GCVG.L vs. ERNXY
GCVG.L (SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF) is Convertible Bonds fund tracking the Refinitiv Qualified Global Convertible (GBP Hedged), while ERNXY (Euronext N.V) is a stock. Over the past 3 years, GCVG.L returned 19.49%/yr vs 29.83%/yr for ERNXY. At a 0.00 correlation, their price movements are largely independent.
Performance
GCVG.L vs. ERNXY - Performance Comparison
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Different Trading Currencies
GCVG.L is traded in GBP, while ERNXY is traded in USD. To make them comparable, the ERNXY 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 18.39% return, which is significantly higher than ERNXY's 4.60% return.
GCVG.L
- 1D
- -0.19%
- 1M
- 5.17%
- YTD
- 18.39%
- 6M
- 21.00%
- 1Y
- 37.25%
- 3Y*
- 19.49%
- 5Y*
- —
- 10Y*
- —
ERNXY
- 1D
- -8.87%
- 1M
- -12.72%
- YTD
- 4.60%
- 6M
- 7.17%
- 1Y
- -0.64%
- 3Y*
- 29.83%
- 5Y*
- 11.22%
- 10Y*
- —
GCVG.L vs. ERNXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF | 18.39% | 22.98% | 9.45% | 13.81% | -14.46% |
ERNXY Euronext N.V | 4.60% | 31.81% | 35.61% | 9.49% | -5.73% |
Correlation
The correlation between GCVG.L and ERNXY is -0.01, 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 | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2022 | 0.00 |
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Return for Risk
GCVG.L vs. ERNXY — Risk / Return Rank
GCVG.L
ERNXY
GCVG.L vs. ERNXY - 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 Euronext N.V (ERNXY). 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 | ERNXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.27 | ||
| Sortino ratioReturn per unit of downside risk | +4.18 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.05 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 5.67 | -0.02 | +5.69 |
| Martin ratioReturn relative to average drawdown | 24.59 | -0.05 | +24.63 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GCVG.L | ERNXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.26 | -0.01 | +3.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.24 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.08 | 0.24 | +0.83 |
Drawdowns
GCVG.L vs. ERNXY - Drawdown Comparison
The maximum GCVG.L drawdown since its inception was -17.60%, smaller than the maximum ERNXY drawdown of -33.77%. Use the drawdown chart below to compare losses from any high point for GCVG.L and ERNXY.
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Drawdown Indicators
| GCVG.L | ERNXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.60% | -33.77% | +16.17% |
Max Drawdown (1Y)Largest decline over 1 year | -6.51% | -29.23% | +22.72% |
Max Drawdown (3Y)Largest decline over 3 years | -7.62% | -29.23% | +21.61% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.77% | — |
Current DrawdownCurrent decline from peak | -0.19% | -29.23% | +29.04% |
Average DrawdownAverage peak-to-trough decline | -5.49% | -10.98% | +5.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.51% | 13.90% | -12.39% |
Volatility
GCVG.L vs. ERNXY - Volatility Comparison
The current volatility for SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) is 4.00%, while Euronext N.V (ERNXY) has a volatility of 31.37%. This indicates that GCVG.L experiences smaller price fluctuations and is considered to be less risky than ERNXY 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 | ERNXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.00% | 31.37% | -27.37% |
Volatility (6M)Calculated over the trailing 6-month period | 9.30% | 45.13% | -35.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.35% | 51.68% | -40.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.93% | 47.88% | -37.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.93% | 47.10% | -37.17% |
Dividends
GCVG.L vs. ERNXY - Dividend Comparison
GCVG.L's dividend yield for the trailing twelve months is around 0.52%, less than ERNXY's 2.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
ERNXY Euronext N.V | 2.42% | 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
GCVG.L and ERNXY have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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