RSP vs. CWB
RSP (Invesco S&P 500 Equal Weight ETF) and CWB (SPDR Bloomberg Barclays Convertible Securities ETF) are both exchange-traded funds - RSP is a S&P 500 fund tracking the S&P 500 Equal Weight 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, RSP returned 11.65%/yr vs 11.62%/yr for CWB. A 0.77 correlation means they provide meaningful diversification when combined. RSP charges 0.20%/yr vs 0.40%/yr for CWB.
Performance
RSP vs. CWB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, RSP achieves a 11.80% return, which is significantly lower than CWB's 14.96% return. Both investments have delivered pretty close results over the past 10 years, with RSP having a 11.65% annualized return and CWB not far behind at 11.62%.
RSP
- 1D
- -0.45%
- 1M
- 1.56%
- 6M
- 7.59%
- YTD
- 11.80%
- 1Y
- 17.25%
- 3Y*
- 13.13%
- 5Y*
- 8.88%
- 10Y*
- 11.65%
- ALL TIME*
- 11.26%
CWB
- 1D
- 0.33%
- 1M
- -7.84%
- 6M
- 9.22%
- YTD
- 14.96%
- 1Y
- 21.43%
- 3Y*
- 14.79%
- 5Y*
- 5.52%
- 10Y*
- 11.62%
- ALL TIME*
- 11.57%
RSP vs. CWB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RSP Invesco S&P 500 Equal Weight ETF | 11.80% | 11.21% | 12.79% | 13.70% | -11.62% | 29.41% | 12.66% | 28.91% | -7.84% | 18.52% |
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 14.96% | 16.61% | 10.06% | 14.49% | -20.81% | 2.18% | 53.39% | 22.39% | -2.00% | 15.69% |
Correlation
The correlation between RSP and CWB is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.77 |
Over the past year, the correlation between RSP and CWB has dropped to 0.56 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.
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
RSP vs. CWB — Risk / Return Rank
RSP
CWB
RSP vs. CWB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Equal Weight ETF (RSP) 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.
| RSP | CWB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.24 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 2.60 | -0.40 |
| Martin ratioReturn relative to average drawdown | 8.35 | 8.03 | +0.32 |
Loading charts...
Drawdowns
RSP vs. CWB - Drawdown Comparison
The maximum RSP drawdown since its inception was -59.92%, which is greater than CWB's maximum drawdown of -32.06%. Use the drawdown chart below to compare losses from any high point for RSP and CWB.
Loading charts...
Drawdown Indicators
| RSP | CWB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.92% | -32.06% | -27.86% |
Max Drawdown (1Y)Largest decline over 1 year | -7.85% | -8.28% | +0.43% |
Max Drawdown (3Y)Largest decline over 3 years | -17.81% | -11.92% | -5.89% |
Max Drawdown (5Y)Largest decline over 5 years | -21.38% | -28.41% | +7.03% |
Max Drawdown (10Y)Largest decline over 10 years | -39.04% | -32.06% | -6.98% |
Current DrawdownCurrent decline from peak | -1.23% | -7.98% | +6.75% |
Average DrawdownAverage peak-to-trough decline | -6.62% | -6.15% | -0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.07% | 2.67% | -0.60% |
Volatility
RSP vs. CWB - Volatility Comparison
The current volatility for Invesco S&P 500 Equal Weight ETF (RSP) is 2.85%, while SPDR Bloomberg Barclays Convertible Securities ETF (CWB) has a volatility of 5.19%. This indicates that RSP 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
| RSP | CWB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.85% | 5.19% | -2.34% |
Volatility (6M)Calculated over the trailing 6-month period | 8.72% | 13.31% | -4.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.79% | 16.01% | -4.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.16% | 13.33% | +2.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.28% | 14.62% | +3.66% |
RSP vs. CWB - Expense Ratio Comparison
RSP has a 0.20% expense ratio, which is lower than CWB's 0.40% expense ratio.
Dividends
RSP vs. CWB - Dividend Comparison
RSP's dividend yield for the trailing twelve months is around 1.51%, more than CWB's 1.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 1.45% | 1.69% | 1.85% | 1.97% | 2.21% | 1.97% | 2.34% | 3.03% | 6.17% | 4.25% | 4.60% | 7.52% |
RSP Invesco S&P 500 Equal Weight ETF | 1.51% | 1.64% | 1.52% | 1.64% | 1.82% | 1.28% | 1.64% | 1.69% | 2.02% | 1.52% | 1.20% | 1.70% |
Frequently Asked Questions
RSP and CWB have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CWB has higher volatility (5.19%) compared to RSP (2.85%). In terms of maximum drawdown, RSP dropped -59.92% vs CWB's -32.06%.
On 10-year performance, RSP leads with 11.65% vs 11.62% for CWB. On fees, RSP is cheaper at 0.20% per year. On volatility, RSP has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RSP has performed better with a 11.65% return vs 11.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RSP is cheaper with a 0.20% expense ratio, compared with 0.40% for CWB.
RSP has the higher dividend yield at 1.51%, compared with 1.45% for CWB.
RSP is categorized as S&P 500, while CWB is Preferred Stock/Convertible Bonds. RSP tracks S&P 500 Equal Weight Index, while CWB tracks Bloomberg US Convertibles Liquid Bond. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.20% for RSP and 0.40% for CWB.
RSP currently has the higher Sharpe Ratio (1.47 vs 1.35), 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 RSP 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