Convertible Securities vs the S&P 500 (CWB): is it outperforming?
Over the past month, CWB has underperformed the S&P 500 by 3.9 points. Here is where that puts it in the market rotation — updated daily.
Where CWB sits on the rotation map
Convertible Securities highlighted against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window — the methodology explains the math.
CWB vs SPY: head-to-head returns
CWB (convertible securities) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means CWB won that window.
Data as of 2026-07-13 · computed from daily adjusted closes · how we measure
The read
Convertible Securities (CWB) is losing its lead. It built a 1.4-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 3.9 points behind the market — the weakening quadrant of the rotation map. Ranked by one-month spread, it currently stands #76 of the 115 groups Zensei tracks.
On the shorter tape, CWB's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. CWB's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The thing to watch from here is whether this is a pause or a handoff: weakening groups sometimes reset and reclaim leadership, but a deepening one-month deficit usually means rotation has moved on.
Convertible Securities vs the market — common questions
Is convertible securities outperforming the S&P 500?
Right now, no: over the past month CWB has underperformed the S&P 500 by 3.9 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is CWB?
CWB is SPDR Bloomberg Convertible Securities ETF, the fund Zensei uses to measure the convertible securities group against the S&P 500 benchmark (SPY).
What quadrant is convertible securities in right now?
As of the latest daily data, convertible securities is in the weakening quadrant — still ahead over the longer window, but behind the market over the past month. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track convertible securities against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.