FREL vs. ONEQ

Last updated Aug 6, 2026

FREL (Fidelity MSCI Real Estate Index ETF) and ONEQ (Fidelity Nasdaq Composite Index ETF) are both exchange-traded funds - FREL is a REIT fund tracking the MSCI USA IMI Real Estate Index, while ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. Both are passively managed. Over the past 10 years, FREL returned 5.51%/yr vs 18.81%/yr for ONEQ. Their 0.46 correlation means their historical movements had little consistent relationship. FREL charges 0.08%/yr vs 0.21%/yr for ONEQ.

Performance

FREL vs. ONEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Real Estate Index ETF (FREL) and Fidelity Nasdaq Composite Index ETF (ONEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FREL having a 13.87% return and ONEQ slightly higher at 14.38%. Over the past 10 years, FREL has underperformed ONEQ with an annualized return of 5.51%, while ONEQ has yielded a comparatively higher 18.81% annualized return.

FREL

• 1D: -0.03%
• 1M: 1.59%
• 6M: 10.74%
• YTD: 13.87%
• 1Y: 13.65%
• 3Y*: 10.27%
• 5Y*: 2.27%
• 10Y*: 5.51%
• ALL TIME*: 5.65%

ONEQ

• 1D: -0.86%
• 1M: 0.97%
• 6M: 15.98%
• YTD: 14.38%
• 1Y: 27.34%
• 3Y*: 24.95%
• 5Y*: 13.40%
• 10Y*: 18.81%
• ALL TIME*: 13.49%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FREL Fidelity MSCI Real Estate Index ETF	$6.68M	$7.24M	$7.19M
ONEQ Fidelity Nasdaq Composite Index ETF	$40.10M	$33.39M	$39.94M

FREL vs. ONEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FREL Fidelity MSCI Real Estate Index ETF	13.87%	3.09%	5.05%	11.74%	-26.21%	40.46%	-4.99%	28.78%	-4.52%	8.86%
ONEQ Fidelity Nasdaq Composite Index ETF	14.38%	20.89%	29.30%	45.73%	-32.12%	22.11%	44.87%	38.01%	-3.18%	29.29%

Correlation

The correlation between FREL and ONEQ is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.05
Correlation (3Y) Balances recent behavior with more history.	0.26
Correlation (5Y) Shows whether the relationship held over a longer period.	0.44
Correlation (10Y) Provides a long-term view across more market conditions.	0.44
Correlation (All Time) Calculated using the full available price history since Feb 5, 2015	0.46

Over the past year, the correlation between FREL and ONEQ has dropped to 0.05 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

Return for Risk

FREL vs. ONEQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FREL

FREL Risk / Return Rank: 37
FREL Sharpe Ratio Rank: 35
FREL Sortino Ratio Rank: 34
FREL Omega Ratio Rank: 34
FREL Calmar Ratio Rank: 40
FREL Martin Ratio Rank: 42

ONEQ

ONEQ Risk / Return Rank: 52
ONEQ Sharpe Ratio Rank: 54
ONEQ Sortino Ratio Rank: 52
ONEQ Omega Ratio Rank: 50
ONEQ Calmar Ratio Rank: 54
ONEQ Martin Ratio Rank: 54

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FREL vs. ONEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Real Estate Index ETF (FREL) 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.

	FREL	ONEQ	Difference
Sharpe ratio: Return per unit of total volatility	1.00	1.50	-0.50
Sortino ratio: Return per unit of downside risk	1.46	2.09	-0.62
Omega ratio: Gain probability vs. loss probability	1.18	1.26	-0.08
Calmar ratio: Return relative to maximum drawdown	1.62	2.17	-0.55
Martin ratio: Return relative to average drawdown	5.24	7.25	-2.01

FREL vs. ONEQ - Sharpe Ratio Comparison

The current FREL Sharpe Ratio is 1.00, which is lower than the ONEQ Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of FREL 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

FREL vs. ONEQ - Drawdown Comparison

The maximum FREL drawdown since its inception was -42.61%, smaller than the maximum ONEQ drawdown of -55.09%. Use the drawdown chart below to compare losses from any high point for FREL and ONEQ.

Drawdown Indicators

	FREL	ONEQ	Difference
Max Drawdown Largest peak-to-trough decline	-42.61%	-55.09%	+12.48%
Max Drawdown (1Y) Largest decline over 1 year	-8.45%	-12.64%	+4.19%
Max Drawdown (3Y) Largest decline over 3 years	-17.54%	-24.09%	+6.55%
Max Drawdown (5Y) Largest decline over 5 years	-34.40%	-35.23%	+0.83%
Max Drawdown (10Y) Largest decline over 10 years	-42.61%	-35.23%	-7.38%
Current Drawdown Current decline from peak	-1.97%	-2.36%	+0.39%
Average Drawdown Average peak-to-trough decline	-9.82%	-7.93%	-1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	3.78%	-1.16%

Volatility

FREL vs. ONEQ - Volatility Comparison

The current volatility for Fidelity MSCI Real Estate Index ETF (FREL) is 4.08%, while Fidelity Nasdaq Composite Index ETF (ONEQ) has a volatility of 6.45%. This indicates that FREL 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

	FREL	ONEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.08%	6.45%	-2.37%
Volatility (6M) Calculated over the trailing 6-month period	10.64%	14.83%	-4.19%
Volatility (1Y) Calculated over the trailing 1-year period	13.77%	18.35%	-4.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.92%	22.53%	-3.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.73%	21.85%	-1.12%

FREL vs. ONEQ - Expense Ratio Comparison

FREL has a 0.08% expense ratio, which is lower than ONEQ's 0.21% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FREL vs. ONEQ - Dividend Comparison

FREL's dividend yield for the trailing twelve months is around 3.21%, more than ONEQ's 0.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FREL Fidelity MSCI Real Estate Index ETF	3.21%	3.59%	3.48%	3.73%	3.57%	2.34%	3.77%	3.32%	5.54%	3.27%	4.01%	3.80%
ONEQ Fidelity Nasdaq Composite Index ETF	0.85%	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 FREL and ONEQ in my portfolio?

FREL and ONEQ have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FREL or ONEQ?

ONEQ has higher volatility (6.45%) compared to FREL (4.08%). In terms of maximum drawdown, FREL dropped -42.61% vs ONEQ's -55.09%.

Which ETF is better, FREL or ONEQ?

On 10-year performance, ONEQ leads with 18.81% vs 5.51% for FREL. On fees, FREL is cheaper at 0.08% per year. On volatility, FREL has been the lower-risk option at 4.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FREL or ONEQ?

Over the 10-year period, ONEQ has performed better with a 18.81% return vs 5.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FREL or ONEQ?

FREL is cheaper with a 0.08% expense ratio, compared with 0.21% for ONEQ.

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

FREL has the higher dividend yield at 3.21%, compared with 0.85% for ONEQ.

What is the main difference between FREL and ONEQ?

FREL is categorized as REIT, while ONEQ is Large Cap Growth Equities. FREL tracks MSCI USA IMI Real Estate Index, while ONEQ tracks Nasdaq Composite Index. Their fees differ too: 0.08% for FREL and 0.21% for ONEQ.

Which has better risk-adjusted returns?

ONEQ currently has the higher Sharpe Ratio (1.50 vs 1.00), 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.