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

FEX.L vs. CNDX.L

Last updated Jun 4, 2026

FEX.L (First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD) and CNDX.L (iShares NASDAQ 100 UCITS ETF) are both exchange-traded funds - FEX.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD, while CNDX.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, FEX.L returned 13.68%/yr vs 22.74%/yr for CNDX.L. A 0.72 correlation means they provide meaningful diversification when combined. FEX.L charges 0.75%/yr vs 0.33%/yr for CNDX.L.

Performance

FEX.L vs. CNDX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD (FEX.L) and iShares NASDAQ 100 UCITS ETF (CNDX.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

FEX.L is traded in GBp, while CNDX.L is traded in USD. To make them comparable, the CNDX.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, FEX.L achieves a 14.44% return, which is significantly lower than CNDX.L's 20.90% return. Over the past 10 years, FEX.L has underperformed CNDX.L with an annualized return of 13.68%, while CNDX.L has yielded a comparatively higher 22.74% annualized return.

FEX.L

1D
0.52%
1M
5.95%
YTD
14.44%
6M
15.16%
1Y
30.58%
3Y*
17.63%
5Y*
12.02%
10Y*
13.68%

CNDX.L

1D
0.16%
1M
11.63%
YTD
20.90%
6M
19.16%
1Y
42.84%
3Y*
25.37%
5Y*
19.03%
10Y*
22.74%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
FEX.L
First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD		14.44%7.34%18.68%8.36%-1.83%28.60%9.66%22.13%-5.90%10.65%
CNDX.L
iShares NASDAQ 100 UCITS ETF		20.90%11.22%28.66%48.50%-25.54%29.17%43.97%32.82%4.84%20.91%

Correlation

The correlation between FEX.L and CNDX.L is 0.60, 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

0.60

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

0.60

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

0.65

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

0.71

Correlation (All Time)
Calculated using the full available price history since Apr 15, 2013

0.72

The correlation between FEX.L and CNDX.L shifts across timeframes, from 0.60 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

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

Sectors
FEX.L
CNDX.L

Technology

21.0%
57.3%

Industrials

18.8%
2.8%

Financial Services

14.0%
0.2%

Healthcare

8.9%
3.8%

Consumer Cyclical

8.3%
11.6%

Utilities

7.3%
1.3%

Energy

6.0%
0.5%

Real Estate

4.6%
0.1%

Consumer Defensive

4.4%
6.9%

Communication Services

3.4%
14.5%

Basic Materials

3.4%
1.1%

Technology

FEX.L
21.0%
CNDX.L
57.3%

Industrials

FEX.L
18.8%
CNDX.L
2.8%

Financial Services

FEX.L
14.0%
CNDX.L
0.2%

Healthcare

FEX.L
8.9%
CNDX.L
3.8%

Consumer Cyclical

FEX.L
8.3%
CNDX.L
11.6%

Utilities

FEX.L
7.3%
CNDX.L
1.3%

Energy

FEX.L
6.0%
CNDX.L
0.5%

Real Estate

FEX.L
4.6%
CNDX.L
0.1%

Consumer Defensive

FEX.L
4.4%
CNDX.L
6.9%

Communication Services

FEX.L
3.4%
CNDX.L
14.5%

Basic Materials

FEX.L
3.4%
CNDX.L
1.1%

Compare stocks, funds, or ETFs

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First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD

iShares NASDAQ 100 UCITS ETF

Often compared with FEX.L:
FEX.L vs. XZMD.LFEX.L vs. FPX.LFEX.L vs. FRUE.LFEX.L vs. FEXU.LFEX.L vs. CAPS.LFEX.L vs. BBUS.LFEX.L vs. ISDU.L
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

Return for Risk

FEX.L vs. CNDX.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FEX.L
FEX.L Risk / Return Rank: 8888
Overall Rank
FEX.L Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
FEX.L Sortino Ratio Rank: 8585
Sortino Ratio Rank
FEX.L Omega Ratio Rank: 8484
Omega Ratio Rank
FEX.L Calmar Ratio Rank: 9393
Calmar Ratio Rank
FEX.L Martin Ratio Rank: 9090
Martin Ratio Rank
CNDX.L
CNDX.L Risk / Return Rank: 7575
Overall Rank
CNDX.L Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
CNDX.L Sortino Ratio Rank: 7979
Sortino Ratio Rank
CNDX.L Omega Ratio Rank: 7474
Omega Ratio Rank
CNDX.L Calmar Ratio Rank: 7474
Calmar Ratio Rank
CNDX.L Martin Ratio Rank: 7171
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.

FEX.L vs. CNDX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD (FEX.L) and iShares NASDAQ 100 UCITS ETF (CNDX.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.

FEX.LCNDX.LDifference
Sharpe ratioReturn per unit of total volatility
2.82
2.68

+0.14

Sortino ratioReturn per unit of downside risk
3.82
3.58

+0.24

Omega ratioGain probability vs. loss probability

1.51

1.48

+0.03

Calmar ratioReturn relative to maximum drawdown

6.57

3.80

+2.77

Martin ratioReturn relative to average drawdown

20.88

10.82

+10.07

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEX.L vs. CNDX.L - Sharpe Ratio Comparison

The current FEX.L Sharpe Ratio is 2.82, which is comparable to the CNDX.L Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of FEX.L and CNDX.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

FEX.LCNDX.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.82

2.68

+0.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.83

0.95

-0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.83

1.12

-0.29

Sharpe Ratio (All Time)

Calculated using the full available price history

0.83

1.18

-0.34

Drawdowns

FEX.L vs. CNDX.L - Drawdown Comparison

The maximum FEX.L drawdown since its inception was -31.58%, which is greater than CNDX.L's maximum drawdown of -27.74%. Use the drawdown chart below to compare losses from any high point for FEX.L and CNDX.L.

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Drawdown Indicators

FEX.LCNDX.LDifference

Max Drawdown

Largest peak-to-trough decline

-31.58%

-27.74%

-3.84%

Max Drawdown (1Y)

Largest decline over 1 year

-4.63%

-11.11%

+6.48%

Max Drawdown (3Y)

Largest decline over 3 years

-21.34%

-24.37%

+3.03%

Max Drawdown (5Y)

Largest decline over 5 years

-21.34%

-27.74%

+6.40%

Max Drawdown (10Y)

Largest decline over 10 years

-31.58%

-27.74%

-3.84%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-4.12%

-4.72%

+0.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.46%

3.93%

-2.47%

Volatility

FEX.L vs. CNDX.L - Volatility Comparison

The current volatility for First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD (FEX.L) is 3.60%, while iShares NASDAQ 100 UCITS ETF (CNDX.L) has a volatility of 4.91%. This indicates that FEX.L experiences smaller price fluctuations and is considered to be less risky than CNDX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FEX.LCNDX.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.60%

4.91%

-1.31%

Volatility (6M)

Calculated over the trailing 6-month period

7.23%

11.61%

-4.38%

Volatility (1Y)

Calculated over the trailing 1-year period

10.85%

15.81%

-4.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.53%

20.08%

-5.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.45%

20.20%

-3.75%

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

FEX.L has a 0.75% expense ratio, which is higher than CNDX.L's 0.33% expense ratio.

Dividends

FEX.L vs. CNDX.L - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
CNDX.L
iShares NASDAQ 100 UCITS ETF		0.00%0.00%0.02%0.05%0.06%0.03%0.04%0.07%0.06%0.30%0.16%0.16%
FEX.L
First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FEX.L and CNDX.L have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CNDX.L is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CNDX.L is cheaper with a 0.33% expense ratio, compared with 0.75% for FEX.L.

FEX.L is categorized as Large Cap Blend Equities, while CNDX.L is Nasdaq-100. FEX.L tracks Russell 1000 TR USD, while CNDX.L tracks NASDAQ-100 Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.75% for FEX.L and 0.33% for CNDX.L.

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