FPRO vs. ONEQ

Last updated Jun 4, 2026

FPRO (Fidelity Real Estate Investment ETF) and ONEQ (Fidelity Nasdaq Composite Index ETF) are both exchange-traded funds - FPRO is a REIT fund actively managed by Fidelity, while ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. FPRO is actively managed, while ONEQ is passively managed. Over the past 5 years, FPRO returned 3.13%/yr vs 15.43%/yr for ONEQ. At a 0.45 correlation, their price movements are largely independent. FPRO charges 0.59%/yr vs 0.21%/yr for ONEQ.

Performance

FPRO vs. ONEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Real Estate Investment ETF (FPRO) 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, FPRO achieves a 9.97% return, which is significantly lower than ONEQ's 16.16% return.

FPRO

• 1D: 0.12%
• 1M: -1.08%
• YTD: 9.97%
• 6M: 9.24%
• 1Y: 10.32%
• 3Y*: 9.14%
• 5Y*: 3.13%
• 10Y*: —

ONEQ

• 1D: -0.85%
• 1M: 7.21%
• YTD: 16.16%
• 6M: 15.18%
• 1Y: 39.62%
• 3Y*: 27.68%
• 5Y*: 15.43%
• 10Y*: 19.68%

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

FPRO vs. ONEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FPRO Fidelity Real Estate Investment ETF	9.97%	2.60%	5.63%	10.93%	-25.02%	40.13%
ONEQ Fidelity Nasdaq Composite Index ETF	16.16%	20.89%	29.30%	45.73%	-32.12%	14.74%

Correlation

The correlation between FPRO and ONEQ is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021	0.45

Over the past year, the correlation between FPRO and ONEQ has dropped to 0.15 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.

FPRO vs. ONEQ - Sectors Allocation Comparison

Sectors	FPRO	ONEQ
Real Estate	99.4%	0.6%
Communication Services	0.6%	16.7%
Basic Materials	-	1.0%
Consumer Cyclical	-	13.3%
Consumer Defensive	-	5.2%
Energy	-	0.6%
Financial Services	-	3.1%
Healthcare	-	5.1%
Industrials	-	2.9%
Technology	-	50.8%
Utilities	-	0.9%

Return for Risk

FPRO vs. ONEQ — Risk / Return Rank

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

FPRO

FPRO Risk / Return Rank: 24
FPRO Sharpe Ratio Rank: 22
FPRO Sortino Ratio Rank: 21
FPRO Omega Ratio Rank: 21
FPRO Calmar Ratio Rank: 28
FPRO Martin Ratio Rank: 27

ONEQ

ONEQ Risk / Return Rank: 68
ONEQ Sharpe Ratio Rank: 74
ONEQ Sortino Ratio Rank: 70
ONEQ Omega Ratio Rank: 69
ONEQ Calmar Ratio Rank: 62
ONEQ Martin Ratio Rank: 67

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.

FPRO vs. ONEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Investment ETF (FPRO) 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.

	FPRO	ONEQ	Difference
Sharpe ratio: Return per unit of total volatility	0.79	2.48	-1.69
Sortino ratio: Return per unit of downside risk	1.15	3.26	-2.10
Omega ratio: Gain probability vs. loss probability	1.14	1.43	-0.28
Calmar ratio: Return relative to maximum drawdown	1.35	3.15	-1.80
Martin ratio: Return relative to average drawdown	3.88	12.46	-8.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPRO vs. ONEQ - Sharpe Ratio Comparison

The current FPRO Sharpe Ratio is 0.79, which is lower than the ONEQ Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of FPRO 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.

Sharpe Ratios by Period

	FPRO	ONEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	2.48	-1.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.70	-0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.65	-0.30

Drawdowns

FPRO vs. ONEQ - Drawdown Comparison

The maximum FPRO drawdown since its inception was -32.81%, smaller than the maximum ONEQ drawdown of -55.09%. Use the drawdown chart below to compare losses from any high point for FPRO and ONEQ.

Drawdown Indicators

	FPRO	ONEQ	Difference
Max Drawdown Largest peak-to-trough decline	-32.81%	-55.09%	+22.28%
Max Drawdown (1Y) Largest decline over 1 year	-7.67%	-12.64%	+4.97%
Max Drawdown (3Y) Largest decline over 3 years	-16.83%	-24.09%	+7.26%
Max Drawdown (5Y) Largest decline over 5 years	-32.81%	-35.23%	+2.42%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.23%	—
Current Drawdown Current decline from peak	-2.73%	-0.85%	-1.88%
Average Drawdown Average peak-to-trough decline	-12.66%	-7.95%	-4.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	3.19%	-0.52%

Volatility

FPRO vs. ONEQ - Volatility Comparison

The current volatility for Fidelity Real Estate Investment ETF (FPRO) is 3.54%, while Fidelity Nasdaq Composite Index ETF (ONEQ) has a volatility of 4.20%. This indicates that FPRO 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.

Volatility by Period

	FPRO	ONEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	4.20%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	9.13%	11.96%	-2.83%
Volatility (1Y) Calculated over the trailing 1-year period	13.10%	16.05%	-2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	22.14%	-3.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	21.71%	-3.34%

FPRO vs. ONEQ - Expense Ratio Comparison

FPRO has a 0.59% expense ratio, which is higher than ONEQ's 0.21% expense ratio.

Dividends

FPRO vs. ONEQ - Dividend Comparison

FPRO's dividend yield for the trailing twelve months is around 2.57%, more than ONEQ's 0.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPRO Fidelity Real Estate Investment ETF	2.57%	2.69%	2.50%	2.83%	2.67%	1.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ONEQ Fidelity Nasdaq Composite Index ETF	0.67%	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 FPRO and ONEQ in my portfolio?

FPRO and ONEQ have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPRO or ONEQ?

ONEQ has higher volatility (4.20%) compared to FPRO (3.54%). In terms of maximum drawdown, FPRO dropped -32.81% vs ONEQ's -55.09%.

Which ETF is better, FPRO or ONEQ?

On 5-year performance, ONEQ leads with 15.43% vs 3.13% for FPRO. On fees, ONEQ is cheaper at 0.21% per year. On volatility, FPRO has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPRO or ONEQ?

Over the 5-year period, ONEQ has performed better with a 15.43% return vs 3.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPRO or ONEQ?

ONEQ is cheaper with a 0.21% expense ratio, compared with 0.59% for FPRO.

Which ETF pays a higher dividend yield, FPRO or ONEQ?

FPRO has the higher dividend yield at 2.57%, compared with 0.67% for ONEQ.

What is the main difference between FPRO and ONEQ?

FPRO is categorized as REIT, while ONEQ is Large Cap Growth Equities. Their fees differ too: 0.59% for FPRO and 0.21% for ONEQ.

Which has better risk-adjusted returns?

ONEQ currently has the higher Sharpe Ratio (2.48 vs 0.79), 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.