IHY vs. CWB
IHY (VanEck Vectors International High Yield Bond ETF) and CWB (SPDR Bloomberg Barclays Convertible Securities ETF) are both exchange-traded funds - IHY is a High Yield Bonds fund tracking the Bank of America Merrill Lynch Global Ex-‐US Issuers High Yield Constrained Index, while CWB is a Preferred Stock/Convertible Bonds fund tracking the Bloomberg US Convertibles Liquid Bond. Both are passively managed. Over the past 10 years, IHY returned 4.19%/yr vs 12.98%/yr for CWB. At a 0.41 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
IHY vs. CWB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IHY achieves a 0.65% return, which is significantly lower than CWB's 22.11% return. Over the past 10 years, IHY has underperformed CWB with an annualized return of 4.19%, while CWB has yielded a comparatively higher 12.98% annualized return.
IHY
- 1D
- -0.18%
- 1M
- 0.01%
- YTD
- 0.65%
- 6M
- 0.37%
- 1Y
- 4.89%
- 3Y*
- 8.50%
- 5Y*
- 1.72%
- 10Y*
- 4.19%
CWB
- 1D
- -1.97%
- 1M
- 2.60%
- YTD
- 22.11%
- 6M
- 20.22%
- 1Y
- 36.00%
- 3Y*
- 18.53%
- 5Y*
- 6.58%
- 10Y*
- 12.98%
IHY vs. CWB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IHY VanEck Vectors International High Yield Bond ETF | 0.65% | 13.39% | 3.55% | 12.11% | -14.34% | -2.82% | 8.65% | 12.77% | -4.52% | 12.54% |
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 22.11% | 16.61% | 10.06% | 14.49% | -20.81% | 2.18% | 53.39% | 22.39% | -2.00% | 15.69% |
Correlation
The correlation between IHY and CWB is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2012 | 0.41 |
The correlation between IHY and CWB shifts across timeframes, from 0.41 (all time) to 0.51 (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.
Return for Risk
IHY vs. CWB — Risk / Return Rank
IHY
CWB
IHY vs. CWB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors International High Yield Bond ETF (IHY) 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.
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.
| IHY | CWB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.46 | ||
| Sortino ratioReturn per unit of downside risk | -1.70 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.42 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.03 | 4.81 | -3.78 |
| Martin ratioReturn relative to average drawdown | 3.67 | 16.23 | -12.57 |
Loading charts...
Drawdowns
IHY vs. CWB - Drawdown Comparison
The maximum IHY drawdown since its inception was -27.63%, smaller than the maximum CWB drawdown of -32.06%. Use the drawdown chart below to compare losses from any high point for IHY and CWB.
Loading charts...
Drawdown Indicators
| IHY | CWB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.63% | -32.06% | +4.43% |
Max Drawdown (1Y)Largest decline over 1 year | -4.75% | -7.52% | +2.77% |
Max Drawdown (3Y)Largest decline over 3 years | -4.75% | -11.92% | +7.17% |
Max Drawdown (5Y)Largest decline over 5 years | -26.91% | -28.41% | +1.50% |
Max Drawdown (10Y)Largest decline over 10 years | -27.63% | -32.06% | +4.43% |
Current DrawdownCurrent decline from peak | -1.41% | -2.26% | +0.85% |
Average DrawdownAverage peak-to-trough decline | -5.26% | -6.16% | +0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.34% | 2.22% | -0.88% |
Volatility
IHY vs. CWB - Volatility Comparison
The current volatility for VanEck Vectors International High Yield Bond ETF (IHY) is 1.46%, while SPDR Bloomberg Barclays Convertible Securities ETF (CWB) has a volatility of 6.78%. This indicates that IHY experiences smaller price fluctuations and is considered to be less risky than CWB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IHY | CWB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.46% | 6.78% | -5.32% |
Volatility (6M)Calculated over the trailing 6-month period | 4.03% | 12.74% | -8.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.42% | 15.29% | -9.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.75% | 13.21% | -5.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.65% | 14.57% | -6.92% |
IHY vs. CWB - Expense Ratio Comparison
Both IHY and CWB have an expense ratio of 0.40%.
Dividends
IHY vs. CWB - Dividend Comparison
IHY's dividend yield for the trailing twelve months is around 5.71%, more than CWB's 1.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 1.37% | 1.69% | 1.85% | 1.97% | 2.21% | 1.97% | 2.34% | 3.03% | 6.17% | 4.25% | 4.60% | 7.52% |
IHY VanEck Vectors International High Yield Bond ETF | 5.71% | 5.31% | 5.60% | 5.26% | 4.97% | 4.55% | 4.65% | 4.86% | 4.70% | 4.36% | 5.11% | 5.79% |
Frequently Asked Questions
IHY and CWB have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CWB has higher volatility (6.78%) compared to IHY (1.46%). In terms of maximum drawdown, IHY dropped -27.63% vs CWB's -32.06%.
On 10-year performance, CWB leads with 12.98% vs 4.19% for IHY. Both ETFs have the same 0.40% expense ratio. On volatility, IHY has been the lower-risk option at 1.46%. 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 12.98% return vs 4.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IHY and CWB have the same expense ratio: 0.40% per year.
IHY has the higher dividend yield at 5.71%, compared with 1.37% for CWB.
IHY is categorized as High Yield Bonds, while CWB is Preferred Stock/Convertible Bonds. IHY tracks Bank of America Merrill Lynch Global Ex-‐US Issuers High Yield Constrained Index, while CWB tracks Bloomberg US Convertibles Liquid Bond. They also come from different issuers: VanEck and State Street.
CWB currently has the higher Sharpe Ratio (2.37 vs 0.91), 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.
Find the right allocation for IHY and CWB
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer