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State Street SPDR Bloomberg Convertible Securities ETF (CWB)

Convertibles | Exchange Traded Fund | NYSEArca
99.09 USD -0.57 (-0.572%) ⇩ (Oct. 13, 2026, 4 p.m. EDT)
Short-term:★★⯪☆☆Long-term:★★⯪☆☆Dividends:★★⯪☆☆
Hot Take ↕ | Oct. 10, 2026, 5:28 a.m. EDT

The convertible bond landscape remains fragile, reflected in the defensive positioning seen in the options chain. While the underlying asset boasts a spectacular nine-year cumulative gain of nearly 96%, the most recent annual performance shows a flat trajectory, and the immediate term feels heavy with downside protection being purchased at the $100 level. This creates a distinct tension: the long-term story is one of massive recovery and growth, yet the short-term sentiment is cautious, with traders betting against a bounce or preparing for a dip. The valuation is steep, trading at a forward P/E of roughly 54x, which is typical for this sector but demands continued income generation to justify the premium. The dividend yield sits at a modest 1.56%, providing some cushion but not enough to offset potential capital losses if the market turns. For now, the data suggests a wait-and-see approach; the asset is neither a clear momentum play nor a distressed value trap, but rather a volatile instrument caught between a strong historical trend and a nervous near-term outlook.
Model Selection — Backtest MAE (log-scale, lower is better)
ModelMAE
MSTL ✓0.016418
AutoETS0.017875
AutoARIMA0.017875
AutoTheta0.027696

Forecast horizon: 45 days | Selected: MSTL

Forecast Reliability
Score 59%
H-stat 0.11
Ljung-Box p 0.000
Jarque-Bera p 0.594
Excess Kurtosis 0.73
Attribute Value
Forward P/E 52.71

As of Oct. 10, 2026, 5:28 a.m. EDT: Speculators are positioning defensively with heavy put volume relative to calls, particularly around the $99-$100 strike where volume spiked significantly. Open interest is concentrated in out-of-the-money puts ($90, $100) suggesting a fear of a downside move or volatility expansion. Conversely, call open interest is skewed toward strikes above the current price ($103, $110), indicating a speculative hope for a rebound to test higher levels, though the lack of recent call volume suggests this is more passive hedging than aggressive buying.

Dividend Data

Yield Summary
Last Yield 1yr Yield 3yr Avg 5yr Avg
0.09% 1.62% 1.85% 2.02%
Dividend History
Date Dividend Yield %
2026-10-01 0.091 0.090046
2026-09-01 0.155 0.153541
2026-08-03 0.211 0.204259
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 1.56

Info Dump

Attribute Value
All Time High 112.02
All Time Low 30.0
Ask 99.9
Ask Size 600
Average Daily Volume10 Day 508,060
Average Daily Volume3 Month 578,775
Average Volume 578,775
Average Volume10Days 508,060
Beta3 Year 1.09
Bid 98.4
Bid Size 1,900
Category Convertibles
Crypto Tradeable 0
Currency USD
Custom Price Alert Confidence HIGH
Day High 99.945
Day Low 98.59
Display Name Bloomberg Convertible Secs ETF
Dividend Yield 1.56
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 102.6802
Fifty Day Average Change -3.5902023
Fifty Day Average Change Percent -0.034964893
Fifty Two Week Change Percent 6.069362
Fifty Two Week High 112.02
Fifty Two Week High Change -12.93
Fifty Two Week High Change Percent -0.115425825
Fifty Two Week Low 85.37
Fifty Two Week Low Change 13.719994
Fifty Two Week Low Change Percent 0.16071211
Fifty Two Week Range 85.37 - 112.02
First Trade Date Milliseconds 1,239,888,600,000
Five Year Average Return 0.051363003
Forward P E 52.707443
Full Exchange Name NYSEArca
Fullday Change -0.6903
Fullday Change Percent -0.69265497
Fullday Price 99.09
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 99.88036
Net Assets 5,546,307,600.0
Net Expense Ratio 0.4
Open 99.16
Pre Market Change -0.05000305
Pre Market Change Percent -0.05043681
Pre Market Price 99.09
Pre Market Time 1,791,975,670
Previous Close 99.66
Price Hint 2
Quote Source Name Nasdaq Real Time Price
Quote Type ETF
Region US
Regular Market Change -0.570007
Regular Market Change Percent -0.571952
Regular Market Day High 99.945
Regular Market Day Low 98.59
Regular Market Day Range 98.59 - 99.945
Regular Market Open 99.16
Regular Market Previous Close 99.66
Regular Market Price 99.09
Regular Market Time 1,791,921,600
Regular Market Volume 403,145
Short Name State Street SPDR Bloomberg Con
Source Interval 15
Symbol CWB
Three Year Average Return 0.16256599
Total Assets 5,546,307,584
Tradeable 0
Trailing Annual Dividend Rate 0.0
Trailing Annual Dividend Yield 0.0
Trailing Peg Ratio None
Trailing Three Month Nav Returns -5.6817
Trailing Three Month Returns -5.6817
Triggerable 1
Two Hundred Day Average 99.9245
Two Hundred Day Average Change -0.8345032
Two Hundred Day Average Change Percent -0.008351337
Type Disp ETF
Volume 403,145
Yield 0.0156
Ytd Return 14.66732