FXA vs. FNCMX

Last updated Aug 2, 2026

FXA (Invesco CurrencyShares Australian Dollar Trust) and FNCMX (Fidelity NASDAQ Composite Index Fund) are both funds - FXA is a Currency fund tracking the USD/AUD Exchange Rate, while FNCMX is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. Both are passively managed. Over the past 10 years, FXA returned -0.16%/yr vs 17.98%/yr for FNCMX. Their 0.41 correlation means their historical movements had little consistent relationship. FXA charges 0.40%/yr vs 0.29%/yr for FNCMX.

Performance

FXA vs. FNCMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares Australian Dollar Trust (FXA) and Fidelity NASDAQ Composite Index Fund (FNCMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXA achieves a 6.14% return, which is significantly lower than FNCMX's 8.42% return. Over the past 10 years, FXA has underperformed FNCMX with an annualized return of -0.16%, while FNCMX has yielded a comparatively higher 17.98% annualized return.

FXA

• 1D: 0.13%
• 1M: 1.83%
• 6M: 1.60%
• YTD: 6.14%
• 1Y: 10.19%
• 3Y*: 3.44%
• 5Y*: -0.01%
• 10Y*: -0.16%
• ALL TIME*: 1.72%

FNCMX

• 1D: 2.78%
• 1M: -2.76%
• 6M: 7.39%
• YTD: 8.42%
• 1Y: 22.35%
• 3Y*: 21.45%
• 5Y*: 12.29%
• 10Y*: 17.98%
• ALL TIME*: 11.93%

*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)
FNCMX Fidelity NASDAQ Composite Index Fund	$0.00	$0.00	$0.00
FXA Invesco CurrencyShares Australian Dollar Trust	$574.34K	$643.91K	$753.00K

FXA vs. FNCMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXA Invesco CurrencyShares Australian Dollar Trust	6.14%	9.10%	-7.75%	1.20%	-6.46%	-6.17%	9.52%	0.13%	-8.84%	9.05%
FNCMX Fidelity NASDAQ Composite Index Fund	8.42%	21.11%	29.48%	45.13%	-32.40%	22.21%	44.57%	36.63%	-3.07%	28.35%

Correlation

The correlation between FXA and FNCMX is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (3Y) Balances recent behavior with more history.	0.43
Correlation (5Y) Shows whether the relationship held over a longer period.	0.45
Correlation (10Y) Provides a long-term view across more market conditions.	0.39
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006	0.41

The correlation between FXA and FNCMX shifts across timeframes, from 0.39 (10 years) to 0.59 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FXA vs. FNCMX — Risk / Return Rank

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

FXA

FXA Risk / Return Rank: 55
FXA Sharpe Ratio Rank: 57
FXA Sortino Ratio Rank: 57
FXA Omega Ratio Rank: 53
FXA Calmar Ratio Rank: 63
FXA Martin Ratio Rank: 47

FNCMX

FNCMX Risk / Return Rank: 35
FNCMX Sharpe Ratio Rank: 36
FNCMX Sortino Ratio Rank: 35
FNCMX Omega Ratio Rank: 33
FNCMX Calmar Ratio Rank: 37
FNCMX Martin Ratio Rank: 36

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.

FXA vs. FNCMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares Australian Dollar Trust (FXA) and Fidelity NASDAQ Composite Index Fund (FNCMX). 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.

	FXA	FNCMX	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.07	+0.30
Sortino ratio: Return per unit of downside risk	1.98	1.54	+0.44
Omega ratio: Gain probability vs. loss probability	1.24	1.19	+0.05
Calmar ratio: Return relative to maximum drawdown	2.23	1.51	+0.72
Martin ratio: Return relative to average drawdown	5.44	5.07	+0.37

FXA vs. FNCMX - Sharpe Ratio Comparison

The current FXA Sharpe Ratio is 1.37, which is comparable to the FNCMX Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of FXA and FNCMX, 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

FXA vs. FNCMX - Drawdown Comparison

The maximum FXA drawdown since its inception was -40.97%, smaller than the maximum FNCMX drawdown of -55.08%. Use the drawdown chart below to compare losses from any high point for FXA and FNCMX.

Drawdown Indicators

	FXA	FNCMX	Difference
Max Drawdown Largest peak-to-trough decline	-40.97%	-55.08%	+14.11%
Max Drawdown (1Y) Largest decline over 1 year	-4.82%	-13.01%	+8.19%
Max Drawdown (3Y) Largest decline over 3 years	-13.02%	-24.20%	+11.18%
Max Drawdown (5Y) Largest decline over 5 years	-18.90%	-35.64%	+16.74%
Max Drawdown (10Y) Largest decline over 10 years	-27.99%	-35.64%	+7.65%
Current Drawdown Current decline from peak	-25.24%	-7.19%	-18.05%
Average Drawdown Average peak-to-trough decline	-18.87%	-7.84%	-11.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	3.87%	-1.90%

Volatility

FXA vs. FNCMX - Volatility Comparison

The current volatility for Invesco CurrencyShares Australian Dollar Trust (FXA) is 1.86%, while Fidelity NASDAQ Composite Index Fund (FNCMX) has a volatility of 5.64%. This indicates that FXA experiences smaller price fluctuations and is considered to be less risky than FNCMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXA	FNCMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.86%	5.64%	-3.78%
Volatility (6M) Calculated over the trailing 6-month period	6.31%	14.70%	-8.39%
Volatility (1Y) Calculated over the trailing 1-year period	7.86%	18.42%	-10.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.39%	22.79%	-12.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.83%	22.15%	-12.32%

FXA vs. FNCMX - Expense Ratio Comparison

FXA has a 0.40% expense ratio, which is higher than FNCMX's 0.29% expense ratio.

Dividends

FXA vs. FNCMX - Dividend Comparison

FXA's dividend yield for the trailing twelve months is around 1.00%, more than FNCMX's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNCMX Fidelity NASDAQ Composite Index Fund	0.47%	0.51%	0.61%	0.67%	0.88%	0.47%	0.67%	4.41%	1.93%	0.03%	1.01%	1.50%
FXA Invesco CurrencyShares Australian Dollar Trust	0.91%	1.16%	1.66%	0.98%	0.05%	0.00%	0.03%	0.53%	1.04%	0.83%	1.01%	1.52%

Frequently Asked Questions

Can I hold both FXA and FNCMX in my portfolio?

FXA and FNCMX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXA or FNCMX?

FNCMX has higher volatility (5.64%) compared to FXA (1.86%). In terms of maximum drawdown, FXA dropped -40.97% vs FNCMX's -55.08%.

Which has better risk-adjusted returns?

FXA currently has the higher Sharpe Ratio (1.37 vs 1.07), 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.