ONEQ vs. FELC

Last updated Jun 4, 2026

ONEQ (Fidelity Nasdaq Composite Index ETF) and FELC (Fidelity Enhanced Large Cap Core ETF) are both Large Cap Growth Equities funds from Fidelity. ONEQ is passively managed, while FELC is actively managed. Over the past year, ONEQ returned 39.62% vs 28.58% for FELC. Their correlation of 0.94 suggests significant overlap in exposure. ONEQ charges 0.21%/yr vs 0.18%/yr for FELC.

Performance

ONEQ vs. FELC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Nasdaq Composite Index ETF (ONEQ) and Fidelity Enhanced Large Cap Core ETF (FELC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ONEQ achieves a 16.16% return, which is significantly higher than FELC's 11.23% return.

ONEQ

• 1D: -0.85%
• 1M: 7.21%
• YTD: 16.16%
• 6M: 15.18%
• 1Y: 39.62%
• 3Y*: 27.68%
• 5Y*: 15.43%
• 10Y*: 19.68%

FELC

• 1D: -0.59%
• 1M: 5.59%
• YTD: 11.23%
• 6M: 11.57%
• 1Y: 28.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ONEQ vs. FELC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ONEQ Fidelity Nasdaq Composite Index ETF	16.16%	20.89%	29.30%	5.36%
FELC Fidelity Enhanced Large Cap Core ETF	11.23%	17.09%	25.25%	5.68%

Correlation

The correlation between ONEQ and FELC is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.94

The correlation between ONEQ and FELC has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.

ONEQ vs. FELC - Sectors Allocation Comparison

Sectors	ONEQ	FELC
Technology	50.8%	38.2%
Communication Services	16.7%	12.4%
Consumer Cyclical	13.3%	9.8%
Consumer Defensive	5.2%	2.8%
Healthcare	5.1%	7.4%
Financial Services	3.1%	12.2%
Industrials	2.9%	9.6%
Basic Materials	1.0%	1.5%
Utilities	0.9%	1.3%
Real Estate	0.6%	1.0%
Energy	0.6%	3.7%

Return for Risk

ONEQ vs. FELC — Risk / Return Rank

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

ONEQ

ONEQ Risk / Return Rank: 68
ONEQ Sharpe Ratio Rank: 74
ONEQ Sortino Ratio Rank: 70
ONEQ Omega Ratio Rank: 69
ONEQ Calmar Ratio Rank: 62
ONEQ Martin Ratio Rank: 67

FELC

FELC Risk / Return Rank: 70
FELC Sharpe Ratio Rank: 72
FELC Sortino Ratio Rank: 71
FELC Omega Ratio Rank: 71
FELC Calmar Ratio Rank: 63
FELC Martin Ratio Rank: 75

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. FELC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Nasdaq Composite Index ETF (ONEQ) and Fidelity Enhanced Large Cap Core ETF (FELC). 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	FELC	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.41	+0.07
Sortino ratio: Return per unit of downside risk	3.26	3.29	-0.04
Omega ratio: Gain probability vs. loss probability	1.43	1.44	-0.01
Calmar ratio: Return relative to maximum drawdown	3.15	3.16	-0.01
Martin ratio: Return relative to average drawdown	12.46	14.66	-2.20
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. FELC - Sharpe Ratio Comparison

The current ONEQ Sharpe Ratio is 2.48, which is comparable to the FELC Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of ONEQ and FELC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ONEQ	FELC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	2.41	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	1.59	-0.94

Drawdowns

ONEQ vs. FELC - Drawdown Comparison

The maximum ONEQ drawdown since its inception was -55.09%, which is greater than FELC's maximum drawdown of -18.59%. Use the drawdown chart below to compare losses from any high point for ONEQ and FELC.

Drawdown Indicators

	ONEQ	FELC	Difference
Max Drawdown Largest peak-to-trough decline	-55.09%	-18.59%	-36.50%
Max Drawdown (1Y) Largest decline over 1 year	-12.64%	-9.09%	-3.55%
Max Drawdown (3Y) Largest decline over 3 years	-24.09%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.23%	—	—
Current Drawdown Current decline from peak	-0.85%	-0.59%	-0.26%
Average Drawdown Average peak-to-trough decline	-7.95%	-1.91%	-6.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	1.95%	+1.24%

Volatility

ONEQ vs. FELC - Volatility Comparison

Fidelity Nasdaq Composite Index ETF (ONEQ) has a higher volatility of 4.20% compared to Fidelity Enhanced Large Cap Core ETF (FELC) at 2.78%. This indicates that ONEQ's price experiences larger fluctuations and is considered to be riskier than FELC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONEQ	FELC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	2.78%	+1.42%
Volatility (6M) Calculated over the trailing 6-month period	11.96%	8.93%	+3.03%
Volatility (1Y) Calculated over the trailing 1-year period	16.05%	11.90%	+4.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.14%	15.17%	+6.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.71%	15.17%	+6.54%

ONEQ vs. FELC - Expense Ratio Comparison

ONEQ has a 0.21% expense ratio, which is higher than FELC's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ONEQ vs. FELC - Dividend Comparison

ONEQ's dividend yield for the trailing twelve months is around 0.67%, less than FELC's 0.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FELC Fidelity Enhanced Large Cap Core ETF	0.85%	0.92%	1.03%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ONEQ Fidelity Nasdaq Composite Index ETF	0.67%	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 FELC in my portfolio?

With a correlation of 0.94, ONEQ and FELC 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.

Which is riskier, ONEQ or FELC?

ONEQ has higher volatility (4.20%) compared to FELC (2.78%). In terms of maximum drawdown, ONEQ dropped -55.09% vs FELC's -18.59%.

Which ETF is better, ONEQ or FELC?

On 1-year performance, ONEQ leads with 39.62% vs 28.58% for FELC. On fees, FELC is cheaper at 0.18% per year. On volatility, FELC has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEQ or FELC?

Over the 1-year period, ONEQ has performed better with a 39.62% return vs 28.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEQ or FELC?

FELC is cheaper with a 0.18% expense ratio, compared with 0.21% for ONEQ.

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

FELC has the higher dividend yield at 0.85%, compared with 0.67% for ONEQ.

What is the main difference between ONEQ and FELC?

Their fees differ too: 0.21% for ONEQ and 0.18% for FELC.

Which has better risk-adjusted returns?

ONEQ currently has the higher Sharpe Ratio (2.48 vs 2.41), 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.