CNDX.AS vs. SEMA.L

Last updated Jun 5, 2026

CNDX.AS (iShares NASDAQ 100 UCITS ETF) and SEMA.L (iShares MSCI EM UCITS ETF (Acc)) are both exchange-traded funds - CNDX.AS is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while SEMA.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 10 years, CNDX.AS returned 21.25%/yr vs 9.33%/yr for SEMA.L. A 0.61 correlation means they provide meaningful diversification when combined. CNDX.AS charges 0.36%/yr vs 0.18%/yr for SEMA.L.

Performance

CNDX.AS vs. SEMA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares NASDAQ 100 UCITS ETF (CNDX.AS) and iShares MSCI EM UCITS ETF (Acc) (SEMA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CNDX.AS is traded in EUR, while SEMA.L is traded in GBp. To make them comparable, the SEMA.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, CNDX.AS achieves a 20.95% return, which is significantly lower than SEMA.L's 22.46% return. Over the past 10 years, CNDX.AS has outperformed SEMA.L with an annualized return of 21.25%, while SEMA.L has yielded a comparatively lower 9.33% annualized return.

CNDX.AS

• 1D: -0.77%
• 1M: 5.85%
• YTD: 20.95%
• 6M: 18.73%
• 1Y: 37.23%
• 3Y*: 24.53%
• 5Y*: 18.67%
• 10Y*: 21.25%

SEMA.L

• 1D: -3.71%
• 1M: -0.06%
• YTD: 22.46%
• 6M: 23.20%
• 1Y: 42.90%
• 3Y*: 18.87%
• 5Y*: 7.62%
• 10Y*: 9.33%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CNDX.AS vs. SEMA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNDX.AS iShares NASDAQ 100 UCITS ETF	20.95%	6.16%	35.29%	50.41%	-29.90%	38.80%	35.83%	40.51%	4.53%	16.12%
SEMA.L iShares MSCI EM UCITS ETF (Acc)	22.46%	18.56%	14.66%	5.66%	-15.34%	4.80%	8.46%	19.79%	-10.36%	19.53%

Correlation

The correlation between CNDX.AS and SEMA.L is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jan 19, 2011	0.61

The correlation between CNDX.AS and SEMA.L shifts across timeframes, from 0.54 (5 years) to 0.66 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CNDX.AS vs. SEMA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CNDX.AS

CNDX.AS Risk / Return Rank: 71
CNDX.AS Sharpe Ratio Rank: 75
CNDX.AS Sortino Ratio Rank: 72
CNDX.AS Omega Ratio Rank: 73
CNDX.AS Calmar Ratio Rank: 75
CNDX.AS Martin Ratio Rank: 62

SEMA.L

SEMA.L Risk / Return Rank: 85
SEMA.L Sharpe Ratio Rank: 87
SEMA.L Sortino Ratio Rank: 83
SEMA.L Omega Ratio Rank: 87
SEMA.L Calmar Ratio Rank: 84
SEMA.L Martin Ratio Rank: 82

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CNDX.AS vs. SEMA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares NASDAQ 100 UCITS ETF (CNDX.AS) and iShares MSCI EM UCITS ETF (Acc) (SEMA.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CNDX.AS	SEMA.L	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.38	+0.04
Sortino ratio: Return per unit of downside risk	3.20	3.17	+0.03
Omega ratio: Gain probability vs. loss probability	1.43	1.44	-0.01
Calmar ratio: Return relative to maximum drawdown	3.70	3.97	-0.27
Martin ratio: Return relative to average drawdown	11.01	14.49	-3.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNDX.AS vs. SEMA.L - Sharpe Ratio Comparison

The current CNDX.AS Sharpe Ratio is 2.41, which is comparable to the SEMA.L Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of CNDX.AS and SEMA.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CNDX.AS	SEMA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	2.38	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	0.35	+0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.07	0.45	+0.62
Sharpe Ratio (All Time) Calculated using the full available price history	1.03	0.10	+0.93

Drawdowns

CNDX.AS vs. SEMA.L - Drawdown Comparison

The maximum CNDX.AS drawdown since its inception was -31.21%, smaller than the maximum SEMA.L drawdown of -42.70%. Use the drawdown chart below to compare losses from any high point for CNDX.AS and SEMA.L.

Drawdown Indicators

	CNDX.AS	SEMA.L	Difference
Max Drawdown Largest peak-to-trough decline	-31.21%	-42.70%	+11.49%
Max Drawdown (1Y) Largest decline over 1 year	-10.06%	-10.88%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	-26.57%	-21.50%	-5.07%
Max Drawdown (5Y) Largest decline over 5 years	-31.21%	-23.66%	-7.55%
Max Drawdown (10Y) Largest decline over 10 years	-31.21%	-32.33%	+1.12%
Current Drawdown Current decline from peak	-0.77%	-6.14%	+5.37%
Average Drawdown Average peak-to-trough decline	-5.45%	-16.40%	+10.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	2.99%	+0.42%

Volatility

CNDX.AS vs. SEMA.L - Volatility Comparison

The current volatility for iShares NASDAQ 100 UCITS ETF (CNDX.AS) is 4.35%, while iShares MSCI EM UCITS ETF (Acc) (SEMA.L) has a volatility of 8.06%. This indicates that CNDX.AS experiences smaller price fluctuations and is considered to be less risky than SEMA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNDX.AS	SEMA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	8.06%	-3.71%
Volatility (6M) Calculated over the trailing 6-month period	10.74%	15.47%	-4.73%
Volatility (1Y) Calculated over the trailing 1-year period	15.45%	18.19%	-2.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.72%	21.57%	-1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.61%	20.68%	-1.07%

CNDX.AS vs. SEMA.L - Expense Ratio Comparison

CNDX.AS has a 0.36% expense ratio, which is higher than SEMA.L's 0.18% expense ratio.

Dividends

CNDX.AS vs. SEMA.L - Dividend Comparison

Neither CNDX.AS nor SEMA.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CNDX.AS and SEMA.L in my portfolio?

CNDX.AS and SEMA.L have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CNDX.AS or SEMA.L?

On fees, SEMA.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CNDX.AS or SEMA.L?

SEMA.L is cheaper with a 0.18% expense ratio, compared with 0.36% for CNDX.AS.

What is the main difference between CNDX.AS and SEMA.L?

CNDX.AS is categorized as Nasdaq-100, while SEMA.L is Emerging Markets Equities. CNDX.AS tracks NASDAQ-100 Index, while SEMA.L tracks MSCI EM NR USD. Their fees differ too: 0.36% for CNDX.AS and 0.18% for SEMA.L.