FAGKX vs. QQQ

Last updated Aug 4, 2026

FAGKX (Fidelity Growth Strategies Fund Class K) and QQQ (Invesco QQQ ETF) are both funds - FAGKX is a Mid Cap Growth Equities fund managed by Fidelity, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 10 years, FAGKX returned 10.65%/yr vs 20.46%/yr for QQQ. Their correlation of 0.85 means they have usually moved in the same direction. FAGKX charges 0.52%/yr vs 0.18%/yr for QQQ.

Performance

FAGKX vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Growth Strategies Fund Class K (FAGKX) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FAGKX achieves a 4.19% return, which is significantly lower than QQQ's 14.23% return. Over the past 10 years, FAGKX has underperformed QQQ with an annualized return of 10.65%, while QQQ has yielded a comparatively higher 20.46% annualized return.

FAGKX

• 1D: 0.49%
• 1M: -6.20%
• 6M: 3.42%
• YTD: 4.19%
• 1Y: -4.76%
• 3Y*: 9.16%
• 5Y*: 3.41%
• 10Y*: 10.65%
• ALL TIME*: 8.78%

QQQ

• 1D: 1.76%
• 1M: -1.76%
• 6M: 12.07%
• YTD: 14.23%
• 1Y: 27.00%
• 3Y*: 24.17%
• 5Y*: 14.45%
• 10Y*: 20.46%
• ALL TIME*: 10.70%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FAGKX Fidelity Growth Strategies Fund Class K	$0.00	$0.00	$0.00
QQQ Invesco QQQ ETF	$31.40B	$28.17B	$31.69B

FAGKX vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAGKX Fidelity Growth Strategies Fund Class K	4.19%	3.13%	17.83%	21.07%	-26.41%	21.43%	29.49%	36.75%	-6.77%	21.07%
QQQ Invesco QQQ ETF	14.23%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%

Correlation

The correlation between FAGKX and QQQ is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since May 15, 2008	0.85

The correlation between FAGKX and QQQ has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

Return for Risk

FAGKX vs. QQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FAGKX

FAGKX Risk / Return Rank: 2
FAGKX Sharpe Ratio Rank: 2
FAGKX Sortino Ratio Rank: 2
FAGKX Omega Ratio Rank: 2
FAGKX Calmar Ratio Rank: 2
FAGKX Martin Ratio Rank: 1

QQQ

QQQ Risk / Return Rank: 58
QQQ Sharpe Ratio Rank: 58
QQQ Sortino Ratio Rank: 55
QQQ Omega Ratio Rank: 55
QQQ Calmar Ratio Rank: 64
QQQ Martin Ratio Rank: 59

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FAGKX vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Growth Strategies Fund Class K (FAGKX) and Invesco QQQ ETF (QQQ). 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.

	FAGKX	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	1.40	-1.68
Sortino ratio: Return per unit of downside risk	-0.21	1.95	-2.16
Omega ratio: Gain probability vs. loss probability	0.97	1.25	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.32	2.27	-2.59
Martin ratio: Return relative to average drawdown	-0.78	7.21	-7.99

FAGKX vs. QQQ - Sharpe Ratio Comparison

The current FAGKX Sharpe Ratio is -0.27, which is lower than the QQQ Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of FAGKX and QQQ, 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

FAGKX vs. QQQ - Drawdown Comparison

The maximum FAGKX drawdown since its inception was -54.37%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for FAGKX and QQQ.

Drawdown Indicators

	FAGKX	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-54.37%	-82.97%	+28.60%
Max Drawdown (1Y) Largest decline over 1 year	-20.29%	-11.96%	-8.33%
Max Drawdown (3Y) Largest decline over 3 years	-31.00%	-22.77%	-8.23%
Max Drawdown (5Y) Largest decline over 5 years	-36.57%	-35.12%	-1.45%
Max Drawdown (10Y) Largest decline over 10 years	-36.57%	-35.12%	-1.45%
Current Drawdown Current decline from peak	-10.48%	-6.07%	-4.41%
Average Drawdown Average peak-to-trough decline	-10.07%	-32.61%	+22.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.32%	3.76%	+4.56%

Volatility

FAGKX vs. QQQ - Volatility Comparison

Fidelity Growth Strategies Fund Class K (FAGKX) has a higher volatility of 7.76% compared to Invesco QQQ ETF (QQQ) at 6.96%. This indicates that FAGKX's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAGKX	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.76%	6.96%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	18.44%	16.12%	+2.32%
Volatility (1Y) Calculated over the trailing 1-year period	23.98%	19.37%	+4.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.92%	22.92%	+1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.34%	22.51%	-0.17%

FAGKX vs. QQQ - Expense Ratio Comparison

FAGKX has a 0.52% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

FAGKX vs. QQQ - Dividend Comparison

FAGKX has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.43%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAGKX Fidelity Growth Strategies Fund Class K	0.00%	0.00%	0.00%	0.16%	0.00%	13.99%	8.30%	3.73%	0.90%	0.05%	0.72%	0.29%
QQQ Invesco QQQ ETF	0.43%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both FAGKX and QQQ in my portfolio?

FAGKX and QQQ have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FAGKX or QQQ?

FAGKX has higher volatility (7.76%) compared to QQQ (6.96%). In terms of maximum drawdown, FAGKX dropped -54.37% vs QQQ's -82.97%.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (1.40 vs -0.27), 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.