SPEH.L vs. CNDX.L
SPEH.L (iShares Spain Govt Bond UCITS ETF USD Hedged (Acc)) and CNDX.L (iShares NASDAQ 100 UCITS ETF) are both exchange-traded funds - SPEH.L is a Government Bonds fund tracking the iShares Spain Govt Bond UCITS ETF USD Hedged (Acc), while CNDX.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, SPEH.L returned -0.14%/yr vs 15.27%/yr for CNDX.L. At a 0.07 correlation, their price movements are largely independent. SPEH.L charges 0.22%/yr vs 0.33%/yr for CNDX.L.
Performance
SPEH.L vs. CNDX.L - Performance Comparison
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Returns By Period
In the year-to-date period, SPEH.L achieves a 0.87% return, which is significantly lower than CNDX.L's 15.91% return.
SPEH.L
- 1D
- -0.17%
- 1M
- -0.68%
- 6M
- 0.34%
- YTD
- 0.87%
- 1Y
- 3.37%
- 3Y*
- 5.12%
- 5Y*
- -0.14%
- 10Y*
- —
CNDX.L
- 1D
- -0.67%
- 1M
- -3.48%
- 6M
- 16.01%
- YTD
- 15.91%
- 1Y
- 28.40%
- 3Y*
- 23.77%
- 5Y*
- 15.27%
- 10Y*
- 20.97%
SPEH.L vs. CNDX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPEH.L iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) | 0.87% | 3.59% | 4.70% | 9.02% | -16.01% | -2.52% | 5.30% | 11.64% | 1.72% |
CNDX.L iShares NASDAQ 100 UCITS ETF | 15.91% | 19.75% | 26.42% | 56.22% | -33.49% | 27.92% | 48.25% | 37.96% | -6.74% |
Correlation
The correlation between SPEH.L and CNDX.L is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2018 | 0.07 |
Over the past year, SPEH.L and CNDX.L have become more correlated (0.37) than their long-term average of 0.07, meaning their price movements have been converging.
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Return for Risk
SPEH.L vs. CNDX.L — Risk / Return Rank
SPEH.L
CNDX.L
SPEH.L vs. CNDX.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) (SPEH.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.
| SPEH.L | CNDX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.29 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | 2.57 | -1.53 |
| Martin ratioReturn relative to average drawdown | 3.13 | 8.61 | -5.48 |
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Drawdowns
SPEH.L vs. CNDX.L - Drawdown Comparison
The maximum SPEH.L drawdown since its inception was -19.03%, smaller than the maximum CNDX.L drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for SPEH.L and CNDX.L.
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Drawdown Indicators
| SPEH.L | CNDX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.03% | -35.21% | +16.18% |
Max Drawdown (1Y)Largest decline over 1 year | -3.22% | -11.00% | +7.78% |
Max Drawdown (3Y)Largest decline over 3 years | -3.54% | -22.44% | +18.90% |
Max Drawdown (5Y)Largest decline over 5 years | -18.21% | -35.21% | +17.00% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.21% | — |
Current DrawdownCurrent decline from peak | -2.84% | -3.87% | +1.03% |
Average DrawdownAverage peak-to-trough decline | -6.16% | -5.12% | -1.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 3.29% | -2.22% |
Volatility
SPEH.L vs. CNDX.L - Volatility Comparison
The current volatility for iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) (SPEH.L) is 1.16%, while iShares NASDAQ 100 UCITS ETF (CNDX.L) has a volatility of 5.89%. This indicates that SPEH.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
| SPEH.L | CNDX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 5.89% | -4.73% |
Volatility (6M)Calculated over the trailing 6-month period | 3.60% | 13.78% | -10.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.30% | 17.32% | -13.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.25% | 21.15% | -14.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.82% | 20.13% | -14.31% |
SPEH.L vs. CNDX.L - Expense Ratio Comparison
SPEH.L has a 0.22% expense ratio, which is lower than CNDX.L's 0.33% expense ratio.
Dividends
SPEH.L vs. CNDX.L - Dividend Comparison
Neither SPEH.L nor CNDX.L has paid dividends to shareholders.
Frequently Asked Questions
SPEH.L and CNDX.L have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPEH.L is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPEH.L is cheaper with a 0.22% expense ratio, compared with 0.33% for CNDX.L.
SPEH.L is categorized as Government Bonds, while CNDX.L is Nasdaq-100. SPEH.L tracks iShares Spain Govt Bond UCITS ETF USD Hedged (Acc), while CNDX.L tracks NASDAQ-100 Index. Their fees differ too: 0.22% for SPEH.L and 0.33% for CNDX.L.
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