PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ICVT vs. CWB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ICVT vs. CWB

Last updated Apr 12, 2026

ICVT (iShares Convertible Bond ETF) and CWB (SPDR Bloomberg Barclays Convertible Securities ETF) are both Preferred Stock/Convertible Bonds funds — ICVT tracks the Barclays U.S. Convertible Cash Pay Bond > $250MM Index while CWB tracks the Bloomberg US Convertibles Liquid Bond. Both are passively managed. Over the past 10 years, ICVT returned 12.85%/yr vs 11.67%/yr for CWB. Their correlation of 0.86 suggests significant overlap in exposure. ICVT charges 0.20%/yr vs 0.40%/yr for CWB.

Performance

ICVT vs. CWB - Performance Comparison

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

Loading graphics...

Returns By Period

In the year-to-date period, ICVT achieves a 9.67% return, which is significantly higher than CWB's 8.57% return. Over the past 10 years, ICVT has outperformed CWB with an annualized return of 12.85%, while CWB has yielded a comparatively lower 11.67% annualized return.

ICVT

1D
0.07%
1M
5.64%
YTD
9.67%
6M
8.10%
1Y
35.60%
3Y*
16.59%
5Y*
4.41%
10Y*
12.85%

CWB

1D
-0.01%
1M
4.97%
YTD
8.57%
6M
7.04%
1Y
33.39%
3Y*
15.23%
5Y*
4.45%
10Y*
11.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ICVT vs. CWB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ICVT
iShares Convertible Bond ETF		9.67%18.10%10.61%15.35%-20.66%-0.66%61.01%21.76%-0.27%16.38%
CWB
SPDR Bloomberg Barclays Convertible Securities ETF		8.57%16.61%10.06%14.49%-20.81%2.18%53.39%22.39%-2.00%15.69%

Correlation

The correlation between ICVT and CWB is 0.97 — these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

0.97

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

0.96

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

0.96

Correlation (All Time)
Calculated using the full available price history since Jun 5, 2015

0.86

The correlation between ICVT and CWB shifts across timeframes, from 0.86 (all time) to 0.97 (1 year), 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.

iShares Convertible Bond ETF

SPDR Bloomberg Barclays Convertible Securities ETF

Often compared with ICVT:
ICVT vs. SPYICVT vs. FCVSXICVT vs. FCVTICVT vs. JAAAXICVT vs. FPEICVT vs. LKORICVT vs. PRFRX
Often compared with CWB:
CWB vs. ANGLCWB vs. PFFCWB vs. BGTCWB vs. VCITCWB vs. VCLTCWB vs. SCHDCWB vs. GLD

Return for Risk

ICVT vs. CWB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ICVT
ICVT Risk / Return Rank: 7878
Overall Rank
ICVT Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
ICVT Sortino Ratio Rank: 7373
Sortino Ratio Rank
ICVT Omega Ratio Rank: 7575
Omega Ratio Rank
ICVT Calmar Ratio Rank: 8181
Calmar Ratio Rank
ICVT Martin Ratio Rank: 8080
Martin Ratio Rank
CWB
CWB Risk / Return Rank: 7575
Overall Rank
CWB Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
CWB Sortino Ratio Rank: 7171
Sortino Ratio Rank
CWB Omega Ratio Rank: 7272
Omega Ratio Rank
CWB Calmar Ratio Rank: 7979
Calmar Ratio Rank
CWB Martin Ratio Rank: 7676
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.

ICVT vs. CWB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond ETF (ICVT) and SPDR Bloomberg Barclays Convertible Securities ETF (CWB). 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.

ICVTCWBDifference

Sharpe ratio

Return per unit of total volatility

2.71

2.63

+0.08

Sortino ratio

Return per unit of downside risk

3.58

3.52

+0.06

Omega ratio

Gain probability vs. loss probability

1.50

1.48

+0.02

Calmar ratio

Return relative to maximum drawdown

5.12

4.87

+0.25

Martin ratio

Return relative to average drawdown

19.00

17.87

+1.12

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICVT vs. CWB - Sharpe Ratio Comparison

The current ICVT Sharpe Ratio is 2.71, which is comparable to the CWB Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of ICVT and CWB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading graphics...

Sharpe Ratios by Period

ICVTCWBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.71

2.63

+0.08

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.33

0.35

-0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.83

0.82

+0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.71

0.87

-0.16

Drawdowns

ICVT vs. CWB - Drawdown Comparison

The maximum ICVT drawdown since its inception was -33.25%, roughly equal to the maximum CWB drawdown of -32.06%. Use the drawdown chart below to compare losses from any high point for ICVT and CWB.

Loading graphics...

Drawdown Indicators

ICVTCWBDifference

Max Drawdown

Largest peak-to-trough decline

-33.25%

-32.06%

-1.19%

Max Drawdown (1Y)

Largest decline over 1 year

-7.55%

-7.52%

-0.03%

Max Drawdown (5Y)

Largest decline over 5 years

-29.95%

-28.41%

-1.54%

Max Drawdown (10Y)

Largest decline over 10 years

-33.25%

-32.06%

-1.19%

Current Drawdown

Current decline from peak

0.00%

-0.01%

+0.01%

Average Drawdown

Average peak-to-trough decline

-9.62%

-6.22%

-3.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

2.05%

-0.02%

Volatility

ICVT vs. CWB - Volatility Comparison

iShares Convertible Bond ETF (ICVT) and SPDR Bloomberg Barclays Convertible Securities ETF (CWB) have volatilities of 6.35% and 6.21%, 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.

Loading graphics...

Volatility by Period

ICVTCWBDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.35%

6.21%

+0.14%

Volatility (6M)

Calculated over the trailing 6-month period

11.96%

11.75%

+0.21%

Volatility (1Y)

Calculated over the trailing 1-year period

13.39%

13.44%

-0.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.23%

12.88%

+0.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.51%

14.35%

+1.16%

ICVT vs. CWB - Expense Ratio Comparison

ICVT has a 0.20% expense ratio, which is lower than CWB's 0.40% expense ratio.

Dividends

ICVT vs. CWB - Dividend Comparison

ICVT's dividend yield for the trailing twelve months is around 1.52%, less than CWB's 1.55% yield.

TTM20252024202320222021202020192018201720162015
ICVT
iShares Convertible Bond ETF		1.52%1.73%2.19%1.85%1.93%7.70%3.98%1.86%4.82%2.56%3.06%1.57%
CWB
SPDR Bloomberg Barclays Convertible Securities ETF		1.55%1.69%1.85%1.97%2.21%1.97%2.34%3.03%6.17%4.25%4.60%7.52%