FDRV vs. ONEQ

Last updated Jun 26, 2026

FDRV (Fidelity Electric Vehicles and Future Transportation ETF) and ONEQ (Fidelity Nasdaq Composite Index ETF) are both exchange-traded funds - FDRV is a Transportation Equities fund actively managed by Fidelity, while ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. FDRV is actively managed, while ONEQ is passively managed. Over the past 3 years, FDRV returned 2.21%/yr vs 25.02%/yr for ONEQ. A 0.78 correlation means they provide meaningful diversification when combined. FDRV charges 0.39%/yr vs 0.21%/yr for ONEQ.

Performance

FDRV vs. ONEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Electric Vehicles and Future Transportation ETF (FDRV) 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, FDRV achieves a 15.91% return, which is significantly higher than ONEQ's 9.98% return.

FDRV

• 1D: -0.04%
• 1M: -8.40%
• YTD: 15.91%
• 6M: 14.00%
• 1Y: 30.18%
• 3Y*: 2.21%
• 5Y*: —
• 10Y*: —

ONEQ

• 1D: -0.48%
• 1M: -4.57%
• YTD: 9.98%
• 6M: 8.23%
• 1Y: 28.35%
• 3Y*: 25.02%
• 5Y*: 13.21%
• 10Y*: 19.86%

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

FDRV vs. ONEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FDRV Fidelity Electric Vehicles and Future Transportation ETF	15.91%	24.32%	-21.73%	12.27%	-44.23%	7.10%
ONEQ Fidelity Nasdaq Composite Index ETF	9.98%	20.89%	29.30%	45.73%	-32.12%	8.18%

Correlation

The correlation between FDRV and ONEQ is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Oct 7, 2021	0.78

The correlation between FDRV and ONEQ has been stable across timeframes, ranging from 0.68 to 0.78 - a consistent structural relationship.

FDRV vs. ONEQ - Sectors Allocation Comparison

Sectors	FDRV	ONEQ
Technology	48.6%	54.3%
Consumer Cyclical	38.8%	12.7%
Industrials	8.8%	2.9%
Basic Materials	3.5%	0.9%
Communication Services	-	15.4%
Consumer Defensive	-	4.4%
Energy	-	0.5%
Financial Services	-	2.9%
Healthcare	-	4.7%
Real Estate	-	0.6%
Utilities	-	0.8%

Return for Risk

FDRV vs. ONEQ — Risk / Return Rank

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

FDRV

FDRV Risk / Return Rank: 36
FDRV Sharpe Ratio Rank: 34
FDRV Sortino Ratio Rank: 32
FDRV Omega Ratio Rank: 33
FDRV Calmar Ratio Rank: 44
FDRV Martin Ratio Rank: 38

ONEQ

ONEQ Risk / Return Rank: 54
ONEQ Sharpe Ratio Rank: 56
ONEQ Sortino Ratio Rank: 52
ONEQ Omega Ratio Rank: 53
ONEQ Calmar Ratio Rank: 53
ONEQ Martin Ratio Rank: 55

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.

FDRV vs. ONEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Electric Vehicles and Future Transportation ETF (FDRV) 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.

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.

	FDRV	ONEQ	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.64	-0.51
Sortino ratio: Return per unit of downside risk	1.61	2.22	-0.62
Omega ratio: Gain probability vs. loss probability	1.21	1.29	-0.08
Calmar ratio: Return relative to maximum drawdown	1.94	2.25	-0.31
Martin ratio: Return relative to average drawdown	5.48	8.44	-2.96

FDRV vs. ONEQ - Sharpe Ratio Comparison

The current FDRV Sharpe Ratio is 1.13, which is lower than the ONEQ Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of FDRV 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.

Drawdowns

FDRV vs. ONEQ - Drawdown Comparison

The maximum FDRV drawdown since its inception was -63.89%, which is greater than ONEQ's maximum drawdown of -55.09%. Use the drawdown chart below to compare losses from any high point for FDRV and ONEQ.

Drawdown Indicators

	FDRV	ONEQ	Difference
Max Drawdown Largest peak-to-trough decline	-63.89%	-55.09%	-8.80%
Max Drawdown (1Y) Largest decline over 1 year	-15.62%	-12.64%	-2.98%
Max Drawdown (3Y) Largest decline over 3 years	-48.45%	-24.09%	-24.36%
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	-35.87%	-6.12%	-29.75%
Average Drawdown Average peak-to-trough decline	-42.20%	-7.94%	-34.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.52%	3.37%	+2.15%

Volatility

FDRV vs. ONEQ - Volatility Comparison

Fidelity Electric Vehicles and Future Transportation ETF (FDRV) has a higher volatility of 12.60% compared to Fidelity Nasdaq Composite Index ETF (ONEQ) at 7.46%. This indicates that FDRV'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

	FDRV	ONEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.60%	7.46%	+5.14%
Volatility (6M) Calculated over the trailing 6-month period	21.63%	13.64%	+7.99%
Volatility (1Y) Calculated over the trailing 1-year period	26.86%	17.35%	+9.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.26%	22.36%	+9.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.26%	21.78%	+10.48%

FDRV vs. ONEQ - Expense Ratio Comparison

FDRV has a 0.39% expense ratio, which is higher than ONEQ's 0.21% expense ratio.

Dividends

FDRV vs. ONEQ - Dividend Comparison

FDRV's dividend yield for the trailing twelve months is around 1.23%, more than ONEQ's 0.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDRV Fidelity Electric Vehicles and Future Transportation ETF	1.23%	1.14%	0.43%	0.24%	0.33%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ONEQ Fidelity Nasdaq Composite Index ETF	0.88%	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 FDRV and ONEQ in my portfolio?

FDRV and ONEQ have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDRV or ONEQ?

FDRV has higher volatility (12.60%) compared to ONEQ (7.46%). In terms of maximum drawdown, FDRV dropped -63.89% vs ONEQ's -55.09%.

Which ETF is better, FDRV or ONEQ?

On 3-year performance, ONEQ leads with 25.02% vs 2.21% for FDRV. On fees, ONEQ is cheaper at 0.21% per year. On volatility, ONEQ has been the lower-risk option at 7.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDRV or ONEQ?

Over the 3-year period, ONEQ has performed better with a 25.02% return vs 2.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDRV or ONEQ?

ONEQ is cheaper with a 0.21% expense ratio, compared with 0.39% for FDRV.

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

FDRV has the higher dividend yield at 1.23%, compared with 0.88% for ONEQ.

What is the main difference between FDRV and ONEQ?

FDRV is categorized as Transportation Equities, while ONEQ is Large Cap Growth Equities. Their fees differ too: 0.39% for FDRV and 0.21% for ONEQ.

Which has better risk-adjusted returns?

ONEQ currently has the higher Sharpe Ratio (1.64 vs 1.13), 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.