X7PP.L vs. CNX1.L

Last updated Jun 14, 2026

X7PP.L (Invesco European Banks Sector UCITS ETF) and CNX1.L (iShares NASDAQ 100 UCITS ETF USD (Acc)) are both exchange-traded funds - X7PP.L is a Financials Equities fund tracking the MSCI World/Financials NR USD, while CNX1.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, X7PP.L returned 16.26%/yr vs 22.20%/yr for CNX1.L. At a 0.36 correlation, their price movements are largely independent. X7PP.L charges 0.20%/yr vs 0.36%/yr for CNX1.L.

Performance

X7PP.L vs. CNX1.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco European Banks Sector UCITS ETF (X7PP.L) and iShares NASDAQ 100 UCITS ETF USD (Acc) (CNX1.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, X7PP.L achieves a 7.48% return, which is significantly lower than CNX1.L's 17.14% return. Over the past 10 years, X7PP.L has underperformed CNX1.L with an annualized return of 16.26%, while CNX1.L has yielded a comparatively higher 22.20% annualized return.

X7PP.L

• 1D: 4.06%
• 1M: 5.15%
• YTD: 7.48%
• 6M: 11.87%
• 1Y: 46.89%
• 3Y*: 43.37%
• 5Y*: 28.29%
• 10Y*: 16.26%

CNX1.L

• 1D: 2.47%
• 1M: 0.58%
• YTD: 17.14%
• 6M: 17.43%
• 1Y: 38.31%
• 3Y*: 23.65%
• 5Y*: 17.86%
• 10Y*: 22.20%

*Multi-year figures are annualized to reflect compound growth (CAGR)

X7PP.L vs. CNX1.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
X7PP.L Invesco European Banks Sector UCITS ETF	7.48%	87.77%	27.07%	23.27%	6.04%	29.16%	-18.50%	8.33%	-26.15%	16.53%
CNX1.L iShares NASDAQ 100 UCITS ETF USD (Acc)	17.14%	11.57%	28.51%	47.71%	-25.53%	29.50%	43.24%	33.63%	4.62%	20.13%

Correlation

The correlation between X7PP.L and CNX1.L is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jun 30, 2014	0.36

The correlation between X7PP.L and CNX1.L shifts across timeframes, from 0.28 (3 years) to 0.43 (1 year), reflecting how their relationship changes across market environments.

X7PP.L vs. CNX1.L - Sectors Allocation Comparison

Sectors	X7PP.L	CNX1.L
Financial Services	100.0%	0.2%
Basic Materials	-	1.0%
Communication Services	-	13.5%
Consumer Cyclical	-	10.8%
Consumer Defensive	-	6.4%
Energy	-	0.5%
Healthcare	-	3.6%
Industrials	-	2.8%
Real Estate	-	0.1%
Technology	-	60.0%
Utilities	-	1.1%

Return for Risk

X7PP.L vs. CNX1.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

X7PP.L

X7PP.L Risk / Return Rank: 66
X7PP.L Sharpe Ratio Rank: 72
X7PP.L Sortino Ratio Rank: 70
X7PP.L Omega Ratio Rank: 64
X7PP.L Calmar Ratio Rank: 64
X7PP.L Martin Ratio Rank: 60

CNX1.L

CNX1.L Risk / Return Rank: 78
CNX1.L Sharpe Ratio Rank: 87
CNX1.L Sortino Ratio Rank: 84
CNX1.L Omega Ratio Rank: 83
CNX1.L Calmar Ratio Rank: 76
CNX1.L Martin Ratio Rank: 63

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.

X7PP.L vs. CNX1.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco European Banks Sector UCITS ETF (X7PP.L) and iShares NASDAQ 100 UCITS ETF USD (Acc) (CNX1.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.

	X7PP.L	CNX1.L	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.45	-0.44
Sortino ratio: Return per unit of downside risk	2.75	3.24	-0.49
Omega ratio: Gain probability vs. loss probability	1.33	1.43	-0.10
Calmar ratio: Return relative to maximum drawdown	2.79	3.39	-0.60
Martin ratio: Return relative to average drawdown	9.30	9.86	-0.56

X7PP.L vs. CNX1.L - Sharpe Ratio Comparison

The current X7PP.L Sharpe Ratio is 2.01, which is comparable to the CNX1.L Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of X7PP.L and CNX1.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.

Drawdowns

X7PP.L vs. CNX1.L - Drawdown Comparison

The maximum X7PP.L drawdown since its inception was -56.28%, which is greater than CNX1.L's maximum drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for X7PP.L and CNX1.L.

Drawdown Indicators

	X7PP.L	CNX1.L	Difference
Max Drawdown Largest peak-to-trough decline	-56.28%	-27.56%	-28.72%
Max Drawdown (1Y) Largest decline over 1 year	-15.94%	-11.03%	-4.91%
Max Drawdown (3Y) Largest decline over 3 years	-18.17%	-24.56%	+6.39%
Max Drawdown (5Y) Largest decline over 5 years	-30.79%	-27.56%	-3.23%
Max Drawdown (10Y) Largest decline over 10 years	-56.28%	-27.56%	-28.72%
Current Drawdown Current decline from peak	0.00%	-2.87%	+2.87%
Average Drawdown Average peak-to-trough decline	-15.39%	-4.91%	-10.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.79%	3.80%	+0.99%

Volatility

X7PP.L vs. CNX1.L - Volatility Comparison

Invesco European Banks Sector UCITS ETF (X7PP.L) has a higher volatility of 6.12% compared to iShares NASDAQ 100 UCITS ETF USD (Acc) (CNX1.L) at 5.76%. This indicates that X7PP.L's price experiences larger fluctuations and is considered to be riskier than CNX1.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	X7PP.L	CNX1.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.12%	5.76%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	18.15%	11.22%	+6.93%
Volatility (1Y) Calculated over the trailing 1-year period	22.12%	15.31%	+6.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.54%	30.31%	-6.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.57%	25.51%	-0.94%

X7PP.L vs. CNX1.L - Expense Ratio Comparison

X7PP.L has a 0.20% expense ratio, which is lower than CNX1.L's 0.36% expense ratio.

Dividends

X7PP.L vs. CNX1.L - Dividend Comparison

Neither X7PP.L nor CNX1.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both X7PP.L and CNX1.L in my portfolio?

X7PP.L and CNX1.L have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, X7PP.L or CNX1.L?

On fees, X7PP.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, X7PP.L or CNX1.L?

X7PP.L is cheaper with a 0.20% expense ratio, compared with 0.36% for CNX1.L.

What is the main difference between X7PP.L and CNX1.L?

X7PP.L is categorized as Financials Equities, while CNX1.L is Nasdaq-100. X7PP.L tracks MSCI World/Financials NR USD, while CNX1.L tracks NASDAQ-100 Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.20% for X7PP.L and 0.36% for CNX1.L.