FMAT vs. ONEQ

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity MSCI Materials Index ETF (FMAT) and Fidelity NASDAQ Composite Index Tracking Stock (ONEQ).

FMAT and ONEQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FMAT is a passively managed fund by Fidelity that tracks the performance of the MSCI USA IMI Materials Index. It was launched on Oct 21, 2013. ONEQ is a passively managed fund by Fidelity that tracks the performance of the NASDAQ Composite Index. It was launched on Sep 25, 2003. Both FMAT and ONEQ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FMAT vs. ONEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Materials Index ETF (FMAT) and Fidelity NASDAQ Composite Index Tracking Stock (ONEQ). The values are adjusted to include any dividend payments, if applicable.

FMAT vs. ONEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMAT Fidelity MSCI Materials Index ETF	8.92%	12.11%	0.47%	13.71%	-11.54%	27.45%	19.57%	23.35%	-17.40%	23.51%
ONEQ Fidelity NASDAQ Composite Index Tracking Stock	-6.77%	20.89%	29.30%	45.73%	-32.12%	22.11%	44.87%	38.01%	-3.18%	29.29%

Returns By Period

In the year-to-date period, FMAT achieves a 8.92% return, which is significantly higher than ONEQ's -6.77% return. Over the past 10 years, FMAT has underperformed ONEQ with an annualized return of 10.53%, while ONEQ has yielded a comparatively higher 17.18% annualized return.

FMAT

• 1D: 2.38%
• 1M: -7.47%
• YTD: 8.92%
• 6M: 10.77%
• 1Y: 21.24%
• 3Y*: 9.96%
• 5Y*: 7.09%
• 10Y*: 10.53%

ONEQ

• 1D: 3.78%
• 1M: -4.49%
• YTD: -6.77%
• 6M: -4.24%
• 1Y: 25.78%
• 3Y*: 21.89%
• 5Y*: 11.02%
• 10Y*: 17.18%

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

FMAT vs. ONEQ - Expense Ratio Comparison

FMAT 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%.

ONEQ

Fidelity NASDAQ Composite Index Tracking Stock

FMAT

Fidelity MSCI Materials Index ETF

Return for Risk

FMAT vs. ONEQ — Risk / Return Rank

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

FMAT

FMAT Risk / Return Rank: 59
FMAT Sharpe Ratio Rank: 59
FMAT Sortino Ratio Rank: 61
FMAT Omega Ratio Rank: 55
FMAT Calmar Ratio Rank: 64
FMAT Martin Ratio Rank: 57

ONEQ

ONEQ Risk / Return Rank: 72
ONEQ Sharpe Ratio Rank: 67
ONEQ Sortino Ratio Rank: 72
ONEQ Omega Ratio Rank: 71
ONEQ Calmar Ratio Rank: 78
ONEQ Martin Ratio Rank: 74

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.

FMAT vs. ONEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Materials Index ETF (FMAT) and Fidelity NASDAQ Composite Index Tracking Stock (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.

	FMAT	ONEQ	Difference
Sharpe ratio Return per unit of total volatility	1.00	1.12	-0.12
Sortino ratio Return per unit of downside risk	1.52	1.72	-0.21
Omega ratio Gain probability vs. loss probability	1.20	1.25	-0.05
Calmar ratio Return relative to maximum drawdown	1.56	1.95	-0.39
Martin ratio Return relative to average drawdown	5.36	7.24	-1.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMAT vs. ONEQ - Sharpe Ratio Comparison

The current FMAT Sharpe Ratio is 1.00, which is comparable to the ONEQ Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of FMAT and ONEQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FMAT	ONEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	1.12	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.50	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.80	-0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.60	-0.17

Correlation

The correlation between FMAT and ONEQ is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FMAT vs. ONEQ - Dividend Comparison

FMAT's dividend yield for the trailing twelve months is around 1.47%, more than ONEQ's 0.83% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMAT Fidelity MSCI Materials Index ETF	1.47%	1.64%	1.68%	1.71%	2.00%	1.44%	1.73%	1.89%	2.18%	1.53%	1.78%	2.16%
ONEQ Fidelity NASDAQ Composite Index Tracking Stock	0.83%	0.54%	0.65%	0.71%	0.97%	0.54%	0.71%	2.51%	1.08%	0.84%	1.12%	1.04%

Drawdowns

FMAT vs. ONEQ - Drawdown Comparison

The maximum FMAT drawdown since its inception was -41.11%, smaller than the maximum ONEQ drawdown of -55.09%. Use the drawdown chart below to compare losses from any high point for FMAT and ONEQ.

Drawdown Indicators

	FMAT	ONEQ	Difference
Max Drawdown Largest peak-to-trough decline	-41.11%	-55.09%	+13.98%
Max Drawdown (1Y) Largest decline over 1 year	-14.21%	-13.13%	-1.08%
Max Drawdown (5Y) Largest decline over 5 years	-25.40%	-35.23%	+9.83%
Max Drawdown (10Y) Largest decline over 10 years	-41.11%	-35.23%	-5.88%
Current Drawdown Current decline from peak	-7.47%	-9.34%	+1.87%
Average Drawdown Average peak-to-trough decline	-6.90%	-8.01%	+1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.14%	3.53%	+0.61%

Volatility

FMAT vs. ONEQ - Volatility Comparison

Fidelity MSCI Materials Index ETF (FMAT) and Fidelity NASDAQ Composite Index Tracking Stock (ONEQ) have volatilities of 7.09% and 6.93%, 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

	FMAT	ONEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.09%	6.93%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	13.34%	12.90%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	21.38%	23.22%	-1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.54%	22.16%	-2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.14%	21.67%	-0.53%