ONEQ vs. ^NDX

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity NASDAQ Composite Index Tracking Stock (ONEQ) and NASDAQ 100 Index (^NDX).

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. ^NDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity NASDAQ Composite Index Tracking Stock (ONEQ) and NASDAQ 100 Index (^NDX). The values are adjusted to include any dividend payments, if applicable.

ONEQ vs. ^NDX - 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%
^NDX NASDAQ 100 Index	-4.87%	20.17%	24.88%	53.81%	-32.97%	26.63%	47.58%	37.96%	-1.04%	31.52%

Returns By Period

In the year-to-date period, ONEQ achieves a -5.66% return, which is significantly lower than ^NDX's -4.87% return. Both investments have delivered pretty close results over the past 10 years, with ONEQ having a 17.32% annualized return and ^NDX not far ahead at 18.15%.

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%

^NDX

• 1D: 1.18%
• 1M: -3.89%
• YTD: -4.87%
• 6M: -3.15%
• 1Y: 23.58%
• 3Y*: 22.14%
• 5Y*: 12.50%
• 10Y*: 18.15%

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

Return for Risk

ONEQ vs. ^NDX — 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

^NDX

^NDX Risk / Return Rank: 76
^NDX Sharpe Ratio Rank: 70
^NDX Sortino Ratio Rank: 74
^NDX Omega Ratio Rank: 74
^NDX Calmar Ratio Rank: 81
^NDX Martin Ratio Rank: 80

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. ^NDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity NASDAQ Composite Index Tracking Stock (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.

	ONEQ	^NDX	Difference
Sharpe ratio Return per unit of total volatility	1.14	1.04	+0.10
Sortino ratio Return per unit of downside risk	1.75	1.62	+0.13
Omega ratio Gain probability vs. loss probability	1.25	1.23	+0.02
Calmar ratio Return relative to maximum drawdown	2.08	1.93	+0.14
Martin ratio Return relative to average drawdown	7.64	7.05	+0.59
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. ^NDX - Sharpe Ratio Comparison

The current ONEQ Sharpe Ratio is 1.14, which is comparable to the ^NDX Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of ONEQ and ^NDX, 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	^NDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	1.04	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.56	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.81	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.55	+0.06

Correlation

The correlation between ONEQ and ^NDX is 0.97, 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. ^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.

Drawdown Indicators

	ONEQ	^NDX	Difference
Max Drawdown Largest peak-to-trough decline	-55.09%	-82.90%	+27.81%
Max Drawdown (1Y) Largest decline over 1 year	-13.13%	-12.72%	-0.41%
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 Drawdown Current decline from peak	-8.26%	-8.04%	-0.22%
Average Drawdown Average peak-to-trough decline	-8.01%	-24.72%	+16.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	3.49%	+0.08%

Volatility

ONEQ vs. ^NDX - Volatility Comparison

Fidelity NASDAQ Composite Index Tracking Stock (ONEQ) has a higher volatility of 7.03% compared to NASDAQ 100 Index (^NDX) at 6.65%. This indicates that ONEQ's price experiences larger fluctuations and is considered to be riskier than ^NDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONEQ	^NDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.03%	6.65%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	12.96%	12.93%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	23.24%	22.77%	+0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.16%	22.61%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.67%	22.48%	-0.81%