ONEQ vs. ^NDX
ONEQ (Fidelity Nasdaq Composite Index ETF) is Large Cap Growth Equities fund tracking the Nasdaq Composite Index, while ^NDX (NASDAQ 100 Index) is an index. Over the past 10 years, ONEQ returned 19.82%/yr vs 21.22%/yr for ^NDX. With a 0.97 correlation, they move nearly in lockstep.
Performance
ONEQ vs. ^NDX - Performance Comparison
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Returns By Period
In the year-to-date period, ONEQ achieves a 14.28% return, which is significantly lower than ^NDX's 18.69% return. Over the past 10 years, ONEQ has underperformed ^NDX with an annualized return of 19.82%, while ^NDX has yielded a comparatively higher 21.22% annualized return.
ONEQ
- 1D
- -1.02%
- 1M
- 0.62%
- YTD
- 14.28%
- 6M
- 14.88%
- 1Y
- 35.46%
- 3Y*
- 25.51%
- 5Y*
- 14.44%
- 10Y*
- 19.82%
^NDX
- 1D
- -1.89%
- 1M
- 2.89%
- YTD
- 18.69%
- 6M
- 19.24%
- 1Y
- 36.61%
- 3Y*
- 25.71%
- 5Y*
- 16.17%
- 10Y*
- 21.22%
ONEQ vs. ^NDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ONEQ Fidelity Nasdaq Composite Index ETF | 14.28% | 20.89% | 29.30% | 45.73% | -32.12% | 22.11% | 44.87% | 38.01% | -3.18% | 29.29% |
^NDX NASDAQ 100 Index | 18.69% | 20.17% | 24.88% | 53.81% | -32.97% | 26.63% | 47.58% | 37.96% | -1.04% | 31.52% |
Correlation
The correlation between ONEQ and ^NDX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2003 | 0.97 |
The correlation between ONEQ and ^NDX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
ONEQ vs. ^NDX — Risk / Return Rank
ONEQ
^NDX
ONEQ vs. ^NDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Nasdaq Composite Index ETF (ONEQ) and NASDAQ 100 Index (^NDX). 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 | ^NDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.37 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.82 | 3.03 | -0.21 |
| Martin ratioReturn relative to average drawdown | 10.82 | 11.27 | -0.45 |
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Drawdowns
ONEQ vs. ^NDX - Drawdown Comparison
The maximum ONEQ drawdown since its inception was -55.09%, smaller than the maximum ^NDX drawdown of -82.90%. Use the drawdown chart below to compare losses from any high point for ONEQ and ^NDX.
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Drawdown Indicators
| ONEQ | ^NDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.09% | -82.90% | +27.81% |
Max Drawdown (1Y)Largest decline over 1 year | -12.64% | -12.12% | -0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -24.09% | -22.93% | -1.16% |
Max Drawdown (5Y)Largest decline over 5 years | -35.23% | -35.56% | +0.33% |
Max Drawdown (10Y)Largest decline over 10 years | -35.23% | -35.56% | +0.33% |
Current DrawdownCurrent decline from peak | -2.46% | -2.26% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -7.95% | -24.61% | +16.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.29% | 3.26% | +0.03% |
Volatility
ONEQ vs. ^NDX - Volatility Comparison
The current volatility for Fidelity Nasdaq Composite Index ETF (ONEQ) is 6.99%, while NASDAQ 100 Index (^NDX) has a volatility of 8.15%. This indicates that ONEQ experiences smaller price fluctuations and is considered to be less risky than ^NDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ONEQ | ^NDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.99% | 8.15% | -1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 13.43% | 14.13% | -0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.11% | 17.60% | -0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.31% | 22.82% | -0.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.80% | 22.64% | -0.84% |
Frequently Asked Questions
With a correlation of 0.98, ONEQ and ^NDX 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.
^NDX has higher volatility (8.15%) compared to ONEQ (6.99%). In terms of maximum drawdown, ONEQ dropped -55.09% vs ^NDX's -82.90%.
^NDX currently has the higher Sharpe Ratio (2.10 vs 2.09), 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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