CWB vs VOO
State Street SPDR Bloomberg Convertible Securities ETF vs Vanguard S&P 500 ETF
Quick Verdict
VOO has a lower expense ratio. CWB delivered stronger 1-year returns. VOO offers more diversification with 509 holdings.
Side-by-Side Comparison
| Metric | CWB | VOO | Winner |
|---|---|---|---|
| Expense Ratio | 0.40% | 0.03% | |
| AUM | $5.8B | $997.4B | |
| Dividend Yield | 1.46% | 1.08% | |
| Holdings | 327 | 509 | |
| YTD Return | +18.81% | +14.27% | |
| 1Y Return | +27.03% | +21.79% | |
| 3Y Return (annualized) | +17.54% | +22.19% | |
| 5Y Return (annualized) | +6.73% | +13.28% | |
| Volatility (annualized) | 12.8% | 14.2% | |
| Max Drawdown | -32.2% | -34.3% | |
| Fund Family | State Street Investment Management | Vanguard (US) | |
| Category | Convertible | Equity | |
| Inception | Apr 14, 2009 | Sep 7, 2010 |
CWB vs VOO Performance
State Street SPDR Bloomberg Convertible Securities ETF (CWB) is a ETF from State Street Investment Management and Vanguard S&P 500 ETF (VOO) is a ETF from Vanguard (US). Over the past year CWB returned +27.03% while VOO returned +21.79%. Year to date, CWB is up 18.81% versus a gain of 14.27% for VOO.
Over three years, CWB compounded at +17.54% per year against +22.19% for VOO; over five years the annualized figures are +6.73% and +13.28% respectively. Across the full 16-year window we track, VOO has the edge at +13.59% annualized vs +8.17%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOO has been the more volatile fund, with annualized monthly volatility of 14.2% 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 -34.3% for VOO. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
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 VOO 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 1.46% against 1.08% for VOO.
Holdings Overlap
CWB and VOO share 14 holdings out of 592 unique holdings combined, representing a 1.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CWB or VOO?
CWB has an expense ratio of 0.40% while VOO charges 0.03%. VOO is the cheaper option. On a $10,000 investment, that is $37 per year of difference.
Which performed better, CWB or VOO?
Over the past year CWB returned +27.03% vs +21.79% for VOO, so CWB leads on 1-year performance. Over the longest common window we track (16 years), CWB annualized +8.17% vs +13.59% for VOO. Past performance does not guarantee future results.
Which is riskier, CWB or VOO?
VOO has been the more volatile fund at 14.2% annualized versus 12.8% for CWB. Worst drawdown: CWB -32.2% vs VOO -34.3%.
Should I hold both CWB and VOO?
CWB and VOO have a monthly-return correlation of 0.85, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CWB and VOO?
CWB and VOO share 14 common holdings with a 1.9% weight overlap. Combined, they hold 592 unique securities.
Which pays a higher dividend, CWB or VOO?
CWB yields 1.46% while VOO yields 1.08%, so CWB currently pays the higher dividend yield.
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