ONEQ vs. EFA

Last updated Jun 14, 2026

ONEQ (Fidelity Nasdaq Composite Index ETF) and EFA (iShares MSCI EAFE ETF) are both exchange-traded funds - ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index, while EFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index (Net). Both are passively managed. Over the past 10 years, ONEQ returned 19.51%/yr vs 9.84%/yr for EFA. A 0.73 correlation means they provide meaningful diversification when combined. ONEQ charges 0.21%/yr vs 0.32%/yr for EFA.

Performance

ONEQ vs. EFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Nasdaq Composite Index ETF (ONEQ) and iShares MSCI EAFE ETF (EFA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ONEQ achieves a 12.04% return, which is significantly higher than EFA's 9.36% return. Over the past 10 years, ONEQ has outperformed EFA with an annualized return of 19.51%, while EFA has yielded a comparatively lower 9.84% annualized return.

ONEQ

• 1D: 0.33%
• 1M: -2.72%
• YTD: 12.04%
• 6M: 12.27%
• 1Y: 34.51%
• 3Y*: 25.07%
• 5Y*: 14.18%
• 10Y*: 19.51%

EFA

• 1D: 0.28%
• 1M: 1.51%
• YTD: 9.36%
• 6M: 10.80%
• 1Y: 21.90%
• 3Y*: 16.14%
• 5Y*: 8.36%
• 10Y*: 9.84%

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

ONEQ vs. EFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ONEQ Fidelity Nasdaq Composite Index ETF	12.04%	20.89%	29.30%	45.73%	-32.12%	22.11%	44.87%	38.01%	-3.18%	29.29%
EFA iShares MSCI EAFE ETF	9.36%	31.55%	3.49%	18.36%	-14.39%	11.45%	7.60%	22.04%	-13.82%	25.07%

Correlation

The correlation between ONEQ and EFA is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Oct 1, 2003	0.73

The correlation between ONEQ and EFA has been stable across timeframes, ranging from 0.64 to 0.73 - a consistent structural relationship.

ONEQ vs. EFA - Sectors Allocation Comparison

Sectors	ONEQ	EFA
Technology	54.3%	12.1%
Communication Services	15.4%	4.6%
Consumer Cyclical	12.7%	7.4%
Healthcare	4.7%	10.1%
Consumer Defensive	4.4%	6.7%
Financial Services	2.9%	24.1%
Industrials	2.9%	18.9%
Basic Materials	0.9%	6.2%
Utilities	0.8%	3.7%
Real Estate	0.6%	1.6%
Energy	0.5%	3.8%

Return for Risk

ONEQ vs. EFA — Risk / Return Rank

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

ONEQ

ONEQ Risk / Return Rank: 65
ONEQ Sharpe Ratio Rank: 70
ONEQ Sortino Ratio Rank: 65
ONEQ Omega Ratio Rank: 67
ONEQ Calmar Ratio Rank: 60
ONEQ Martin Ratio Rank: 64

EFA

EFA Risk / Return Rank: 42
EFA Sharpe Ratio Rank: 42
EFA Sortino Ratio Rank: 42
EFA Omega Ratio Rank: 41
EFA Calmar Ratio Rank: 40
EFA Martin Ratio Rank: 46

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. EFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Nasdaq Composite Index ETF (ONEQ) and iShares MSCI EAFE ETF (EFA). 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	EFA	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.31	+0.65
Sortino ratio: Return per unit of downside risk	2.58	1.91	+0.67
Omega ratio: Gain probability vs. loss probability	1.34	1.24	+0.10
Calmar ratio: Return relative to maximum drawdown	2.62	1.79	+0.83
Martin ratio: Return relative to average drawdown	10.05	6.67	+3.38

ONEQ vs. EFA - Sharpe Ratio Comparison

The current ONEQ Sharpe Ratio is 1.96, which is higher than the EFA Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of ONEQ and EFA, 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

ONEQ vs. EFA - Drawdown Comparison

The maximum ONEQ drawdown since its inception was -55.09%, smaller than the maximum EFA drawdown of -61.04%. Use the drawdown chart below to compare losses from any high point for ONEQ and EFA.

Drawdown Indicators

	ONEQ	EFA	Difference
Max Drawdown Largest peak-to-trough decline	-55.09%	-61.04%	+5.95%
Max Drawdown (1Y) Largest decline over 1 year	-12.64%	-11.42%	-1.22%
Max Drawdown (3Y) Largest decline over 3 years	-24.09%	-14.05%	-10.04%
Max Drawdown (5Y) Largest decline over 5 years	-35.23%	-29.53%	-5.70%
Max Drawdown (10Y) Largest decline over 10 years	-35.23%	-34.19%	-1.04%
Current Drawdown Current decline from peak	-4.37%	-0.61%	-3.76%
Average Drawdown Average peak-to-trough decline	-7.95%	-11.92%	+3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	3.07%	+0.22%

Volatility

ONEQ vs. EFA - Volatility Comparison

Fidelity Nasdaq Composite Index ETF (ONEQ) has a higher volatility of 6.43% compared to iShares MSCI EAFE ETF (EFA) at 5.50%. This indicates that ONEQ's price experiences larger fluctuations and is considered to be riskier than EFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONEQ	EFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	5.50%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	13.17%	13.19%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	16.87%	15.64%	+1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.26%	16.58%	+5.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.77%	17.27%	+4.50%

ONEQ vs. EFA - Expense Ratio Comparison

ONEQ has a 0.21% expense ratio, which is lower than EFA's 0.32% expense ratio.

Dividends

ONEQ vs. EFA - Dividend Comparison

ONEQ's dividend yield for the trailing twelve months is around 0.69%, less than EFA's 3.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFA iShares MSCI EAFE ETF	3.09%	3.38%	3.24%	2.98%	2.69%	3.33%	2.13%	3.10%	3.39%	2.57%	3.07%	2.76%
ONEQ Fidelity Nasdaq Composite Index ETF	0.69%	0.54%	0.65%	0.71%	0.97%	0.54%	0.71%	2.51%	1.08%	0.84%	1.12%	1.04%

Frequently Asked Questions

Can I hold both ONEQ and EFA in my portfolio?

ONEQ and EFA have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONEQ or EFA?

ONEQ has higher volatility (6.43%) compared to EFA (5.50%). In terms of maximum drawdown, ONEQ dropped -55.09% vs EFA's -61.04%.

Which ETF is better, ONEQ or EFA?

On 10-year performance, ONEQ leads with 19.51% vs 9.84% for EFA. On fees, ONEQ is cheaper at 0.21% per year. On volatility, EFA has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEQ or EFA?

Over the 10-year period, ONEQ has performed better with a 19.51% return vs 9.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEQ or EFA?

ONEQ is cheaper with a 0.21% expense ratio, compared with 0.32% for EFA.

Which ETF pays a higher dividend yield, ONEQ or EFA?

EFA has the higher dividend yield at 3.09%, compared with 0.69% for ONEQ.

What is the main difference between ONEQ and EFA?

ONEQ is categorized as Large Cap Growth Equities, while EFA is Foreign Large Cap Equities. ONEQ tracks Nasdaq Composite Index, while EFA tracks MSCI EAFE Index (Net). They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.21% for ONEQ and 0.32% for EFA.

Which has better risk-adjusted returns?

ONEQ currently has the higher Sharpe Ratio (1.96 vs 1.31), 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.