GCVG.L vs. ^NDX

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) and NASDAQ 100 Index (^NDX).

GCVG.L is a passively managed fund by State Street that tracks the performance of the Refinitiv Qualified Global Convertible (GBP Hedged). It was launched on Jan 31, 2022.

Performance

GCVG.L vs. ^NDX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) and NASDAQ 100 Index (^NDX). The values are adjusted to include any dividend payments, if applicable.

GCVG.L vs. ^NDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF	5.31%	22.98%	9.45%	13.81%	-14.46%
^NDX NASDAQ 100 Index	-3.30%	11.61%	27.06%	46.12%	-18.92%

Different Trading Currencies

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

Returns By Period

In the year-to-date period, GCVG.L achieves a 5.31% return, which is significantly higher than ^NDX's -3.30% return.

GCVG.L

• 1D: 3.31%
• 1M: -2.70%
• YTD: 5.31%
• 6M: 9.45%
• 1Y: 26.68%
• 3Y*: 15.43%
• 5Y*: —
• 10Y*: —

^NDX

• 1D: 0.95%
• 1M: -2.80%
• YTD: -3.30%
• 6M: -1.51%
• 1Y: 20.48%
• 3Y*: 19.25%
• 5Y*: 13.46%
• 10Y*: 18.99%

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

Return for Risk

GCVG.L vs. ^NDX — Risk / Return Rank

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

GCVG.L

GCVG.L Risk / Return Rank: 95
GCVG.L Sharpe Ratio Rank: 94
GCVG.L Sortino Ratio Rank: 96
GCVG.L Omega Ratio Rank: 95
GCVG.L Calmar Ratio Rank: 95
GCVG.L Martin Ratio Rank: 96

^NDX

^NDX Risk / Return Rank: 76
^NDX Sharpe Ratio Rank: 70
^NDX Sortino Ratio Rank: 74
^NDX Omega Ratio Rank: 74
^NDX Calmar Ratio Rank: 81
^NDX Martin Ratio Rank: 80

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.

GCVG.L vs. ^NDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) and NASDAQ 100 Index (^NDX). 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.

	GCVG.L	^NDX	Difference
Sharpe ratio Return per unit of total volatility	2.40	0.89	+1.50
Sortino ratio Return per unit of downside risk	3.33	1.41	+1.92
Omega ratio Gain probability vs. loss probability	1.48	1.20	+0.27
Calmar ratio Return relative to maximum drawdown	4.12	1.78	+2.34
Martin ratio Return relative to average drawdown	18.05	5.00	+13.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GCVG.L vs. ^NDX - Sharpe Ratio Comparison

The current GCVG.L Sharpe Ratio is 2.40, which is higher than the ^NDX Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of GCVG.L and ^NDX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GCVG.L	^NDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	0.89	+1.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.63	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.76	+0.06

Correlation

The correlation between GCVG.L and ^NDX is 0.43, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Drawdowns

GCVG.L vs. ^NDX - Drawdown Comparison

The maximum GCVG.L drawdown since its inception was -17.60%, smaller than the maximum ^NDX drawdown of -34.63%. Use the drawdown chart below to compare losses from any high point for GCVG.L and ^NDX.

Drawdown Indicators

	GCVG.L	^NDX	Difference
Max Drawdown Largest peak-to-trough decline	-17.60%	-82.90%	+65.30%
Max Drawdown (1Y) Largest decline over 1 year	-6.51%	-12.72%	+6.21%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.56%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.56%	—
Current Drawdown Current decline from peak	-3.22%	-8.04%	+4.82%
Average Drawdown Average peak-to-trough decline	-5.68%	-24.72%	+19.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.49%	3.49%	-2.00%

Volatility

GCVG.L vs. ^NDX - Volatility Comparison

The current volatility for SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) is 5.25%, while NASDAQ 100 Index (^NDX) has a volatility of 5.76%. This indicates that GCVG.L experiences smaller price fluctuations and is considered to be less risky than ^NDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCVG.L	^NDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.25%	5.76%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	9.28%	12.60%	-3.32%
Volatility (1Y) Calculated over the trailing 1-year period	11.09%	23.01%	-11.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.77%	21.39%	-11.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.77%	22.44%	-12.67%