IPPP vs. CWB

Last updated Jun 4, 2026

IPPP (Preferred-Plus ETF) and CWB (SPDR Bloomberg Barclays Convertible Securities ETF) are both Preferred Stock/Convertible Bonds funds. IPPP is actively managed, while CWB is passively managed. IPPP charges 1.27%/yr vs 0.40%/yr for CWB.

Performance

IPPP vs. CWB - Performance Comparison

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

Returns By Period

IPPP

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CWB

• 1D: -1.16%
• 1M: 7.03%
• YTD: 23.48%
• 6M: 22.61%
• 1Y: 38.47%
• 3Y*: 19.67%
• 5Y*: 7.54%
• 10Y*: 12.92%

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

IPPP vs. CWB - Yearly Performance Comparison

	2026 (YTD)
IPPP Preferred-Plus ETF	0.00%
CWB SPDR Bloomberg Barclays Convertible Securities ETF	17.13%

IPPP vs. CWB - Sectors Allocation Comparison

Sectors	IPPP	CWB
Utilities	100.0%	89.4%
Basic Materials	-	-
Communication Services	-	0.1%
Consumer Cyclical	-	0.6%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	8.8%
Industrials	-	4.6%
Real Estate	-	-
Technology	-	6.0%

Return for Risk

IPPP vs. CWB — Risk / Return Rank

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

CWB

CWB Risk / Return Rank: 83
CWB Sharpe Ratio Rank: 83
CWB Sortino Ratio Rank: 80
CWB Omega Ratio Rank: 80
CWB Calmar Ratio Rank: 88
CWB Martin Ratio Rank: 86

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.

IPPP vs. CWB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Preferred-Plus ETF (IPPP) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	IPPP	CWB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.74	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.59	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.92	—

Drawdowns

IPPP vs. CWB - Drawdown Comparison

The maximum IPPP drawdown since its inception was 0.00%, smaller than the maximum CWB drawdown of -32.06%. Use the drawdown chart below to compare losses from any high point for IPPP and CWB.

Drawdown Indicators

	IPPP	CWB	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-32.06%	+32.06%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.52%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-11.92%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.41%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.06%	—
Current Drawdown Current decline from peak	0.00%	-1.16%	+1.16%
Average Drawdown Average peak-to-trough decline	0.00%	-6.17%	+6.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.08%	—

Volatility

Volatility by Period

	IPPP	CWB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.33%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.43%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	14.10%	-14.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	12.95%	-12.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	14.47%	-14.47%

IPPP vs. CWB - Expense Ratio Comparison

IPPP has a 1.27% expense ratio, which is higher than CWB's 0.40% expense ratio.

Dividends

IPPP vs. CWB - Dividend Comparison

IPPP has not paid dividends to shareholders, while CWB's dividend yield for the trailing twelve months is around 1.35%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CWB SPDR Bloomberg Barclays Convertible Securities ETF	1.35%	1.69%	1.85%	1.97%	2.21%	1.97%	2.34%	3.03%	6.17%	4.25%	4.60%	7.52%
IPPP Preferred-Plus ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, IPPP or CWB?

On fees, CWB is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IPPP or CWB?

CWB is cheaper with a 0.40% expense ratio, compared with 1.27% for IPPP.

Which ETF pays a higher dividend yield, IPPP or CWB?

CWB has the higher dividend yield at 1.35%, compared with 0.00% for IPPP.

What is the main difference between IPPP and CWB?

They also come from different issuers: Innovative Portfolios and State Street. Their fees differ too: 1.27% for IPPP and 0.40% for CWB.