CWB vs QQQ
State Street SPDR Bloomberg Convertible Securities ETF vs Invesco QQQ Trust, Series 1
Which is better, CWB or QQQ?
Convertibles against Large Cap Growth.
QQQ has a lower expense ratio. QQQ 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 | QQQ |
|---|---|---|
| Expense Ratio | 0.40% | 0.18%Best |
| AUM | $5.5B | $483.5B |
| Dividend Yield | 1.53% | 0.44% |
| Holdings | 345 | 107 |
| YTD Return | +13.36% | +17.21%Best |
| 1Y Return | +15.69% | +22.10%Best |
| 3Y Return (annualized) | +16.07% | +25.27%Best |
| 5Y Return (annualized) | +5.11% | +14.60%Best |
| Volatility (annualized) | 12.8%Best | 17.5% |
| Max Drawdown | -32.2%Best | -35.1% |
| $10,000 over 5 years | $12,830 | $19,766Best |
| Fund Family | State Street Investment Management | Invesco (US) |
| Category | Convertible | Equity |
| Style | Convertibles | Large Cap Growth |
| Inception | Apr 14, 2009 | Mar 10, 1999 |
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 17, 2026 (17.4 years).
CWB vs QQQ 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 QQQ Performance
State Street SPDR Bloomberg Convertible Securities ETF (CWB) is an ETF from State Street Investment Management and Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US). Over the past year CWB returned +15.69% while QQQ returned +22.10%. Year to date, CWB is up 13.36% versus a gain of 17.21% for QQQ.
Over three years, CWB compounded at +16.07% per year against +25.27% for QQQ; over five years the annualized figures are +5.11% and +14.60% respectively. Across the full 17-year window we track, QQQ has the edge at +19.50% annualized vs +7.83%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 17.5% 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 -35.1% for QQQ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CWB charges 0.40% per year while QQQ charges 0.18%. On a $10,000 position that is $40 vs $18 annually, a gap of $22 per year that compounds over a long holding period. On income, CWB currently yields 1.53% against 0.44% for QQQ.
Holdings Overlap
At least 3.6% of QQQ'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.
QQQ and CWB share little of their money.
4 positions in common, counted across the 30 positions we hold weights for in CWB and 102 in QQQ, against full books of 345 and 107.
You are not choosing between two funds in isolation.
Whichever of CWB and QQQ 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 QQQ?
CWB has an expense ratio of 0.40% while QQQ charges 0.18%. QQQ is the cheaper option, by $22 a year on a $10,000 investment.
Which performed better, CWB or QQQ?
Over the past year CWB returned +15.69% vs +22.10% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (17 years), CWB annualized +7.83% vs +19.50% for QQQ. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CWB or QQQ?
QQQ has been the more volatile fund at 17.5% annualized versus 12.8% for CWB. Worst drawdown: CWB -32.2% vs QQQ -35.1%.
Should I hold both CWB and QQQ?
CWB and QQQ have a monthly-return correlation of 0.85, 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 QQQ?
At least 3.6% of QQQ's money is in holdings CWB also owns. Our book for CWB is partial, so the real figure is this or higher. They hold 4 positions in common, counted across the 30 positions we hold weights for in CWB and 102 in QQQ.
Which pays a higher dividend, CWB or QQQ?
CWB yields 1.53% while QQQ yields 0.44%, so CWB currently pays the higher dividend yield.
Is QQQ better than CWB?
QQQ has a lower expense ratio. QQQ 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.