FENY vs. ONEQ

Last updated Aug 5, 2026

FENY (Fidelity MSCI Energy Index ETF) and ONEQ (Fidelity Nasdaq Composite Index ETF) are both exchange-traded funds - FENY is a Energy Equities fund tracking the MSCI USA IMI Energy 25/50 Index, while ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. Both are passively managed. Over the past 10 years, FENY returned 9.47%/yr vs 18.91%/yr for ONEQ. Their 0.34 correlation means their historical movements had little consistent relationship. FENY charges 0.08%/yr vs 0.21%/yr for ONEQ.

Performance

FENY vs. ONEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Energy Index ETF (FENY) 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, FENY achieves a 32.87% return, which is significantly higher than ONEQ's 15.38% return. Over the past 10 years, FENY has underperformed ONEQ with an annualized return of 9.47%, while ONEQ has yielded a comparatively higher 18.91% annualized return.

FENY

• 1D: -0.40%
• 1M: 9.72%
• 6M: 15.12%
• YTD: 32.87%
• 1Y: 41.70%
• 3Y*: 14.17%
• 5Y*: 23.48%
• 10Y*: 9.47%
• ALL TIME*: 5.49%

ONEQ

• 1D: 2.66%
• 1M: 3.07%
• 6M: 15.33%
• YTD: 15.38%
• 1Y: 27.83%
• 3Y*: 25.31%
• 5Y*: 13.53%
• 10Y*: 18.91%
• ALL TIME*: 13.53%

*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)
FENY Fidelity MSCI Energy Index ETF	$48.28M	$43.61M	$52.27M
ONEQ Fidelity Nasdaq Composite Index ETF	$38.64M	$33.76M	$40.02M

FENY vs. ONEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FENY Fidelity MSCI Energy Index ETF	32.87%	7.27%	6.62%	-0.04%	62.94%	55.62%	-33.15%	9.11%	-19.99%	-2.30%
ONEQ Fidelity Nasdaq Composite Index ETF	15.38%	20.89%	29.30%	45.73%	-32.12%	22.11%	44.87%	38.01%	-3.18%	29.29%

Correlation

The correlation between FENY and ONEQ is -0.20, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.20
Correlation (3Y) Balances recent behavior with more history.	0.04
Correlation (5Y) Shows whether the relationship held over a longer period.	0.18
Correlation (10Y) Provides a long-term view across more market conditions.	0.30
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.34

The correlation between FENY and ONEQ shifts across timeframes, from -0.20 (1 year) to 0.34 (all time), reflecting how their relationship changes across market environments.

FENY vs. ONEQ - Sectors Allocation Comparison

Sectors	FENY	ONEQ
Energy	99.6%	0.5%
Basic Materials	0.3%	0.9%
Industrials	0.1%	5.7%
Utilities	0.1%	0.8%
Communication Services	-	14.3%
Consumer Cyclical	-	11.9%
Consumer Defensive	-	4.3%
Financial Services	-	2.8%
Healthcare	-	5.1%
Real Estate	-	0.6%
Technology	-	53.3%

Return for Risk

FENY vs. ONEQ — Risk / Return Rank

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

FENY

FENY Risk / Return Rank: 69
FENY Sharpe Ratio Rank: 79
FENY Sortino Ratio Rank: 71
FENY Omega Ratio Rank: 68
FENY Calmar Ratio Rank: 72
FENY Martin Ratio Rank: 57

ONEQ

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

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.

FENY vs. ONEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Energy Index ETF (FENY) 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.

	FENY	ONEQ	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.53	+0.48
Sortino ratio: Return per unit of downside risk	2.59	2.12	+0.46
Omega ratio: Gain probability vs. loss probability	1.32	1.26	+0.06
Calmar ratio: Return relative to maximum drawdown	2.80	2.21	+0.59
Martin ratio: Return relative to average drawdown	7.52	7.39	+0.14

FENY vs. ONEQ - Sharpe Ratio Comparison

The current FENY Sharpe Ratio is 2.01, which is higher than the ONEQ Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of FENY 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

FENY vs. ONEQ - Drawdown Comparison

The maximum FENY drawdown since its inception was -74.35%, which is greater than ONEQ's maximum drawdown of -55.09%. Use the drawdown chart below to compare losses from any high point for FENY and ONEQ.

Drawdown Indicators

	FENY	ONEQ	Difference
Max Drawdown Largest peak-to-trough decline	-74.35%	-55.09%	-19.26%
Max Drawdown (1Y) Largest decline over 1 year	-14.96%	-12.64%	-2.32%
Max Drawdown (3Y) Largest decline over 3 years	-21.47%	-24.09%	+2.62%
Max Drawdown (5Y) Largest decline over 5 years	-26.64%	-35.23%	+8.59%
Max Drawdown (10Y) Largest decline over 10 years	-69.07%	-35.23%	-33.84%
Current Drawdown Current decline from peak	-5.93%	-1.52%	-4.41%
Average Drawdown Average peak-to-trough decline	-22.94%	-7.93%	-15.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.56%	3.78%	+1.78%

Volatility

FENY vs. ONEQ - Volatility Comparison

Fidelity MSCI Energy Index ETF (FENY) and Fidelity Nasdaq Composite Index ETF (ONEQ) have volatilities of 6.24% and 6.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FENY	ONEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.24%	6.49%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	16.54%	14.89%	+1.65%
Volatility (1Y) Calculated over the trailing 1-year period	20.87%	18.41%	+2.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.17%	22.53%	+3.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.78%	21.85%	+7.93%

FENY vs. ONEQ - Expense Ratio Comparison

FENY has a 0.08% expense ratio, which is lower than ONEQ's 0.21% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FENY vs. ONEQ - Dividend Comparison

FENY's dividend yield for the trailing twelve months is around 2.39%, more than ONEQ's 0.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FENY Fidelity MSCI Energy Index ETF	2.39%	3.18%	3.05%	3.33%	3.33%	3.69%	4.60%	6.43%	3.21%	2.94%	2.29%	3.05%
ONEQ Fidelity Nasdaq Composite Index ETF	0.84%	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 FENY and ONEQ in my portfolio?

FENY and ONEQ have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FENY or ONEQ?

ONEQ has higher volatility (6.49%) compared to FENY (6.24%). In terms of maximum drawdown, FENY dropped -74.35% vs ONEQ's -55.09%.

Which ETF is better, FENY or ONEQ?

On 10-year performance, ONEQ leads with 18.91% vs 9.47% for FENY. On fees, FENY is cheaper at 0.08% per year. On volatility, FENY has been the lower-risk option at 6.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FENY or ONEQ?

Over the 10-year period, ONEQ has performed better with a 18.91% return vs 9.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FENY or ONEQ?

FENY is cheaper with a 0.08% expense ratio, compared with 0.21% for ONEQ.

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

FENY has the higher dividend yield at 2.39%, compared with 0.84% for ONEQ.

What is the main difference between FENY and ONEQ?

FENY is categorized as Energy Equities, while ONEQ is Large Cap Growth Equities. FENY tracks MSCI USA IMI Energy 25/50 Index, while ONEQ tracks Nasdaq Composite Index. Their fees differ too: 0.08% for FENY and 0.21% for ONEQ.

Which has better risk-adjusted returns?

FENY currently has the higher Sharpe Ratio (2.01 vs 1.53), 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.