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

CNDX.L vs. USSC.L

Last updated Jun 9, 2026

CNDX.L (iShares NASDAQ 100 UCITS ETF) and USSC.L (SPDR MSCI USA Small Cap Value Weighted UCITS ETF) are both exchange-traded funds - CNDX.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while USSC.L is a Small Cap Value Equities fund tracking the MSCI USA Small Cap Value Weighted Index. Both are passively managed. Over the past 10 years, CNDX.L returned 21.32%/yr vs 11.89%/yr for USSC.L. A 0.58 correlation means they provide meaningful diversification when combined. CNDX.L charges 0.33%/yr vs 0.30%/yr for USSC.L.

Performance

CNDX.L vs. USSC.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares NASDAQ 100 UCITS ETF (CNDX.L) and SPDR MSCI USA Small Cap Value Weighted UCITS ETF (USSC.L). 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 16.32% return, which is significantly higher than USSC.L's 13.11% return. Over the past 10 years, CNDX.L has outperformed USSC.L with an annualized return of 21.32%, while USSC.L has yielded a comparatively lower 11.89% annualized return.

CNDX.L

1D
-0.36%
1M
1.61%
YTD
16.32%
6M
15.48%
1Y
36.18%
3Y*
27.08%
5Y*
16.76%
10Y*
21.32%

USSC.L

1D
0.14%
1M
0.83%
YTD
13.11%
6M
13.79%
1Y
34.93%
3Y*
18.16%
5Y*
9.15%
10Y*
11.89%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CNDX.L vs. USSC.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CNDX.L
iShares NASDAQ 100 UCITS ETF		16.32%19.75%26.42%56.22%-33.49%27.92%48.25%37.96%-1.08%31.91%
USSC.L
SPDR MSCI USA Small Cap Value Weighted UCITS ETF		13.11%14.72%8.33%23.18%-10.14%35.22%8.76%23.17%-15.30%9.80%

Correlation

The correlation between CNDX.L and USSC.L is 0.50, 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

0.50

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

0.52

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

0.61

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

0.56

Correlation (All Time)
Calculated using the full available price history since Feb 19, 2015

0.58

The correlation between CNDX.L and USSC.L shifts across timeframes, from 0.50 (1 year) to 0.61 (5 years), reflecting how their relationship changes across market environments.

CNDX.L vs. USSC.L - Sectors Allocation Comparison

Sectors
CNDX.L
USSC.L

Technology

57.9%
9.4%

Communication Services

14.5%
2.7%

Consumer Cyclical

11.6%
14.0%

Consumer Defensive

6.6%
6.0%

Healthcare

3.7%
7.5%

Industrials

2.8%
14.7%

Utilities

1.2%
2.5%

Basic Materials

1.0%
6.1%

Energy

0.5%
11.2%

Financial Services

0.2%
19.8%

Real Estate

0.1%
6.2%

Technology

CNDX.L
57.9%
USSC.L
9.4%

Communication Services

CNDX.L
14.5%
USSC.L
2.7%

Consumer Cyclical

CNDX.L
11.6%
USSC.L
14.0%

Consumer Defensive

CNDX.L
6.6%
USSC.L
6.0%

Healthcare

CNDX.L
3.7%
USSC.L
7.5%

Industrials

CNDX.L
2.8%
USSC.L
14.7%

Utilities

CNDX.L
1.2%
USSC.L
2.5%

Basic Materials

CNDX.L
1.0%
USSC.L
6.1%

Energy

CNDX.L
0.5%
USSC.L
11.2%

Financial Services

CNDX.L
0.2%
USSC.L
19.8%

Real Estate

CNDX.L
0.1%
USSC.L
6.2%

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iShares NASDAQ 100 UCITS ETF

SPDR MSCI USA Small Cap Value Weighted UCITS ETF

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 USSC.L:
USSC.L vs. R2SC.LUSSC.L vs. SPYUSSC.L vs. SLYVUSSC.L vs. IEUSUSSC.L vs. IMID.LUSSC.L vs. VBRUSSC.L vs. MOGB.L

Return for Risk

CNDX.L vs. USSC.L — 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: 7474
Overall Rank
CNDX.L Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
CNDX.L Sortino Ratio Rank: 7878
Sortino Ratio Rank
CNDX.L Omega Ratio Rank: 7272
Omega Ratio Rank
CNDX.L Calmar Ratio Rank: 7272
Calmar Ratio Rank
CNDX.L Martin Ratio Rank: 6969
Martin Ratio Rank
USSC.L
USSC.L Risk / Return Rank: 7777
Overall Rank
USSC.L Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
USSC.L Sortino Ratio Rank: 8080
Sortino Ratio Rank
USSC.L Omega Ratio Rank: 6969
Omega Ratio Rank
USSC.L Calmar Ratio Rank: 8585
Calmar Ratio Rank
USSC.L Martin Ratio Rank: 7878
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. USSC.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares NASDAQ 100 UCITS ETF (CNDX.L) and SPDR MSCI USA Small Cap Value Weighted UCITS ETF (USSC.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.LUSSC.LDifference
Sharpe ratioReturn per unit of total volatility
2.25
2.18

+0.07

Sortino ratioReturn per unit of downside risk
3.13
3.19

-0.06

Omega ratioGain probability vs. loss probability

1.39

1.37

+0.01

Calmar ratioReturn relative to maximum drawdown

3.27

4.28

-1.01

Martin ratioReturn relative to average drawdown

11.72

13.71

-1.99

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. USSC.L - Sharpe Ratio Comparison

The current CNDX.L Sharpe Ratio is 2.25, which is comparable to the USSC.L Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of CNDX.L and USSC.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.

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Sharpe Ratios by Period

CNDX.LUSSC.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.25

2.18

+0.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.80

0.42

+0.38

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.06

0.52

+0.54

Sharpe Ratio (All Time)

Calculated using the full available price history

1.03

0.45

+0.58

Drawdowns

CNDX.L vs. USSC.L - Drawdown Comparison

The maximum CNDX.L drawdown since its inception was -35.21%, smaller than the maximum USSC.L drawdown of -48.99%. Use the drawdown chart below to compare losses from any high point for CNDX.L and USSC.L.

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Drawdown Indicators

CNDX.LUSSC.LDifference

Max Drawdown

Largest peak-to-trough decline

-35.21%

-48.99%

+13.78%

Max Drawdown (1Y)

Largest decline over 1 year

-11.00%

-8.12%

-2.88%

Max Drawdown (3Y)

Largest decline over 3 years

-22.44%

-27.47%

+5.03%

Max Drawdown (5Y)

Largest decline over 5 years

-35.21%

-27.47%

-7.74%

Max Drawdown (10Y)

Largest decline over 10 years

-35.21%

-48.99%

+13.78%

Current Drawdown

Current decline from peak

-3.53%

-0.56%

-2.97%

Average Drawdown

Average peak-to-trough decline

-5.13%

-7.68%

+2.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.08%

2.54%

+0.54%

Volatility

CNDX.L vs. USSC.L - Volatility Comparison

iShares NASDAQ 100 UCITS ETF (CNDX.L) has a higher volatility of 5.44% compared to SPDR MSCI USA Small Cap Value Weighted UCITS ETF (USSC.L) at 3.91%. This indicates that CNDX.L's price experiences larger fluctuations and is considered to be riskier than USSC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CNDX.LUSSC.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.44%

3.91%

+1.53%

Volatility (6M)

Calculated over the trailing 6-month period

12.12%

10.07%

+2.05%

Volatility (1Y)

Calculated over the trailing 1-year period

16.04%

15.98%

+0.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.93%

21.61%

-0.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.09%

22.79%

-2.70%

CNDX.L vs. USSC.L - Expense Ratio Comparison

CNDX.L has a 0.33% expense ratio, which is higher than USSC.L's 0.30% expense ratio.

Dividends

CNDX.L vs. USSC.L - Dividend Comparison

Neither CNDX.L nor USSC.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

CNDX.L and USSC.L have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, USSC.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

USSC.L is cheaper with a 0.30% expense ratio, compared with 0.33% for CNDX.L.

CNDX.L is categorized as Nasdaq-100, while USSC.L is Small Cap Value Equities. CNDX.L tracks NASDAQ-100 Index, while USSC.L tracks MSCI USA Small Cap Value Weighted Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.33% for CNDX.L and 0.30% for USSC.L.

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