CWB — State Street SPDR Bloomberg Convertible Securities ETF
Preferred & Convertible Ranked #279 of 458 tracked ETFs · Issued by State Street Investment Management
CWB Price Performance — Growth of $10,000
Value of a $10,000 investment in CWB over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.
CWB Drawdown
The "underwater" chart: CWB's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.
What If You'd Invested in CWB?
See what a lump sum in CWB would have grown to, with the option to add a regular monthly contribution on top. Figures use total returns — dividends are assumed reinvested.
Past performance doesn't predict future results. Assumes contributions on the first trading day of each month, no trading costs or taxes, and reinvested distributions. History is limited to the range published in the site's daily return data.
Overview
The State Street SPDR Bloomberg Convertible Securities ETF (CWB) is a preferred and convertible securities fund managed by State Street Investment Management. With $5.55 billion in assets, it holds a C grade and ranks second among eight funds in its category. The fund’s 0.4% expense ratio sits slightly below the category median of 0.425%, while its 1.67% dividend yield trails the median of 6.35%. Top ten holdings comprise 19.3% of assets, with Western Digital Corp representing the largest single position at 5.5%.
Over the past year, the fund delivered a 6.37% return, outperforming the category median of -3.00%. This positive annual performance contrasts with recent weakness, as the fund has declined 6.88% over the last month and 5.69% over three months. The current price of $95.15 places the fund at 36.7% of its 52-week range. The ETFValuer grade was downgraded from B to C on September 15, 2026, following a rating history of only 3.0 years.
The fund exhibits a beta of 1.09, indicating it moves more than the broader market. Annualized volatility stands at 17.66%, which is classified as moderate, while the maximum drawdown has reached -13.80%. A Sharpe ratio of 0.08 suggests limited risk-adjusted returns relative to the risk taken. Liquidity is supported by an average daily volume of 620,479 shares, facilitating standard trading activity.
AI-generated summary based on the data on this page.
CWB Top Holdings
| # | Holding | % of Net Assets | Value |
|---|---|---|---|
| 1 | WESTERN DIGITAL CORP | 5.54% | $344M |
| 2 | State Street Global Advisors | 3.26% | $202M |
| 3 | BOEING CO/THE | 1.87% | $116M |
| 4 | LUMENTUM HOLDINGS INC | 1.44% | $89M |
| 5 | ALIBABA GROUP HOLDING | 1.42% | $88M |
| 6 | LUMENTUM HOLDINGS INC | 1.38% | $85M |
| 7 | BLOOM ENERGY CORP | 1.12% | $69M |
| 8 | WELLS FARGO & COMPANY | 1.10% | $68M |
| 9 | ORACLE CORP | 1.10% | $68M |
| 10 | NEBIUS GROUP NV | 1.08% | $67M |
Holdings as of 2026-06-30 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 19.3% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how CWB's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.
Which Funds Overlap With CWB
Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with CWB's top 10 — ICVT overlaps most, holding 5 of the same companies as CWB's top 10 (12.0% of CWB's assets).
| ETF | Name | Shared Companies | CWB Weight | Examples |
|---|---|---|---|---|
| ICVT | iShares Convertible Bond ETF | 5 | 12.0% | WESTERN DIGITAL CORP, LUMENTUM HOLDINGS INC, ALIBABA GROUP HOLDING… |
| PFXF | VanEck Preferred Securities ex Financials ETF | 3 | 6.2% | BOEING CO/THE, ORACLE CORP, State Street Global Advisors |
| PFF | iShares Preferred and Income Securities ETF | 3 | 4.1% | BOEING CO/THE, WELLS FARGO & COMPANY, ORACLE CORP |
| VO | Vanguard Morningstar Mid-Cap ETF | 2 | 6.7% | WESTERN DIGITAL CORP, BLOOM ENERGY CORP |
| VOT | Vanguard Morningstar Mid-Cap Growth ETF | 2 | 6.7% | WESTERN DIGITAL CORP, BLOOM ENERGY CORP |
Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.
Market Backdrop
10-Year Treasury Yield: 4.96% (as of 2026-10-22) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.
CBOE Volatility Index (VIX): 19.03 (as of 2026-10-22) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.
Federal Funds Rate: 3.75% (as of 2026-09-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.
What CWB's Fees Cost You
CWB charges an expense ratio of 0.40% a year, deducted automatically from the fund's value. Small percentages compound into real money — adjust the figures below to see the impact on your own numbers.
Assumes a constant gross return and no additional contributions — a simplification, but it isolates exactly what the expense ratio costs. Try the full fee calculator to model contributions and compare any two funds.
CWB Dividend Income Estimator
CWB currently yields 1.67%. Enter an amount to see the income that implies, or set a monthly income target to see the investment it would take.
Based on the fund's current trailing yield, which varies with price and distributions — treat it as an estimate, not a guarantee. Yields are not adjusted for tax.
CWB Liquidity, Domicile & Tax Treatment
Liquidity: Average daily volume is 620K/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $5.55B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.
Domicile & tax treatment: CWB is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.
CWB Performance History
| Period | Return |
|---|---|
| 1-Day | 0.00% |
| 1-Week | +0.12% |
| 1-Month | -6.88% |
| 3-Month | -5.69% |
| 6-Month | -4.91% |
| YTD | +6.21% |
| 1-Year | +6.37% |
| 3-Year | +55.38% |
How CWB Compares to Other Preferred & Convertible ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #260 | C |
ICVT | iShares Convertible Bond ETF | +6.16% | 0.2% | $8.10B |
| #279 | C |
CWB | State Street SPDR Bloomberg Convertible Securities ETF | +6.37% | 0.4% | $5.55B |
| #335 | C |
PFXF | VanEck Preferred Securities ex Financials ETF | +0.48% | 0.4% | $2.37B |
| #365 | C |
PFF | iShares Preferred and Income Securities ETF | -3.57% | 0.45% | $12.3B |
| #379 | C |
PFFD | Global X U.S. Preferred ETF | -5.69% | 0.23% | $2.11B |
| #393 | D |
FPE | First Trust Preferred Securities and Income ETF | -2.43% | 0.83% | $5.99B |
| #402 | D |
PGX | Invesco Preferred ETF | -8.66% | 0.5% | $3.61B |
| #414 | D |
PSK | State Street SPDR ICE Preferred Securities ETF | -8.86% | 0.45% | $637M |