CWB vs. VRP

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and Invesco Variable Rate Preferred ETF (VRP).

CWB and VRP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CWB is a passively managed fund by State Street that tracks the performance of the Bloomberg US Convertibles Liquid Bond. It was launched on Apr 14, 2009. VRP is a passively managed fund by Invesco that tracks the performance of the Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index. It was launched on May 1, 2014. Both CWB and VRP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

CWB vs. VRP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and Invesco Variable Rate Preferred ETF (VRP). The values are adjusted to include any dividend payments, if applicable.

CWB vs. VRP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CWB SPDR Bloomberg Barclays Convertible Securities ETF	2.86%	16.61%	10.06%	14.49%	-20.81%	2.18%	53.39%	22.39%	-2.00%	15.69%
VRP Invesco Variable Rate Preferred ETF	-0.19%	7.34%	11.10%	10.35%	-9.00%	4.20%	5.11%	18.84%	-6.62%	9.26%

Returns By Period

In the year-to-date period, CWB achieves a 2.86% return, which is significantly higher than VRP's -0.19% return. Over the past 10 years, CWB has outperformed VRP with an annualized return of 11.06%, while VRP has yielded a comparatively lower 5.43% annualized return.

CWB

• 1D: 2.79%
• 1M: -2.88%
• YTD: 2.86%
• 6M: 1.95%
• 1Y: 21.54%
• 3Y*: 13.06%
• 5Y*: 3.66%
• 10Y*: 11.06%

VRP

• 1D: 0.67%
• 1M: -1.55%
• YTD: -0.19%
• 6M: 0.77%
• 1Y: 5.49%
• 3Y*: 9.37%
• 5Y*: 4.27%
• 10Y*: 5.43%

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

CWB vs. VRP - Expense Ratio Comparison

CWB has a 0.40% expense ratio, which is lower than VRP's 0.50% expense ratio.

VRP

Invesco Variable Rate Preferred ETF

CWB

SPDR Bloomberg Barclays Convertible Securities ETF

Return for Risk

CWB vs. VRP — Risk / Return Rank

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

CWB

CWB Risk / Return Rank: 82
CWB Sharpe Ratio Rank: 81
CWB Sortino Ratio Rank: 82
CWB Omega Ratio Rank: 77
CWB Calmar Ratio Rank: 89
CWB Martin Ratio Rank: 84

VRP

VRP Risk / Return Rank: 72
VRP Sharpe Ratio Rank: 76
VRP Sortino Ratio Rank: 73
VRP Omega Ratio Rank: 84
VRP Calmar Ratio Rank: 57
VRP Martin Ratio Rank: 71

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. VRP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and Invesco Variable Rate Preferred ETF (VRP). 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	VRP	Difference
Sharpe ratio Return per unit of total volatility	1.50	1.33	+0.18
Sortino ratio Return per unit of downside risk	2.07	1.79	+0.28
Omega ratio Gain probability vs. loss probability	1.28	1.32	-0.04
Calmar ratio Return relative to maximum drawdown	2.80	1.37	+1.43
Martin ratio Return relative to average drawdown	9.27	6.80	+2.47
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. VRP - Sharpe Ratio Comparison

The current CWB Sharpe Ratio is 1.50, which is comparable to the VRP Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of CWB and VRP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CWB	VRP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	1.33	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.66	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.37	+0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.37	+0.47

Correlation

The correlation between CWB and VRP is 0.41, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CWB vs. VRP - Dividend Comparison

CWB's dividend yield for the trailing twelve months is around 1.63%, less than VRP's 6.53% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CWB SPDR Bloomberg Barclays Convertible Securities ETF	1.63%	1.69%	1.85%	1.97%	2.21%	1.97%	2.34%	3.03%	6.17%	4.25%	4.60%	7.52%
VRP Invesco Variable Rate Preferred ETF	6.53%	6.53%	5.78%	6.61%	5.38%	4.25%	4.17%	4.71%	5.28%	4.69%	5.10%	5.02%

Drawdowns

CWB vs. VRP - Drawdown Comparison

The maximum CWB drawdown since its inception was -32.06%, smaller than the maximum VRP drawdown of -46.04%. Use the drawdown chart below to compare losses from any high point for CWB and VRP.

Drawdown Indicators

	CWB	VRP	Difference
Max Drawdown Largest peak-to-trough decline	-32.06%	-46.04%	+13.98%
Max Drawdown (1Y) Largest decline over 1 year	-7.52%	-3.95%	-3.57%
Max Drawdown (5Y) Largest decline over 5 years	-28.41%	-13.76%	-14.65%
Max Drawdown (10Y) Largest decline over 10 years	-32.06%	-46.04%	+13.98%
Current Drawdown Current decline from peak	-4.16%	-1.87%	-2.29%
Average Drawdown Average peak-to-trough decline	-6.22%	-2.34%	-3.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	0.79%	+1.48%

Volatility

CWB vs. VRP - Volatility Comparison

SPDR Bloomberg Barclays Convertible Securities ETF (CWB) has a higher volatility of 6.36% compared to Invesco Variable Rate Preferred ETF (VRP) at 1.75%. This indicates that CWB's price experiences larger fluctuations and is considered to be riskier than VRP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWB	VRP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.36%	1.75%	+4.61%
Volatility (6M) Calculated over the trailing 6-month period	11.48%	2.22%	+9.26%
Volatility (1Y) Calculated over the trailing 1-year period	14.38%	4.16%	+10.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.85%	6.54%	+6.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.33%	14.53%	-0.20%