^NDX vs. ONEQ
^NDX (NASDAQ 100 Index) is an index, while ONEQ (Fidelity Nasdaq Composite Index ETF) is Large Cap Growth Equities fund tracking the Nasdaq Composite Index. Over the past 10 years, ^NDX returned 19.48%/yr vs 18.27%/yr for ONEQ. Their 0.96 correlation means they have historically moved very closely together.
Performance
^NDX vs. ONEQ - Performance Comparison
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Returns By Period
In the year-to-date period, ^NDX achieves a 11.05% return, which is significantly higher than ONEQ's 8.12% return. Over the past 10 years, ^NDX has outperformed ONEQ with an annualized return of 19.48%, while ONEQ has yielded a comparatively lower 18.27% annualized return.
^NDX
- 1D
- -1.46%
- 1M
- -3.71%
- 6M
- 9.05%
- YTD
- 11.05%
- 1Y
- 20.48%
- 3Y*
- 21.20%
- 5Y*
- 13.30%
- 10Y*
- 19.48%
- ALL TIME*
- 14.52%
ONEQ
- 1D
- -0.16%
- 1M
- -1.20%
- 6M
- 6.44%
- YTD
- 8.12%
- 1Y
- 19.38%
- 3Y*
- 21.38%
- 5Y*
- 12.24%
- 10Y*
- 18.27%
- ALL TIME*
- 13.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
^NDX NASDAQ 100 Index | $201.47T | $226.19T | $281.22T |
| $32.16M | $29.59M | $38.81M |
^NDX vs. ONEQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^NDX NASDAQ 100 Index | 11.05% | 20.17% | 24.88% | 53.81% | -32.97% | 26.63% | 47.58% | 37.96% | -1.04% | 31.52% |
ONEQ Fidelity Nasdaq Composite Index ETF | 8.12% | 20.89% | 29.30% | 45.73% | -32.12% | 22.11% | 44.87% | 38.01% | -3.18% | 29.29% |
Correlation
The correlation between ^NDX and ONEQ is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2003 | 0.96 |
The correlation between ^NDX and ONEQ has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
^NDX vs. ONEQ — Risk / Return Rank
^NDX
ONEQ
^NDX vs. ONEQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NASDAQ 100 Index (^NDX) and Fidelity Nasdaq Composite Index ETF (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.
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.
| ^NDX | ONEQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.19 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | 1.54 | +0.16 |
| Martin ratioReturn relative to average drawdown | 5.76 | 5.33 | +0.43 |
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Drawdowns
^NDX vs. ONEQ - Drawdown Comparison
The maximum ^NDX drawdown since its inception was -82.90%, which is greater than ONEQ's maximum drawdown of -55.09%. Use the drawdown chart below to compare losses from any high point for ^NDX and ONEQ.
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Drawdown Indicators
| ^NDX | ONEQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.90% | -55.09% | -27.81% |
Max Drawdown (1Y)Largest decline over 1 year | -12.12% | -12.64% | +0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -22.93% | -24.09% | +1.16% |
Max Drawdown (5Y)Largest decline over 5 years | -35.56% | -35.23% | -0.33% |
Max Drawdown (10Y)Largest decline over 10 years | -35.56% | -35.23% | -0.33% |
Current DrawdownCurrent decline from peak | -8.55% | -7.71% | -0.84% |
Average DrawdownAverage peak-to-trough decline | -24.56% | -7.93% | -16.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.57% | 3.64% | -0.07% |
Volatility
^NDX vs. ONEQ - Volatility Comparison
NASDAQ 100 Index (^NDX) has a higher volatility of 6.54% compared to Fidelity Nasdaq Composite Index ETF (ONEQ) at 5.41%. This indicates that ^NDX's price experiences larger fluctuations and is considered to be riskier than ONEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ^NDX | ONEQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.54% | 5.41% | +1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 15.52% | 14.23% | +1.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.04% | 18.03% | +1.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.04% | 22.43% | +0.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.70% | 21.80% | +0.90% |
Frequently Asked Questions
With a correlation of 0.97, ^NDX and ONEQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
^NDX has higher volatility (6.54%) compared to ONEQ (5.41%). In terms of maximum drawdown, ^NDX dropped -82.90% vs ONEQ's -55.09%.
^NDX currently has the higher Sharpe Ratio (1.09 vs 1.08), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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