FXAIX vs. FNCMX

Last updated Jun 12, 2026

FXAIX (Fidelity 500 Index Fund) and FNCMX (Fidelity NASDAQ Composite Index Fund) are both mutual funds - FXAIX is a S&P 500 fund tracking the S&P 500 Index, while FNCMX is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. Both are passively managed. Over the past 10 years, FXAIX returned 15.15%/yr vs 18.69%/yr for FNCMX. Their correlation of 0.93 suggests significant overlap in exposure. FXAIX charges 0.02%/yr vs 0.29%/yr for FNCMX.

Performance

FXAIX vs. FNCMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity 500 Index Fund (FXAIX) 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, FXAIX achieves a 6.72% return, which is significantly lower than FNCMX's 8.56% return. Over the past 10 years, FXAIX has underperformed FNCMX with an annualized return of 15.15%, while FNCMX has yielded a comparatively higher 18.69% annualized return.

FXAIX

• 1D: -1.62%
• 1M: -1.69%
• YTD: 6.72%
• 6M: 5.93%
• 1Y: 22.12%
• 3Y*: 20.73%
• 5Y*: 12.94%
• 10Y*: 15.15%

FNCMX

• 1D: -1.98%
• 1M: -3.44%
• YTD: 8.56%
• 6M: 6.97%
• 1Y: 29.09%
• 3Y*: 24.75%
• 5Y*: 13.27%
• 10Y*: 18.69%

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

FXAIX vs. FNCMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXAIX Fidelity 500 Index Fund	6.72%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	21.82%
FNCMX Fidelity NASDAQ Composite Index Fund	8.56%	21.11%	29.48%	45.13%	-32.40%	22.21%	44.57%	36.63%	-3.07%	28.35%

Correlation

The correlation between FXAIX and FNCMX is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since May 4, 2011	0.93

The correlation between FXAIX and FNCMX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

FXAIX vs. FNCMX — Risk / Return Rank

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

FXAIX

FXAIX Risk / Return Rank: 53
FXAIX Sharpe Ratio Rank: 50
FXAIX Sortino Ratio Rank: 46
FXAIX Omega Ratio Rank: 49
FXAIX Calmar Ratio Rank: 54
FXAIX Martin Ratio Rank: 68

FNCMX

FNCMX Risk / Return Rank: 43
FNCMX Sharpe Ratio Rank: 45
FNCMX Sortino Ratio Rank: 39
FNCMX Omega Ratio Rank: 42
FNCMX Calmar Ratio Rank: 42
FNCMX Martin Ratio Rank: 45

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.

FXAIX vs. FNCMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity 500 Index Fund (FXAIX) 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.

	FXAIX	FNCMX	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.69	+0.10
Sortino ratio: Return per unit of downside risk	2.43	2.25	+0.18
Omega ratio: Gain probability vs. loss probability	1.32	1.30	+0.03
Calmar ratio: Return relative to maximum drawdown	2.46	2.20	+0.26
Martin ratio: Return relative to average drawdown	11.23	8.45	+2.77

FXAIX vs. FNCMX - Sharpe Ratio Comparison

The current FXAIX Sharpe Ratio is 1.79, which is comparable to the FNCMX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of FXAIX 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

FXAIX vs. FNCMX - Drawdown Comparison

The maximum FXAIX drawdown since its inception was -33.79%, smaller than the maximum FNCMX drawdown of -55.08%. Use the drawdown chart below to compare losses from any high point for FXAIX and FNCMX.

Drawdown Indicators

	FXAIX	FNCMX	Difference
Max Drawdown Largest peak-to-trough decline	-33.79%	-55.08%	+21.29%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-13.01%	+4.12%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-24.20%	+5.44%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-35.64%	+11.14%
Max Drawdown (10Y) Largest decline over 10 years	-33.79%	-35.64%	+1.85%
Current Drawdown Current decline from peak	-4.46%	-7.07%	+2.61%
Average Drawdown Average peak-to-trough decline	-3.79%	-7.86%	+4.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	3.37%	-1.42%

Volatility

FXAIX vs. FNCMX - Volatility Comparison

The current volatility for Fidelity 500 Index Fund (FXAIX) is 4.04%, while Fidelity NASDAQ Composite Index Fund (FNCMX) has a volatility of 6.04%. This indicates that FXAIX 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

	FXAIX	FNCMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	6.04%	-2.00%
Volatility (6M) Calculated over the trailing 6-month period	9.56%	13.12%	-3.56%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	16.92%	-4.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.97%	22.55%	-5.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	22.09%	-4.00%

FXAIX vs. FNCMX - Expense Ratio Comparison

FXAIX has a 0.02% expense ratio, which is lower than FNCMX's 0.29% expense ratio.

Dividends

FXAIX vs. FNCMX - Dividend Comparison

FXAIX's dividend yield for the trailing twelve months is around 1.07%, 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%
FXAIX Fidelity 500 Index Fund	1.07%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%

Frequently Asked Questions

Can I hold both FXAIX and FNCMX in my portfolio?

With a correlation of 0.95, FXAIX and FNCMX 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, FXAIX or FNCMX?

FNCMX has higher volatility (6.04%) compared to FXAIX (4.04%). In terms of maximum drawdown, FXAIX dropped -33.79% vs FNCMX's -55.08%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (1.79 vs 1.69), 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.