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USDV.L vs. CNDX.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USDV.L vs. CNDX.L

Last updated Jul 16, 2026
Documentation

USDV.L (SPDR S&P US Dividend Aristocrats UCITS ETF Dis) and CNDX.L (iShares NASDAQ 100 UCITS ETF) are both exchange-traded funds - USDV.L is a Large Cap Blend Equities fund tracking the S&P High Yield Dividend Aristocrats Index, while CNDX.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, USDV.L returned 8.46%/yr vs 20.65%/yr for CNDX.L. A 0.54 correlation means they provide meaningful diversification when combined. USDV.L charges 0.35%/yr vs 0.33%/yr for CNDX.L.

Performance

USDV.L vs. CNDX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR S&P US Dividend Aristocrats UCITS ETF Dis (USDV.L) and iShares NASDAQ 100 UCITS ETF (CNDX.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

USDV.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, USDV.L achieves a 10.27% return, which is significantly lower than CNDX.L's 15.44% return. Over the past 10 years, USDV.L has underperformed CNDX.L with an annualized return of 8.46%, while CNDX.L has yielded a comparatively higher 20.65% annualized return.

USDV.L

1D
-0.66%
1M
0.54%
6M
5.93%
YTD
10.27%
1Y
12.88%
3Y*
9.04%
5Y*
7.34%
10Y*
8.46%

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)

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

2026 (YTD)202520242023202220212020201920182017
USDV.L
SPDR S&P US Dividend Aristocrats UCITS ETF Dis		10.27%1.15%9.34%-3.51%11.56%26.74%-2.72%18.93%1.52%5.36%
CNDX.L
iShares NASDAQ 100 UCITS ETF		15.44%11.22%28.63%48.41%-25.58%29.13%43.89%32.71%4.78%20.50%

Correlation

The correlation between USDV.L and CNDX.L 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

0.18

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

0.32

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

0.44

Correlation (All Time)
Calculated using the full available price history since Oct 14, 2011

0.54

The correlation between USDV.L and CNDX.L shifts across timeframes, from -0.01 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.

USDV.L vs. CNDX.L - Sectors Allocation Comparison

Sectors
USDV.L
CNDX.L

Industrials

17.3%
2.8%

Consumer Defensive

16.3%
6.4%

Utilities

14.2%
1.2%

Technology

12.1%
58.5%

Financial Services

12.0%
0.2%

Healthcare

7.5%
3.7%

Basic Materials

5.4%
1.0%

Consumer Cyclical

5.1%
11.4%

Real Estate

4.5%
0.1%

Energy

3.1%
0.5%

Communication Services

2.6%
14.3%

Industrials

USDV.L
17.3%
CNDX.L
2.8%

Consumer Defensive

USDV.L
16.3%
CNDX.L
6.4%

Utilities

USDV.L
14.2%
CNDX.L
1.2%

Technology

USDV.L
12.1%
CNDX.L
58.5%

Financial Services

USDV.L
12.0%
CNDX.L
0.2%

Healthcare

USDV.L
7.5%
CNDX.L
3.7%

Basic Materials

USDV.L
5.4%
CNDX.L
1.0%

Consumer Cyclical

USDV.L
5.1%
CNDX.L
11.4%

Real Estate

USDV.L
4.5%
CNDX.L
0.1%

Energy

USDV.L
3.1%
CNDX.L
0.5%

Communication Services

USDV.L
2.6%
CNDX.L
14.3%

Compare stocks, funds, or ETFs

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

SPDR S&P US Dividend Aristocrats UCITS ETF Dis

iShares NASDAQ 100 UCITS ETF

Often compared with USDV.L:
USDV.L vs. SCHDUSDV.L vs. UDVD.LUSDV.L vs. SPYUSDV.L vs. VOOUSDV.L vs. XUHY.LUSDV.L vs. QDIVUSDV.L vs. VUAA.L
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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
USDV.L
USDV.L Risk / Return Rank: 4545
Overall Rank
USDV.L Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
USDV.L Sortino Ratio Rank: 4747
Sortino Ratio Rank
USDV.L Omega Ratio Rank: 4343
Omega Ratio Rank
USDV.L Calmar Ratio Rank: 4848
Calmar Ratio Rank
USDV.L Martin Ratio Rank: 3838
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.

USDV.L vs. CNDX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P US Dividend Aristocrats UCITS ETF Dis (USDV.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.

USDV.LCNDX.LDifference
Sharpe ratioReturn per unit of total volatility
1.35
1.56

-0.21

Sortino ratioReturn per unit of downside risk
1.95
2.21

-0.26

Omega ratioGain probability vs. loss probability

1.23

1.28

-0.05

Calmar ratioReturn relative to maximum drawdown

1.94

2.42

-0.48

Martin ratioReturn relative to average drawdown

4.94

6.60

-1.66

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

The current USDV.L Sharpe Ratio is 1.35, which is comparable to the CNDX.L Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of USDV.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.

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Drawdowns

USDV.L vs. CNDX.L - Drawdown Comparison

The maximum USDV.L drawdown since its inception was -37.29%, which is greater than CNDX.L's maximum drawdown of -27.78%. Use the drawdown chart below to compare losses from any high point for USDV.L and CNDX.L.

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Drawdown Indicators

USDV.LCNDX.LDifference

Max Drawdown

Largest peak-to-trough decline

-37.29%

-27.78%

-9.51%

Max Drawdown (1Y)

Largest decline over 1 year

-6.60%

-11.11%

+4.51%

Max Drawdown (3Y)

Largest decline over 3 years

-16.30%

-24.37%

+8.07%

Max Drawdown (5Y)

Largest decline over 5 years

-16.30%

-27.78%

+11.48%

Max Drawdown (10Y)

Largest decline over 10 years

-27.79%

-27.78%

-0.01%

Current Drawdown

Current decline from peak

-2.59%

-5.16%

+2.57%

Average Drawdown

Average peak-to-trough decline

-7.43%

-4.54%

-2.89%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.60%

4.09%

-1.49%

Volatility

USDV.L vs. CNDX.L - Volatility Comparison

The current volatility for SPDR S&P US Dividend Aristocrats UCITS ETF Dis (USDV.L) is 3.05%, while iShares NASDAQ 100 UCITS ETF (CNDX.L) has a volatility of 6.03%. This indicates that USDV.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

USDV.LCNDX.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.05%

6.03%

-2.98%

Volatility (6M)

Calculated over the trailing 6-month period

7.27%

13.55%

-6.28%

Volatility (1Y)

Calculated over the trailing 1-year period

9.50%

17.31%

-7.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.79%

20.37%

-7.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.14%

20.19%

-5.05%

USDV.L vs. CNDX.L - Expense Ratio Comparison

USDV.L has a 0.35% expense ratio, which is higher than CNDX.L's 0.33% expense ratio.

Dividends

USDV.L vs. CNDX.L - Dividend Comparison

USDV.L's dividend yield for the trailing twelve months is around 2.04%, while CNDX.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
USDV.L
SPDR S&P US Dividend Aristocrats UCITS ETF Dis		2.04%2.20%1.99%2.28%2.11%2.13%2.57%2.07%2.19%1.85%1.65%2.00%

Frequently Asked Questions

USDV.L and CNDX.L 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.

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 0.35% for USDV.L.

USDV.L is categorized as Large Cap Blend Equities, while CNDX.L is Nasdaq-100. USDV.L tracks S&P High Yield Dividend Aristocrats Index, while CNDX.L tracks NASDAQ-100 Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for USDV.L and 0.33% for CNDX.L.

Portfolio Optimizer

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