FMIL vs. NASDX

Last updated Jun 21, 2026

FMIL (Fidelity New Millennium ETF) and NASDX (Shelton Capital Management Nasdaq-100 Index Fund Direct Shares) are both funds - FMIL is a Large Cap Blend Equities fund actively managed by Fidelity, while NASDX is a Large Cap Growth Equities fund tracking the NASDAQ-100 Index. FMIL is actively managed, while NASDX is passively managed. Over the past 5 years, FMIL returned 17.27%/yr vs 19.33%/yr for NASDX. A 0.74 correlation means they provide meaningful diversification when combined. FMIL charges 0.59%/yr vs 0.63%/yr for NASDX.

Performance

FMIL vs. NASDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity New Millennium ETF (FMIL) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMIL achieves a 11.82% return, which is significantly lower than NASDX's 20.41% return.

FMIL

• 1D: 1.29%
• 1M: 2.38%
• YTD: 11.82%
• 6M: 12.47%
• 1Y: 28.51%
• 3Y*: 22.73%
• 5Y*: 17.27%
• 10Y*: —

NASDX

• 1D: 2.48%
• 1M: 3.62%
• YTD: 20.41%
• 6M: 20.15%
• 1Y: 41.12%
• 3Y*: 30.69%
• 5Y*: 19.33%
• 10Y*: 22.78%

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

FMIL vs. NASDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FMIL Fidelity New Millennium ETF	11.82%	17.67%	27.89%	25.07%	-0.04%	24.53%	19.50%
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	20.41%	21.00%	36.91%	54.69%	-32.57%	27.32%	33.08%

Correlation

The correlation between FMIL and NASDX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020	0.74

The correlation between FMIL and NASDX shifts across timeframes, from 0.74 (all time) to 0.90 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FMIL vs. NASDX — Risk / Return Rank

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

FMIL

FMIL Risk / Return Rank: 66
FMIL Sharpe Ratio Rank: 69
FMIL Sortino Ratio Rank: 65
FMIL Omega Ratio Rank: 67
FMIL Calmar Ratio Rank: 60
FMIL Martin Ratio Rank: 72

NASDX

NASDX Risk / Return Rank: 74
NASDX Sharpe Ratio Rank: 77
NASDX Sortino Ratio Rank: 66
NASDX Omega Ratio Rank: 67
NASDX Calmar Ratio Rank: 81
NASDX Martin Ratio Rank: 76

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.

FMIL vs. NASDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity New Millennium ETF (FMIL) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). 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.

	FMIL	NASDX	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.30	-0.19
Sortino ratio: Return per unit of downside risk	2.86	2.99	-0.13
Omega ratio: Gain probability vs. loss probability	1.38	1.40	-0.02
Calmar ratio: Return relative to maximum drawdown	2.83	3.42	-0.59
Martin ratio: Return relative to average drawdown	12.65	12.86	-0.22

FMIL vs. NASDX - Sharpe Ratio Comparison

The current FMIL Sharpe Ratio is 2.11, which is comparable to the NASDX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of FMIL and NASDX, 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

FMIL vs. NASDX - Drawdown Comparison

The maximum FMIL drawdown since its inception was -19.72%, smaller than the maximum NASDX drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for FMIL and NASDX.

Drawdown Indicators

	FMIL	NASDX	Difference
Max Drawdown Largest peak-to-trough decline	-19.72%	-83.16%	+63.44%
Max Drawdown (1Y) Largest decline over 1 year	-9.98%	-11.90%	+1.92%
Max Drawdown (3Y) Largest decline over 3 years	-19.72%	-22.71%	+2.99%
Max Drawdown (5Y) Largest decline over 5 years	-19.72%	-35.33%	+15.61%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.33%	—
Current Drawdown Current decline from peak	0.00%	-0.80%	+0.80%
Average Drawdown Average peak-to-trough decline	-2.98%	-34.31%	+31.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	3.16%	-0.93%

Volatility

FMIL vs. NASDX - Volatility Comparison

The current volatility for Fidelity New Millennium ETF (FMIL) is 5.01%, while Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX) has a volatility of 8.48%. This indicates that FMIL experiences smaller price fluctuations and is considered to be less risky than NASDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMIL	NASDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	8.48%	-3.47%
Volatility (6M) Calculated over the trailing 6-month period	10.65%	14.35%	-3.70%
Volatility (1Y) Calculated over the trailing 1-year period	13.42%	17.71%	-4.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.99%	23.29%	-6.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.68%	22.80%	-5.12%

FMIL vs. NASDX - Expense Ratio Comparison

FMIL has a 0.59% expense ratio, which is lower than NASDX's 0.63% expense ratio.

Dividends

FMIL vs. NASDX - Dividend Comparison

FMIL's dividend yield for the trailing twelve months is around 1.20%, less than NASDX's 3.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMIL Fidelity New Millennium ETF	0.98%	1.10%	0.82%	0.57%	1.67%	1.68%	0.89%	0.00%	0.00%	0.00%	0.00%	0.00%
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	3.01%	3.76%	16.95%	7.61%	3.75%	2.59%	1.28%	7.09%	2.47%	1.65%	0.75%	0.85%

Frequently Asked Questions

Can I hold both FMIL and NASDX in my portfolio?

FMIL and NASDX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMIL or NASDX?

NASDX has higher volatility (8.48%) compared to FMIL (5.01%). In terms of maximum drawdown, FMIL dropped -19.72% vs NASDX's -83.16%.

Which has better risk-adjusted returns?

NASDX currently has the higher Sharpe Ratio (2.30 vs 2.11), 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.