FSPGX vs. USNQX

Last updated Jun 13, 2026

FSPGX (Fidelity Large Cap Growth Index Fund) and USNQX (USAA Nasdaq 100 Index Fund) are both mutual funds - FSPGX is a Large Cap Growth Equities fund managed by Fidelity, while USNQX is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Over the past 5 years, FSPGX returned 14.07%/yr vs 16.43%/yr for USNQX. With a 0.96 correlation, they move nearly in lockstep. FSPGX charges 0.04%/yr vs 0.42%/yr for USNQX.

Performance

FSPGX vs. USNQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Large Cap Growth Index Fund (FSPGX) and USAA Nasdaq 100 Index Fund (USNQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSPGX achieves a 2.98% return, which is significantly lower than USNQX's 16.78% return.

FSPGX

• 1D: 1.64%
• 1M: -3.37%
• YTD: 2.98%
• 6M: 3.48%
• 1Y: 20.59%
• 3Y*: 22.79%
• 5Y*: 14.07%
• 10Y*: —

USNQX

• 1D: 3.29%
• 1M: -0.39%
• YTD: 16.78%
• 6M: 17.02%
• 1Y: 36.47%
• 3Y*: 26.28%
• 5Y*: 16.43%
• 10Y*: 21.43%

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

FSPGX vs. USNQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSPGX Fidelity Large Cap Growth Index Fund	2.98%	18.54%	33.27%	42.77%	-29.17%	27.57%	38.46%	36.38%	-1.79%	27.70%
USNQX USAA Nasdaq 100 Index Fund	16.78%	20.52%	25.42%	54.46%	-32.71%	26.82%	48.31%	38.86%	-0.43%	32.30%

Correlation

The correlation between FSPGX and USNQX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.96

The correlation between FSPGX and USNQX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

FSPGX vs. USNQX — Risk / Return Rank

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

FSPGX

FSPGX Risk / Return Rank: 25
FSPGX Sharpe Ratio Rank: 29
FSPGX Sortino Ratio Rank: 27
FSPGX Omega Ratio Rank: 28
FSPGX Calmar Ratio Rank: 19
FSPGX Martin Ratio Rank: 20

USNQX

USNQX Risk / Return Rank: 72
USNQX Sharpe Ratio Rank: 75
USNQX Sortino Ratio Rank: 67
USNQX Omega Ratio Rank: 68
USNQX Calmar Ratio Rank: 78
USNQX Martin Ratio Rank: 73

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.

FSPGX vs. USNQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Large Cap Growth Index Fund (FSPGX) and USAA Nasdaq 100 Index Fund (USNQX). 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.

	FSPGX	USNQX	Difference
Sharpe ratio: Return per unit of total volatility	1.23	2.04	-0.81
Sortino ratio: Return per unit of downside risk	1.71	2.67	-0.95
Omega ratio: Gain probability vs. loss probability	1.22	1.36	-0.14
Calmar ratio: Return relative to maximum drawdown	1.22	2.92	-1.70
Martin ratio: Return relative to average drawdown	4.03	10.87	-6.84

FSPGX vs. USNQX - Sharpe Ratio Comparison

The current FSPGX Sharpe Ratio is 1.23, which is lower than the USNQX Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of FSPGX and USNQX, 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

FSPGX vs. USNQX - Drawdown Comparison

The maximum FSPGX drawdown since its inception was -32.66%, smaller than the maximum USNQX drawdown of -76.24%. Use the drawdown chart below to compare losses from any high point for FSPGX and USNQX.

Drawdown Indicators

	FSPGX	USNQX	Difference
Max Drawdown Largest peak-to-trough decline	-32.66%	-76.24%	+43.58%
Max Drawdown (1Y) Largest decline over 1 year	-16.17%	-12.07%	-4.10%
Max Drawdown (3Y) Largest decline over 3 years	-23.32%	-22.88%	-0.44%
Max Drawdown (5Y) Largest decline over 5 years	-32.66%	-36.95%	+4.29%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.95%	—
Current Drawdown Current decline from peak	-5.53%	-3.92%	-1.61%
Average Drawdown Average peak-to-trough decline	-6.36%	-26.73%	+20.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.87%	3.23%	+1.64%

Volatility

FSPGX vs. USNQX - Volatility Comparison

The current volatility for Fidelity Large Cap Growth Index Fund (FSPGX) is 5.49%, while USAA Nasdaq 100 Index Fund (USNQX) has a volatility of 7.55%. This indicates that FSPGX experiences smaller price fluctuations and is considered to be less risky than USNQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSPGX	USNQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.49%	7.55%	-2.06%
Volatility (6M) Calculated over the trailing 6-month period	12.42%	13.84%	-1.42%
Volatility (1Y) Calculated over the trailing 1-year period	15.97%	17.30%	-1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.57%	23.06%	-1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.56%	22.74%	-1.18%

FSPGX vs. USNQX - Expense Ratio Comparison

FSPGX has a 0.04% expense ratio, which is lower than USNQX's 0.42% expense ratio.

Dividends

FSPGX vs. USNQX - Dividend Comparison

FSPGX's dividend yield for the trailing twelve months is around 0.33%, less than USNQX's 2.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSPGX Fidelity Large Cap Growth Index Fund	0.33%	0.34%	0.37%	0.73%	0.86%	2.22%	1.76%	1.04%	1.32%	0.22%	0.00%	0.00%
USNQX USAA Nasdaq 100 Index Fund	2.58%	3.01%	2.19%	2.60%	4.13%	4.48%	1.53%	0.88%	0.69%	1.97%	0.50%	2.73%

Frequently Asked Questions

Can I hold both FSPGX and USNQX in my portfolio?

With a correlation of 0.94, FSPGX and USNQX 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, FSPGX or USNQX?

USNQX has higher volatility (7.55%) compared to FSPGX (5.49%). In terms of maximum drawdown, FSPGX dropped -32.66% vs USNQX's -76.24%.

Which has better risk-adjusted returns?

USNQX currently has the higher Sharpe Ratio (2.04 vs 1.23), 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.