ONEQ vs. FELG

Last updated Jun 4, 2026

ONEQ (Fidelity Nasdaq Composite Index ETF) and FELG (Fidelity Enhanced Large Cap Growth ETF) are both Large Cap Growth Equities funds from Fidelity. ONEQ is passively managed, while FELG is actively managed. Over the past year, ONEQ returned 39.62% vs 27.58% for FELG. With a 0.97 correlation, they move nearly in lockstep. ONEQ charges 0.21%/yr vs 0.18%/yr for FELG.

Performance

ONEQ vs. FELG - 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 Growth ETF (FELG). 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 FELG's 7.70% 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%

FELG

• 1D: -1.12%
• 1M: 5.85%
• YTD: 7.70%
• 6M: 7.23%
• 1Y: 27.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ONEQ vs. FELG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ONEQ Fidelity Nasdaq Composite Index ETF	16.16%	20.89%	29.30%	5.36%
FELG Fidelity Enhanced Large Cap Growth ETF	7.70%	18.44%	35.45%	4.20%

Correlation

The correlation between ONEQ and FELG is 0.96 - 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	0.96
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.97

The correlation between ONEQ and FELG has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

ONEQ vs. FELG - Sectors Allocation Comparison

Sectors	ONEQ	FELG
Technology	50.8%	53.9%
Communication Services	16.7%	13.8%
Consumer Cyclical	13.3%	11.5%
Consumer Defensive	5.2%	1.0%
Healthcare	5.1%	6.3%
Financial Services	3.1%	4.7%
Industrials	2.9%	7.2%
Basic Materials	1.0%	0.5%
Utilities	0.9%	0.1%
Real Estate	0.6%	0.0%
Energy	0.6%	1.1%

Return for Risk

ONEQ vs. FELG — 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

FELG

FELG Risk / Return Rank: 44
FELG Sharpe Ratio Rank: 51
FELG Sortino Ratio Rank: 49
FELG Omega Ratio Rank: 49
FELG Calmar Ratio Rank: 34
FELG Martin Ratio Rank: 37

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. FELG - 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 Growth ETF (FELG). 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	FELG	Difference
Sharpe ratio: Return per unit of total volatility	2.48	1.79	+0.69
Sortino ratio: Return per unit of downside risk	3.26	2.45	+0.81
Omega ratio: Gain probability vs. loss probability	1.43	1.31	+0.12
Calmar ratio: Return relative to maximum drawdown	3.15	1.71	+1.44
Martin ratio: Return relative to average drawdown	12.46	5.86	+6.60
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. FELG - Sharpe Ratio Comparison

The current ONEQ Sharpe Ratio is 2.48, which is higher than the FELG Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of ONEQ and FELG, 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	FELG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	1.79	+0.69
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	1.32	-0.67

Drawdowns

ONEQ vs. FELG - Drawdown Comparison

The maximum ONEQ drawdown since its inception was -55.09%, which is greater than FELG's maximum drawdown of -23.89%. Use the drawdown chart below to compare losses from any high point for ONEQ and FELG.

Drawdown Indicators

	ONEQ	FELG	Difference
Max Drawdown Largest peak-to-trough decline	-55.09%	-23.89%	-31.20%
Max Drawdown (1Y) Largest decline over 1 year	-12.64%	-16.17%	+3.53%
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%	-1.34%	+0.49%
Average Drawdown Average peak-to-trough decline	-7.95%	-3.52%	-4.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	4.72%	-1.53%

Volatility

ONEQ vs. FELG - Volatility Comparison

Fidelity Nasdaq Composite Index ETF (ONEQ) has a higher volatility of 4.20% compared to Fidelity Enhanced Large Cap Growth ETF (FELG) at 3.50%. This indicates that ONEQ's price experiences larger fluctuations and is considered to be riskier than FELG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONEQ	FELG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	3.50%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	11.96%	11.59%	+0.37%
Volatility (1Y) Calculated over the trailing 1-year period	16.05%	15.46%	+0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.14%	19.89%	+2.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.71%	19.89%	+1.82%

ONEQ vs. FELG - Expense Ratio Comparison

ONEQ has a 0.21% expense ratio, which is higher than FELG'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. FELG - Dividend Comparison

ONEQ's dividend yield for the trailing twelve months is around 0.67%, more than FELG's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FELG Fidelity Enhanced Large Cap Growth ETF	0.34%	0.38%	0.44%	0.11%	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 FELG in my portfolio?

With a correlation of 0.96, ONEQ and FELG 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 FELG?

ONEQ has higher volatility (4.20%) compared to FELG (3.50%). In terms of maximum drawdown, ONEQ dropped -55.09% vs FELG's -23.89%.

Which ETF is better, ONEQ or FELG?

On 1-year performance, ONEQ leads with 39.62% vs 27.58% for FELG. On fees, FELG is cheaper at 0.18% per year. On volatility, FELG has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEQ or FELG?

Over the 1-year period, ONEQ has performed better with a 39.62% return vs 27.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEQ or FELG?

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

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

ONEQ has the higher dividend yield at 0.67%, compared with 0.34% for FELG.

What is the main difference between ONEQ and FELG?

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

Which has better risk-adjusted returns?

ONEQ currently has the higher Sharpe Ratio (2.48 vs 1.79), 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.