CWB vs IVV
State Street SPDR Bloomberg Convertible Securities ETF vs iShares Core S&P 500 ETF
Which is better, CWB or IVV?
Convertibles against Large Cap Blend.
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CWB | IVV |
|---|---|---|
| Expense Ratio | 0.40% | 0.03%Best |
| AUM | $5.5B | $876.4B |
| Dividend Yield | 1.53% | 1.06% |
| Holdings | 345 | 508 |
| YTD Return | +14.16%Best | +13.85% |
| 1Y Return | +16.00% | +18.57%Best |
| 3Y Return (annualized) | +16.97% | +23.50%Best |
| 5Y Return (annualized) | +5.25% | +13.34%Best |
| Volatility (annualized) | 12.8%Best | 14.4% |
| Max Drawdown | -32.2%Best | -33.9% |
| $10,000 over 5 years | $12,915 | $18,703Best |
| Fund Family | State Street Investment Management | iShares by BlackRock (US) |
| Category | Convertible | Equity |
| Style | Convertibles | Large Cap Blend |
| Inception | Apr 14, 2009 | May 15, 2000 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Apr 16, 2009 to Sep 25, 2026 (17.4 years).
CWB vs IVV growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 17.4 years both funds cover.
CWB vs IVV Performance
State Street SPDR Bloomberg Convertible Securities ETF (CWB) is an ETF from State Street Investment Management and iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US). Over the past year CWB returned +16.00% while IVV returned +18.57%. Year to date, CWB is up 14.16% versus a gain of 13.85% for IVV.
Over three years, CWB compounded at +16.97% per year against +23.50% for IVV; over five years the annualized figures are +5.25% and +13.34% respectively. Across the full 17-year window we track, IVV has the edge at +13.89% annualized vs +7.87%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 14.4% compared with 12.8% for CWB. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -32.2% for CWB and -33.9% for IVV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CWB charges 0.40% per year while IVV charges 0.03%. On a $10,000 position that is $40 vs $3 annually, a gap of $37 per year that compounds over a long holding period. On income, CWB currently yields 1.53% against 1.06% for IVV.
Holdings Overlap
At least 5.1% of IVV's money is in holdings CWB also owns.
Stated as a floor: for CWB, our book for it covers 15.0% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
IVV and CWB share little of their money.
18 positions in common, counted across the 30 positions we hold weights for in CWB and 490 in IVV, against full books of 345 and 508.
Top Shared Holdings
| Stock | Weight in CWB | Weight in IVV | Difference |
|---|---|---|---|
| GOOGAlphabet Inc | 2.28% | 2.39% | 0.11% |
| BABoeing Co | 1.82% | 0.25% | 1.57% |
| BACBank of America Corp.: Financials | 0.96% | 0.61% | 0.35% |
| WFCWells Fargo & Co. | 1.11% | 0.40% | 0.71% |
| ORCLOracle Corp - Common | 1.10% | 0.38% | 0.72% |
| SMCISuper Micro Computer Inc Common Stock USD.001 | 1.14% | 0.03% | 1.11% |
| HPEHewlett Packard Enterprise Co | 0.96% | 0.10% | 0.86% |
| NEENextera Energy Inc | 0.53% | 0.26% | 0.27% |
| KKRKkr & Co. Inc. Class a | 0.58% | 0.11% | 0.47% |
| ALBAlbemarle Corp. | 0.63% | 0.02% | 0.61% |
You are not choosing between two funds in isolation.
Whichever of CWB and IVV you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CWB or IVV?
CWB has an expense ratio of 0.40% while IVV charges 0.03%. IVV is the cheaper option, by $37 a year on a $10,000 investment.
Which performed better, CWB or IVV?
Over the past year CWB returned +16.00% vs +18.57% for IVV, so IVV leads on 1-year performance. Over the longest common window we track (17 years), CWB annualized +7.87% vs +13.89% for IVV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CWB or IVV?
IVV has been the more volatile fund at 14.4% annualized versus 12.8% for CWB. Worst drawdown: CWB -32.2% vs IVV -33.9%.
Should I hold both CWB and IVV?
CWB and IVV have a monthly-return correlation of 0.86, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between CWB and IVV?
At least 5.1% of IVV's money is in holdings CWB also owns. Our book for CWB is partial, so the real figure is this or higher. They hold 18 positions in common, counted across the 30 positions we hold weights for in CWB and 490 in IVV.
Which pays a higher dividend, CWB or IVV?
CWB yields 1.53% while IVV yields 1.06%, so CWB currently pays the higher dividend yield.
Is IVV better than CWB?
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.