CNX1.L vs. X7PP.L

Last updated Jun 14, 2026

CNX1.L (iShares NASDAQ 100 UCITS ETF USD (Acc)) and X7PP.L (Invesco European Banks Sector UCITS ETF) are both exchange-traded funds - CNX1.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while X7PP.L is a Financials Equities fund tracking the MSCI World/Financials NR USD. Both are passively managed. Over the past 10 years, CNX1.L returned 22.20%/yr vs 16.26%/yr for X7PP.L. At a 0.36 correlation, their price movements are largely independent. CNX1.L charges 0.36%/yr vs 0.20%/yr for X7PP.L.

Performance

CNX1.L vs. X7PP.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 Invesco European Banks Sector UCITS ETF (X7PP.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNX1.L achieves a 17.14% return, which is significantly higher than X7PP.L's 7.48% return. Over the past 10 years, CNX1.L has outperformed X7PP.L with an annualized return of 22.20%, while X7PP.L has yielded a comparatively lower 16.26% 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%

X7PP.L

• 1D: 4.06%
• 1M: 5.15%
• YTD: 7.48%
• 6M: 11.87%
• 1Y: 46.89%
• 3Y*: 43.37%
• 5Y*: 28.29%
• 10Y*: 16.26%

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

CNX1.L vs. X7PP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
X7PP.L Invesco European Banks Sector UCITS ETF	7.48%	87.77%	27.07%	23.27%	6.04%	29.16%	-18.50%	8.33%	-26.15%	16.53%

Correlation

The correlation between CNX1.L and X7PP.L is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jun 30, 2014	0.36

The correlation between CNX1.L and X7PP.L shifts across timeframes, from 0.28 (3 years) to 0.43 (1 year), reflecting how their relationship changes across market environments.

CNX1.L vs. X7PP.L - Sectors Allocation Comparison

Sectors	CNX1.L	X7PP.L
Technology	60.0%	-
Communication Services	13.5%	-
Consumer Cyclical	10.8%	-
Consumer Defensive	6.4%	-
Healthcare	3.6%	-
Industrials	2.8%	-
Utilities	1.1%	-
Basic Materials	1.0%	-
Energy	0.5%	-
Financial Services	0.2%	100.0%
Real Estate	0.1%	-

Return for Risk

CNX1.L vs. X7PP.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: 78
CNX1.L Sharpe Ratio Rank: 87
CNX1.L Sortino Ratio Rank: 84
CNX1.L Omega Ratio Rank: 83
CNX1.L Calmar Ratio Rank: 76
CNX1.L Martin Ratio Rank: 63

X7PP.L

X7PP.L Risk / Return Rank: 66
X7PP.L Sharpe Ratio Rank: 72
X7PP.L Sortino Ratio Rank: 70
X7PP.L Omega Ratio Rank: 64
X7PP.L Calmar Ratio Rank: 64
X7PP.L Martin Ratio Rank: 60

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. X7PP.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 Invesco European Banks Sector UCITS ETF (X7PP.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.L	X7PP.L	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.01	+0.44
Sortino ratio: Return per unit of downside risk	3.24	2.75	+0.49
Omega ratio: Gain probability vs. loss probability	1.43	1.33	+0.10
Calmar ratio: Return relative to maximum drawdown	3.39	2.79	+0.60
Martin ratio: Return relative to average drawdown	9.86	9.30	+0.56

CNX1.L vs. X7PP.L - Sharpe Ratio Comparison

The current CNX1.L Sharpe Ratio is 2.45, which is comparable to the X7PP.L Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of CNX1.L and X7PP.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.

Drawdowns

CNX1.L vs. X7PP.L - Drawdown Comparison

The maximum CNX1.L drawdown since its inception was -27.56%, smaller than the maximum X7PP.L drawdown of -56.28%. Use the drawdown chart below to compare losses from any high point for CNX1.L and X7PP.L.

Drawdown Indicators

	CNX1.L	X7PP.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.56%	-56.28%	+28.72%
Max Drawdown (1Y) Largest decline over 1 year	-11.03%	-15.94%	+4.91%
Max Drawdown (3Y) Largest decline over 3 years	-24.56%	-18.17%	-6.39%
Max Drawdown (5Y) Largest decline over 5 years	-27.56%	-30.79%	+3.23%
Max Drawdown (10Y) Largest decline over 10 years	-27.56%	-56.28%	+28.72%
Current Drawdown Current decline from peak	-2.87%	0.00%	-2.87%
Average Drawdown Average peak-to-trough decline	-4.91%	-15.39%	+10.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.80%	4.79%	-0.99%

Volatility

CNX1.L vs. X7PP.L - Volatility Comparison

The current volatility for iShares NASDAQ 100 UCITS ETF USD (Acc) (CNX1.L) is 5.76%, while Invesco European Banks Sector UCITS ETF (X7PP.L) has a volatility of 6.12%. This indicates that CNX1.L experiences smaller price fluctuations and is considered to be less risky than X7PP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNX1.L	X7PP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.76%	6.12%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	11.22%	18.15%	-6.93%
Volatility (1Y) Calculated over the trailing 1-year period	15.31%	22.12%	-6.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.31%	23.54%	+6.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.51%	24.57%	+0.94%

CNX1.L vs. X7PP.L - Expense Ratio Comparison

CNX1.L has a 0.36% expense ratio, which is higher than X7PP.L's 0.20% expense ratio.

Dividends

CNX1.L vs. X7PP.L - Dividend Comparison

Neither CNX1.L nor X7PP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CNX1.L and X7PP.L in my portfolio?

CNX1.L and X7PP.L have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CNX1.L or X7PP.L?

On fees, X7PP.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CNX1.L or X7PP.L?

X7PP.L is cheaper with a 0.20% expense ratio, compared with 0.36% for CNX1.L.

What is the main difference between CNX1.L and X7PP.L?

CNX1.L is categorized as Nasdaq-100, while X7PP.L is Financials Equities. CNX1.L tracks NASDAQ-100 Index, while X7PP.L tracks MSCI World/Financials NR USD. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.36% for CNX1.L and 0.20% for X7PP.L.