ERNXY vs. GCVG.L

Last updated Jun 5, 2026

ERNXY (Euronext N.V) is a stock, while GCVG.L (SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF) is Convertible Bonds fund tracking the Refinitiv Qualified Global Convertible (GBP Hedged). Over the past 3 years, ERNXY returned 36.47%/yr vs 22.34%/yr for GCVG.L. At a 0.11 correlation, their price movements are largely independent.

Performance

ERNXY vs. GCVG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Euronext N.V (ERNXY) and SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ERNXY is traded in USD, while GCVG.L is traded in GBP. To make them comparable, the GCVG.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ERNXY achieves a 12.71% return, which is significantly lower than GCVG.L's 17.81% return.

ERNXY

• 1D: 8.16%
• 1M: -0.88%
• YTD: 12.71%
• 6M: 16.11%
• 1Y: 1.33%
• 3Y*: 36.47%
• 5Y*: 11.78%
• 10Y*: —

GCVG.L

• 1D: -0.20%
• 1M: 3.44%
• YTD: 17.81%
• 6M: 20.86%
• 1Y: 35.20%
• 3Y*: 22.34%
• 5Y*: —
• 10Y*: —

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

ERNXY vs. GCVG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ERNXY Euronext N.V	12.71%	41.92%	33.28%	15.25%	-15.99%
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF	17.81%	32.27%	7.63%	19.81%	-23.84%

Correlation

The correlation between ERNXY and GCVG.L is 0.04, 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	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since Feb 3, 2022	0.11

Return for Risk

ERNXY vs. GCVG.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ERNXY

ERNXY Risk / Return Rank: 42
ERNXY Sharpe Ratio Rank: 42
ERNXY Sortino Ratio Rank: 40
ERNXY Omega Ratio Rank: 41
ERNXY Calmar Ratio Rank: 42
ERNXY Martin Ratio Rank: 43

GCVG.L

GCVG.L Risk / Return Rank: 92
GCVG.L Sharpe Ratio Rank: 91
GCVG.L Sortino Ratio Rank: 92
GCVG.L Omega Ratio Rank: 93
GCVG.L Calmar Ratio Rank: 90
GCVG.L Martin Ratio Rank: 93

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.

ERNXY vs. GCVG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Euronext N.V (ERNXY) and SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.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.

	ERNXY	GCVG.L	Difference
Sharpe ratio: Return per unit of total volatility	0.03	2.43	-2.40
Sortino ratio: Return per unit of downside risk	0.41	3.39	-2.98
Omega ratio: Gain probability vs. loss probability	1.05	1.44	-0.39
Calmar ratio: Return relative to maximum drawdown	0.05	3.84	-3.80
Martin ratio: Return relative to average drawdown	0.09	16.04	-15.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ERNXY vs. GCVG.L - Sharpe Ratio Comparison

The current ERNXY Sharpe Ratio is 0.03, which is lower than the GCVG.L Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of ERNXY and GCVG.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.

Sharpe Ratios by Period

	ERNXY	GCVG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.03	2.43	-2.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.68	-0.42

Drawdowns

ERNXY vs. GCVG.L - Drawdown Comparison

The maximum ERNXY drawdown since its inception was -45.40%, which is greater than GCVG.L's maximum drawdown of -34.83%. Use the drawdown chart below to compare losses from any high point for ERNXY and GCVG.L.

Drawdown Indicators

	ERNXY	GCVG.L	Difference
Max Drawdown Largest peak-to-trough decline	-45.40%	-34.83%	-10.57%
Max Drawdown (1Y) Largest decline over 1 year	-29.19%	-9.07%	-20.12%
Max Drawdown (3Y) Largest decline over 3 years	-29.19%	-11.81%	-17.38%
Max Drawdown (5Y) Largest decline over 5 years	-45.40%	—	—
Current Drawdown Current decline from peak	-23.41%	-0.75%	-22.66%
Average Drawdown Average peak-to-trough decline	-13.46%	-10.11%	-3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.18%	2.18%	+12.00%

Volatility

ERNXY vs. GCVG.L - Volatility Comparison

Euronext N.V (ERNXY) has a higher volatility of 32.25% compared to SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) at 4.69%. This indicates that ERNXY's price experiences larger fluctuations and is considered to be riskier than GCVG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ERNXY	GCVG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.25%	4.69%	+27.56%
Volatility (6M) Calculated over the trailing 6-month period	45.71%	11.67%	+34.04%
Volatility (1Y) Calculated over the trailing 1-year period	52.53%	14.36%	+38.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.27%	15.11%	+33.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.45%	15.11%	+32.34%

Dividends

ERNXY vs. GCVG.L - Dividend Comparison

ERNXY's dividend yield for the trailing twelve months is around 2.24%, more than GCVG.L's 0.52% yield.

Position	TTM	2025	2024	2023	2022
ERNXY Euronext N.V	2.24%	2.17%	1.90%	2.91%	2.75%
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF	0.52%	0.59%	0.41%	0.28%	0.00%

Frequently Asked Questions

Can I hold both ERNXY and GCVG.L in my portfolio?

ERNXY and GCVG.L have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.