ONEQ vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity NASDAQ Composite Index Tracking Stock (ONEQ) and S&P 500 Index (^GSPC).

ONEQ is a passively managed fund by Fidelity that tracks the performance of the NASDAQ Composite Index. It was launched on Sep 25, 2003.

Performance

ONEQ vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity NASDAQ Composite Index Tracking Stock (ONEQ) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

ONEQ vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ONEQ Fidelity NASDAQ Composite Index Tracking Stock	-5.66%	20.89%	29.30%	45.73%	-32.12%	22.11%	44.87%	38.01%	-3.18%	29.29%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, ONEQ achieves a -5.66% return, which is significantly lower than ^GSPC's -3.95% return. Over the past 10 years, ONEQ has outperformed ^GSPC with an annualized return of 17.32%, while ^GSPC has yielded a comparatively lower 12.24% annualized return.

ONEQ

• 1D: 1.19%
• 1M: -3.69%
• YTD: -5.66%
• 6M: -3.52%
• 1Y: 26.29%
• 3Y*: 22.37%
• 5Y*: 11.29%
• 10Y*: 17.32%

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

ONEQ vs. ^GSPC — Risk / Return Rank

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

ONEQ

ONEQ Risk / Return Rank: 69
ONEQ Sharpe Ratio Rank: 62
ONEQ Sortino Ratio Rank: 67
ONEQ Omega Ratio Rank: 67
ONEQ Calmar Ratio Rank: 76
ONEQ Martin Ratio Rank: 71

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

ONEQ vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity NASDAQ Composite Index Tracking Stock (ONEQ) and S&P 500 Index (^GSPC). 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.

	ONEQ	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	1.14	0.92	+0.22
Sortino ratio Return per unit of downside risk	1.75	1.41	+0.34
Omega ratio Gain probability vs. loss probability	1.25	1.21	+0.04
Calmar ratio Return relative to maximum drawdown	2.08	1.41	+0.66
Martin ratio Return relative to average drawdown	7.64	6.61	+1.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ONEQ vs. ^GSPC - Sharpe Ratio Comparison

The current ONEQ Sharpe Ratio is 1.14, which is comparable to the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of ONEQ and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ONEQ	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	0.92	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.61	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.68	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.46	+0.15

Correlation

The correlation between ONEQ and ^GSPC is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

ONEQ vs. ^GSPC - Drawdown Comparison

The maximum ONEQ drawdown since its inception was -55.09%, roughly equal to the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for ONEQ and ^GSPC.

Drawdown Indicators

	ONEQ	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-55.09%	-56.78%	+1.69%
Max Drawdown (1Y) Largest decline over 1 year	-13.13%	-12.14%	-0.99%
Max Drawdown (5Y) Largest decline over 5 years	-35.23%	-25.43%	-9.80%
Max Drawdown (10Y) Largest decline over 10 years	-35.23%	-33.92%	-1.31%
Current Drawdown Current decline from peak	-8.26%	-5.78%	-2.48%
Average Drawdown Average peak-to-trough decline	-8.01%	-10.75%	+2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	2.60%	+0.97%

Volatility

ONEQ vs. ^GSPC - Volatility Comparison

Fidelity NASDAQ Composite Index Tracking Stock (ONEQ) has a higher volatility of 7.03% compared to S&P 500 Index (^GSPC) at 5.37%. This indicates that ONEQ's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONEQ	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.03%	5.37%	+1.66%
Volatility (6M) Calculated over the trailing 6-month period	12.96%	9.55%	+3.41%
Volatility (1Y) Calculated over the trailing 1-year period	23.24%	18.33%	+4.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.16%	16.90%	+5.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.67%	18.05%	+3.62%