PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
SPPB.L vs. CNDX.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPPB.L vs. CNDX.L

Last updated Jul 16, 2026
Documentation

SPPB.L (iShares Spain Govt Bond UCITS ETF GBP Hedged (Dist)) and CNDX.L (iShares NASDAQ 100 UCITS ETF) are both exchange-traded funds - SPPB.L is a Government Bonds fund tracking the iShares Spain Govt Bond UCITS ETF GBP Hedged (Dist), while CNDX.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 3 years, SPPB.L returned 4.93%/yr vs 22.42%/yr for CNDX.L. At a 0.05 correlation, their price movements are largely independent.

Performance

SPPB.L vs. CNDX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Spain Govt Bond UCITS ETF GBP Hedged (Dist) (SPPB.L) and iShares NASDAQ 100 UCITS ETF (CNDX.L). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Different Trading Currencies

SPPB.L is traded in GBP, while CNDX.L is traded in USD. To make them comparable, the CNDX.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, SPPB.L achieves a 0.85% return, which is significantly lower than CNDX.L's 15.44% return.

SPPB.L

1D
-0.37%
1M
-0.63%
6M
0.48%
YTD
0.85%
1Y
3.26%
3Y*
4.93%
5Y*
—
10Y*
—

CNDX.L

1D
-1.70%
1M
-4.33%
6M
15.30%
YTD
15.44%
1Y
27.03%
3Y*
22.42%
5Y*
15.67%
10Y*
20.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPPB.L vs. CNDX.L - Yearly Performance Comparison

2026 (YTD)2025202420232022
SPPB.L
iShares Spain Govt Bond UCITS ETF GBP Hedged (Dist)		0.85%3.56%4.29%8.02%-0.67%
CNDX.L
iShares NASDAQ 100 UCITS ETF		15.44%11.22%28.63%48.41%-10.49%

Correlation

The correlation between SPPB.L and CNDX.L is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.24

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

0.08

Correlation (All Time)
Calculated using the full available price history since Oct 6, 2022

0.05

The correlation between SPPB.L and CNDX.L shifts across timeframes, from 0.05 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Spain Govt Bond UCITS ETF GBP Hedged (Dist)

iShares NASDAQ 100 UCITS ETF

Often compared with CNDX.L:
CNDX.L vs. QQQCNDX.L vs. EQQQ.DECNDX.L vs. SXRV.DECNDX.L vs. CNX1.LCNDX.L vs. CSPX.LCNDX.L vs. EQQU.LCNDX.L vs. VWRA.L

Return for Risk

SPPB.L vs. CNDX.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPPB.L
SPPB.L Risk / Return Rank: 2626
Overall Rank
SPPB.L Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
SPPB.L Sortino Ratio Rank: 2525
Sortino Ratio Rank
SPPB.L Omega Ratio Rank: 2626
Omega Ratio Rank
SPPB.L Calmar Ratio Rank: 2626
Calmar Ratio Rank
SPPB.L Martin Ratio Rank: 2828
Martin Ratio Rank
CNDX.L
CNDX.L Risk / Return Rank: 6161
Overall Rank
CNDX.L Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
CNDX.L Sortino Ratio Rank: 6363
Sortino Ratio Rank
CNDX.L Omega Ratio Rank: 5858
Omega Ratio Rank
CNDX.L Calmar Ratio Rank: 6464
Calmar Ratio Rank
CNDX.L Martin Ratio Rank: 6161
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.

SPPB.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 GBP Hedged (Dist) (SPPB.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.

SPPB.LCNDX.LDifference
Sharpe ratioReturn per unit of total volatility
0.79
1.56

-0.76

Sortino ratioReturn per unit of downside risk
1.15
2.21

-1.06

Omega ratioGain probability vs. loss probability

1.15

1.28

-0.13

Calmar ratioReturn relative to maximum drawdown

1.05

2.42

-1.38

Martin ratioReturn relative to average drawdown

3.13

6.60

-3.47

SPPB.L vs. CNDX.L - Sharpe Ratio Comparison

The current SPPB.L Sharpe Ratio is 0.79, which is lower than the CNDX.L Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of SPPB.L and CNDX.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

SPPB.L vs. CNDX.L - Drawdown Comparison

The maximum SPPB.L drawdown since its inception was -6.07%, smaller than the maximum CNDX.L drawdown of -27.78%. Use the drawdown chart below to compare losses from any high point for SPPB.L and CNDX.L.

Loading charts...

Drawdown Indicators

SPPB.LCNDX.LDifference

Max Drawdown

Largest peak-to-trough decline

-6.07%

-27.78%

+21.71%

Max Drawdown (1Y)

Largest decline over 1 year

-3.29%

-11.11%

+7.82%

Max Drawdown (3Y)

Largest decline over 3 years

-3.64%

-24.37%

+20.73%

Max Drawdown (5Y)

Largest decline over 5 years

—

-27.78%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-27.78%

—

Current Drawdown

Current decline from peak

-1.36%

-5.16%

+3.80%

Average Drawdown

Average peak-to-trough decline

-1.61%

-4.54%

+2.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.10%

4.09%

-2.99%

Volatility

SPPB.L vs. CNDX.L - Volatility Comparison

The current volatility for iShares Spain Govt Bond UCITS ETF GBP Hedged (Dist) (SPPB.L) is 1.31%, while iShares NASDAQ 100 UCITS ETF (CNDX.L) has a volatility of 6.03%. This indicates that SPPB.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.

Loading charts...

Volatility by Period

SPPB.LCNDX.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.31%

6.03%

-4.72%

Volatility (6M)

Calculated over the trailing 6-month period

3.64%

13.55%

-9.91%

Volatility (1Y)

Calculated over the trailing 1-year period

4.34%

17.31%

-12.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.74%

20.37%

-14.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.74%

20.19%

-14.45%

Dividends

SPPB.L vs. CNDX.L - Dividend Comparison

SPPB.L's dividend yield for the trailing twelve months is around 2.48%, while CNDX.L has not paid dividends to shareholders.

PositionTTM202520242023
CNDX.L
iShares NASDAQ 100 UCITS ETF		0.00%0.00%0.00%0.00%
SPPB.L
iShares Spain Govt Bond UCITS ETF GBP Hedged (Dist)		2.48%2.37%1.89%1.29%

Frequently Asked Questions

SPPB.L and CNDX.L have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPPB.L is categorized as Government Bonds, while CNDX.L is Nasdaq-100. SPPB.L tracks iShares Spain Govt Bond UCITS ETF GBP Hedged (Dist), while CNDX.L tracks NASDAQ-100 Index.

Portfolio Optimizer

Find the right allocation for SPPB.L and CNDX.L

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer