MSDD vs. CWB
MSDD (GraniteShares 2x Short MSTR Daily ETF) and CWB (SPDR Bloomberg Barclays Convertible Securities ETF) are both exchange-traded funds - MSDD is a Inverse Equities fund actively managed by GraniteShares, while CWB is a Preferred Stock/Convertible Bonds fund tracking the Bloomberg US Convertibles Liquid Bond. MSDD is actively managed, while CWB is passively managed. Over the past year, MSDD returned 77.74% vs 33.33% for CWB. At a correlation of -0.53, they often move in opposite directions. MSDD charges 1.50%/yr vs 0.40%/yr for CWB.
Performance
MSDD vs. CWB - Performance Comparison
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Returns By Period
In the year-to-date period, MSDD achieves a -48.72% return, which is significantly lower than CWB's 20.86% return.
MSDD
- 1D
- 0.00%
- 1M
- 44.94%
- YTD
- -48.72%
- 6M
- -44.83%
- 1Y
- 77.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CWB
- 1D
- -1.03%
- 1M
- 1.55%
- YTD
- 20.86%
- 6M
- 18.80%
- 1Y
- 33.33%
- 3Y*
- 18.12%
- 5Y*
- 6.34%
- 10Y*
- 12.86%
MSDD vs. CWB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MSDD GraniteShares 2x Short MSTR Daily ETF | -48.72% | 274.52% |
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 20.86% | 10.85% |
Correlation
The correlation between MSDD and CWB is -0.53, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.53 |
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025 | -0.53 |
The correlation between MSDD and CWB has been stable across timeframes, ranging from -0.53 to -0.53 - a consistent structural relationship.
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Return for Risk
MSDD vs. CWB — Risk / Return Rank
MSDD
CWB
MSDD vs. CWB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short MSTR Daily ETF (MSDD) 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.
| MSDD | CWB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.63 | ||
| Sortino ratioReturn per unit of downside risk | -1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.39 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 4.45 | -3.53 |
| Martin ratioReturn relative to average drawdown | 1.81 | 14.97 | -13.15 |
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Drawdowns
MSDD vs. CWB - Drawdown Comparison
The maximum MSDD drawdown since its inception was -84.91%, which is greater than CWB's maximum drawdown of -32.06%. Use the drawdown chart below to compare losses from any high point for MSDD and CWB.
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Drawdown Indicators
| MSDD | CWB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.91% | -32.06% | -52.85% |
Max Drawdown (1Y)Largest decline over 1 year | -84.91% | -7.52% | -77.39% |
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 DrawdownCurrent decline from peak | -68.63% | -3.26% | -65.37% |
Average DrawdownAverage peak-to-trough decline | -31.40% | -6.16% | -25.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.10% | 2.23% | +40.87% |
Volatility
MSDD vs. CWB - Volatility Comparison
GraniteShares 2x Short MSTR Daily ETF (MSDD) has a higher volatility of 32.11% compared to SPDR Bloomberg Barclays Convertible Securities ETF (CWB) at 6.87%. This indicates that MSDD's price experiences larger fluctuations and is considered to be riskier than CWB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSDD | CWB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 32.11% | 6.87% | +25.24% |
Volatility (6M)Calculated over the trailing 6-month period | 124.37% | 12.71% | +111.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 140.94% | 15.33% | +125.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 138.59% | 13.21% | +125.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 138.59% | 14.57% | +124.02% |
MSDD vs. CWB - Expense Ratio Comparison
MSDD has a 1.50% expense ratio, which is higher than CWB's 0.40% expense ratio.
Dividends
MSDD vs. CWB - Dividend Comparison
MSDD has not paid dividends to shareholders, while CWB's dividend yield for the trailing twelve months is around 1.38%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 1.38% | 1.69% | 1.85% | 1.97% | 2.21% | 1.97% | 2.34% | 3.03% | 6.17% | 4.25% | 4.60% | 7.52% |
MSDD GraniteShares 2x Short MSTR Daily 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
MSDD and CWB have a correlation of -0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSDD has higher volatility (32.11%) compared to CWB (6.87%). In terms of maximum drawdown, MSDD dropped -84.91% vs CWB's -32.06%.
On 1-year performance, MSDD leads with 77.74% vs 33.33% for CWB. On fees, CWB is cheaper at 0.40% per year. On volatility, CWB has been the lower-risk option at 6.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MSDD has performed better with a 77.74% return vs 33.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CWB is cheaper with a 0.40% expense ratio, compared with 1.50% for MSDD.
CWB has the higher dividend yield at 1.38%, compared with 0.00% for MSDD.
MSDD is categorized as Inverse Equities, while CWB is Preferred Stock/Convertible Bonds. They also come from different issuers: GraniteShares and State Street. Their fees differ too: 1.50% for MSDD and 0.40% for CWB.
CWB currently has the higher Sharpe Ratio (2.19 vs 0.55), 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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