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CNDX.L vs. DBC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CNDX.L vs. DBC

Last updated Jun 10, 2026

CNDX.L (iShares NASDAQ 100 UCITS ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - CNDX.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Both are passively managed. Over the past 10 years, CNDX.L returned 21.02%/yr vs 8.39%/yr for DBC. At a 0.17 correlation, their price movements are largely independent. CNDX.L charges 0.33%/yr vs 0.85%/yr for DBC.

Performance

CNDX.L vs. DBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares NASDAQ 100 UCITS ETF (CNDX.L) and Invesco DB Commodity Index Tracking Fund (DBC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CNDX.L achieves a 13.47% return, which is significantly lower than DBC's 30.01% return. Over the past 10 years, CNDX.L has outperformed DBC with an annualized return of 21.02%, while DBC has yielded a comparatively lower 8.39% annualized return.

CNDX.L

1D
-2.45%
1M
-0.89%
YTD
13.47%
6M
12.34%
1Y
32.47%
3Y*
26.03%
5Y*
16.08%
10Y*
21.02%

DBC

1D
-1.36%
1M
-4.06%
YTD
30.01%
6M
30.70%
1Y
38.66%
3Y*
13.59%
5Y*
11.62%
10Y*
8.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CNDX.L vs. DBC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CNDX.L
iShares NASDAQ 100 UCITS ETF		13.47%19.75%26.42%56.22%-33.49%27.92%48.25%37.96%-1.08%31.91%
DBC
Invesco DB Commodity Index Tracking Fund		30.01%8.10%2.18%-6.19%19.34%41.36%-7.84%11.84%-11.63%4.86%

Correlation

The correlation between CNDX.L and DBC is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.07

Correlation (3Y)
Calculated over the trailing 3-year period

0.05

Correlation (5Y)
Calculated over the trailing 5-year period

0.09

Correlation (10Y)
Calculated over the trailing 10-year period

0.15

Correlation (All Time)
Calculated using the full available price history since Sep 15, 2010

0.17

The correlation between CNDX.L and DBC shifts across timeframes, from -0.07 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

CNDX.L vs. DBC - Sectors Allocation Comparison

Sectors
CNDX.L
DBC

Technology

57.9%

-

Communication Services

14.5%

-

Consumer Cyclical

11.6%

-

Consumer Defensive

6.6%

-

Healthcare

3.7%

-

Industrials

2.8%

-

Utilities

1.2%

-

Basic Materials

1.0%

-

Energy

0.5%

-

Financial Services

0.2%
91.5%

Real Estate

0.1%

-

Technology

CNDX.L
57.9%
DBC

-

Communication Services

CNDX.L
14.5%
DBC

-

Consumer Cyclical

CNDX.L
11.6%
DBC

-

Consumer Defensive

CNDX.L
6.6%
DBC

-

Healthcare

CNDX.L
3.7%
DBC

-

Industrials

CNDX.L
2.8%
DBC

-

Utilities

CNDX.L
1.2%
DBC

-

Basic Materials

CNDX.L
1.0%
DBC

-

Energy

CNDX.L
0.5%
DBC

-

Financial Services

CNDX.L
0.2%
DBC
91.5%

Real Estate

CNDX.L
0.1%
DBC

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares NASDAQ 100 UCITS ETF

Invesco DB Commodity Index Tracking Fund

Often compared with CNDX.L:
CNDX.L vs. QQQCNDX.L vs. EQQQ.DECNDX.L vs. SXRV.DECNDX.L vs. CNX1.LCNDX.L vs. CSPX.LCNDX.L vs. EQQU.LCNDX.L vs. VWRA.L
Often compared with DBC:
DBC vs. PDBCDBC vs. GSGDBC vs. DBADBC vs. BCIDBC vs. DJPDBC vs. XLEDBC vs. USCI

Return for Risk

CNDX.L vs. DBC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CNDX.L
CNDX.L Risk / Return Rank: 6767
Overall Rank
CNDX.L Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
CNDX.L Sortino Ratio Rank: 7070
Sortino Ratio Rank
CNDX.L Omega Ratio Rank: 6565
Omega Ratio Rank
CNDX.L Calmar Ratio Rank: 6666
Calmar Ratio Rank
CNDX.L Martin Ratio Rank: 6565
Martin Ratio Rank
DBC
DBC Risk / Return Rank: 7373
Overall Rank
DBC Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
DBC Sortino Ratio Rank: 6666
Sortino Ratio Rank
DBC Omega Ratio Rank: 6868
Omega Ratio Rank
DBC Calmar Ratio Rank: 8989
Calmar Ratio Rank
DBC Martin Ratio Rank: 6969
Martin Ratio Rank
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.L vs. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares NASDAQ 100 UCITS ETF (CNDX.L) and Invesco DB Commodity Index Tracking Fund (DBC). 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.LDBCDifference
Sharpe ratioReturn per unit of total volatility
1.99
2.05

-0.06

Sortino ratioReturn per unit of downside risk
2.79
2.69

+0.10

Omega ratioGain probability vs. loss probability

1.34

1.36

-0.01

Calmar ratioReturn relative to maximum drawdown

2.94

4.70

-1.76

Martin ratioReturn relative to average drawdown

10.44

11.30

-0.85

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.L vs. DBC - Sharpe Ratio Comparison

The current CNDX.L Sharpe Ratio is 1.99, which is comparable to the DBC Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of CNDX.L and DBC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CNDX.LDBCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.99

2.05

-0.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.77

0.61

+0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.04

0.47

+0.57

Sharpe Ratio (All Time)

Calculated using the full available price history

1.02

0.10

+0.91

Drawdowns

CNDX.L vs. DBC - Drawdown Comparison

The maximum CNDX.L drawdown since its inception was -35.21%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for CNDX.L and DBC.

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Drawdown Indicators

CNDX.LDBCDifference

Max Drawdown

Largest peak-to-trough decline

-35.21%

-76.36%

+41.15%

Max Drawdown (1Y)

Largest decline over 1 year

-11.00%

-8.27%

-2.73%

Max Drawdown (3Y)

Largest decline over 3 years

-22.44%

-13.82%

-8.62%

Max Drawdown (5Y)

Largest decline over 5 years

-35.21%

-27.34%

-7.87%

Max Drawdown (10Y)

Largest decline over 10 years

-35.21%

-41.71%

+6.50%

Current Drawdown

Current decline from peak

-5.89%

-24.79%

+18.90%

Average Drawdown

Average peak-to-trough decline

-5.13%

-46.20%

+41.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.10%

3.43%

-0.33%

Volatility

CNDX.L vs. DBC - Volatility Comparison

The current volatility for iShares NASDAQ 100 UCITS ETF (CNDX.L) is 5.93%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 6.31%. This indicates that CNDX.L experiences smaller price fluctuations and is considered to be less risky than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CNDX.LDBCDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.93%

6.31%

-0.38%

Volatility (6M)

Calculated over the trailing 6-month period

12.40%

16.09%

-3.69%

Volatility (1Y)

Calculated over the trailing 1-year period

16.22%

18.93%

-2.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.96%

19.21%

+1.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.11%

17.82%

+2.29%

CNDX.L vs. DBC - Expense Ratio Comparison

CNDX.L has a 0.33% expense ratio, which is lower than DBC's 0.85% expense ratio.

Dividends

CNDX.L vs. DBC - Dividend Comparison

CNDX.L has not paid dividends to shareholders, while DBC's dividend yield for the trailing twelve months is around 2.56%.

PositionTTM20252024202320222021202020192018
CNDX.L
iShares NASDAQ 100 UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
DBC
Invesco DB Commodity Index Tracking Fund		2.56%3.33%5.22%4.94%0.59%0.00%0.00%1.59%1.30%

Frequently Asked Questions

CNDX.L and DBC have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CNDX.L is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CNDX.L is cheaper with a 0.33% expense ratio, compared with 0.85% for DBC.

CNDX.L is categorized as Nasdaq-100, while DBC is Commodities. CNDX.L tracks NASDAQ-100 Index, while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.33% for CNDX.L and 0.85% for DBC.

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