CWB — State Street SPDR Bloomberg Convertible Securities ETF
Preferred & Convertible Ranked #124 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) operates within the Preferred & Convertible category, which currently contains 8 funds tracked by ETFValuer. Issued by State Street Investment Management, the fund manages $6.20 billion in assets and trades at a price of $101.48. It holds an overall rank of #124 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of B with a score of 69.0. The fund charges an expense ratio of 0.4% while offering a dividend yield of 1.37%. The substantial asset under management figure suggests significant investor adoption relative to the small size of its specific category. This combination of a mid-tier overall rank and a B grade reflects a balanced profile within the broader market landscape.
Over the last day, the fund declined by 1.64%, while the one-week return was nearly flat at -0.01%. A sharper drop occurred over the one-month period with a return of -5.19%, though the three-month horizon showed a recovery to +0.91%. The six-month return accelerated to +8.47%, and year-to-date performance reached +12.87%. This upward trajectory continued over the one-year period, which posted a return of +20.74%. The three-year return further extended this long-term growth pattern to +49.32%. The data indicates a divergence where short-term volatility was followed by sustained positive momentum over longer holding periods.
The fund carries a Moderate volatility label and exhibits a beta of 1.07, indicating it moves slightly more than the broader market. A Sharpe ratio of 0.97 suggests the fund has generated a reasonable amount of excess return per unit of risk taken. However, the maximum drawdown of -11.92% highlights the potential for significant temporary losses during market downturns. This combination of figures implies that while the fund has delivered strong returns over the long term, it remains sensitive to market fluctuations. Investors may experience periods of heightened volatility that align with the fund's beta and drawdown characteristics. The moderate risk profile is consistent with the fund's exposure to convertible securities within its specific category.
AI-generated summary based on the data on this page.
CWB Top Holdings
| # | Holding | % of Net Assets | Value |
|---|---|---|---|
| 1 | WESTERN DIGITAL CORP | 3.36% | $150M |
| 2 | State Street Global Advisors | 2.96% | $132M |
| 3 | BOEING CO/THE | 2.11% | $94M |
| 4 | ALIBABA GROUP HOLDING | 2.03% | $91M |
| 5 | LUMENTUM HOLDINGS INC | 1.66% | $74M |
| 6 | LUMENTUM HOLDINGS INC | 1.60% | $72M |
| 7 | LUMENTUM HOLDINGS INC | 1.32% | $59M |
| 8 | ORACLE CORP | 1.31% | $58M |
| 9 | WELLS FARGO & COMPANY | 1.28% | $57M |
| 10 | Bank of America Corp | 1.07% | $48M |
Holdings as of 2026-03-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 18.7% 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 — PFF overlaps most, holding 4 of the same companies as CWB's top 10 (5.8% of CWB's assets).
| ETF | Name | Shared Companies | CWB Weight | Examples |
|---|---|---|---|---|
| PFF | iShares Preferred and Income Securities ETF | 4 | 5.8% | BOEING CO/THE, ORACLE CORP, WELLS FARGO & COMPANY… |
| ICVT | iShares Convertible Bond ETF | 3 | 10.0% | LUMENTUM HOLDINGS INC, WESTERN DIGITAL CORP, ALIBABA GROUP HOLDING |
| PFXF | VanEck Preferred Securities ex Financials ETF | 3 | 6.4% | BOEING CO/THE, ORACLE CORP, State Street Global Advisors |
| VCIT | Vanguard Intermediate-Term Corporate Bond Index Fund ETF Shares | 3 | 4.5% | BOEING CO/THE, ORACLE CORP, Bank of America Corp |
| VCSH | Vanguard Short-Term Corporate Bond Index Fund ETF Shares | 3 | 4.5% | BOEING CO/THE, WELLS FARGO & COMPANY, Bank of America 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: 4.71% (as of 2026-07-23) — 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): 18.70 (as of 2026-07-23) — 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: 3.63% (as of 2026-06-01) — 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 1.37%. 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: Quoted bid/ask spread is 11.40% and average daily volume is 911K/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $6.20B 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 | -1.64% |
| 1-Week | -0.01% |
| 1-Month | -5.19% |
| 3-Month | +0.91% |
| 6-Month | +8.47% |
| YTD | +12.87% |
| 1-Year | +20.74% |
| 3-Year | +49.32% |
How CWB Compares to Other Preferred & Convertible ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #45 | B+ |
ICVT | iShares Convertible Bond ETF | +24.20% | 0.2% | $7.53B |
| #124 | B |
CWB | State Street SPDR Bloomberg Convertible Securities ETF | +20.74% | 0.4% | $6.20B |
| #342 | C |
FPE | First Trust Preferred Securities and Income ETF | +5.54% | 0.83% | $6.32B |
| #343 | C |
PFXF | VanEck Preferred Securities ex Financials ETF | +5.82% | 0.4% | $2.63B |
| #365 | C |
PFF | iShares Preferred and Income Securities ETF | +2.31% | 0.45% | $13.1B |
| #374 | C |
PFFD | Global X U.S. Preferred ETF | +2.49% | 0.23% | $2.15B |
| #388 | D |
PGX | Invesco Preferred ETF | +2.00% | 0.5% | $3.86B |
| #402 | D |
PSK | State Street SPDR ICE Preferred Securities ETF | +1.48% | 0.45% | $708M |