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FDMO vs. QQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FDMO vs. QQQ

Last updated Jun 24, 2026

FDMO (Fidelity Momentum Factor ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - FDMO is a Momentum fund tracking the Fidelity U.S. Momentum Factor Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, FDMO returned 15.71%/yr vs 16.01%/yr for QQQ. Their correlation of 0.90 suggests significant overlap in exposure. FDMO charges 0.29%/yr vs 0.18%/yr for QQQ.

Performance

FDMO vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Momentum Factor ETF (FDMO) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FDMO achieves a 14.45% return, which is significantly lower than QQQ's 16.45% return.

FDMO

1D
-2.80%
1M
2.15%
YTD
14.45%
6M
12.49%
1Y
31.10%
3Y*
27.66%
5Y*
15.71%
10Y*
—

QQQ

1D
-3.29%
1M
-0.43%
YTD
16.45%
6M
14.99%
1Y
34.88%
3Y*
26.05%
5Y*
16.01%
10Y*
22.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FDMO vs. QQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FDMO
Fidelity Momentum Factor ETF		14.45%21.43%32.78%24.79%-19.32%22.23%21.71%25.29%-4.13%23.93%
QQQ
Invesco QQQ ETF		16.45%20.77%25.58%54.86%-32.58%27.42%48.62%38.96%-0.13%32.66%

Correlation

The correlation between FDMO and QQQ is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.91

Correlation (3Y)
Calculated over the trailing 3-year period

0.92

Correlation (5Y)
Calculated over the trailing 5-year period

0.91

Correlation (All Time)
Calculated using the full available price history since Sep 15, 2016

0.90

The correlation between FDMO and QQQ has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

FDMO vs. QQQ - Sectors Allocation Comparison

Sectors
FDMO
QQQ

Technology

38.3%
58.7%

Financial Services

11.3%
0.2%

Consumer Cyclical

9.8%
11.4%

Communication Services

9.4%
14.3%

Industrials

9.1%
2.6%

Healthcare

8.7%
3.7%

Consumer Defensive

4.0%
6.4%

Energy

3.2%
0.5%

Basic Materials

2.1%
1.0%

Utilities

2.1%
1.2%

Real Estate

2.0%
0.1%

Technology

FDMO
38.3%
QQQ
58.7%

Financial Services

FDMO
11.3%
QQQ
0.2%

Consumer Cyclical

FDMO
9.8%
QQQ
11.4%

Communication Services

FDMO
9.4%
QQQ
14.3%

Industrials

FDMO
9.1%
QQQ
2.6%

Healthcare

FDMO
8.7%
QQQ
3.7%

Consumer Defensive

FDMO
4.0%
QQQ
6.4%

Energy

FDMO
3.2%
QQQ
0.5%

Basic Materials

FDMO
2.1%
QQQ
1.0%

Utilities

FDMO
2.1%
QQQ
1.2%

Real Estate

FDMO
2.0%
QQQ
0.1%

Compare stocks, funds, or ETFs

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

Fidelity Momentum Factor ETF

Invesco QQQ ETF

Often compared with FDMO:
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Often compared with QQQ:
QQQ vs. SPYQQQ vs. VOOQQQ vs. VGTQQQ vs. TQQQQQQ vs. SMHQQQ vs. QQQMQQQ vs. SPMO

Return for Risk

FDMO vs. QQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FDMO
FDMO Risk / Return Rank: 5353
Overall Rank
FDMO Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
FDMO Sortino Ratio Rank: 5050
Sortino Ratio Rank
FDMO Omega Ratio Rank: 5151
Omega Ratio Rank
FDMO Calmar Ratio Rank: 5454
Calmar Ratio Rank
FDMO Martin Ratio Rank: 5959
Martin Ratio Rank
QQQ
QQQ Risk / Return Rank: 5959
Overall Rank
QQQ Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
QQQ Sortino Ratio Rank: 5555
Sortino Ratio Rank
QQQ Omega Ratio Rank: 5858
Omega Ratio Rank
QQQ Calmar Ratio Rank: 6161
Calmar Ratio Rank
QQQ Martin Ratio Rank: 6262
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.

FDMO vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Momentum Factor ETF (FDMO) 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.

FDMOQQQDifference
Sharpe ratioReturn per unit of total volatility
1.75
1.95

-0.20

Sortino ratioReturn per unit of downside risk
2.37
2.57

-0.19

Omega ratioGain probability vs. loss probability

1.31

1.35

-0.04

Calmar ratioReturn relative to maximum drawdown

2.56

2.93

-0.37

Martin ratioReturn relative to average drawdown

9.99

10.86

-0.88

FDMO vs. QQQ - Sharpe Ratio Comparison

The current FDMO Sharpe Ratio is 1.75, which is comparable to the QQQ Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of FDMO 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.

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Drawdowns

FDMO vs. QQQ - Drawdown Comparison

The maximum FDMO drawdown since its inception was -33.94%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for FDMO and QQQ.

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Drawdown Indicators

FDMOQQQDifference

Max Drawdown

Largest peak-to-trough decline

-33.94%

-82.97%

+49.03%

Max Drawdown (1Y)

Largest decline over 1 year

-12.22%

-11.96%

-0.26%

Max Drawdown (3Y)

Largest decline over 3 years

-21.88%

-22.77%

+0.89%

Max Drawdown (5Y)

Largest decline over 5 years

-25.44%

-35.12%

+9.68%

Max Drawdown (10Y)

Largest decline over 10 years

—

-35.12%

—

Current Drawdown

Current decline from peak

-2.80%

-4.25%

+1.45%

Average Drawdown

Average peak-to-trough decline

-5.40%

-32.73%

+27.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.12%

3.22%

-0.10%

Volatility

FDMO vs. QQQ - Volatility Comparison

The current volatility for Fidelity Momentum Factor ETF (FDMO) is 7.76%, while Invesco QQQ ETF (QQQ) has a volatility of 9.17%. This indicates that FDMO experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FDMOQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.76%

9.17%

-1.41%

Volatility (6M)

Calculated over the trailing 6-month period

14.60%

14.57%

+0.03%

Volatility (1Y)

Calculated over the trailing 1-year period

17.88%

17.96%

-0.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.25%

22.69%

-3.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.59%

22.42%

-2.83%

FDMO vs. QQQ - Expense Ratio Comparison

FDMO has a 0.29% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

FDMO vs. QQQ - Dividend Comparison

FDMO's dividend yield for the trailing twelve months is around 0.59%, more than QQQ's 0.43% yield.

PositionTTM20252024202320222021202020192018201720162015
FDMO
Fidelity Momentum Factor ETF		0.59%0.61%0.90%0.87%1.19%0.60%0.77%1.23%1.22%1.09%0.45%0.00%
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

With a correlation of 0.91, FDMO and QQQ 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.

QQQ has higher volatility (9.17%) compared to FDMO (7.76%). In terms of maximum drawdown, FDMO dropped -33.94% vs QQQ's -82.97%.

On 5-year performance, QQQ leads with 16.01% vs 15.71% for FDMO. On fees, QQQ is cheaper at 0.18% per year. On volatility, FDMO has been the lower-risk option at 7.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, QQQ has performed better with a 16.01% return vs 15.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QQQ is cheaper with a 0.18% expense ratio, compared with 0.29% for FDMO.

FDMO has the higher dividend yield at 0.59%, compared with 0.43% for QQQ.

FDMO is categorized as Momentum, while QQQ is Nasdaq-100. FDMO tracks Fidelity U.S. Momentum Factor Index, while QQQ tracks NASDAQ-100 Index. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.29% for FDMO and 0.18% for QQQ.

QQQ currently has the higher Sharpe Ratio (1.95 vs 1.75), 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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