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CNX1.L vs. SPX5.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CNX1.L vs. SPX5.L

Last updated Jun 14, 2026

CNX1.L (iShares NASDAQ 100 UCITS ETF USD (Acc)) and SPX5.L (SPDR S&P 500 UCITS ETF) are both exchange-traded funds - CNX1.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while SPX5.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, CNX1.L returned 22.20%/yr vs 15.80%/yr for SPX5.L. Their correlation of 0.90 suggests significant overlap in exposure. CNX1.L charges 0.36%/yr vs 0.09%/yr for SPX5.L.

Performance

CNX1.L vs. SPX5.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares NASDAQ 100 UCITS ETF USD (Acc) (CNX1.L) and SPDR S&P 500 UCITS ETF (SPX5.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

CNX1.L is traded in GBp, while SPX5.L is traded in GBP. To make them comparable, the SPX5.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, CNX1.L achieves a 17.14% return, which is significantly higher than SPX5.L's 8.77% return. Over the past 10 years, CNX1.L has outperformed SPX5.L with an annualized return of 22.20%, while SPX5.L has yielded a comparatively lower 15.80% annualized return.

CNX1.L

1D
2.47%
1M
0.58%
YTD
17.14%
6M
17.43%
1Y
38.31%
3Y*
23.65%
5Y*
17.86%
10Y*
22.20%

SPX5.L

1D
1.48%
1M
-0.34%
YTD
8.77%
6M
9.15%
1Y
26.66%
3Y*
18.27%
5Y*
14.39%
10Y*
15.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CNX1.L vs. SPX5.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CNX1.L
iShares NASDAQ 100 UCITS ETF USD (Acc)		17.14%11.57%28.51%47.71%-25.53%29.50%43.24%33.63%4.62%20.13%
SPX5.L
SPDR S&P 500 UCITS ETF		8.77%9.34%27.46%19.76%-9.00%30.96%13.52%26.33%-0.04%10.71%

Correlation

The correlation between CNX1.L and SPX5.L is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.92

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

0.91

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

0.90

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

0.90

Correlation (All Time)
Calculated using the full available price history since Mar 19, 2012

0.90

The correlation between CNX1.L and SPX5.L has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

CNX1.L vs. SPX5.L - Sectors Allocation Comparison

Sectors
CNX1.L
SPX5.L

Technology

60.0%
35.6%

Communication Services

13.5%
11.2%

Consumer Cyclical

10.8%
10.1%

Consumer Defensive

6.4%
4.9%

Healthcare

3.6%
8.5%

Industrials

2.8%
8.3%

Utilities

1.1%
2.3%

Basic Materials

1.0%
1.8%

Energy

0.5%
3.5%

Financial Services

0.2%
11.8%

Real Estate

0.1%
1.9%

Technology

CNX1.L
60.0%
SPX5.L
35.6%

Communication Services

CNX1.L
13.5%
SPX5.L
11.2%

Consumer Cyclical

CNX1.L
10.8%
SPX5.L
10.1%

Consumer Defensive

CNX1.L
6.4%
SPX5.L
4.9%

Healthcare

CNX1.L
3.6%
SPX5.L
8.5%

Industrials

CNX1.L
2.8%
SPX5.L
8.3%

Utilities

CNX1.L
1.1%
SPX5.L
2.3%

Basic Materials

CNX1.L
1.0%
SPX5.L
1.8%

Energy

CNX1.L
0.5%
SPX5.L
3.5%

Financial Services

CNX1.L
0.2%
SPX5.L
11.8%

Real Estate

CNX1.L
0.1%
SPX5.L
1.9%

Compare stocks, funds, or ETFs

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iShares NASDAQ 100 UCITS ETF USD (Acc)

SPDR S&P 500 UCITS ETF

Often compared with CNX1.L:
CNX1.L vs. CNDX.LCNX1.L vs. EQQQ.LCNX1.L vs. IITU.LCNX1.L vs. EQGB.LCNX1.L vs. QQQCNX1.L vs. XNAQ.LCNX1.L vs. SXRV.DE
Often compared with SPX5.L:
SPX5.L vs. SPYSPX5.L vs. SPXP.LSPX5.L vs. VUSA.DESPX5.L vs. VUSA.LSPX5.L vs. VOOSPX5.L vs. IUSA.LSPX5.L vs. EQQQ.L

Return for Risk

CNX1.L vs. SPX5.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CNX1.L
CNX1.L Risk / Return Rank: 7878
Overall Rank
CNX1.L Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
CNX1.L Sortino Ratio Rank: 8484
Sortino Ratio Rank
CNX1.L Omega Ratio Rank: 8383
Omega Ratio Rank
CNX1.L Calmar Ratio Rank: 7676
Calmar Ratio Rank
CNX1.L Martin Ratio Rank: 6363
Martin Ratio Rank
SPX5.L
SPX5.L Risk / Return Rank: 8383
Overall Rank
SPX5.L Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
SPX5.L Sortino Ratio Rank: 8484
Sortino Ratio Rank
SPX5.L Omega Ratio Rank: 8585
Omega Ratio Rank
SPX5.L Calmar Ratio Rank: 8080
Calmar Ratio Rank
SPX5.L Martin Ratio Rank: 7979
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.

CNX1.L vs. SPX5.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares NASDAQ 100 UCITS ETF USD (Acc) (CNX1.L) and SPDR S&P 500 UCITS ETF (SPX5.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

CNX1.LSPX5.LDifference
Sharpe ratioReturn per unit of total volatility
2.45
2.42

+0.03

Sortino ratioReturn per unit of downside risk
3.24
3.25

-0.02

Omega ratioGain probability vs. loss probability

1.43

1.45

-0.02

Calmar ratioReturn relative to maximum drawdown

3.39

3.67

-0.28

Martin ratioReturn relative to average drawdown

9.86

13.26

-3.40

CNX1.L vs. SPX5.L - Sharpe Ratio Comparison

The current CNX1.L Sharpe Ratio is 2.45, which is comparable to the SPX5.L Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of CNX1.L and SPX5.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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Drawdowns

CNX1.L vs. SPX5.L - Drawdown Comparison

The maximum CNX1.L drawdown since its inception was -27.56%, smaller than the maximum SPX5.L drawdown of -41.23%. Use the drawdown chart below to compare losses from any high point for CNX1.L and SPX5.L.

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Drawdown Indicators

CNX1.LSPX5.LDifference

Max Drawdown

Largest peak-to-trough decline

-27.56%

-41.23%

+13.67%

Max Drawdown (1Y)

Largest decline over 1 year

-11.03%

-7.07%

-3.96%

Max Drawdown (3Y)

Largest decline over 3 years

-24.56%

-20.90%

-3.66%

Max Drawdown (5Y)

Largest decline over 5 years

-27.56%

-20.90%

-6.66%

Max Drawdown (10Y)

Largest decline over 10 years

-27.56%

-25.45%

-2.11%

Current Drawdown

Current decline from peak

-2.87%

-1.82%

-1.05%

Average Drawdown

Average peak-to-trough decline

-4.91%

-7.47%

+2.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.80%

1.96%

+1.84%

Volatility

CNX1.L vs. SPX5.L - Volatility Comparison

iShares NASDAQ 100 UCITS ETF USD (Acc) (CNX1.L) has a higher volatility of 5.76% compared to SPDR S&P 500 UCITS ETF (SPX5.L) at 3.60%. This indicates that CNX1.L's price experiences larger fluctuations and is considered to be riskier than SPX5.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CNX1.LSPX5.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.76%

3.60%

+2.16%

Volatility (6M)

Calculated over the trailing 6-month period

11.22%

7.54%

+3.68%

Volatility (1Y)

Calculated over the trailing 1-year period

15.31%

10.78%

+4.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.31%

14.26%

+16.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.51%

15.53%

+9.98%

CNX1.L vs. SPX5.L - Expense Ratio Comparison

CNX1.L has a 0.36% expense ratio, which is higher than SPX5.L's 0.09% expense ratio.

Dividends

CNX1.L vs. SPX5.L - Dividend Comparison

CNX1.L has not paid dividends to shareholders, while SPX5.L's dividend yield for the trailing twelve months is around 0.90%.

PositionTTM20252024202320222021202020192018201720162015
CNX1.L
iShares NASDAQ 100 UCITS ETF USD (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SPX5.L
SPDR S&P 500 UCITS ETF		0.90%0.98%1.03%1.21%1.39%0.98%1.40%1.48%1.71%1.57%1.49%1.68%

Frequently Asked Questions

With a correlation of 0.92, CNX1.L and SPX5.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

On fees, SPX5.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPX5.L is cheaper with a 0.09% expense ratio, compared with 0.36% for CNX1.L.

CNX1.L is categorized as Nasdaq-100, while SPX5.L is S&P 500. CNX1.L tracks NASDAQ-100 Index, while SPX5.L tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.36% for CNX1.L and 0.09% for SPX5.L.

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