SETH vs. CWB
SETH (ProShares Short Ether Strategy ETF) and CWB (SPDR Bloomberg Barclays Convertible Securities ETF) are both exchange-traded funds - SETH is a Cryptocurrency fund tracking the Bloomberg Galaxy Ethereum (--100%), while CWB is a Preferred Stock/Convertible Bonds fund tracking the Bloomberg US Convertibles Liquid Bond. Both are passively managed. Over the past year, SETH returned -6.86% vs 36.00% for CWB. At a correlation of -0.51, they often move in opposite directions. SETH charges 0.95%/yr vs 0.40%/yr for CWB.
Performance
SETH vs. CWB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SETH achieves a 48.48% return, which is significantly higher than CWB's 22.11% return.
SETH
- 1D
- 4.24%
- 1M
- 19.90%
- YTD
- 48.48%
- 6M
- 48.59%
- 1Y
- -6.86%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
SETH vs. CWB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SETH ProShares Short Ether Strategy ETF | 48.48% | -29.41% | -49.59% | -22.19% |
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 22.11% | 16.61% | 10.06% | 11.70% |
Correlation
The correlation between SETH and CWB is -0.54, 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 | -0.54 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2023 | -0.51 |
The correlation between SETH and CWB has been stable across timeframes, ranging from -0.54 to -0.51 - a consistent structural relationship.
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
SETH vs. CWB — Risk / Return Rank
SETH
CWB
SETH vs. CWB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Ether Strategy ETF (SETH) 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.
| SETH | CWB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.46 | ||
| Sortino ratioReturn per unit of downside risk | -2.74 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.42 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.13 | 4.81 | -4.94 |
| Martin ratioReturn relative to average drawdown | -0.21 | 16.23 | -16.44 |
Loading charts...
Drawdowns
SETH vs. CWB - Drawdown Comparison
The maximum SETH drawdown since its inception was -80.74%, which is greater than CWB's maximum drawdown of -32.06%. Use the drawdown chart below to compare losses from any high point for SETH and CWB.
Loading charts...
Drawdown Indicators
| SETH | CWB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.74% | -32.06% | -48.68% |
Max Drawdown (1Y)Largest decline over 1 year | -54.14% | -7.52% | -46.62% |
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 | -59.21% | -2.26% | -56.95% |
Average DrawdownAverage peak-to-trough decline | -54.80% | -6.16% | -48.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.80% | 2.22% | +33.58% |
Volatility
SETH vs. CWB - Volatility Comparison
ProShares Short Ether Strategy ETF (SETH) has a higher volatility of 19.43% compared to SPDR Bloomberg Barclays Convertible Securities ETF (CWB) at 6.78%. This indicates that SETH'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.
Loading charts...
Volatility by Period
| SETH | CWB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.43% | 6.78% | +12.65% |
Volatility (6M)Calculated over the trailing 6-month period | 46.71% | 12.74% | +33.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.21% | 15.29% | +53.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.66% | 13.21% | +56.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.66% | 14.57% | +55.09% |
SETH vs. CWB - Expense Ratio Comparison
SETH has a 0.95% expense ratio, which is higher than CWB's 0.40% expense ratio.
Dividends
SETH vs. CWB - Dividend Comparison
SETH's dividend yield for the trailing twelve months is around 10.36%, 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% |
SETH ProShares Short Ether Strategy ETF | 10.36% | 7.01% | 3.44% | 0.38% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SETH and CWB have a correlation of -0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SETH has higher volatility (19.43%) compared to CWB (6.78%). In terms of maximum drawdown, SETH dropped -80.74% vs CWB's -32.06%.
On 1-year performance, CWB leads with 36.00% vs -6.86% for SETH. On fees, CWB is cheaper at 0.40% per year. On volatility, CWB has been the lower-risk option at 6.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CWB has performed better with a 36.00% return vs -6.86%. 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 0.95% for SETH.
SETH has the higher dividend yield at 10.36%, compared with 1.37% for CWB.
SETH is categorized as Cryptocurrency, while CWB is Preferred Stock/Convertible Bonds. SETH tracks Bloomberg Galaxy Ethereum (--100%), while CWB tracks Bloomberg US Convertibles Liquid Bond. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for SETH and 0.40% for CWB.
CWB currently has the higher Sharpe Ratio (2.37 vs -0.10), 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 SETH 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