CWB vs SPY
State Street SPDR Bloomberg Convertible Securities ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CWB or SPY?
Convertibles against Large Cap Blend.
SPY has a lower expense ratio. SPY 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 | SPY |
|---|---|---|
| Expense Ratio | 0.40% | 0.09%Best |
| AUM | $5.5B | $804.7B |
| Dividend Yield | 1.53% | 0.98% |
| Holdings | 345 | 505 |
| YTD Return | +12.07%Best | +10.96% |
| 1Y Return | +14.55% | +15.52%Best |
| 3Y Return (annualized) | +15.64% | +20.73%Best |
| 5Y Return (annualized) | +4.89% | +12.53%Best |
| Volatility (annualized) | 12.8%Best | 14.4% |
| Max Drawdown | -32.2%Best | -34.1% |
| $10,000 over 5 years | $12,696 | $18,044Best |
| Fund Family | State Street Investment Management | State Street Investment Management |
| Category | Convertible | Equity |
| Style | Convertibles | Large Cap Blend |
| Inception | Apr 14, 2009 | Jan 22, 1993 |
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 16, 2026 (17.4 years).
CWB vs SPY 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 SPY Performance
State Street SPDR Bloomberg Convertible Securities ETF (CWB) is an ETF from State Street Investment Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CWB returned +14.55% while SPY returned +15.52%. Year to date, CWB is up 12.07% versus a gain of 10.96% for SPY.
Over three years, CWB compounded at +15.64% per year against +20.73% for SPY; over five years the annualized figures are +4.89% and +12.53% respectively. Across the full 17-year window we track, SPY has the edge at +13.72% annualized vs +7.76%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY 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 -34.1% for SPY. 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 SPY charges 0.09%. On a $10,000 position that is $40 vs $9 annually, a gap of $31 per year that compounds over a long holding period. On income, CWB currently yields 1.53% against 0.98% for SPY.
Holdings Overlap
At least 5.1% of SPY'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.
SPY and CWB share little of their money.
18 positions in common, counted across the 30 positions we hold weights for in CWB and 504 in SPY, against full books of 345 and 505.
Top Shared Holdings
| Stock | Weight in CWB | Weight in SPY | Difference |
|---|---|---|---|
| GOOGAlphabet Inc | 2.28% | 2.39% | 0.11% |
| BABoeing Co | 1.82% | 0.25% | 1.57% |
| BACBank of America Corp.: Financials | 0.96% | 0.62% | 0.34% |
| WFCWells Fargo & Co. | 1.11% | 0.40% | 0.71% |
| ORCLOracle Corp - Common | 1.10% | 0.36% | 0.74% |
| 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 SPY 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 SPY?
CWB has an expense ratio of 0.40% while SPY charges 0.09%. SPY is the cheaper option, by $31 a year on a $10,000 investment.
Which performed better, CWB or SPY?
Over the past year CWB returned +14.55% vs +15.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), CWB annualized +7.76% vs +13.72% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CWB or SPY?
SPY has been the more volatile fund at 14.4% annualized versus 12.8% for CWB. Worst drawdown: CWB -32.2% vs SPY -34.1%.
Should I hold both CWB and SPY?
CWB and SPY 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 SPY?
At least 5.1% of SPY'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 504 in SPY.
Which pays a higher dividend, CWB or SPY?
CWB yields 1.53% while SPY yields 0.98%, so CWB currently pays the higher dividend yield.
Is SPY better than CWB?
SPY has a lower expense ratio. SPY 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.