FMKFX vs. QQQ

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity Magellan K6 Fund (FMKFX) and Invesco QQQ ETF (QQQ).

FMKFX is managed by Fidelity. It was launched on Jun 13, 2019. QQQ is a passively managed fund by Invesco that tracks the performance of the NASDAQ-100 Index. It was launched on Mar 10, 1999.

Performance

FMKFX vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Magellan K6 Fund (FMKFX) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

FMKFX vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FMKFX Fidelity Magellan K6 Fund	-7.51%	10.90%	33.14%	31.33%	-26.85%	27.53%	29.14%	11.22%
QQQ Invesco QQQ ETF	-4.76%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	16.66%

Returns By Period

In the year-to-date period, FMKFX achieves a -7.51% return, which is significantly lower than QQQ's -4.76% return.

FMKFX

• 1D: 3.25%
• 1M: -6.54%
• YTD: -7.51%
• 6M: -9.99%
• 1Y: 8.05%
• 3Y*: 18.19%
• 5Y*: 10.34%
• 10Y*: —

QQQ

• 1D: 1.24%
• 1M: -3.79%
• YTD: -4.76%
• 6M: -2.89%
• 1Y: 24.21%
• 3Y*: 22.83%
• 5Y*: 13.16%
• 10Y*: 18.99%

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

FMKFX vs. QQQ - Expense Ratio Comparison

FMKFX has a 0.45% expense ratio, which is higher than QQQ's 0.18% expense ratio.

FMKFX

Fidelity Magellan K6 Fund

QQQ

Invesco QQQ ETF

Return for Risk

FMKFX vs. QQQ — Risk / Return Rank

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

FMKFX

FMKFX Risk / Return Rank: 13
FMKFX Sharpe Ratio Rank: 13
FMKFX Sortino Ratio Rank: 14
FMKFX Omega Ratio Rank: 13
FMKFX Calmar Ratio Rank: 12
FMKFX Martin Ratio Rank: 13

QQQ

QQQ Risk / Return Rank: 65
QQQ Sharpe Ratio Rank: 58
QQQ Sortino Ratio Rank: 63
QQQ Omega Ratio Rank: 63
QQQ Calmar Ratio Rank: 74
QQQ Martin Ratio Rank: 69

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.

FMKFX vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Magellan K6 Fund (FMKFX) and Invesco QQQ ETF (QQQ). 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.

	FMKFX	QQQ	Difference
Sharpe ratio Return per unit of total volatility	0.45	1.07	-0.63
Sortino ratio Return per unit of downside risk	0.79	1.66	-0.87
Omega ratio Gain probability vs. loss probability	1.11	1.24	-0.13
Calmar ratio Return relative to maximum drawdown	0.47	2.00	-1.52
Martin ratio Return relative to average drawdown	1.69	7.32	-5.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMKFX vs. QQQ - Sharpe Ratio Comparison

The current FMKFX Sharpe Ratio is 0.45, which is lower than the QQQ Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of FMKFX and QQQ, 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

	FMKFX	QQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.45	1.07	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.59	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.86	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.38	+0.24

Correlation

The correlation between FMKFX and QQQ is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FMKFX vs. QQQ - Dividend Comparison

FMKFX's dividend yield for the trailing twelve months is around 8.37%, more than QQQ's 0.48% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMKFX Fidelity Magellan K6 Fund	8.37%	7.74%	9.56%	2.33%	0.31%	4.10%	0.33%	0.28%	0.00%	0.00%	0.00%	0.00%
QQQ Invesco QQQ ETF	0.48%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Drawdowns

FMKFX vs. QQQ - Drawdown Comparison

The maximum FMKFX drawdown since its inception was -32.73%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for FMKFX and QQQ.

Drawdown Indicators

	FMKFX	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-32.73%	-82.97%	+50.24%
Max Drawdown (1Y) Largest decline over 1 year	-13.86%	-12.62%	-1.24%
Max Drawdown (5Y) Largest decline over 5 years	-32.73%	-35.12%	+2.39%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.12%	—
Current Drawdown Current decline from peak	-11.06%	-7.86%	-3.20%
Average Drawdown Average peak-to-trough decline	-7.87%	-32.99%	+25.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	3.44%	+0.45%

Volatility

FMKFX vs. QQQ - Volatility Comparison

The current volatility for Fidelity Magellan K6 Fund (FMKFX) is 6.26%, while Invesco QQQ ETF (QQQ) has a volatility of 6.61%. This indicates that FMKFX experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMKFX	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.26%	6.61%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	11.13%	12.82%	-1.69%
Volatility (1Y) Calculated over the trailing 1-year period	20.07%	22.70%	-2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.08%	22.38%	-2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.47%	22.25%	+0.22%