State Street SPDR Bloomberg Convertible Securities ETF
$102.68−0.79 (−0.76%)
- Expense ratio
- 0.40%
- Fund size
- $5.7B
- 1Y return
- +15.9%
- Yield · Last 12 months
- 1.52%
- Holdings
- 375
- Volume · 30D
- 0.7M sh
- NAV per share
- $103.06
- 52W range
The ETF.net CWB Grade
Score 78 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.AScore 73Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 100Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.CScore 51Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.AScore 82Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 76Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 83Category rank
Our read on CWB
AConvertible bonds are the hybrids of corporate credit: debt that can turn into stock. CWB has packaged them since 2009, tracking a Bloomberg index tilted toward the market's tradable issues, and it pays monthly.
The fund seeks to track the price and yield performance of the Bloomberg U.S. Convertible Liquid Bond Index before fees and expenses. It invests in qualifying U.S. convertible securities.
Why people hold it
- One holding, two jobs. Convertibles pay a coupon like bonds and convert into shares. You get roughly 400 of them for 0.40% a year, with distributions arriving monthly.
- The benchmark itself is picky about tradability: the Bloomberg U.S. Convertible Liquid Bond Index, as the name signals, leans toward the liquid end of a thinly traded market.
- Running since 2009 and now a multi-billion-dollar fund that trades actively. Tracking of its index has been tight, and the plumbing is among the sturdiest in its peer group.
Worth knowing
- Filed under fixed income, wired to equities. When the underlying stocks run, convertibles follow them up; when stocks sink, the swings look nothing like a core bond fund's.
- 0.40% is niche pricing. Broad index trackers in the same cohort run single-digit basis points (SCHK 0.03%, VT 0.06%), so you pay up for the convertible plumbing.
- Convertibles are a small corner of US credit. The investable pool is narrow (roughly 400 positions), so a handful of large issuers can shape the ride.
CWB Holdings
- Bonds
- 375
- 16%
- GOOGM
Sectors
- Utilities81.3%
- Technology13.1%
- Industrials5.6%
- Communication0.1%
Geography
- United States86.59%
- Netherlands4.34%
- China2.79%
- Israel1.46%
- Australia1.44%
- Singapore0.75%
- Bermuda0.72%
- Canada0.57%
- 1.34%
CWB Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | CWB |
|---|---|
| Year to date | +17.2% |
| 1 month | −0.1% |
| 3 months | −5.9% |
| 1 year | +15.9% |
| 3 years | +17.3% |
| 5 years | +5.6% |
| 10 years | +11.5% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | CWB |
|---|---|---|
| 2026 YTD | +17.2% | |
| 2025 | +16.6% | |
| 2024 | +10.1% | |
| 2023 | +14.5% | |
| 2022 | −20.8% | |
| 2021 | +2.2% | |
| 2020 | +53.4% |
CWB in the news
ETF.net Research hasn’t filed on CWB yet — coverage lands here as it’s written.
CWB Dividends
- 1.52%
- $1.58
- $0.15 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 1, 2026 | Sep 4, 2026 | $0.15 |
| Aug 3, 2026 | Aug 6, 2026 | $0.21 |
| Jul 1, 2026 | Jul 7, 2026 | $0.09 |
| Jun 1, 2026 | Jun 4, 2026 | $0.16 |
| May 1, 2026 | May 6, 2026 | $0.12 |
| Apr 1, 2026 | Apr 6, 2026 | $0.10 |
| Mar 2, 2026 | Mar 5, 2026 | $0.15 |
| Feb 2, 2026 | Feb 5, 2026 | $0.09 |
| Dec 18, 2025 | Dec 23, 2025 | $0.16 |
| Dec 1, 2025 | Dec 4, 2025 | $0.14 |
| Nov 3, 2025 | Nov 6, 2025 | $0.13 |
| Oct 1, 2025 | Oct 6, 2025 | $0.08 |
CWB Risk
- 12.6%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.87
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −28.4%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 1.10
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
CWB Cost
- The middle half of Convertible Bond funds
- Median 0.80%
1 of the 7 Convertible Bond funds charge less.