^GSPC vs. ONEQ

Last updated Apr 4, 2026

Compare and contrast key facts about S&P 500 Index (^GSPC) and Fidelity NASDAQ Composite Index Tracking Stock (ONEQ).

ONEQ is a passively managed fund by Fidelity that tracks the performance of the NASDAQ Composite Index. It was launched on Sep 25, 2003.

Performance

^GSPC vs. ONEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in S&P 500 Index (^GSPC) and Fidelity NASDAQ Composite Index Tracking Stock (ONEQ). The values are adjusted to include any dividend payments, if applicable.

^GSPC vs. ONEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^GSPC S&P 500 Index	-3.84%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%
ONEQ Fidelity NASDAQ Composite Index Tracking Stock	-5.46%	20.89%	29.30%	45.73%	-32.12%	22.11%	44.87%	38.01%	-3.18%	29.29%

Returns By Period

In the year-to-date period, ^GSPC achieves a -3.84% return, which is significantly higher than ONEQ's -5.46% return. Over the past 10 years, ^GSPC has underperformed ONEQ with an annualized return of 12.29%, while ONEQ has yielded a comparatively higher 17.38% annualized return.

^GSPC

• 1D: 0.11%
• 1M: -4.18%
• YTD: -3.84%
• 6M: -1.98%
• 1Y: 21.98%
• 3Y*: 16.86%
• 5Y*: 10.37%
• 10Y*: 12.29%

ONEQ

• 1D: 0.21%
• 1M: -3.74%
• YTD: -5.46%
• 6M: -3.49%
• 1Y: 33.24%
• 3Y*: 22.54%
• 5Y*: 11.33%
• 10Y*: 17.38%

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

Return for Risk

^GSPC vs. ONEQ — Risk / Return Rank

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

^GSPC

^GSPC Risk / Return Rank: 62
^GSPC Sharpe Ratio Rank: 59
^GSPC Sortino Ratio Rank: 61
^GSPC Omega Ratio Rank: 64
^GSPC Calmar Ratio Rank: 54
^GSPC Martin Ratio Rank: 71

ONEQ

ONEQ Risk / Return Rank: 61
ONEQ Sharpe Ratio Rank: 58
ONEQ Sortino Ratio Rank: 62
ONEQ Omega Ratio Rank: 62
ONEQ Calmar Ratio Rank: 63
ONEQ Martin Ratio Rank: 59

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.

^GSPC vs. ONEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P 500 Index (^GSPC) and Fidelity NASDAQ Composite Index Tracking Stock (ONEQ). 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.

	^GSPC	ONEQ	Difference
Sharpe ratio Return per unit of total volatility	0.88	1.09	-0.21
Sortino ratio Return per unit of downside risk	1.37	1.70	-0.33
Omega ratio Gain probability vs. loss probability	1.21	1.24	-0.04
Calmar ratio Return relative to maximum drawdown	1.39	2.02	-0.63
Martin ratio Return relative to average drawdown	6.43	7.36	-0.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^GSPC vs. ONEQ - Sharpe Ratio Comparison

The current ^GSPC Sharpe Ratio is 0.88, which is comparable to the ONEQ Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of ^GSPC and ONEQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^GSPC	ONEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	1.09	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.51	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.80	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.61	-0.15

Correlation

The correlation between ^GSPC and ONEQ is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

^GSPC vs. ONEQ - Drawdown Comparison

The maximum ^GSPC drawdown since its inception was -56.78%, roughly equal to the maximum ONEQ drawdown of -55.09%. Use the drawdown chart below to compare losses from any high point for ^GSPC and ONEQ.

Drawdown Indicators

	^GSPC	ONEQ	Difference
Max Drawdown Largest peak-to-trough decline	-56.78%	-55.09%	-1.69%
Max Drawdown (1Y) Largest decline over 1 year	-9.10%	-12.64%	+3.54%
Max Drawdown (5Y) Largest decline over 5 years	-25.43%	-35.23%	+9.80%
Max Drawdown (10Y) Largest decline over 10 years	-33.92%	-35.23%	+1.31%
Current Drawdown Current decline from peak	-5.67%	-8.07%	+2.40%
Average Drawdown Average peak-to-trough decline	-10.75%	-8.01%	-2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	3.61%	-0.99%

Volatility

^GSPC vs. ONEQ - Volatility Comparison

The current volatility for S&P 500 Index (^GSPC) is 5.29%, while Fidelity NASDAQ Composite Index Tracking Stock (ONEQ) has a volatility of 6.89%. This indicates that ^GSPC experiences smaller price fluctuations and is considered to be less risky than ONEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^GSPC	ONEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	6.89%	-1.60%
Volatility (6M) Calculated over the trailing 6-month period	9.55%	12.95%	-3.40%
Volatility (1Y) Calculated over the trailing 1-year period	18.33%	23.23%	-4.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.90%	22.15%	-5.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	21.66%	-3.62%