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SDEU.L vs. ^NDX
Performance
Return for Risk
Drawdowns
Volatility

SDEU.L vs. ^NDX

Last updated Jun 9, 2026

SDEU.L (iShares Germany Government Bond UCITS ETF (Dist)) is European Government Bonds fund tracking the Bloomberg Euro Agg Govt TR EUR, while ^NDX (NASDAQ 100 Index) is an index. Over the past 10 years, SDEU.L returned -0.47%/yr vs 21.56%/yr for ^NDX. At a 0.08 correlation, their price movements are largely independent.

Performance

SDEU.L vs. ^NDX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) and NASDAQ 100 Index (^NDX). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

SDEU.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, SDEU.L achieves a -1.35% return, which is significantly lower than ^NDX's 17.63% return. Over the past 10 years, SDEU.L has underperformed ^NDX with an annualized return of -0.47%, while ^NDX has yielded a comparatively higher 21.56% annualized return.

SDEU.L

1D
0.07%
1M
-0.11%
YTD
-1.35%
6M
-0.95%
1Y
1.25%
3Y*
1.14%
5Y*
-3.12%
10Y*
-0.47%

^NDX

1D
1.55%
1M
2.79%
YTD
17.63%
6M
14.58%
1Y
37.02%
3Y*
24.03%
5Y*
17.63%
10Y*
21.56%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SDEU.L vs. ^NDX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SDEU.L
iShares Germany Government Bond UCITS ETF (Dist)		-1.35%3.53%-4.21%3.07%-13.18%-9.05%8.45%-2.18%3.12%1.86%
^NDX
NASDAQ 100 Index		17.63%11.61%27.06%46.12%-25.00%27.83%43.25%32.72%4.83%20.14%

Correlation

The correlation between SDEU.L and ^NDX 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

-0.01

Correlation (3Y)
Calculated over the trailing 3-year period

0.03

Correlation (5Y)
Calculated over the trailing 5-year period

0.05

Correlation (10Y)
Calculated over the trailing 10-year period

0.11

Correlation (All Time)
Calculated using the full available price history since May 9, 2012

0.08

The correlation between SDEU.L and ^NDX shifts across timeframes, from -0.01 (1 year) to 0.11 (10 years), reflecting how their relationship changes across market environments.

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iShares Germany Government Bond UCITS ETF (Dist)

NASDAQ 100 Index

Often compared with SDEU.L:
SDEU.L vs. SEGA.LSDEU.L vs. TLTSDEU.L vs. USTY.LSDEU.L vs. VUTY.LSDEU.L vs. UKG5.LSDEU.L vs. GILS.LSDEU.L vs. GLTS.L
Often compared with ^NDX:
^NDX vs. BRK-B^NDX vs. SPY^NDX vs. ARKK^NDX vs. ^IXIC^NDX vs. TSLA^NDX vs. VOO^NDX vs. NQ=F

Return for Risk

SDEU.L vs. ^NDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SDEU.L
SDEU.L Risk / Return Rank: 1212
Overall Rank
SDEU.L Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
SDEU.L Sortino Ratio Rank: 1212
Sortino Ratio Rank
SDEU.L Omega Ratio Rank: 1212
Omega Ratio Rank
SDEU.L Calmar Ratio Rank: 1313
Calmar Ratio Rank
SDEU.L Martin Ratio Rank: 1212
Martin Ratio Rank
^NDX
^NDX Risk / Return Rank: 7676
Overall Rank
^NDX Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
^NDX Sortino Ratio Rank: 7575
Sortino Ratio Rank
^NDX Omega Ratio Rank: 7979
Omega Ratio Rank
^NDX Calmar Ratio Rank: 7575
Calmar Ratio Rank
^NDX Martin Ratio Rank: 7575
Martin Ratio Rank
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.

SDEU.L vs. ^NDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Germany Government Bond UCITS ETF (Dist) (SDEU.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.

SDEU.L^NDXDifference
Sharpe ratioReturn per unit of total volatility
0.24
2.33

-2.08

Sortino ratioReturn per unit of downside risk
0.39
2.94

-2.55

Omega ratioGain probability vs. loss probability

1.04

1.41

-0.37

Calmar ratioReturn relative to maximum drawdown

0.29

3.09

-2.79

Martin ratioReturn relative to average drawdown

0.60

9.28

-8.68

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDEU.L vs. ^NDX - Sharpe Ratio Comparison

The current SDEU.L Sharpe Ratio is 0.24, which is lower than the ^NDX Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of SDEU.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.

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Sharpe Ratios by Period

SDEU.L^NDXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.24

2.33

-2.08

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.42

0.83

-1.25

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.05

0.96

-1.02

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.10

0.80

-0.90

Drawdowns

SDEU.L vs. ^NDX - Drawdown Comparison

The maximum SDEU.L drawdown since its inception was -27.60%, smaller than the maximum ^NDX drawdown of -34.63%. Use the drawdown chart below to compare losses from any high point for SDEU.L and ^NDX.

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Drawdown Indicators

SDEU.L^NDXDifference

Max Drawdown

Largest peak-to-trough decline

-27.60%

-34.63%

+7.03%

Max Drawdown (1Y)

Largest decline over 1 year

-4.23%

-12.05%

+7.82%

Max Drawdown (3Y)

Largest decline over 3 years

-7.01%

-24.98%

+17.97%

Max Drawdown (5Y)

Largest decline over 5 years

-20.62%

-28.43%

+7.81%

Max Drawdown (10Y)

Largest decline over 10 years

-27.60%

-28.43%

+0.83%

Current Drawdown

Current decline from peak

-23.64%

-3.24%

-20.40%

Average Drawdown

Average peak-to-trough decline

-14.47%

-5.62%

-8.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.08%

4.00%

-1.92%

Volatility

SDEU.L vs. ^NDX - Volatility Comparison

The current volatility for iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) is 1.56%, while NASDAQ 100 Index (^NDX) has a volatility of 6.12%. This indicates that SDEU.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

SDEU.L^NDXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.56%

6.12%

-4.56%

Volatility (6M)

Calculated over the trailing 6-month period

3.76%

11.90%

-8.14%

Volatility (1Y)

Calculated over the trailing 1-year period

5.11%

16.03%

-10.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.38%

21.41%

-14.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.60%

22.49%

-13.89%

Frequently Asked Questions

SDEU.L and ^NDX 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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