GCVG.L vs. ^NDX
GCVG.L (SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF) is Convertible Bonds fund tracking the Refinitiv Qualified Global Convertible (GBP Hedged), while ^NDX (NASDAQ 100 Index) is an index. Over the past 3 years, GCVG.L returned 16.89%/yr vs 21.97%/yr for ^NDX. At a 0.44 correlation, their price movements are largely independent.
Performance
GCVG.L vs. ^NDX - Performance Comparison
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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 14.64% return, which is significantly lower than ^NDX's 16.37% return.
GCVG.L
- 1D
- -0.09%
- 1M
- -2.97%
- 6M
- 11.03%
- YTD
- 14.64%
- 1Y
- 28.77%
- 3Y*
- 16.89%
- 5Y*
- —
- 10Y*
- —
^NDX
- 1D
- 0.00%
- 1M
- -2.28%
- 6M
- 14.23%
- YTD
- 16.37%
- 1Y
- 27.73%
- 3Y*
- 21.97%
- 5Y*
- 15.38%
- 10Y*
- 20.12%
GCVG.L vs. ^NDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF | 14.64% | 22.98% | 9.44% | 13.83% | -14.50% |
^NDX NASDAQ 100 Index | 16.37% | 11.61% | 27.06% | 46.12% | -16.13% |
Correlation
The correlation between GCVG.L and ^NDX is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2022 | 0.44 |
The correlation between GCVG.L and ^NDX shifts across timeframes, from 0.42 (3 years) to 0.53 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GCVG.L vs. ^NDX — Risk / Return Rank
GCVG.L
^NDX
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.
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.
| GCVG.L | ^NDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.28 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 4.39 | 2.31 | +2.08 |
| Martin ratioReturn relative to average drawdown | 16.38 | 6.67 | +9.72 |
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Drawdowns
GCVG.L vs. ^NDX - Drawdown Comparison
The maximum GCVG.L drawdown since its inception was -17.59%, 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.
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Drawdown Indicators
| GCVG.L | ^NDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.59% | -34.63% | +17.04% |
Max Drawdown (1Y)Largest decline over 1 year | -6.52% | -12.05% | +5.53% |
Max Drawdown (3Y)Largest decline over 3 years | -7.60% | -24.98% | +17.38% |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.43% | — |
Current DrawdownCurrent decline from peak | -3.33% | -5.26% | +1.93% |
Average DrawdownAverage peak-to-trough decline | -5.41% | -5.62% | +0.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 4.17% | -2.42% |
Volatility
GCVG.L vs. ^NDX - Volatility Comparison
The current volatility for SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) is 3.69%, while NASDAQ 100 Index (^NDX) has a volatility of 7.01%. 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.
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Volatility by Period
| GCVG.L | ^NDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.69% | 7.01% | -3.32% |
Volatility (6M)Calculated over the trailing 6-month period | 10.29% | 14.08% | -3.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.32% | 17.81% | -5.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.08% | 21.71% | -11.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.08% | 22.52% | -12.44% |
Frequently Asked Questions
GCVG.L and ^NDX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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