IPPP vs. CWB

Last updated Apr 1, 2026

Compare and contrast key facts about Preferred-Plus ETF (IPPP) and SPDR Bloomberg Barclays Convertible Securities ETF (CWB).

IPPP and CWB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IPPP is an actively managed fund by Innovative Portfolios. It was launched on Dec 24, 2018. 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.

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.

IPPP vs. CWB - Yearly Performance Comparison

	2026 (YTD)
IPPP Preferred-Plus ETF	0.00%
CWB SPDR Bloomberg Barclays Convertible Securities ETF	-2.44%

Returns By Period

IPPP

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

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%

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

IPPP vs. CWB - Expense Ratio Comparison

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

IPPP

Preferred-Plus ETF

CWB

SPDR Bloomberg Barclays Convertible Securities ETF

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: 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

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	—	1.50	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.29	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.84	—

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 1.63%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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%

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 (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%	-4.16%	+4.16%
Average Drawdown Average peak-to-trough decline	0.00%	-6.22%	+6.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.27%	—

Volatility

Volatility by Period

	IPPP	CWB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.36%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.48%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	14.38%	-14.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	12.85%	-12.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	14.33%	-14.33%