GCVG.L vs. ^NDX

Last updated Jun 26, 2026

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 18.29%/yr vs 24.52%/yr for ^NDX. At a 0.43 correlation, their price movements are largely independent.

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.

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 16.32% return, which is significantly lower than ^NDX's 19.03% return.

GCVG.L

• 1D: -0.07%
• 1M: 0.11%
• YTD: 16.32%
• 6M: 16.05%
• 1Y: 32.84%
• 3Y*: 18.29%
• 5Y*: —
• 10Y*: —

^NDX

• 1D: 0.53%
• 1M: -0.01%
• YTD: 19.03%
• 6M: 17.44%
• 1Y: 37.03%
• 3Y*: 24.52%
• 5Y*: 16.63%
• 10Y*: 21.52%

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

GCVG.L vs. ^NDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF	16.32%	22.98%	9.44%	13.83%	-14.50%
^NDX NASDAQ 100 Index	19.03%	11.61%	27.06%	46.12%	-16.13%

Correlation

The correlation between GCVG.L and ^NDX is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jan 31, 2022	0.43

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: 92
GCVG.L Sharpe Ratio Rank: 91
GCVG.L Sortino Ratio Rank: 91
GCVG.L Omega Ratio Rank: 92
GCVG.L Calmar Ratio Rank: 91
GCVG.L Martin Ratio Rank: 93

^NDX

^NDX Risk / Return Rank: 77
^NDX Sharpe Ratio Rank: 78
^NDX Sortino Ratio Rank: 77
^NDX Omega Ratio Rank: 79
^NDX Calmar Ratio Rank: 79
^NDX Martin Ratio Rank: 74

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.

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 ratio: Return per unit of total volatility	2.73	2.16	+0.57
Sortino ratio: Return per unit of downside risk	3.77	2.78	+0.99
Omega ratio: Gain probability vs. loss probability	1.53	1.39	+0.14
Calmar ratio: Return relative to maximum drawdown	5.02	3.09	+1.93
Martin ratio: Return relative to average drawdown	20.56	9.15	+11.41

GCVG.L vs. ^NDX - Sharpe Ratio Comparison

The current GCVG.L Sharpe Ratio is 2.73, which is comparable to the ^NDX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of GCVG.L and ^NDX, 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

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.

Drawdown Indicators

	GCVG.L	^NDX	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-2.22%	-3.09%	+0.87%
Average Drawdown Average peak-to-trough decline	-5.44%	-5.62%	+0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	4.06%	-2.47%

Volatility

GCVG.L vs. ^NDX - Volatility Comparison

The current volatility for SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) is 4.38%, while NASDAQ 100 Index (^NDX) has a volatility of 8.49%. 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	4.38%	8.49%	-4.11%
Volatility (6M) Calculated over the trailing 6-month period	10.04%	13.31%	-3.27%
Volatility (1Y) Calculated over the trailing 1-year period	11.98%	17.24%	-5.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.05%	21.61%	-11.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.05%	22.51%	-12.46%

Frequently Asked Questions

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

GCVG.L and ^NDX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.