CWB vs. XLE
CWB (SPDR Bloomberg Barclays Convertible Securities ETF) and XLE (State Street Energy Select Sector SPDR ETF) are both exchange-traded funds - CWB is a Convertible Bonds fund tracking the Bloomberg US Convertibles Liquid Bond, while XLE is a Energy Equities fund tracking the Energy Select Sector Index. Both are passively managed. Over the past 10 years, CWB returned 11.70%/yr vs 10.52%/yr for XLE. Their 0.47 correlation means their historical movements had little consistent relationship. CWB charges 0.40%/yr vs 0.08%/yr for XLE.
Performance
CWB vs. XLE - Performance Comparison
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Returns By Period
In the year-to-date period, CWB achieves a 15.00% return, which is significantly lower than XLE's 35.03% return. Over the past 10 years, CWB has outperformed XLE with an annualized return of 11.70%, while XLE has yielded a comparatively lower 10.52% annualized return.
CWB
- 1D
- 0.35%
- 1M
- -2.42%
- 6M
- 9.82%
- YTD
- 15.00%
- 1Y
- 23.27%
- 3Y*
- 14.55%
- 5Y*
- 5.59%
- 10Y*
- 11.70%
- ALL TIME*
- 11.55%
XLE
- 1D
- 1.00%
- 1M
- 11.89%
- 6M
- 18.26%
- YTD
- 35.03%
- 1Y
- 43.49%
- 3Y*
- 14.62%
- 5Y*
- 23.67%
- 10Y*
- 10.52%
- ALL TIME*
- 8.87%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $56.06M | $68.05M | $91.74M | |
| $1.70B | $1.73B | $1.97B |
CWB vs. XLE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 15.00% | 16.61% | 10.06% | 14.49% | -20.81% | 2.18% | 53.39% | 22.39% | -2.00% | 15.69% |
XLE State Street Energy Select Sector SPDR ETF | 35.03% | 7.88% | 5.56% | -0.63% | 64.32% | 53.28% | -32.67% | 11.74% | -18.22% | -0.89% |
Correlation
The correlation between CWB and XLE is -0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.04 |
Correlation (3Y) Balances recent behavior with more history. | 0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.25 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.34 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.47 |
The correlation between CWB and XLE shifts across timeframes, from -0.04 (1 year) to 0.47 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CWB vs. XLE — Risk / Return Rank
CWB
XLE
CWB vs. XLE - 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 Energy Select Sector SPDR ETF (XLE). 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 | XLE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.32 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 2.74 | -0.76 |
| Martin ratioReturn relative to average drawdown | 7.11 | 7.32 | -0.21 |
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Drawdowns
CWB vs. XLE - Drawdown Comparison
The maximum CWB drawdown since its inception was -32.06%, smaller than the maximum XLE drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for CWB and XLE.
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Drawdown Indicators
| CWB | XLE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.06% | -71.26% | +39.20% |
Max Drawdown (1Y)Largest decline over 1 year | -11.08% | -14.98% | +3.90% |
Max Drawdown (3Y)Largest decline over 3 years | -11.92% | -20.14% | +8.22% |
Max Drawdown (5Y)Largest decline over 5 years | -28.41% | -26.04% | -2.37% |
Max Drawdown (10Y)Largest decline over 10 years | -32.06% | -66.81% | +34.75% |
Current DrawdownCurrent decline from peak | -7.95% | -4.13% | -3.82% |
Average DrawdownAverage peak-to-trough decline | -6.16% | -17.93% | +11.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.08% | 5.62% | -2.54% |
Volatility
CWB vs. XLE - Volatility Comparison
SPDR Bloomberg Barclays Convertible Securities ETF (CWB) and State Street Energy Select Sector SPDR ETF (XLE) have volatilities of 5.90% and 5.85%, 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 | XLE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.90% | 5.85% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 13.92% | 16.71% | -2.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.61% | 21.05% | -4.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.46% | 25.77% | -12.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.69% | 29.57% | -14.88% |
CWB vs. XLE - Expense Ratio Comparison
CWB has a 0.40% expense ratio, which is higher than XLE's 0.08% expense ratio.
Dividends
CWB vs. XLE - Dividend Comparison
CWB's dividend yield for the trailing twelve months is around 1.45%, less than XLE's 2.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 1.33% | 1.69% | 1.85% | 1.97% | 2.21% | 1.97% | 2.34% | 3.03% | 6.17% | 4.25% | 4.60% | 7.52% |
XLE State Street Energy Select Sector SPDR ETF | 2.55% | 3.28% | 3.36% | 3.55% | 3.68% | 4.21% | 5.62% | 6.72% | 3.54% | 3.03% | 2.26% | 3.39% |
Frequently Asked Questions
CWB and XLE have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CWB has higher volatility (5.90%) compared to XLE (5.85%). In terms of maximum drawdown, CWB dropped -32.06% vs XLE's -71.26%.
On 10-year performance, CWB leads with 11.70% vs 10.52% for XLE. On fees, XLE is cheaper at 0.08% per year. Their volatility is very similar. 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 11.70% return vs 10.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLE is cheaper with a 0.08% expense ratio, compared with 0.40% for CWB.
XLE has the higher dividend yield at 2.55%, compared with 1.33% for CWB.
CWB is categorized as Convertible Bonds, while XLE is Energy Equities. CWB tracks Bloomberg US Convertibles Liquid Bond, while XLE tracks Energy Select Sector Index. Their fees differ too: 0.40% for CWB and 0.08% for XLE.
XLE currently has the higher Sharpe Ratio (1.95 vs 1.32), 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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