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State Street SPDR Bloomberg Convertible Securities ETF (CWB)

Convertibles | Exchange Traded Fund | NYSEArca
103.86 USD -1.38 (-1.311%) ⇩ (July 13, 2026, 4 p.m. EDT)
Short-term:★★⯪☆☆Long-term:★★★☆☆Dividends:★★⯪☆☆
Hot Take ↕ | July 11, 2026, 4:01 a.m. EDT

The convertible bond market is currently bifurcating, creating a distinct tension between defensive hedging and speculative longing. While the underlying portfolio has delivered an exceptional 87% gain over the last nine years, driven by a robust recovery from 2022 lows, the immediate outlook feels fragile. The recent price action shows the fund struggling to break above its 50-day moving average, hovering near the lower end of its yearly range. This stagnation is mirrored by the options chain, where traders are aggressively buying cheap insurance against a drop to $90 while placing their bullish bets on a distant $120 target. For investors seeking income, the yield is modest and fluctuates, offering little buffer against the equity-like volatility inherent in convertible debt. However, the long-term thesis remains intact: the fund has successfully navigated a decade-long cycle with superior capital preservation and growth compared to traditional fixed income. It is a solid core holding for a diversified portfolio, but the short-term setup lacks the explosive momentum required for a high-conviction swing trade.
Model Selection — Backtest MAE (log-scale, lower is better)
ModelMAE
AutoTheta ✓0.039403
MSTL0.039873
AutoARIMA0.044183
AutoETS0.044183

Forecast horizon: 45 days | Selected: AutoTheta

Forecast Reliability
Score 58%
H-stat 6.28
Ljung-Box p 0.000
Jarque-Bera p 0.406
Excess Kurtosis -0.96
Attribute Value
Forward P/E 55.24

As of July 11, 2026, 4:01 a.m. EDT: Speculators are positioning defensively with heavy out-of-the-money put volume (especially at the $90 strike) and significant open interest, suggesting a fear of downside volatility. Conversely, call activity is concentrated far out-of-the-money ($120 strike), indicating a speculative bet on a sharp rally rather than steady appreciation. Implied volatility is elevated for near-term protection, while longer-dated call IV is suppressed.

Dividend Data

Yield Summary
Last Yield 1yr Yield 3yr Avg 5yr Avg
0.09% 1.58% 1.88% 1.99%
Dividend History
Date Dividend Yield %
2026-07-01 0.091 0.085971
2026-06-01 0.155 0.141643
2026-05-01 0.125 0.122705
2026-04-01 0.102 0.110306
2026-03-02 0.146 0.154106
2026-02-02 0.086 0.091665
2025-12-18 0.164 0.184830
2025-12-01 0.136 0.151145
2025-11-03 0.125 0.133991
2025-10-01 0.081 0.088699
2025-09-02 0.147 0.170831
2025-08-01 0.123 0.146743
2025-07-01 0.088 0.106939
2025-06-02 0.160 0.200602
2025-05-01 0.139 0.178801
2025-04-01 0.097 0.126335
2025-03-03 0.156 0.199770
2025-02-03 0.095 0.118869
2024-12-19 0.278 0.356091
2024-12-02 0.143 0.173881
2024-11-01 0.106 0.138165
2024-10-01 0.071 0.093005
2024-09-03 0.131 0.178498
2024-08-01 0.107 0.147281
2024-07-01 0.077 0.107093
2024-06-03 0.132 0.184435
2024-05-01 0.084 0.120051
2024-04-01 0.100 0.137400
2024-03-01 0.126 0.175073
2024-02-01 0.090 0.125839
2023-12-18 0.211 0.295518
2023-12-01 0.130 0.188351
2023-11-01 0.117 0.180250
2023-10-02 0.121 0.179499
2023-09-01 0.160 0.229555
2023-08-01 0.080 0.111732
2023-07-03 0.087 0.123667
2023-06-01 0.140 0.208862
2023-05-01 0.048 0.072672
2023-04-03 0.110 0.164523
2023-03-01 0.154 0.229816
2023-02-01 0.064 0.093199
2022-12-19 0.357 0.553060
2022-12-01 0.168 0.250709
2022-11-01 0.060 0.091743
2022-10-03 0.093 0.144995
2022-09-01 0.144 0.213682
2022-08-01 0.049 0.072293
2022-07-01 0.090 0.138910
2022-06-01 0.130 0.190365
2022-05-02 0.050 0.070492
2022-04-01 0.103 0.133385
2022-03-01 0.133 0.175926
2022-02-01 0.044 0.056928
2021-12-17 0.658 0.809249
2021-12-01 0.139 0.169347
2021-11-01 0.045 0.050664
2021-10-01 0.090 0.104920
2021-09-01 0.134 0.152585
2021-08-02 0.043 0.049983
2021-07-01 0.092 0.105930
2021-06-01 0.125 0.148386
2021-05-03 0.045 0.053029
2021-04-01 0.094 0.111454
2021-03-01 0.122 0.136971
2021-02-01 0.044 0.050932
2020-12-18 0.922 1.120836
2020-12-01 0.125 0.159418
2020-11-02 0.048 0.069565
2020-10-01 0.108 0.153934
2020-09-01 0.104 0.145699
2020-08-03 0.063 0.096081
2020-07-01 0.105 0.172329
2020-06-01 0.090 0.156767
2020-05-01 0.082 0.158271
2020-04-01 0.120 0.264085
2020-03-02 0.085 0.151138
2020-02-03 0.086 0.148455
2019-12-20 0.707 1.279175
2019-12-02 0.083 0.152798
2019-11-01 0.084 0.157009
2019-10-01 0.101 0.194193
2019-09-03 0.085 0.162307
2019-08-01 0.081 0.151970
2019-07-01 0.112 0.210605
2019-06-03 0.079 0.156684
2019-05-01 0.068 0.127628
2019-04-01 0.124 0.236326
2019-03-01 0.089 0.169653
2019-02-01 0.071 0.140205
2018-12-19 1.783 3.813088
2018-12-03 0.088 0.169263
2018-11-01 0.072 0.140873
2018-10-01 0.128 0.238628
2018-09-04 0.080 0.147601
2018-08-01 0.082 0.154397
2018-07-02 0.116 0.218909
2018-06-01 0.095 0.176744
2018-05-01 0.091 0.176802
2018-04-02 0.135 0.266904
2018-03-01 0.137 0.267578
2018-02-01 0.082 0.155805
2017-12-19 0.751 1.478638
2017-12-01 0.131 0.254765
2017-11-01 0.093 0.179641
2017-10-02 0.140 0.274026
2017-09-01 0.202 0.397013
2017-08-01 0.078 0.153151
2017-07-03 0.146 0.295367
2017-06-01 0.154 0.312437
2017-05-01 0.071 0.145165
2017-04-03 0.153 0.319282
2017-03-01 0.163 0.341218
2017-02-01 0.070 0.148368
2016-12-28 0.457 0.997817
2016-12-01 0.267 0.592412
2016-11-01 0.105 0.231890
2016-10-03 0.174 0.374919
2016-09-01 0.200 0.435920
2016-08-01 0.119 0.261653
2016-07-01 0.154 0.352483
2016-06-01 0.125 0.285714
2016-05-03 0.071 0.164619
2016-05-02 0.071 0.163218
2016-04-01 0.136 0.314961
2016-03-01 0.186 0.447653
2016-02-01 0.107 0.260785
2015-12-29 2.123 4.881582
2015-12-01 0.158 0.339858
2015-11-02 0.079 0.168839
2015-10-01 0.144 0.324032
2015-09-01 0.118 0.262106
2015-08-03 0.084 0.178344
2015-07-01 0.107 0.225691
2015-06-01 0.103 0.209307
2015-05-01 0.073 0.150360
2015-04-01 0.106 0.223111
2015-03-02 0.087 0.181175
2015-02-02 0.073 0.157328
2014-12-29 2.387 5.042248
2014-12-01 0.087 0.174804
2014-11-03 0.087 0.175333
2014-10-01 0.115 0.235366
2014-09-02 0.099 0.193814
2014-08-01 0.083 0.167711
2014-07-01 0.114 0.224498
2014-06-02 0.093 0.188107
2014-05-01 0.089 0.183619
2014-04-01 0.145 0.298477
2014-03-03 0.075 0.152781
2014-02-03 0.078 0.167274
2013-12-27 0.483 1.038710
2013-12-02 0.108 0.232708
2013-11-01 0.083 0.179926
2013-10-01 0.123 0.271284
2013-09-03 0.127 0.287917
2013-08-01 0.085 0.188721
2013-07-01 0.099 0.232722
2013-06-03 0.129 0.294857
2013-05-01 0.092 0.215205
2013-04-01 0.107 0.253374
2013-03-01 0.149 0.359556
2013-02-01 0.124 0.297433
2012-12-27 0.377 0.940854
2012-12-03 0.126 0.317061
2012-10-01 0.120 0.303874
2012-09-04 0.131 0.337629
2012-08-01 0.072 0.190627
2012-07-02 0.124 0.330402
2012-06-01 0.107 0.294604
2012-05-01 0.089 0.228264
2012-04-02 0.124 0.310621
2012-03-01 0.134 0.337192
2012-02-01 0.055 0.141643
2011-12-28 0.657 1.823987
2011-12-01 0.130 0.353453
2011-11-01 0.086 0.229824
2011-10-03 0.118 0.337818
2011-09-01 0.139 0.369681
2011-08-01 0.054 0.134195
2011-07-01 0.114 0.273185
2011-06-01 0.156 0.371783
2011-05-02 0.083 0.194107
2011-04-01 0.128 0.304762
2011-03-01 0.133 0.318334
2010-12-29 0.369 0.896937
2010-12-01 0.123 0.304757
2010-11-01 0.141 0.352853
2010-10-01 0.138 0.353846
2010-09-01 0.129 0.341360
2010-08-02 0.229 0.602949
2010-07-01 0.128 0.357542
2010-06-01 0.145 0.398133
2010-05-03 0.141 0.355701
2010-04-01 0.125 0.320266
2010-03-01 0.144 0.381154
2010-02-01 0.072 0.195334
2009-12-29 0.303 0.799472
2009-12-01 0.180 0.483741
2009-11-02 0.189 0.527786
2009-10-01 0.134 0.376616
2009-09-01 0.190 0.550884
2009-08-03 0.135 0.393013
2009-07-01 0.113 0.352025
2009-06-01 0.160 0.502670
2009-05-01 0.061 0.201720
Additional Data
trailingAnnualDividendRate 0.0
trailingAnnualDividendYield 0.0
dividendYield 1.37

Info Dump

Attribute Value
All Time High 112.02
All Time Low 30.0
Ask 0.0
Ask Size 200
Average Daily Volume10 Day 721,490
Average Daily Volume3 Month 1,066,263
Average Volume 1,066,263
Average Volume10Days 721,490
Beta3 Year 1.07
Bid 0.0
Bid Size 600
Category Convertibles
Crypto Tradeable 0
Currency USD
Custom Price Alert Confidence HIGH
Day High 104.8
Day Low 103.56
Dividend Yield 1.37
Eps Forward 1.88
Esg Populated 0
Exchange PCX
Exchange Data Delayed By 0
Exchange Timezone Name America/New_York
Exchange Timezone Short Name EDT
Fifty Day Average 105.982
Fifty Day Average Change -2.1220016
Fifty Day Average Change Percent -0.020022282
Fifty Two Week Change Percent 24.943602
Fifty Two Week High 112.02
Fifty Two Week High Change -8.159996
Fifty Two Week High Change Percent -0.0728441
Fifty Two Week Low 83.18
Fifty Two Week Low Change 20.68
Fifty Two Week Low Change Percent 0.24861746
Fifty Two Week Range 83.18 - 112.02
First Trade Date Milliseconds 1,239,888,600,000
Five Year Average Return 0.059635
Forward P E 55.244682
Full Exchange Name NYSEArca
Fund Family State Street Investment Management
Fund Inception Date 1,239,667,200
Gmt Off Set Milliseconds -14,400,000
Has Pre Post Market Data 1
Language en-US
Legal Type Exchange Traded Fund
Long Business Summary The fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the index. The index is designed to represent the market of U.S. convertible securities, such as convertible bonds and convertible preferred stock.
Long Name State Street SPDR Bloomberg Convertible Securities ETF
Market us_market
Market State PRE
Max Age 86,400
Message Board Id finmb_54917357
Nav Price 105.23686
Net Assets 6,197,490,700.0
Net Expense Ratio 0.4
Open 104.44
Pre Market Change -2.0200043
Pre Market Change Percent -1.94493
Pre Market Price 101.84
Pre Market Time 1,784,027,477
Previous Close 105.24
Price Hint 2
Quote Source Name Delayed Quote
Quote Type ETF
Region US
Regular Market Change -1.38
Regular Market Change Percent -1.31129
Regular Market Day High 104.8
Regular Market Day Low 103.56
Regular Market Day Range 103.56 - 104.8
Regular Market Open 104.44
Regular Market Previous Close 105.24
Regular Market Price 103.86
Regular Market Time 1,783,972,800
Regular Market Volume 781,808
Short Name State Street SPDR Bloomberg Con
Source Interval 15
Symbol CWB
Three Year Average Return 0.15500149
Total Assets 6,197,490,688
Tradeable 0
Trailing Annual Dividend Rate 0.0
Trailing Annual Dividend Yield 0.0
Trailing Peg Ratio None
Trailing Three Month Nav Returns 18.25767
Trailing Three Month Returns 18.25767
Triggerable 1
Two Hundred Day Average 96.07385
Two Hundred Day Average Change 7.786148
Two Hundred Day Average Change Percent 0.08104336
Type Disp ETF
Volume 781,808
Yield 0.0137
Ytd Return 21.57483