CWB vs SPY

Comparison between SPDR(R) BLOOMBERG CONVERTIBLE SECURITIES ETF (CWB, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed CWB, delivering a return of +13.3% compared to +6.8%

CWB vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	CWB(ETF)	SPY(ETF)
Net Assets	$4.50B	$652B
Expense Ratio	0.40%	0.09%
Max Drawdown	32.16%	56.47%
Sharpe Ratio	2.09	2.07
5Y Beta	0.60	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	-3.19%	5.43%
5Y EPS CAGR	N/A	25.79%
Debt to Equity	N/A	22.35%
P/S Ratio	N/A	3.55
P/B Ratio	N/A	5.29

Net Assets

CWB

$4.50B

Winner

SPY

$652B

Expense Ratio

CWB

0.40%

Winner

SPY

0.09%

Max Drawdown

Winner

CWB

32.16%

SPY

56.47%

Sharpe Ratio

Winner

CWB

2.09

SPY

2.07

5Y Beta

Winner

CWB

0.60

SPY

1.00

P/E Ratio

CWB

N/A

SPY

28.24

Forward P/E

CWB

N/A

SPY

21.85

5Y Dividends CAGR

CWB

-3.19%

Winner

SPY

5.43%

5Y EPS CAGR

CWB

N/A

SPY

25.79%

Debt to Equity

CWB

N/A

SPY

22.35%

P/S Ratio

CWB

N/A

SPY

3.55

P/B Ratio

CWB

N/A

SPY

5.29

CWB vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	CWB	SPY
1 month	+8.73%	+9.11%
3 months	+10.59%	+6.59%
6 months	+14.92%	+10.56%
1 year	+34.91%	+32.04%
5 years(CAGR)	+6.80%	+13.35%
10 years(CAGR)	+12.67%	+15.49%
Max(CAGR)	+11.81%	+8.50%

CWB

+8.73%

Winner

SPY

+9.11%

Winner

CWB

+10.59%

SPY

+6.59%

Winner

CWB

+14.92%

SPY

+10.56%

Winner

CWB

+34.91%

SPY

+32.04%

5Y(CAGR)

CWB

+6.80%

Winner

SPY

+13.35%

10Y(CAGR)

CWB

+12.67%

Winner

SPY

+15.49%

Max(CAGR)

Winner

CWB

+11.81%

SPY

+8.50%

CWB vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	CWB	SPY
2026	+16.16%	+8.27%
2025	+16.44%	+18.00%
2024	+10.97%	+25.59%
2023	+14.90%	+26.72%
2022	-20.52%	-18.64%
2021	+2.71%	+30.52%
2020	+52.07%	+17.28%
2019	+22.44%	+31.09%
2018	-3.35%	-5.24%
2017	+15.84%	+20.78%
2016	+11.56%	+13.59%
2015	-0.87%	+1.31%
2014	+8.01%	+14.56%
2013	+19.29%	+29.00%
2012	+14.23%	+14.17%
2011	-7.95%	+0.85%
2010	+12.77%	+13.14%
2009	+29.61%	+22.67%
2008	N/A	-36.25%
2007	N/A	+5.32%
2006	N/A	+13.85%
2005	N/A	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

CWB vs SPY Drawdown Comparison

The maximum drawdown for CWB was -32.06%, occurring on Mar 23, 2020. Recovery took 76 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current CWB drawdown is -0.92%.

Rank	CWB	SPY
#1	-32.06% Feb 19, 2020 - Jun 8, 2020	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-29.86% Feb 12, 2021 - Jul 16, 2025	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-17.09% May 2, 2011 - Oct 18, 2012	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-15.95% Jun 1, 2015 - Jul 22, 2016	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-13.79% Jun 20, 2018 - Feb 25, 2019	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-10.76% Apr 26, 2010 - Oct 5, 2010	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-9.06% Sep 5, 2014 - Mar 20, 2015	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-7.61% Sep 1, 2020 - Oct 9, 2020	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-7.58% Jan 19, 2010 - Mar 8, 2010	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-7.52% Oct 29, 2025 - Jan 13, 2026	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-7.36% Jan 26, 2018 - Mar 12, 2018	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-6.76% Jan 28, 2026 - Apr 8, 2026	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-6.52% May 21, 2013 - Jul 22, 2013	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-6.24% May 3, 2019 - Jul 12, 2019	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-5.36% Mar 12, 2018 - May 30, 2018	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between CWB and SPY is 0.97 which considered as a very strong positive correlation - the stocks move almost identically together.

0.97

-101

Dividend Comparison (1999 - 2026)

CWB vs SPY dividend yield comparison.

Year	CWB	SPY
2026	0.44%	0.24%
2025	1.69%	1.07%
2024	1.85%	1.21%
2023	1.97%	1.40%
2022	2.21%	1.65%
2021	1.97%	1.20%
2020	2.34%	1.52%
2019	3.03%	1.75%
2018	6.17%	2.04%
2017	4.25%	1.80%
2016	4.60%	2.03%
2015	7.52%	2.06%
2014	7.37%	1.87%
2013	3.66%	1.81%
2012	3.84%	2.18%
2011	4.97%	2.05%
2010	4.59%	1.80%
2009	3.88%	1.95%
2008	0.00%	3.02%
2007	0.00%	1.85%
2006	0.00%	1.73%
2005	0.00%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%