AVK vs CWB
Advent Convertible and Income Fund vs State Street SPDR Bloomberg Convertible Securities ETF
Which is better, AVK or CWB?
Each has led over a different period.
CWB has a lower expense ratio. AVK led over 3Y, CWB over 1Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | AVK | CWB |
|---|---|---|
| Expense Ratio | 2.77% | 0.40%Best |
| AUM | $575M | $5.4B |
| Dividend Yield | 10.71% | 1.56% |
| Holdings | 435 | 718 |
| YTD Return | -2.50% | +7.49%Best |
| 1Y Return | -2.84% | +5.25%Best |
| 3Y Return (annualized) | +16.68%Best | +14.86% |
| 5Y Return (annualized) | +2.21% | +4.04%Best |
| Volatility (annualized) | 20.1% | 12.8%Best |
| Max Drawdown | -60.7% | -32.2%Best |
| $10,000 over 5 years | $11,155 | $12,190Best |
| Fund Family | Guggenheim Investments | State Street Investment Management |
| Category | Convertible | Convertible |
| Style | Convertibles | Convertibles |
| Inception | Apr 29, 2003 | Apr 14, 2009 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Apr 16, 2009 to Oct 14, 2026 (17.5 years).
AVK vs CWB growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 17.5 years both funds cover.
AVK vs CWB Performance
Advent Convertible and Income Fund (AVK) is an ETF from Guggenheim Investments and State Street SPDR Bloomberg Convertible Securities ETF (CWB) is an ETF from State Street Investment Management. Over the past year AVK returned -2.84% while CWB returned +5.25%. Year to date, AVK is down 2.50% versus a gain of 7.49% for CWB.
Over three years, AVK compounded at +16.68% per year against +14.86% for CWB; over five years the annualized figures are +2.21% and +4.04% respectively. Across the full 18-year window we track, CWB has the edge at +7.47% annualized vs +4.07%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
AVK has been the more volatile fund, with annualized monthly volatility of 20.1% 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 -60.7% for AVK and -32.2% for CWB. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.83. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
AVK charges 2.77% per year while CWB charges 0.40%. On a $10,000 position that is $277 vs $40 annually, a gap of $237 per year that compounds over a long holding period. On income, AVK currently yields 10.71% against 1.56% for CWB.
Holdings Overlap
We hold position weights for 215 holdings in AVK and 160 in CWB, totalling 83.8% and 46.7% of the two funds. Neither is a share of a fund we can divide by, so no overlap percentage is shown here. Within what we can see, 48 positions appear in both.
48 positions in common, counted across the 215 positions we hold weights for in AVK and 160 in CWB, against full books of 435 and 718.
Top Shared Holdings
| Stock | Weight in AVK | Weight in CWB | Difference |
|---|---|---|---|
| GOOGMAlphabet Inc Prf Perpetual Usd 1000 - 1/20Th Int Ser A | 1.91% | 2.29% | 0.38% |
| GOOGNAlphabet Inc Prf Perpetual Usd 1000 - 1/20Th Int Ser B | 1.16% | 2.26% | 1.10% |
| WDC 3 11/15/28Western Digital Corporation 3% Nov 15, 2028 | 0.91% | 1.62% | 0.71% |
| ORCLPRDOracle Corp /Preferred/ /Convertible/ 0.00000000 | 1.07% | 1.14% | 0.07% |
| BABA 0.5 06/01/31Alibaba Group Holding Sr Unsecured 06/31 0.5 | 0.48% | 1.53% | 1.05% |
| HPE.PCFnma Pool Ma4783 Fn 10/52 Fixed 4 | 0.70% | 1.14% | 0.44% |
| SMCIPSuper Micro Computer Inc Prf Perpetual Usd - 1/20Th Int Ser A | 0.33% | 1.24% | 0.91% |
| BAC.PL'bank of America Corp.0.0725 Preferred Series 'l' Convert' | 0.58% | 0.99% | 0.41% |
| WFC.PR.LWells Fargo & Co., 7.50% Non-Cumul Perp Conv Cl A Preferred Stock, Series L | 0.41% | 1.10% | 0.69% |
| UBER 0.875 12/01/28 | 0.88% | 0.50% | 0.38% |
You are not choosing between two funds in isolation.
Whichever of AVK and CWB you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, AVK or CWB?
AVK has an expense ratio of 2.77% while CWB charges 0.40%. CWB is the cheaper option, by $237 a year on a $10,000 investment.
Which performed better, AVK or CWB?
Over the past year AVK returned -2.84% vs +5.25% for CWB, so CWB leads on 1-year performance. Over the longest common window we track (18 years), AVK annualized +4.07% vs +7.47% for CWB. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, AVK or CWB?
AVK has been the more volatile fund at 20.1% annualized versus 12.8% for CWB. Worst drawdown: AVK -60.7% vs CWB -32.2%.
Should I hold both AVK and CWB?
AVK and CWB have a monthly-return correlation of 0.83, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, AVK or CWB?
AVK yields 10.71% while CWB yields 1.56%, so AVK currently pays the higher dividend yield.
Is CWB better than AVK?
CWB has a lower expense ratio. AVK led over 3Y, CWB over 1Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.