmar Ratio Rank
CWB Martin Ratio Rank: 8686
Martin Ratio Rank
VCSH
VCSH Risk / Return Rank: 7474
Overall Rank
VCSH Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
VCSH Sortino Ratio Rank: 8484
Sortino Ratio Rank
VCSH Omega Ratio Rank: 7979
Omega Ratio Rank
VCSH Calmar Ratio Rank: 6565
Calmar Ratio Rank
VCSH Martin Ratio Rank: 7171
Martin Ratio Rank
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. VCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and Vanguard Short-Term Corporate Bond ETF (VCSH). 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.

CWBVCSHDifference
Sharpe ratioReturn per unit of total volatility
2.74
2.45

+0.29

Sortino ratioReturn per unit of downside risk
3.63
3.85

-0.22

Omega ratioGain probability vs. loss probability

1.49

1.48

+0.01

Calmar ratioReturn relative to maximum drawdown

5.14

3.29

+1.85

Martin ratioReturn relative to average drawdown

18.58

13.55

+5.02

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. VCSH - Sharpe Ratio Comparison

The current CWB Sharpe Ratio is 2.74, which is comparable to the VCSH Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of CWB and VCSH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CWBVCSHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.74

2.45

+0.29

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.59

0.81

-0.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.90

0.81

+0.09

Sharpe Ratio (All Time)

Calculated using the full available price history

0.92

1.02

-0.10

Drawdowns

CWB vs. VCSH - Drawdown Comparison

The maximum CWB drawdown since its inception was -32.06%, which is greater than VCSH's maximum drawdown of -12.86%. Use the drawdown chart below to compare losses from any high point for CWB and VCSH.

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Drawdown Indicators

CWBVCSHDifference

Max Drawdown

Largest peak-to-trough decline

-32.06%

-12.86%

-19.20%

Max Drawdown (1Y)

Largest decline over 1 year

-7.52%

-1.40%

-6.12%

Max Drawdown (3Y)

Largest decline over 3 years

-11.92%

-1.40%

-10.52%

Max Drawdown (5Y)

Largest decline over 5 years

-28.41%

-9.48%

-18.93%

Max Drawdown (10Y)

Largest decline over 10 years

-32.06%

-12.86%

-19.20%

Current Drawdown

Current decline from peak

-1.16%

-0.32%

-0.84%

Average Drawdown

Average peak-to-trough decline

-6.17%

-0.97%

-5.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.08%

0.34%

+1.74%

Volatility

CWB vs. VCSH - Volatility Comparison

SPDR Bloomberg Barclays Convertible Securities ETF (CWB) has a higher volatility of 5.33% compared to Vanguard Short-Term Corporate Bond ETF (VCSH) at 0.57%. This indicates that CWB's price experiences larger fluctuations and is considered to be riskier than VCSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CWBVCSHDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.33%

0.57%

+4.76%

Volatility (6M)

Calculated over the trailing 6-month period

11.43%

1.38%

+10.05%

Volatility (1Y)

Calculated over the trailing 1-year period

14.10%

1.88%

+12.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.95%

2.88%

+10.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.47%

3.35%

+11.12%

CWB vs. VCSH - Expense Ratio Comparison

CWB has a 0.40% expense ratio, which is higher than VCSH's 0.04% expense ratio.

Dividends

CWB vs. VCSH - Dividend Comparison

CWB's dividend yield for the trailing twelve months is around 1.35%, less than VCSH's 4.45% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VCSH
Vanguard Short-Term Corporate Bond ETF		4.45%4.35%3.96%3.09%2.01%1.81%2.27%2.87%2.65%2.26%2.10%2.08%

Frequently Asked Questions

CWB and VCSH have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CWB has higher volatility (5.33%) compared to VCSH (0.57%). In terms of maximum drawdown, CWB dropped -32.06% vs VCSH's -12.86%.

On 10-year performance, CWB leads with 12.92% vs 2.70% for VCSH. On fees, VCSH is cheaper at 0.04% per year. On volatility, VCSH has been the lower-risk option at 0.57%. 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 12.92% return vs 2.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VCSH is cheaper with a 0.04% expense ratio, compared with 0.40% for CWB.

VCSH has the higher dividend yield at 4.45%, compared with 1.35% for CWB.

CWB is categorized as Preferred Stock/Convertible Bonds, while VCSH is Corporate Bonds. CWB tracks Bloomberg US Convertibles Liquid Bond, while VCSH tracks Barclays Capital U.S. 1-5 Year Corporate Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.40% for CWB and 0.04% for VCSH.

CWB currently has the higher Sharpe Ratio (2.74 vs 2.45), 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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