^XAX vs. ONEQ

Last updated Jun 4, 2026

^XAX (NYSE American Composite 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, ^XAX returned 14.18%/yr vs 19.68%/yr for ONEQ. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

^XAX vs. ONEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYSE American Composite Index (^XAX) and Fidelity Nasdaq Composite Index ETF (ONEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^XAX achieves a 27.43% return, which is significantly higher than ONEQ's 16.16% return. Over the past 10 years, ^XAX has underperformed ONEQ with an annualized return of 14.18%, while ONEQ has yielded a comparatively higher 19.68% annualized return.

^XAX

• 1D: -0.14%
• 1M: -2.59%
• YTD: 27.43%
• 6M: 19.70%
• 1Y: 63.31%
• 3Y*: 29.41%
• 5Y*: 21.64%
• 10Y*: 14.18%

ONEQ

• 1D: -0.85%
• 1M: 7.21%
• YTD: 16.16%
• 6M: 15.18%
• 1Y: 39.62%
• 3Y*: 27.68%
• 5Y*: 15.43%
• 10Y*: 19.68%

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

^XAX vs. ONEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^XAX NYSE American Composite Index	27.43%	46.53%	2.00%	11.10%	20.66%	45.17%	-7.51%	11.36%	-13.87%	15.31%
ONEQ Fidelity Nasdaq Composite Index ETF	16.16%	20.89%	29.30%	45.73%	-32.12%	22.11%	44.87%	38.01%	-3.18%	29.29%

Correlation

The correlation between ^XAX and ONEQ is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Oct 2, 2003	0.52

Over the past year, the correlation between ^XAX and ONEQ has dropped to 0.13 - well below their long-term average of 0.52, suggesting their price drivers have been diverging.

Return for Risk

^XAX vs. ONEQ — Risk / Return Rank

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

^XAX

^XAX Risk / Return Rank: 94
^XAX Sharpe Ratio Rank: 92
^XAX Sortino Ratio Rank: 91
^XAX Omega Ratio Rank: 91
^XAX Calmar Ratio Rank: 97
^XAX Martin Ratio Rank: 97

ONEQ

ONEQ Risk / Return Rank: 68
ONEQ Sharpe Ratio Rank: 74
ONEQ Sortino Ratio Rank: 70
ONEQ Omega Ratio Rank: 69
ONEQ Calmar Ratio Rank: 62
ONEQ Martin Ratio Rank: 67

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.

^XAX vs. ONEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYSE American Composite Index (^XAX) 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.

	^XAX	ONEQ	Difference
Sharpe ratio Return per unit of total volatility	3.07	2.48	+0.59
Sortino ratio Return per unit of downside risk	3.77	3.26	+0.52
Omega ratio Gain probability vs. loss probability	1.50	1.43	+0.07
Calmar ratio Return relative to maximum drawdown	6.66	3.15	+3.51
Martin ratio Return relative to average drawdown	22.63	12.46	+10.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^XAX vs. ONEQ - Sharpe Ratio Comparison

The current ^XAX Sharpe Ratio is 3.07, which is comparable to the ONEQ Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of ^XAX 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

	^XAX	ONEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.07	2.48	+0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.70	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.91	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.65	-0.14

Drawdowns

^XAX vs. ONEQ - Drawdown Comparison

The maximum ^XAX drawdown since its inception was -54.41%, roughly equal to the maximum ONEQ drawdown of -55.09%. Use the drawdown chart below to compare losses from any high point for ^XAX and ONEQ.

Drawdown Indicators

	^XAX	ONEQ	Difference
Max Drawdown Largest peak-to-trough decline	-54.41%	-55.09%	+0.68%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-12.64%	+3.08%
Max Drawdown (3Y) Largest decline over 3 years	-18.79%	-24.09%	+5.30%
Max Drawdown (5Y) Largest decline over 5 years	-19.28%	-35.23%	+15.95%
Max Drawdown (10Y) Largest decline over 10 years	-52.59%	-35.23%	-17.36%
Current Drawdown Current decline from peak	-5.61%	-0.85%	-4.76%
Average Drawdown Average peak-to-trough decline	-10.30%	-7.95%	-2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	3.19%	-0.38%

Volatility

^XAX vs. ONEQ - Volatility Comparison

NYSE American Composite Index (^XAX) has a higher volatility of 6.44% compared to Fidelity Nasdaq Composite Index ETF (ONEQ) at 4.20%. This indicates that ^XAX'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.

Volatility by Period

	^XAX	ONEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.44%	4.20%	+2.24%
Volatility (6M) Calculated over the trailing 6-month period	17.08%	11.96%	+5.12%
Volatility (1Y) Calculated over the trailing 1-year period	20.77%	16.05%	+4.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.54%	22.14%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.85%	21.71%	+0.14%

Frequently Asked Questions

Can I hold both ^XAX and ONEQ in my portfolio?

^XAX and ONEQ have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^XAX or ONEQ?

^XAX has higher volatility (6.44%) compared to ONEQ (4.20%). In terms of maximum drawdown, ^XAX dropped -54.41% vs ONEQ's -55.09%.

Which has better risk-adjusted returns?

^XAX currently has the higher Sharpe Ratio (3.07 vs 2.48), 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.