CNDX.L vs. TLT
CNDX.L (iShares NASDAQ 100 UCITS ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - CNDX.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, CNDX.L returned 21.02%/yr vs -1.79%/yr for TLT. At a correlation of -0.12, they often move in opposite directions. CNDX.L charges 0.33%/yr vs 0.15%/yr for TLT.
Performance
CNDX.L vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, CNDX.L achieves a 13.47% return, which is significantly higher than TLT's -0.49% return. Over the past 10 years, CNDX.L has outperformed TLT with an annualized return of 21.02%, while TLT has yielded a comparatively lower -1.79% 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%
TLT
- 1D
- 0.59%
- 1M
- -0.73%
- YTD
- -0.49%
- 6M
- -1.03%
- 1Y
- 4.17%
- 3Y*
- -1.86%
- 5Y*
- -6.70%
- 10Y*
- -1.79%
CNDX.L vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
TLT iShares 20+ Year Treasury Bond ETF | -0.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between CNDX.L and TLT is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2010 | -0.12 |
The correlation between CNDX.L and TLT shifts across timeframes, from -0.12 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CNDX.L vs. TLT — Risk / Return Rank
CNDX.L
TLT
CNDX.L vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares NASDAQ 100 UCITS ETF (CNDX.L) and iShares 20+ Year Treasury Bond ETF (TLT). 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.L | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.56 | ||
| Sortino ratioReturn per unit of downside risk | +2.09 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.08 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.94 | 0.55 | +2.39 |
| Martin ratioReturn relative to average drawdown | 10.44 | 1.35 | +9.10 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CNDX.L | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.99 | 0.44 | +1.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.77 | -0.42 | +1.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.04 | -0.12 | +1.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.02 | 0.25 | +0.76 |
Drawdowns
CNDX.L vs. TLT - Drawdown Comparison
The maximum CNDX.L drawdown since its inception was -35.21%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for CNDX.L and TLT.
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Drawdown Indicators
| CNDX.L | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.21% | -48.35% | +13.14% |
Max Drawdown (1Y)Largest decline over 1 year | -11.00% | -7.58% | -3.42% |
Max Drawdown (3Y)Largest decline over 3 years | -22.44% | -19.18% | -3.26% |
Max Drawdown (5Y)Largest decline over 5 years | -35.21% | -43.70% | +8.49% |
Max Drawdown (10Y)Largest decline over 10 years | -35.21% | -48.35% | +13.14% |
Current DrawdownCurrent decline from peak | -5.89% | -40.57% | +34.68% |
Average DrawdownAverage peak-to-trough decline | -5.13% | -13.83% | +8.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.10% | 3.10% | 0.00% |
Volatility
CNDX.L vs. TLT - Volatility Comparison
iShares NASDAQ 100 UCITS ETF (CNDX.L) has a higher volatility of 5.93% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.67%. This indicates that CNDX.L's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CNDX.L | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.93% | 2.67% | +3.26% |
Volatility (6M)Calculated over the trailing 6-month period | 12.40% | 6.52% | +5.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.22% | 9.60% | +6.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.96% | 15.85% | +5.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.11% | 14.91% | +5.20% |
CNDX.L vs. TLT - Expense Ratio Comparison
CNDX.L has a 0.33% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
CNDX.L vs. TLT - Dividend Comparison
CNDX.L has not paid dividends to shareholders, while TLT's dividend yield for the trailing twelve months is around 4.60%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.60% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
CNDX.L and TLT have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TLT is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TLT is cheaper with a 0.15% expense ratio, compared with 0.33% for CNDX.L.
CNDX.L is categorized as Nasdaq-100, while TLT is Government Bonds. CNDX.L tracks NASDAQ-100 Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.33% for CNDX.L and 0.15% for TLT.
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