IAAA.L vs. CNDX.L
IAAA.L (iShares Global AAA-AA Government Bond UCITS) and CNDX.L (iShares NASDAQ 100 UCITS ETF) are both exchange-traded funds - IAAA.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR USD, while CNDX.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, IAAA.L returned -0.36%/yr vs 21.62%/yr for CNDX.L. At a 0.07 correlation, their price movements are largely independent. IAAA.L charges 0.20%/yr vs 0.33%/yr for CNDX.L.
Performance
IAAA.L vs. CNDX.L - Performance Comparison
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Returns By Period
In the year-to-date period, IAAA.L achieves a 0.13% return, which is significantly lower than CNDX.L's 19.65% return. Over the past 10 years, IAAA.L has underperformed CNDX.L with an annualized return of -0.36%, while CNDX.L has yielded a comparatively higher 21.62% annualized return.
IAAA.L
- 1D
- 0.19%
- 1M
- 0.02%
- YTD
- 0.13%
- 6M
- 1.27%
- 1Y
- 2.00%
- 3Y*
- 3.96%
- 5Y*
- -3.01%
- 10Y*
- -0.36%
CNDX.L
- 1D
- -0.66%
- 1M
- 8.52%
- YTD
- 19.65%
- 6M
- 19.10%
- 1Y
- 40.28%
- 3Y*
- 27.98%
- 5Y*
- 17.61%
- 10Y*
- 21.62%
IAAA.L vs. CNDX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAAA.L iShares Global AAA-AA Government Bond UCITS | 0.13% | 10.70% | -5.21% | 8.69% | -21.12% | -8.15% | 12.09% | 4.75% | -2.34% | 9.35% |
CNDX.L iShares NASDAQ 100 UCITS ETF | 19.65% | 19.75% | 26.45% | 56.31% | -33.45% | 27.96% | 48.33% | 38.07% | -1.03% | 32.36% |
Correlation
The correlation between IAAA.L and CNDX.L is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Oct 31, 2012 | 0.07 |
Over the past year, IAAA.L and CNDX.L have become more correlated (0.28) than their long-term average of 0.07, meaning their price movements have been converging.
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Return for Risk
IAAA.L vs. CNDX.L — Risk / Return Rank
IAAA.L
CNDX.L
IAAA.L vs. CNDX.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global AAA-AA Government Bond UCITS (IAAA.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.
| IAAA.L | CNDX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.16 | ||
| Sortino ratioReturn per unit of downside risk | -2.91 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.43 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 3.61 | -2.84 |
| Martin ratioReturn relative to average drawdown | 1.90 | 13.03 | -11.13 |
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
| IAAA.L | CNDX.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.36 | 2.52 | -2.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.42 | 0.84 | -1.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.06 | 1.07 | -1.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.07 | 1.12 | -1.19 |
Drawdowns
IAAA.L vs. CNDX.L - Drawdown Comparison
The maximum IAAA.L drawdown since its inception was -32.79%, smaller than the maximum CNDX.L drawdown of -35.17%. Use the drawdown chart below to compare losses from any high point for IAAA.L and CNDX.L.
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Drawdown Indicators
| IAAA.L | CNDX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.79% | -35.17% | +2.38% |
Max Drawdown (1Y)Largest decline over 1 year | -4.11% | -11.00% | +6.89% |
Max Drawdown (3Y)Largest decline over 3 years | -10.21% | -22.44% | +12.23% |
Max Drawdown (5Y)Largest decline over 5 years | -30.57% | -35.17% | +4.60% |
Max Drawdown (10Y)Largest decline over 10 years | -32.79% | -35.17% | +2.38% |
Current DrawdownCurrent decline from peak | -17.30% | -0.76% | -16.54% |
Average DrawdownAverage peak-to-trough decline | -10.59% | -5.30% | -5.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 3.07% | -1.09% |
Volatility
IAAA.L vs. CNDX.L - Volatility Comparison
The current volatility for iShares Global AAA-AA Government Bond UCITS (IAAA.L) is 2.59%, while iShares NASDAQ 100 UCITS ETF (CNDX.L) has a volatility of 4.90%. This indicates that IAAA.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
| IAAA.L | CNDX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.59% | 4.90% | -2.31% |
Volatility (6M)Calculated over the trailing 6-month period | 5.78% | 11.88% | -6.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.83% | 15.79% | -6.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.26% | 20.87% | -9.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.36% | 20.07% | -10.71% |
IAAA.L vs. CNDX.L - Expense Ratio Comparison
IAAA.L has a 0.20% expense ratio, which is lower than CNDX.L's 0.33% expense ratio.
Dividends
IAAA.L vs. CNDX.L - Dividend Comparison
IAAA.L's dividend yield for the trailing twelve months is around 2.69%, while CNDX.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IAAA.L iShares Global AAA-AA Government Bond UCITS | 2.69% | 2.46% | 2.37% | 1.52% | 0.76% | 0.49% | 0.56% | 0.88% | 0.94% | 0.77% | 0.89% | 1.08% |
Frequently Asked Questions
IAAA.L and CNDX.L have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IAAA.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IAAA.L is cheaper with a 0.20% expense ratio, compared with 0.33% for CNDX.L.
IAAA.L is categorized as Global Bonds, while CNDX.L is Nasdaq-100. IAAA.L tracks Bloomberg Global Aggregate TR USD, while CNDX.L tracks NASDAQ-100 Index. Their fees differ too: 0.20% for IAAA.L and 0.33% for CNDX.L.
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