SPDR Bloomberg Convertible Securities ETF (CWB) Performance
CWB total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +7.9% since Dec 31, 2025
- 1 year
- +5.5% total return
- 5 years
- +3.7% a year
- 10 years
- +10.7% a year
- Since first price
- +10.9% a year since 2009
CWB trailing returns vs SPY, QQQ, AGG
| Period | CWB total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −7.0% | −7.1% | −1.0% | −5.0% | +0.9% |
| 3 months | −7.4% | −7.8% | +3.2% | +1.9% | −0.4% |
| 6 months | −5.0% | −5.7% | +7.8% | +8.4% | −1.5% |
| YTD | +7.9% | +6.7% | +12.3% | +15.1% | −1.0% |
| 1 year | +5.5% | +3.8% | +14.4% | +15.9% | −1.1% |
| 3 years | +53.6%+15.4%/yr | +45.3% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +19.8%+3.7%/yr | +8.3% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +176.7%+10.7%/yr | +107.4% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +348.2%+10.5%/yr | +155.5% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionApr 16, 2009 | +515.2%+10.9%/yr | +213.0% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: CWB vs SPY
From Apr 16, 2009: CWB grew to $61,519, SPY to $119,892.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
CWB returns by calendar year
12 of 16 full years positive. Best 2020 (+53.4%), worst 2022 (−20.8%). 2026 is year to date.
CWB annual returns table
| Year | CWB | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +7.9% | −13.7% | +12.3% | +15.1% | −1.0% |
| 2025 | +16.6% | −11.6% | +17.7% | +20.8% | +7.2% |
| 2024 | +10.1% | −5.0% | +24.9% | +25.6% | +1.3% |
| 2023 | +14.5% | −9.6% | +26.2% | +54.9% | +5.7% |
| 2022 | −20.8% | −23.2% | −18.2% | −32.6% | −13.0% |
| 2021 | +2.2% | −13.1% | +28.7% | +27.4% | −1.8% |
| 2020 | +53.4% | −32.1% | +18.3% | +48.6% | +7.5% |
| 2019 | +22.4% | −6.2% | +31.2% | +39.0% | +8.5% |
| 2018 | −2.0% | −13.8% | −4.6% | −0.1% | +0.1% |
| 2017 | +15.7% | −3.2% | +21.7% | +32.7% | +3.6% |
| 2016 | +10.6% | −9.5% | +12.0% | +7.1% | +2.4% |
| 2015 | −0.8% | −9.8% | +1.2% | +9.4% | +0.5% |
| 2014 | +7.7% | −9.1% | +13.5% | +19.2% | +6.0% |
| 2013 | +20.5% | −6.5% | +32.3% | +36.6% | −2.0% |
| 2012 | +15.9% | −8.6% | +16.0% | +18.1% | +3.8% |
| 2011 | −7.7% | −17.1% | +1.9% | +3.4% | +7.7% |
| 2010 | +14.1% | −10.8% | +15.1% | +19.9% | +6.4% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
CWB largest drawdowns
Now 13.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 19, 2020 | −32.1% | Mar 23, 2020 | Jun 8, 2020 | 33 days | 4 months |
| Feb 12, 2021 | −29.9% | Jun 16, 2022 | Jul 16, 2025 | 1.3 years | 4.4 years |
| May 2, 2011 | −17.1% | Oct 3, 2011 | Oct 18, 2012 | 5 months | 1.5 years |
| Jun 1, 2015 | −15.9% | Feb 11, 2016 | Jul 22, 2016 | 8 months | 1.1 years |
| Jun 20, 2018 | −13.8% | Dec 24, 2018 | Feb 25, 2019 | 6 months | 8 months |
| Jun 2, 2026 | −13.7% | Oct 16, 2026 | not yet | 4 months | 5 months so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
CWB risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2009 |
|---|---|---|---|---|
| Annualized return | +16.4% | +5.6% | +11.3% | +11.4% |
| Volatility (annualized) | 12.5% | 13.4% | 14.1% | 12.5% |
| Sharpe ratio | 0.94 | 0.21 | 0.67 | 0.83 |
| Sortino ratio | 1.75 | 0.30 | 1.10 | 1.37 |
| Best month | +10.5% | +10.5% | +13.7% | +13.7% |
| Worst month | −5.5% | −7.7% | −13.1% | −13.1% |
| Best 12 months | +37.8% | +37.8% | +78.9% | +78.9% |
| Worst 12 months | +7.0% | −24.4% | −24.4% | −24.4% |
| Positive months | 67% | 58% | 62% | 66% |
| Beta vs S&P 500 | 0.82 | 0.72 | 0.78 | — |
| Correlation with S&P 500 | 0.82 | 0.85 | 0.85 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
CWB rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 199 | −24.4% | +12.0% | +78.9% | 80% |
| 3-year (a year) | 175 | −4.3% | +9.7% | +25.0% | 93% |
| 5-year (a year) | 151 | +3.5% | +9.5% | +21.0% | 100% |
| 10-year (a year) | 91 | +7.2% | +10.1% | +14.3% | 100% |
Every holding period starting at a month-end since 2009. Returns for 3 years and longer are annualized.
CWB performance overview
SPDR Bloomberg Convertible Securities ETF (CWB) returned +5.5% over the past year and +10.7% a year over ten years, with distributions reinvested. Since its first recorded price in 2009 it has returned +10.9% a year, turning $10,000 into about $61,519. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −32.1%, from Feb 19, 2020 to Mar 23, 2020, and it took 3 months to get back to the old high. CWB finished 12 of its 16 full calendar years with a gain; the best year was 2020 (+53.4%) and the worst 2022 (−20.8%). Volatility has been 12.5% a year.
Related: CWB chart, CWB dividends. See the CWB overview for the latest quote and fund facts.
CWB performance FAQ
What is the CWB return over the past year?
CWB returned +5.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 3.8%.
What is the average annual return of CWB?
CWB has returned +3.7% a year over 5 years, +10.7% a year over 10 years, +10.9% a year since April 16, 2009 (total return, distributions reinvested).
How much would $10,000 invested in CWB be worth?
$10,000 invested in CWB at its first recorded close on April 16, 2009 would be worth about $61,519 on October 23, 2026 with distributions reinvested.
What was the worst year for CWB?
The worst calendar year was 2022, with a total return of −20.8%. The best was 2020 at +53.4%.
What is the biggest drawdown of CWB?
The largest peak-to-trough decline was −32.1% between February 19, 2020 and March 23, 2020. It recovered to the old high on June 8, 2020, 3 months after the bottom.
How volatile is CWB?
Over the past 3 years CWB had an annualized volatility of 12.5% and a Sharpe ratio of 0.94 (excess return over 1–3 month T-bills per unit of risk).