VGUS vs. CWB
VGUS (Vanguard Ultra-Short Treasury ETF) and CWB (SPDR Bloomberg Barclays Convertible Securities ETF) are both exchange-traded funds - VGUS is a Ultrashort Bond fund tracking the Bloomberg Short Treasury Index, while CWB is a Convertible Bonds fund tracking the Bloomberg US Convertibles Liquid Bond. Both are passively managed. Over the past year, VGUS returned 3.76% vs 23.27% for CWB. Their -0.16 correlation means they have often moved in opposite directions in the past. VGUS charges 0.07%/yr vs 0.40%/yr for CWB.
Performance
VGUS vs. CWB - Performance Comparison
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Returns By Period
In the year-to-date period, VGUS achieves a 2.02% return, which is significantly lower than CWB's 15.00% return.
VGUS
- 1D
- 0.02%
- 1M
- 0.27%
- 6M
- 1.73%
- YTD
- 2.02%
- 1Y
- 3.76%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.98%
CWB
- 1D
- 0.35%
- 1M
- -2.42%
- 6M
- 9.82%
- YTD
- 15.00%
- 1Y
- 23.27%
- 3Y*
- 14.55%
- 5Y*
- 5.59%
- 10Y*
- 11.70%
- ALL TIME*
- 11.55%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $56.06M | $68.05M | $91.74M | |
| $5.97M | $8.43M | $10.65M |
VGUS vs. CWB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
VGUS Vanguard Ultra-Short Treasury ETF | 2.02% | 3.78% |
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 15.00% | 12.40% |
Correlation
The correlation between VGUS and CWB is -0.15, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.15 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025 | -0.16 |
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Return for Risk
VGUS vs. CWB — Risk / Return Rank
VGUS
CWB
VGUS vs. CWB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Ultra-Short Treasury ETF (VGUS) 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.
| VGUS | CWB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +11.01 | ||
| Sortino ratioReturn per unit of downside risk | +36.16 | ||
| Omega ratioGain probability vs. loss probability | 11.72 | 1.23 | +10.49 |
| Calmar ratioReturn relative to maximum drawdown | 53.97 | 1.98 | +51.99 |
| Martin ratioReturn relative to average drawdown | 428.50 | 7.11 | +421.39 |
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Drawdowns
VGUS vs. CWB - Drawdown Comparison
The maximum VGUS drawdown since its inception was -0.07%, smaller than the maximum CWB drawdown of -32.06%. Use the drawdown chart below to compare losses from any high point for VGUS and CWB.
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Drawdown Indicators
| VGUS | CWB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.07% | -32.06% | +31.99% |
Max Drawdown (1Y)Largest decline over 1 year | -0.07% | -11.08% | +11.01% |
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 | 0.00% | -7.95% | +7.95% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -6.16% | +6.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 3.08% | -3.07% |
Volatility
VGUS vs. CWB - Volatility Comparison
The current volatility for Vanguard Ultra-Short Treasury ETF (VGUS) is 0.06%, while SPDR Bloomberg Barclays Convertible Securities ETF (CWB) has a volatility of 5.90%. This indicates that VGUS 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.
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Volatility by Period
| VGUS | CWB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 5.90% | -5.84% |
Volatility (6M)Calculated over the trailing 6-month period | 0.18% | 13.92% | -13.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.32% | 16.61% | -16.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.33% | 13.46% | -13.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.33% | 14.69% | -14.36% |
VGUS vs. CWB - Expense Ratio Comparison
VGUS has a 0.07% expense ratio, which is lower than CWB's 0.40% expense ratio.
Dividends
VGUS vs. CWB - Dividend Comparison
VGUS's dividend yield for the trailing twelve months is around 3.60%, 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 | 1.33% | 1.69% | 1.85% | 1.97% | 2.21% | 1.97% | 2.34% | 3.03% | 6.17% | 4.25% | 4.60% | 7.52% |
VGUS Vanguard Ultra-Short Treasury ETF | 3.28% | 3.12% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VGUS and CWB have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CWB has higher volatility (5.90%) compared to VGUS (0.06%). In terms of maximum drawdown, VGUS dropped -0.07% vs CWB's -32.06%.
On 1-year performance, CWB leads with 23.27% vs 3.76% for VGUS. On fees, VGUS is cheaper at 0.07% per year. On volatility, VGUS has been the lower-risk option at 0.06%. 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 23.27% return vs 3.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGUS is cheaper with a 0.07% expense ratio, compared with 0.40% for CWB.
VGUS has the higher dividend yield at 3.28%, compared with 1.33% for CWB.
VGUS is categorized as Ultrashort Bond, while CWB is Convertible Bonds. VGUS tracks Bloomberg Short Treasury Index, while CWB tracks Bloomberg US Convertibles Liquid Bond. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.07% for VGUS and 0.40% for CWB.
VGUS currently has the higher Sharpe Ratio (12.33 vs 1.32), 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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