FDL vs. ONEQ

Last updated Jun 4, 2026

FDL (First Trust Morningstar Dividend Leaders Index Fund) and ONEQ (Fidelity Nasdaq Composite Index ETF) are both exchange-traded funds - FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index, while ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. Both are passively managed. Over the past 10 years, FDL returned 11.24%/yr vs 19.68%/yr for ONEQ. A 0.57 correlation means they provide meaningful diversification when combined. FDL charges 0.45%/yr vs 0.21%/yr for ONEQ.

Performance

FDL vs. ONEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Morningstar Dividend Leaders Index Fund (FDL) 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, FDL achieves a 13.33% return, which is significantly lower than ONEQ's 16.16% return. Over the past 10 years, FDL has underperformed ONEQ with an annualized return of 11.24%, while ONEQ has yielded a comparatively higher 19.68% annualized return.

FDL

• 1D: -0.26%
• 1M: -0.26%
• YTD: 13.33%
• 6M: 14.76%
• 1Y: 23.67%
• 3Y*: 18.97%
• 5Y*: 12.51%
• 10Y*: 11.24%

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)

FDL vs. ONEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDL First Trust Morningstar Dividend Leaders Index Fund	13.33%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%
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 FDL and ONEQ is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Mar 16, 2006	0.57

The correlation between FDL and ONEQ shifts across timeframes, from -0.02 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.

FDL vs. ONEQ - Sectors Allocation Comparison

Sectors	FDL	ONEQ
Energy	27.3%	0.6%
Healthcare	16.8%	5.1%
Financial Services	15.1%	3.1%
Consumer Defensive	14.7%	5.2%
Communication Services	10.6%	16.7%
Utilities	6.5%	0.9%
Industrials	3.8%	2.9%
Consumer Cyclical	3.8%	13.3%
Technology	1.1%	50.8%
Basic Materials	0.3%	1.0%
Real Estate	-	0.6%

Return for Risk

FDL vs. ONEQ — Risk / Return Rank

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

FDL

FDL Risk / Return Rank: 70
FDL Sharpe Ratio Rank: 61
FDL Sortino Ratio Rank: 70
FDL Omega Ratio Rank: 59
FDL Calmar Ratio Rank: 90
FDL Martin Ratio Rank: 71

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.

FDL vs. ONEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Morningstar Dividend Leaders Index Fund (FDL) 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.

	FDL	ONEQ	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.48	-0.37
Sortino ratio: Return per unit of downside risk	3.25	3.26	0.00
Omega ratio: Gain probability vs. loss probability	1.37	1.43	-0.06
Calmar ratio: Return relative to maximum drawdown	5.56	3.15	+2.41
Martin ratio: Return relative to average drawdown	13.56	12.46	+1.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDL vs. ONEQ - Sharpe Ratio Comparison

The current FDL Sharpe Ratio is 2.11, which is comparable to the ONEQ Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of FDL 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

	FDL	ONEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	2.48	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	0.70	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.91	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.65	-0.20

Drawdowns

FDL vs. ONEQ - Drawdown Comparison

The maximum FDL drawdown since its inception was -65.93%, which is greater than ONEQ's maximum drawdown of -55.09%. Use the drawdown chart below to compare losses from any high point for FDL and ONEQ.

Drawdown Indicators

	FDL	ONEQ	Difference
Max Drawdown Largest peak-to-trough decline	-65.93%	-55.09%	-10.84%
Max Drawdown (1Y) Largest decline over 1 year	-4.27%	-12.64%	+8.37%
Max Drawdown (3Y) Largest decline over 3 years	-12.24%	-24.09%	+11.85%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-35.23%	+18.77%
Max Drawdown (10Y) Largest decline over 10 years	-41.40%	-35.23%	-6.17%
Current Drawdown Current decline from peak	-2.18%	-0.85%	-1.33%
Average Drawdown Average peak-to-trough decline	-9.66%	-7.95%	-1.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.75%	3.19%	-1.44%

Volatility

FDL vs. ONEQ - Volatility Comparison

The current volatility for First Trust Morningstar Dividend Leaders Index Fund (FDL) is 2.85%, while Fidelity Nasdaq Composite Index ETF (ONEQ) has a volatility of 4.20%. This indicates that FDL 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

	FDL	ONEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	4.20%	-1.35%
Volatility (6M) Calculated over the trailing 6-month period	7.87%	11.96%	-4.09%
Volatility (1Y) Calculated over the trailing 1-year period	11.28%	16.05%	-4.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.31%	22.14%	-7.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.11%	21.71%	-4.60%

FDL vs. ONEQ - Expense Ratio Comparison

FDL has a 0.45% expense ratio, which is higher than ONEQ's 0.21% expense ratio.

Dividends

FDL vs. ONEQ - Dividend Comparison

FDL's dividend yield for the trailing twelve months is around 3.68%, more than ONEQ's 0.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.68%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
ONEQ Fidelity Nasdaq Composite Index ETF	0.67%	0.54%	0.65%	0.71%	0.97%	0.54%	0.71%	2.51%	1.08%	0.84%	1.12%	1.04%

Frequently Asked Questions

Can I hold both FDL and ONEQ in my portfolio?

FDL and ONEQ have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDL or ONEQ?

ONEQ has higher volatility (4.20%) compared to FDL (2.85%). In terms of maximum drawdown, FDL dropped -65.93% vs ONEQ's -55.09%.

Which ETF is better, FDL or ONEQ?

On 10-year performance, ONEQ leads with 19.68% vs 11.24% for FDL. On fees, ONEQ is cheaper at 0.21% per year. On volatility, FDL has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDL or ONEQ?

Over the 10-year period, ONEQ has performed better with a 19.68% return vs 11.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDL or ONEQ?

ONEQ is cheaper with a 0.21% expense ratio, compared with 0.45% for FDL.

Which ETF pays a higher dividend yield, FDL or ONEQ?

FDL has the higher dividend yield at 3.68%, compared with 0.67% for ONEQ.

What is the main difference between FDL and ONEQ?

FDL is categorized as Large Cap Value Equities, while ONEQ is Large Cap Growth Equities. FDL tracks Morningstar Dividend Leaders Index, while ONEQ tracks Nasdaq Composite Index. They also come from different issuers: First Trust and Fidelity. Their fees differ too: 0.45% for FDL and 0.21% for ONEQ.

Which has better risk-adjusted returns?

ONEQ currently has the higher Sharpe Ratio (2.48 vs 2.11), 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.