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FAAA vs. ONEQ
Performance
Return for Risk
Dividends
Drawdowns
Volatility

FAAA vs. ONEQ

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity AAA CLO ETF (FAAA) and Fidelity NASDAQ Composite Index Tracking Stock (ONEQ).

FAAA and ONEQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FAAA is an actively managed fund by Fidelity. It was launched on Feb 10, 2026. 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

FAAA vs. ONEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity AAA CLO ETF (FAAA) and Fidelity NASDAQ Composite Index Tracking Stock (ONEQ). The values are adjusted to include any dividend payments, if applicable.

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FAAA vs. ONEQ - Yearly Performance Comparison

2026 (YTD)
FAAA
Fidelity AAA CLO ETF		0.31%
ONEQ
Fidelity NASDAQ Composite Index Tracking Stock		-4.23%

Returns By Period

FAAA

1D
0.04%
1M
0.06%
YTD
—
6M
—
1Y
—
3Y*
—
5Y*
—
10Y*
—

ONEQ

1D
3.78%
1M
-4.49%
YTD
-6.77%
6M
-4.24%
1Y
25.78%
3Y*
21.89%
5Y*
11.02%
10Y*
17.18%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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

Fidelity AAA CLO ETF

Fidelity NASDAQ Composite Index Tracking Stock

Often compared with FAAA:
FAAA vs. JAAAFAAA vs. ACLOFAAA vs. CLOAFAAA vs. PCLOFAAA vs. CLOXFAAA vs. CLOBFAAA vs. FBCG
Often compared with ONEQ:
ONEQ vs. QQQONEQ vs. FNCMXONEQ vs. VOOONEQ vs. ^NDXONEQ vs. ^IXICONEQ vs. ^GSPCONEQ vs. IEMG

FAAA vs. ONEQ - Expense Ratio Comparison

FAAA has a 0.20% expense ratio, which is lower than ONEQ's 0.21% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

ONEQ
Fidelity NASDAQ Composite Index Tracking Stock
FAAA
Fidelity AAA CLO ETF

Return for Risk

FAAA vs. ONEQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FAAA
ONEQ
ONEQ Risk / Return Rank: 7272
Overall Rank
ONEQ Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
ONEQ Sortino Ratio Rank: 7272
Sortino Ratio Rank
ONEQ Omega Ratio Rank: 7171
Omega Ratio Rank
ONEQ Calmar Ratio Rank: 7878
Calmar Ratio Rank
ONEQ Martin Ratio Rank: 7474
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.

FAAA vs. ONEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity AAA CLO ETF (FAAA) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FAAA vs. ONEQ - Sharpe Ratio Comparison

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Sharpe Ratios by Period

FAAAONEQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

—

1.12

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.50

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.80

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.93

0.60

+1.33

Correlation

The correlation between FAAA and ONEQ is 0.06, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FAAA vs. ONEQ - Dividend Comparison

FAAA's dividend yield for the trailing twelve months is around 0.62%, less than ONEQ's 0.83% yield.

TTM20252024202320222021202020192018201720162015
FAAA
Fidelity AAA CLO ETF		0.62%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ONEQ
Fidelity NASDAQ Composite Index Tracking Stock		0.83%0.54%0.65%0.71%0.97%0.54%0.71%2.51%1.08%0.84%1.12%1.04%

Drawdowns

FAAA vs. ONEQ - Drawdown Comparison

The maximum FAAA drawdown since its inception was -0.55%, smaller than the maximum ONEQ drawdown of -55.09%. Use the drawdown chart below to compare losses from any high point for FAAA and ONEQ.

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Drawdown Indicators

FAAAONEQDifference

Max Drawdown

Largest peak-to-trough decline

-0.55%

-55.09%

+54.54%

Max Drawdown (1Y)

Largest decline over 1 year

—

-13.13%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-35.23%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-35.23%

—

Current Drawdown

Current decline from peak

0.00%

-9.34%

+9.34%

Average Drawdown

Average peak-to-trough decline

-0.17%

-8.01%

+7.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

3.53%

—

Volatility

FAAA vs. ONEQ - Volatility Comparison

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Volatility by Period

FAAAONEQDifference

Volatility (1M)

Calculated over the trailing 1-month period

—

6.93%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

12.90%

—

Volatility (1Y)

Calculated over the trailing 1-year period

1.29%

23.22%

-21.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.29%

22.16%

-20.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.29%

21.67%

-20.38%