VCLT vs. CWB

Last updated Apr 3, 2026

Compare and contrast key facts about Vanguard Long-Term Corporate Bond ETF (VCLT) and SPDR Bloomberg Barclays Convertible Securities ETF (CWB).

VCLT and CWB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VCLT is a passively managed fund by Vanguard that tracks the performance of the Barclays U.S. 10+ Year Corporate Index. It was launched on Nov 19, 2009. 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. Both VCLT and CWB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

VCLT vs. CWB - Performance Comparison

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

VCLT vs. CWB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCLT Vanguard Long-Term Corporate Bond ETF	0.19%	7.18%	-1.90%	11.17%	-25.50%	-1.73%	13.27%	23.89%	-7.04%	11.70%
CWB SPDR Bloomberg Barclays Convertible Securities ETF	4.97%	16.61%	10.06%	14.49%	-20.81%	2.18%	53.39%	22.39%	-2.00%	15.69%

Returns By Period

In the year-to-date period, VCLT achieves a 0.19% return, which is significantly lower than CWB's 4.97% return. Over the past 10 years, VCLT has underperformed CWB with an annualized return of 2.55%, while CWB has yielded a comparatively higher 11.32% annualized return.

VCLT

• 1D: 0.67%
• 1M: -1.58%
• YTD: 0.19%
• 6M: -1.08%
• 1Y: 3.96%
• 3Y*: 3.10%
• 5Y*: -1.56%
• 10Y*: 2.55%

CWB

• 1D: 0.90%
• 1M: 0.35%
• YTD: 4.97%
• 6M: 2.27%
• 1Y: 22.86%
• 3Y*: 13.89%
• 5Y*: 4.08%
• 10Y*: 11.32%

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

VCLT vs. CWB - Expense Ratio Comparison

VCLT has a 0.04% expense ratio, which is lower than CWB's 0.40% expense ratio.

CWB

SPDR Bloomberg Barclays Convertible Securities ETF

VCLT

Vanguard Long-Term Corporate Bond ETF

Return for Risk

VCLT vs. CWB — Risk / Return Rank

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

VCLT

VCLT Risk / Return Rank: 22
VCLT Sharpe Ratio Rank: 22
VCLT Sortino Ratio Rank: 19
VCLT Omega Ratio Rank: 20
VCLT Calmar Ratio Rank: 26
VCLT Martin Ratio Rank: 22

CWB

CWB Risk / Return Rank: 81
CWB Sharpe Ratio Rank: 80
CWB Sortino Ratio Rank: 80
CWB Omega Ratio Rank: 75
CWB Calmar Ratio Rank: 87
CWB Martin Ratio Rank: 82

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.

VCLT vs. CWB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Corporate Bond ETF (VCLT) 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.

	VCLT	CWB	Difference
Sharpe ratio Return per unit of total volatility	0.39	1.59	-1.20
Sortino ratio Return per unit of downside risk	0.58	2.18	-1.60
Omega ratio Gain probability vs. loss probability	1.08	1.30	-0.22
Calmar ratio Return relative to maximum drawdown	0.80	3.14	-2.34
Martin ratio Return relative to average drawdown	1.86	10.35	-8.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCLT vs. CWB - Sharpe Ratio Comparison

The current VCLT Sharpe Ratio is 0.39, which is lower than the CWB Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of VCLT and CWB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VCLT	CWB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.39	1.59	-1.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	0.32	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	0.79	-0.59
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.85	-0.46

Correlation

The correlation between VCLT and CWB is 0.06, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

VCLT vs. CWB - Dividend Comparison

VCLT's dividend yield for the trailing twelve months is around 5.60%, more than CWB's 1.60% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VCLT Vanguard Long-Term Corporate Bond ETF	5.60%	5.51%	5.19%	4.67%	4.44%	3.07%	3.16%	3.81%	4.55%	4.01%	4.33%	4.68%
CWB SPDR Bloomberg Barclays Convertible Securities ETF	1.60%	1.69%	1.85%	1.97%	2.21%	1.97%	2.34%	3.03%	6.17%	4.25%	4.60%	7.52%

Drawdowns

VCLT vs. CWB - Drawdown Comparison

The maximum VCLT drawdown since its inception was -34.31%, which is greater than CWB's maximum drawdown of -32.06%. Use the drawdown chart below to compare losses from any high point for VCLT and CWB.

Drawdown Indicators

	VCLT	CWB	Difference
Max Drawdown Largest peak-to-trough decline	-34.31%	-32.06%	-2.25%
Max Drawdown (1Y) Largest decline over 1 year	-5.25%	-7.52%	+2.27%
Max Drawdown (5Y) Largest decline over 5 years	-34.31%	-28.41%	-5.90%
Max Drawdown (10Y) Largest decline over 10 years	-34.31%	-32.06%	-2.25%
Current Drawdown Current decline from peak	-15.03%	-2.19%	-12.84%
Average Drawdown Average peak-to-trough decline	-8.09%	-6.22%	-1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	2.28%	+0.05%

Volatility

VCLT vs. CWB - Volatility Comparison

The current volatility for Vanguard Long-Term Corporate Bond ETF (VCLT) is 4.06%, while SPDR Bloomberg Barclays Convertible Securities ETF (CWB) has a volatility of 6.24%. This indicates that VCLT 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.

Volatility by Period

	VCLT	CWB	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	6.24%	-2.18%
Volatility (6M) Calculated over the trailing 6-month period	5.64%	11.53%	-5.89%
Volatility (1Y) Calculated over the trailing 1-year period	10.22%	14.44%	-4.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.80%	12.85%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.84%	14.33%	-1.49%