IEML.L vs. CNDX.L
IEML.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist)) and CNDX.L (iShares NASDAQ 100 UCITS ETF) are both exchange-traded funds - IEML.L is a Emerging Markets Bonds fund tracking the J.P. Morgan GBI-EM Global Diversified 10% Cap 1% Floor Index, while CNDX.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, IEML.L returned 2.18%/yr vs 21.91%/yr for CNDX.L. At a 0.41 correlation, their price movements are largely independent. IEML.L charges 0.50%/yr vs 0.33%/yr for CNDX.L.
Performance
IEML.L vs. CNDX.L - Performance Comparison
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Returns By Period
In the year-to-date period, IEML.L achieves a 1.98% return, which is significantly lower than CNDX.L's 19.15% return. Over the past 10 years, IEML.L has underperformed CNDX.L with an annualized return of 2.18%, while CNDX.L has yielded a comparatively higher 21.91% annualized return.
IEML.L
- 1D
- -0.09%
- 1M
- 1.97%
- YTD
- 1.98%
- 6M
- 2.93%
- 1Y
- 9.55%
- 3Y*
- 6.85%
- 5Y*
- 1.83%
- 10Y*
- 2.18%
CNDX.L
- 1D
- -0.79%
- 1M
- 3.47%
- YTD
- 19.15%
- 6M
- 21.14%
- 1Y
- 38.13%
- 3Y*
- 26.32%
- 5Y*
- 16.76%
- 10Y*
- 21.91%
IEML.L vs. CNDX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEML.L iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) | 1.98% | 18.29% | -2.61% | 11.29% | -10.82% | -10.44% | 1.80% | 11.74% | -7.21% | 13.67% |
CNDX.L iShares NASDAQ 100 UCITS ETF | 19.15% | 19.75% | 26.42% | 56.22% | -33.49% | 27.92% | 48.25% | 37.96% | -1.08% | 31.91% |
Correlation
The correlation between IEML.L and CNDX.L is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 2011 | 0.41 |
The correlation between IEML.L and CNDX.L shifts across timeframes, from 0.34 (3 years) to 0.46 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IEML.L vs. CNDX.L — Risk / Return Rank
IEML.L
CNDX.L
IEML.L vs. CNDX.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) (IEML.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.
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.
| IEML.L | CNDX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.40 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 3.45 | -1.91 |
| Martin ratioReturn relative to average drawdown | 5.09 | 12.08 | -6.98 |
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Drawdowns
IEML.L vs. CNDX.L - Drawdown Comparison
The maximum IEML.L drawdown since its inception was -36.66%, roughly equal to the maximum CNDX.L drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for IEML.L and CNDX.L.
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Drawdown Indicators
| IEML.L | CNDX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.66% | -35.21% | -1.45% |
Max Drawdown (1Y)Largest decline over 1 year | -6.28% | -11.00% | +4.72% |
Max Drawdown (3Y)Largest decline over 3 years | -9.04% | -22.44% | +13.40% |
Max Drawdown (5Y)Largest decline over 5 years | -25.01% | -35.21% | +10.20% |
Max Drawdown (10Y)Largest decline over 10 years | -28.17% | -35.21% | +7.04% |
Current DrawdownCurrent decline from peak | -8.42% | -1.18% | -7.24% |
Average DrawdownAverage peak-to-trough decline | -19.03% | -5.13% | -13.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.91% | 3.15% | -1.24% |
Volatility
IEML.L vs. CNDX.L - Volatility Comparison
The current volatility for iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) (IEML.L) is 2.51%, while iShares NASDAQ 100 UCITS ETF (CNDX.L) has a volatility of 6.53%. This indicates that IEML.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
| IEML.L | CNDX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | 6.53% | -4.02% |
Volatility (6M)Calculated over the trailing 6-month period | 6.99% | 13.00% | -6.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.89% | 16.65% | -8.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.24% | 21.04% | -11.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.08% | 20.14% | -10.06% |
IEML.L vs. CNDX.L - Expense Ratio Comparison
IEML.L has a 0.50% expense ratio, which is higher than CNDX.L's 0.33% expense ratio.
Dividends
IEML.L vs. CNDX.L - Dividend Comparison
IEML.L's dividend yield for the trailing twelve months is around 6.76%, 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% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IEML.L iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) | 6.76% | 5.16% | 5.69% | 5.02% | 5.54% | 4.67% | 4.83% | 5.24% | 5.71% | 4.99% | 5.50% | 3.49% |
Frequently Asked Questions
IEML.L and CNDX.L have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CNDX.L is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CNDX.L is cheaper with a 0.33% expense ratio, compared with 0.50% for IEML.L.
IEML.L is categorized as Emerging Markets Bonds, while CNDX.L is Nasdaq-100. IEML.L tracks J.P. Morgan GBI-EM Global Diversified 10% Cap 1% Floor Index, while CNDX.L tracks NASDAQ-100 Index. Their fees differ too: 0.50% for IEML.L and 0.33% for CNDX.L.
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