CWB vs IVV
CWB vs IVV
State Street SPDR Bloomberg Convertible Securities ETF vs iShares Core S&P 500 ETF
Quick Verdict
IVV has a lower expense ratio. CWB delivered stronger 1-year returns. IVV offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | CWB | IVV | Winner |
|---|---|---|---|
| Expense Ratio | 0.40% | 0.03% | |
| AUM | $5.6B | $865.2B | |
| Dividend Yield | 1.37% | 1.09% | |
| Holdings | 334 | 508 | |
| YTD Return | +14.43% | +13.13% | |
| 1Y Return | +23.86% | +22.90% | |
| 3Y Return (annualized) | +15.43% | +21.08% | |
| 5Y Return (annualized) | +5.65% | +13.27% | |
| Volatility (annualized) | 12.8% | 15.1% | |
| Max Drawdown | -32.2% | -56.5% | |
| Fund Family | State Street Investment Management | iShares by BlackRock (US) | |
| Category | Convertible | Equity | |
| Inception | Apr 14, 2009 | May 15, 2000 |
CWB vs IVV Performance
State Street SPDR Bloomberg Convertible Securities ETF (CWB) is a ETF from State Street Investment Management and iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US). Over the past year CWB returned +23.86% while IVV returned +22.90%. Year to date, CWB is up 14.43% versus a gain of 13.13% for IVV.
Over three years, CWB compounded at +15.43% per year against +21.08% for IVV; over five years the annualized figures are +5.65% and +13.27% respectively. Across the full 17-year window we track, CWB has the edge at +7.94% annualized vs +7.02%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 12.8% for CWB. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -32.2% for CWB and -56.5% for IVV. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CWB charges 0.40% per year while IVV charges 0.03%. On a $10,000 position that is $40 vs $3 annually, a gap of $37 per year that compounds over a long holding period. On income, CWB currently yields 1.37% against 1.09% for IVV.
Holdings Overlap
CWB and IVV share 14 holdings out of 592 unique holdings combined, representing a 1.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in CWB | Weight in IVV | Difference |
|---|---|---|---|
| WDC | 3.19% | 0.29% | 2.90% |
| BA | 2.40% | 0.25% | 2.15% |
| WFC | 1.39% | 0.42% | 0.97% |
| NEE | Pro | Pro | Pro |
| ALB | Pro | Pro | Pro |
| KKR | Pro | Pro | Pro |
| F | Pro | Pro | Pro |
| SO | Pro | Pro | Pro |
| APO | Pro | Pro | Pro |
| ARES | Pro | Pro | Pro |
See all 10 holdings CWB shares with IVV Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, CWB or IVV?
CWB has an expense ratio of 0.40% while IVV charges 0.03%. IVV is the cheaper option. On a $10,000 investment, that is $37 per year of difference.
Which performed better, CWB or IVV?
Over the past year CWB returned +23.86% vs +22.90% for IVV, so CWB leads on 1-year performance. Over the longest common window we track (17 years), CWB annualized +7.94% vs +7.02% for IVV. Past performance does not guarantee future results.
Which is riskier, CWB or IVV?
IVV has been the more volatile fund at 15.1% annualized versus 12.8% for CWB. Worst drawdown: CWB -32.2% vs IVV -56.5%.
Should I hold both CWB and IVV?
CWB and IVV have a monthly-return correlation of 0.86, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CWB and IVV?
CWB and IVV share 14 common holdings with a 1.9% weight overlap. Combined, they hold 592 unique securities.
Which pays a higher dividend, CWB or IVV?
CWB yields 1.37% while IVV yields 1.09%, so CWB currently pays the higher dividend yield.
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