FFND vs. FFNOX

Last updated Aug 2, 2026

FFND (One Global ETF) and FFNOX (Fidelity Multi-Asset Index Fund) are both funds - FFND is a Large Cap Growth Equities fund actively managed by Future Fund, while FFNOX is a Diversified Portfolio fund actively managed by Fidelity. Both are actively managed. Over the past 3 years, FFND returned 18.06%/yr vs 15.52%/yr for FFNOX. Their correlation of 0.87 means they have usually moved in the same direction. FFND charges 1.00%/yr vs 0.11%/yr for FFNOX.

Performance

FFND vs. FFNOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in One Global ETF (FFND) and Fidelity Multi-Asset Index Fund (FFNOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFND achieves a 8.05% return, which is significantly lower than FFNOX's 9.83% return.

FFND

• 1D: 0.85%
• 1M: -0.57%
• 6M: 5.39%
• YTD: 8.05%
• 1Y: 17.29%
• 3Y*: 18.06%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.50%

FFNOX

• 1D: 1.83%
• 1M: -0.60%
• 6M: 6.76%
• YTD: 9.83%
• 1Y: 20.53%
• 3Y*: 15.52%
• 5Y*: 8.70%
• 10Y*: 10.81%
• ALL TIME*: 6.83%

*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)
FFND One Global ETF	$270.97K	$214.58K	$257.05K
FFNOX Fidelity Multi-Asset Index Fund	$0.00	$0.00	$0.00

FFND vs. FFNOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FFND One Global ETF	8.05%	19.38%	24.05%	40.05%	-39.84%	-3.43%
FFNOX Fidelity Multi-Asset Index Fund	9.83%	20.18%	13.05%	19.29%	-18.02%	2.81%

Correlation

The correlation between FFND and FFNOX is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (All Time) Calculated using the full available price history since Aug 24, 2021	0.87

The correlation between FFND and FFNOX has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

FFND vs. FFNOX — Risk / Return Rank

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

FFND

FFND Risk / Return Rank: 46
FFND Sharpe Ratio Rank: 46
FFND Sortino Ratio Rank: 46
FFND Omega Ratio Rank: 45
FFND Calmar Ratio Rank: 42
FFND Martin Ratio Rank: 53

FFNOX

FFNOX Risk / Return Rank: 70
FFNOX Sharpe Ratio Rank: 68
FFNOX Sortino Ratio Rank: 66
FFNOX Omega Ratio Rank: 66
FFNOX Calmar Ratio Rank: 70
FFNOX Martin Ratio Rank: 78

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.

FFND vs. FFNOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for One Global ETF (FFND) and Fidelity Multi-Asset Index Fund (FFNOX). 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.

	FFND	FFNOX	Difference
Sharpe ratio: Return per unit of total volatility	1.15	1.55	-0.40
Sortino ratio: Return per unit of downside risk	1.68	2.20	-0.51
Omega ratio: Gain probability vs. loss probability	1.21	1.28	-0.07
Calmar ratio: Return relative to maximum drawdown	1.48	2.21	-0.73
Martin ratio: Return relative to average drawdown	6.22	9.19	-2.97

FFND vs. FFNOX - Sharpe Ratio Comparison

The current FFND Sharpe Ratio is 1.15, which is comparable to the FFNOX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of FFND and FFNOX, 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

FFND vs. FFNOX - Drawdown Comparison

The maximum FFND drawdown since its inception was -47.84%, roughly equal to the maximum FFNOX drawdown of -49.84%. Use the drawdown chart below to compare losses from any high point for FFND and FFNOX.

Drawdown Indicators

	FFND	FFNOX	Difference
Max Drawdown Largest peak-to-trough decline	-47.84%	-49.84%	+2.00%
Max Drawdown (1Y) Largest decline over 1 year	-10.53%	-8.60%	-1.93%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-14.10%	-4.80%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.04%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-29.93%	—
Current Drawdown Current decline from peak	-1.48%	-1.56%	+0.08%
Average Drawdown Average peak-to-trough decline	-18.22%	-8.66%	-9.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	2.06%	+0.44%

Volatility

FFND vs. FFNOX - Volatility Comparison

One Global ETF (FFND) has a higher volatility of 3.79% compared to Fidelity Multi-Asset Index Fund (FFNOX) at 3.57%. This indicates that FFND's price experiences larger fluctuations and is considered to be riskier than FFNOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFND	FFNOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	3.57%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	11.11%	10.30%	+0.81%
Volatility (1Y) Calculated over the trailing 1-year period	13.61%	12.27%	+1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.77%	13.93%	+10.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.77%	14.56%	+10.21%

FFND vs. FFNOX - Expense Ratio Comparison

FFND has a 1.00% expense ratio, which is higher than FFNOX's 0.11% expense ratio.

Dividends

FFND vs. FFNOX - Dividend Comparison

FFND's dividend yield for the trailing twelve months is around 0.60%, less than FFNOX's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFND One Global ETF	0.60%	0.65%	0.00%	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FFNOX Fidelity Multi-Asset Index Fund	2.34%	3.68%	6.43%	3.18%	7.14%	5.71%	2.87%	2.96%	2.90%	0.64%	2.50%	0.70%

Frequently Asked Questions

Can I hold both FFND and FFNOX in my portfolio?

With a correlation of 0.91, FFND and FFNOX 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.

Which is riskier, FFND or FFNOX?

FFND has higher volatility (3.79%) compared to FFNOX (3.57%). In terms of maximum drawdown, FFND dropped -47.84% vs FFNOX's -49.84%.

Which has better risk-adjusted returns?

FFNOX currently has the higher Sharpe Ratio (1.55 vs 1.15), 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.