ONEQ vs. ^GSPC
ONEQ (Fidelity Nasdaq Composite Index ETF) is Large Cap Growth Equities fund tracking the Nasdaq Composite Index, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, ONEQ returned 18.56%/yr vs 13.26%/yr for ^GSPC. Their correlation of 0.91 means they have usually moved in the same direction.
Performance
ONEQ vs. ^GSPC - Performance Comparison
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Returns By Period
In the year-to-date period, ONEQ achieves a 10.15% return, which is significantly higher than ^GSPC's 9.41% return. Over the past 10 years, ONEQ has outperformed ^GSPC with an annualized return of 18.56%, while ^GSPC has yielded a comparatively lower 13.26% annualized return.
ONEQ
- 1D
- 1.24%
- 1M
- -1.60%
- 6M
- 9.04%
- YTD
- 10.15%
- 1Y
- 24.38%
- 3Y*
- 22.19%
- 5Y*
- 12.76%
- 10Y*
- 18.56%
- ALL TIME*
- 13.31%
^GSPC
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
^GSPC S&P 500 Index | $37.98T | $37.61T | $41.48T |
| $31.37M | $30.53M | $39.00M |
ONEQ vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ONEQ Fidelity Nasdaq Composite Index ETF | 10.15% | 20.89% | 29.30% | 45.73% | -32.12% | 22.11% | 44.87% | 38.01% | -3.18% | 29.29% |
^GSPC S&P 500 Index | 9.41% | 16.39% | 23.31% | 24.23% | -19.44% | 26.89% | 16.26% | 28.88% | -6.24% | 19.42% |
Correlation
The correlation between ONEQ and ^GSPC is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.95 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.95 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.92 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2003 | 0.91 |
The correlation between ONEQ and ^GSPC has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
ONEQ vs. ^GSPC — Risk / Return Rank
ONEQ
^GSPC
ONEQ vs. ^GSPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Nasdaq Composite Index ETF (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.
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.
| ONEQ | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.25 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | 2.00 | -0.30 |
| Martin ratioReturn relative to average drawdown | 5.69 | 8.49 | -2.80 |
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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.
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Drawdown Indicators
| ONEQ | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.09% | -56.78% | +1.69% |
Max Drawdown (1Y)Largest decline over 1 year | -12.64% | -9.10% | -3.54% |
Max Drawdown (3Y)Largest decline over 3 years | -24.09% | -18.90% | -5.19% |
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 DrawdownCurrent decline from peak | -5.98% | -1.58% | -4.40% |
Average DrawdownAverage peak-to-trough decline | -7.93% | -10.70% | +2.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.77% | 2.14% | +1.63% |
Volatility
ONEQ vs. ^GSPC - Volatility Comparison
Fidelity Nasdaq Composite Index ETF (ONEQ) has a higher volatility of 5.72% compared to S&P 500 Index (^GSPC) at 3.51%. 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.
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Volatility by Period
| ONEQ | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.72% | 3.51% | +2.21% |
Volatility (6M)Calculated over the trailing 6-month period | 14.57% | 10.11% | +4.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.30% | 12.87% | +5.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.47% | 17.01% | +5.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.82% | 18.07% | +3.75% |
Frequently Asked Questions
With a correlation of 0.95, ONEQ and ^GSPC 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.
ONEQ has higher volatility (5.72%) compared to ^GSPC (3.51%). In terms of maximum drawdown, ONEQ dropped -55.09% vs ^GSPC's -56.78%.
^GSPC currently has the higher Sharpe Ratio (1.42 vs 1.17), 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.
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