CWB vs. XGLE.L

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and Xtrackers Eurozone Government Bond UCITS ETF 1C (XGLE.L).

CWB and XGLE.L 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. XGLE.L is a passively managed fund by DWS that tracks the performance of the Bloomberg Euro Agg Govt TR EUR. It was launched on May 22, 2007. Both CWB and XGLE.L 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. XGLE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and Xtrackers Eurozone Government Bond UCITS ETF 1C (XGLE.L). The values are adjusted to include any dividend payments, if applicable.

CWB vs. XGLE.L - 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%
XGLE.L Xtrackers Eurozone Government Bond UCITS ETF 1C	-2.10%	14.08%	-4.61%	10.17%	-23.15%	-10.19%	14.03%	4.55%	-3.92%	14.10%

Different Trading Currencies

CWB is traded in USD, while XGLE.L is traded in EUR. To make them comparable, the XGLE.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, CWB achieves a 2.86% return, which is significantly higher than XGLE.L's -2.10% return. Over the past 10 years, CWB has outperformed XGLE.L with an annualized return of 11.06%, while XGLE.L has yielded a comparatively lower -0.26% 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%

XGLE.L

• 1D: 1.28%
• 1M: -4.76%
• YTD: -2.10%
• 6M: -1.68%
• 1Y: 8.36%
• 3Y*: 4.31%
• 5Y*: -2.99%
• 10Y*: -0.26%

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

CWB vs. XGLE.L - Expense Ratio Comparison

CWB has a 0.40% expense ratio, which is higher than XGLE.L's 0.15% expense ratio.

CWB

SPDR Bloomberg Barclays Convertible Securities ETF

XGLE.L

Xtrackers Eurozone Government Bond UCITS ETF 1C

Return for Risk

CWB vs. XGLE.L — 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

XGLE.L

XGLE.L Risk / Return Rank: 18
XGLE.L Sharpe Ratio Rank: 21
XGLE.L Sortino Ratio Rank: 18
XGLE.L Omega Ratio Rank: 17
XGLE.L Calmar Ratio Rank: 17
XGLE.L Martin Ratio Rank: 18

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. XGLE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and Xtrackers Eurozone Government Bond UCITS ETF 1C (XGLE.L). 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	XGLE.L	Difference
Sharpe ratio Return per unit of total volatility	1.50	0.89	+0.61
Sortino ratio Return per unit of downside risk	2.07	1.38	+0.69
Omega ratio Gain probability vs. loss probability	1.28	1.17	+0.12
Calmar ratio Return relative to maximum drawdown	2.80	1.31	+1.49
Martin ratio Return relative to average drawdown	9.27	4.15	+5.12
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. XGLE.L - Sharpe Ratio Comparison

The current CWB Sharpe Ratio is 1.50, which is higher than the XGLE.L Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of CWB and XGLE.L, 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	XGLE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	0.89	+0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	-0.30	+0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	-0.03	+0.80
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.07	+0.77

Correlation

The correlation between CWB and XGLE.L is 0.11, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CWB vs. XGLE.L - Dividend Comparison

CWB's dividend yield for the trailing twelve months is around 1.63%, while XGLE.L has not paid dividends to shareholders.

	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%
XGLE.L Xtrackers Eurozone Government Bond UCITS ETF 1C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

CWB vs. XGLE.L - Drawdown Comparison

The maximum CWB drawdown since its inception was -32.06%, smaller than the maximum XGLE.L drawdown of -37.96%. Use the drawdown chart below to compare losses from any high point for CWB and XGLE.L.

Drawdown Indicators

	CWB	XGLE.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.06%	-22.56%	-9.50%
Max Drawdown (1Y) Largest decline over 1 year	-7.52%	-3.54%	-3.98%
Max Drawdown (5Y) Largest decline over 5 years	-28.41%	-21.62%	-6.79%
Max Drawdown (10Y) Largest decline over 10 years	-32.06%	-22.56%	-9.50%
Current Drawdown Current decline from peak	-4.16%	-14.81%	+10.65%
Average Drawdown Average peak-to-trough decline	-6.22%	-6.41%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	0.99%	+1.28%

Volatility

CWB vs. XGLE.L - Volatility Comparison

SPDR Bloomberg Barclays Convertible Securities ETF (CWB) has a higher volatility of 6.36% compared to Xtrackers Eurozone Government Bond UCITS ETF 1C (XGLE.L) at 3.68%. This indicates that CWB's price experiences larger fluctuations and is considered to be riskier than XGLE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWB	XGLE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.36%	3.68%	+2.68%
Volatility (6M) Calculated over the trailing 6-month period	11.48%	5.62%	+5.86%
Volatility (1Y) Calculated over the trailing 1-year period	14.38%	9.33%	+5.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.85%	10.13%	+2.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.33%	9.17%	+5.16%