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FNX vs. ONEQ
Performance
Return for Risk
Dividends
Drawdowns
Volatility

FNX vs. ONEQ

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Mid Cap Core AlphaDEX Fund (FNX) and Fidelity NASDAQ Composite Index Tracking Stock (ONEQ).

FNX and ONEQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FNX is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX Mid Cap Core Index. It was launched on May 8, 2007. 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 FNX 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

FNX vs. ONEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Mid Cap Core AlphaDEX Fund (FNX) and Fidelity NASDAQ Composite Index Tracking Stock (ONEQ). The values are adjusted to include any dividend payments, if applicable.

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FNX vs. ONEQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FNX
First Trust Mid Cap Core AlphaDEX Fund		2.05%9.87%12.21%20.39%-13.57%25.05%16.04%26.97%-11.23%17.66%
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, FNX achieves a 2.05% return, which is significantly higher than ONEQ's -6.77% return. Over the past 10 years, FNX has underperformed ONEQ with an annualized return of 11.15%, while ONEQ has yielded a comparatively higher 17.18% annualized return.

FNX

1D
2.75%
1M
-5.37%
YTD
2.05%
6M
2.82%
1Y
18.78%
3Y*
13.81%
5Y*
7.40%
10Y*
11.15%

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)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Mid Cap Core AlphaDEX Fund

Fidelity NASDAQ Composite Index Tracking Stock

Often compared with FNX:
FNX vs. FNCMXFNX vs. SPYFNX vs. MDYFNX vs. VOFNX vs. FLQMFNX vs. VOEFNX vs. AVMV
Often compared with ONEQ:
ONEQ vs. QQQONEQ vs. FNCMXONEQ vs. VOOONEQ vs. ^NDXONEQ vs. ^IXICONEQ vs. ^GSPCONEQ vs. IEMG

FNX vs. ONEQ - Expense Ratio Comparison

FNX has a 0.60% expense ratio, which is higher than ONEQ's 0.21% expense ratio.

FNX
First Trust Mid Cap Core AlphaDEX Fund
ONEQ
Fidelity NASDAQ Composite Index Tracking Stock

Return for Risk

FNX vs. ONEQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FNX
FNX Risk / Return Rank: 5252
Overall Rank
FNX Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
FNX Sortino Ratio Rank: 5252
Sortino Ratio Rank
FNX Omega Ratio Rank: 4949
Omega Ratio Rank
FNX Calmar Ratio Rank: 5353
Calmar Ratio Rank
FNX Martin Ratio Rank: 5757
Martin Ratio Rank
ONEQ
ONEQ Risk / Return Rank: 7272
Overall Rank
ONEQ Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
ONEQ Sortino Ratio Rank: 7272
Sortino Ratio Rank
ONEQ Omega Ratio Rank: 7171
Omega Ratio Rank
ONEQ Calmar Ratio Rank: 7878
Calmar Ratio Rank
ONEQ Martin Ratio Rank: 7474
Martin Ratio Rank
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.

FNX vs. ONEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Core AlphaDEX Fund (FNX) 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.

FNXONEQDifference

Sharpe ratio

Return per unit of total volatility

0.89

1.12

-0.23

Sortino ratio

Return per unit of downside risk

1.36

1.72

-0.36

Omega ratio

Gain probability vs. loss probability

1.19

1.25

-0.06

Calmar ratio

Return relative to maximum drawdown

1.34

1.95

-0.60

Martin ratio

Return relative to average drawdown

5.45

7.24

-1.80

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNX vs. ONEQ - Sharpe Ratio Comparison

The current FNX Sharpe Ratio is 0.89, which is comparable to the ONEQ Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of FNX 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.

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Sharpe Ratios by Period

FNXONEQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.89

1.12

-0.23

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

0.51

0.80

-0.29

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

0.60

-0.21

Correlation

The correlation between FNX and ONEQ is 0.78, 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

FNX vs. ONEQ - Dividend Comparison

FNX's dividend yield for the trailing twelve months is around 0.91%, more than ONEQ's 0.83% yield.

TTM20252024202320222021202020192018201720162015
FNX
First Trust Mid Cap Core AlphaDEX Fund		0.91%0.88%1.26%1.11%1.19%0.94%1.04%1.21%1.01%0.90%1.07%1.07%
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

FNX vs. ONEQ - Drawdown Comparison

The maximum FNX drawdown since its inception was -57.11%, roughly equal to the maximum ONEQ drawdown of -55.09%. Use the drawdown chart below to compare losses from any high point for FNX and ONEQ.

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Drawdown Indicators

FNXONEQDifference

Max Drawdown

Largest peak-to-trough decline

-57.11%

-55.09%

-2.02%

Max Drawdown (1Y)

Largest decline over 1 year

-14.59%

-13.13%

-1.46%

Max Drawdown (5Y)

Largest decline over 5 years

-24.97%

-35.23%

+10.26%

Max Drawdown (10Y)

Largest decline over 10 years

-43.95%

-35.23%

-8.72%

Current Drawdown

Current decline from peak

-6.67%

-9.34%

+2.67%

Average Drawdown

Average peak-to-trough decline

-8.47%

-8.01%

-0.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.60%

3.53%

+0.07%

Volatility

FNX vs. ONEQ - Volatility Comparison

The current volatility for First Trust Mid Cap Core AlphaDEX Fund (FNX) is 6.19%, while Fidelity NASDAQ Composite Index Tracking Stock (ONEQ) has a volatility of 6.93%. This indicates that FNX experiences smaller price fluctuations and is considered to be less risky than ONEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FNXONEQDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.19%

6.93%

-0.74%

Volatility (6M)

Calculated over the trailing 6-month period

12.22%

12.90%

-0.68%

Volatility (1Y)

Calculated over the trailing 1-year period

21.23%

23.22%

-1.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.52%

22.16%

-1.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.94%

21.67%

+0.27%