FNCMX vs. ONEQ

Last updated Jun 24, 2026

FNCMX (Fidelity NASDAQ Composite Index Fund) and ONEQ (Fidelity Nasdaq Composite Index ETF) are both Large Cap Growth Equities funds from Fidelity tracking the Nasdaq Composite Index. Both are passively managed. Over the past 10 years, FNCMX returned 19.62%/yr vs 19.63%/yr for ONEQ. With a 0.98 correlation, they move nearly in lockstep. FNCMX charges 0.29%/yr vs 0.21%/yr for ONEQ.

Performance

FNCMX vs. ONEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity NASDAQ Composite Index Fund (FNCMX) 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, FNCMX achieves a 12.94% return, which is significantly higher than ONEQ's 10.75% return. Both investments have delivered pretty close results over the past 10 years, with FNCMX having a 19.62% annualized return and ONEQ not far ahead at 19.63%.

FNCMX

• 1D: -1.31%
• 1M: -0.56%
• YTD: 12.94%
• 6M: 11.41%
• 1Y: 34.15%
• 3Y*: 25.67%
• 5Y*: 13.84%
• 10Y*: 19.62%

ONEQ

• 1D: -2.25%
• 1M: -2.78%
• YTD: 10.75%
• 6M: 9.24%
• 1Y: 31.59%
• 3Y*: 24.80%
• 5Y*: 13.39%
• 10Y*: 19.63%

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

FNCMX vs. ONEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNCMX Fidelity NASDAQ Composite Index Fund	12.94%	21.11%	29.48%	45.13%	-32.40%	22.21%	44.57%	36.63%	-3.07%	28.35%
ONEQ Fidelity Nasdaq Composite Index ETF	10.75%	20.89%	29.30%	45.73%	-32.12%	22.11%	44.87%	38.01%	-3.18%	29.29%

Correlation

The correlation between FNCMX and ONEQ is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Oct 1, 2003	0.98

The correlation between FNCMX and ONEQ has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

FNCMX vs. ONEQ — Risk / Return Rank

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

FNCMX

FNCMX Risk / Return Rank: 53
FNCMX Sharpe Ratio Rank: 56
FNCMX Sortino Ratio Rank: 49
FNCMX Omega Ratio Rank: 50
FNCMX Calmar Ratio Rank: 56
FNCMX Martin Ratio Rank: 54

ONEQ

ONEQ Risk / Return Rank: 54
ONEQ Sharpe Ratio Rank: 56
ONEQ Sortino Ratio Rank: 52
ONEQ Omega Ratio Rank: 53
ONEQ Calmar Ratio Rank: 52
ONEQ Martin Ratio Rank: 56

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.

FNCMX vs. ONEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity NASDAQ Composite Index Fund (FNCMX) 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.

	FNCMX	ONEQ	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.83	+0.22
Sortino ratio: Return per unit of downside risk	2.69	2.44	+0.25
Omega ratio: Gain probability vs. loss probability	1.36	1.32	+0.03
Calmar ratio: Return relative to maximum drawdown	2.74	2.51	+0.22
Martin ratio: Return relative to average drawdown	10.40	9.53	+0.87

FNCMX vs. ONEQ - Sharpe Ratio Comparison

The current FNCMX Sharpe Ratio is 2.04, which is comparable to the ONEQ Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of FNCMX 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

FNCMX vs. ONEQ - Drawdown Comparison

The maximum FNCMX drawdown since its inception was -55.08%, roughly equal to the maximum ONEQ drawdown of -55.09%. Use the drawdown chart below to compare losses from any high point for FNCMX and ONEQ.

Drawdown Indicators

	FNCMX	ONEQ	Difference
Max Drawdown Largest peak-to-trough decline	-55.08%	-55.09%	+0.01%
Max Drawdown (1Y) Largest decline over 1 year	-13.01%	-12.64%	-0.37%
Max Drawdown (3Y) Largest decline over 3 years	-24.20%	-24.09%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-35.64%	-35.23%	-0.41%
Max Drawdown (10Y) Largest decline over 10 years	-35.64%	-35.23%	-0.41%
Current Drawdown Current decline from peak	-3.32%	-5.46%	+2.14%
Average Drawdown Average peak-to-trough decline	-7.85%	-7.94%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	3.32%	+0.10%

Volatility

FNCMX vs. ONEQ - Volatility Comparison

Fidelity NASDAQ Composite Index Fund (FNCMX) and Fidelity Nasdaq Composite Index ETF (ONEQ) have volatilities of 7.36% and 7.59%, 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

	FNCMX	ONEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.36%	7.59%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	13.73%	13.69%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	17.48%	17.41%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.65%	22.36%	+0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.15%	21.79%	+0.36%

FNCMX vs. ONEQ - Expense Ratio Comparison

FNCMX has a 0.29% expense ratio, which is higher than ONEQ's 0.21% expense ratio.

Dividends

FNCMX vs. ONEQ - Dividend Comparison

FNCMX's dividend yield for the trailing twelve months is around 0.46%, less than ONEQ's 0.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNCMX Fidelity NASDAQ Composite Index Fund	0.46%	0.51%	0.61%	0.67%	0.88%	0.47%	0.67%	4.41%	1.93%	0.03%	1.01%	1.50%
ONEQ Fidelity Nasdaq Composite Index ETF	0.73%	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 FNCMX and ONEQ in my portfolio?

With a correlation of 0.99, FNCMX and ONEQ 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, FNCMX or ONEQ?

ONEQ has higher volatility (7.59%) compared to FNCMX (7.36%). In terms of maximum drawdown, FNCMX dropped -55.08% vs ONEQ's -55.09%.

Which has better risk-adjusted returns?

FNCMX currently has the higher Sharpe Ratio (2.04 vs 1.83), 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.