FEMG vs. ONEQ

Last updated Jun 4, 2026

FEMG (Fidelity Enhanced Mid Cap Growth ETF) and ONEQ (Fidelity Nasdaq Composite Index ETF) are both exchange-traded funds - FEMG is a Mid Cap Growth Equities fund actively managed by Fidelity, while ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. FEMG is actively managed, while ONEQ is passively managed. A 0.62 correlation means they provide meaningful diversification when combined. FEMG charges 0.23%/yr vs 0.21%/yr for ONEQ.

Performance

FEMG vs. ONEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Mid Cap Growth ETF (FEMG) and Fidelity Nasdaq Composite Index ETF (ONEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FEMG

• 1D: -0.84%
• 1M: 3.74%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

FEMG vs. ONEQ - Yearly Performance Comparison

	2026 (YTD)
FEMG Fidelity Enhanced Mid Cap Growth ETF	4.23%
ONEQ Fidelity Nasdaq Composite Index ETF	7.79%

Correlation

The correlation between FEMG and ONEQ is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 1, 2026	0.62

FEMG vs. ONEQ - Sectors Allocation Comparison

Sectors	FEMG	ONEQ
Industrials	26.5%	2.9%
Technology	24.0%	50.8%
Consumer Cyclical	17.4%	13.3%
Healthcare	12.6%	5.1%
Financial Services	6.0%	3.1%
Energy	3.3%	0.6%
Utilities	2.9%	0.9%
Communication Services	2.7%	16.7%
Real Estate	1.8%	0.6%
Consumer Defensive	1.4%	5.2%
Basic Materials	0.7%	1.0%

Return for Risk

FEMG vs. ONEQ — Risk / Return Rank

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

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.

FEMG vs. ONEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap Growth ETF (FEMG) 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.

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

Sharpe Ratios by Period

	FEMG	ONEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.48	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	4.78	0.65	+4.13

Drawdowns

FEMG vs. ONEQ - Drawdown Comparison

The maximum FEMG drawdown since its inception was -3.29%, smaller than the maximum ONEQ drawdown of -55.09%. Use the drawdown chart below to compare losses from any high point for FEMG and ONEQ.

Drawdown Indicators

	FEMG	ONEQ	Difference
Max Drawdown Largest peak-to-trough decline	-3.29%	-55.09%	+51.80%
Max Drawdown (1Y) Largest decline over 1 year	—	-12.64%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-24.09%	—
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	-1.18%	-0.85%	-0.33%
Average Drawdown Average peak-to-trough decline	-0.96%	-7.95%	+6.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.19%	—

Volatility

Volatility by Period

	FEMG	ONEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.20%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.96%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	16.05%	-3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.29%	22.14%	-9.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.29%	21.71%	-9.42%

FEMG vs. ONEQ - Expense Ratio Comparison

FEMG has a 0.23% expense ratio, which is higher than ONEQ's 0.21% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FEMG vs. ONEQ - Dividend Comparison

FEMG has not paid dividends to shareholders, while ONEQ's dividend yield for the trailing twelve months is around 0.67%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMG Fidelity Enhanced Mid Cap Growth ETF	0.00%	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 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 FEMG and ONEQ in my portfolio?

FEMG and ONEQ have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FEMG or ONEQ?

On fees, ONEQ is cheaper at 0.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FEMG or ONEQ?

ONEQ is cheaper with a 0.21% expense ratio, compared with 0.23% for FEMG.

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

ONEQ has the higher dividend yield at 0.67%, compared with 0.00% for FEMG.

What is the main difference between FEMG and ONEQ?

FEMG is categorized as Mid Cap Growth Equities, while ONEQ is Large Cap Growth Equities. Their fees differ too: 0.23% for FEMG and 0.21% for ONEQ.