ONEQ vs. FMTM

Last updated Jun 23, 2026

ONEQ (Fidelity Nasdaq Composite Index ETF) and FMTM (MarketDesk Focused U.S. Momentum ETF) are both exchange-traded funds - ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index, while FMTM is a Momentum fund. ONEQ is passively managed, while FMTM is actively managed. Over the past year, ONEQ returned 35.91% vs 68.30% for FMTM. A 0.65 correlation means they provide meaningful diversification when combined. ONEQ charges 0.21%/yr vs 0.45%/yr for FMTM.

Performance

ONEQ vs. FMTM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Nasdaq Composite Index ETF (ONEQ) and MarketDesk Focused U.S. Momentum ETF (FMTM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ONEQ achieves a 13.30% return, which is significantly lower than FMTM's 35.17% return.

ONEQ

• 1D: -1.15%
• 1M: -0.55%
• YTD: 13.30%
• 6M: 12.39%
• 1Y: 35.91%
• 3Y*: 25.75%
• 5Y*: 14.06%
• 10Y*: 19.90%

FMTM

• 1D: 2.21%
• 1M: 8.01%
• YTD: 35.17%
• 6M: 32.77%
• 1Y: 68.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ONEQ vs. FMTM - Yearly Performance Comparison

	2026 (YTD)	2025
ONEQ Fidelity Nasdaq Composite Index ETF	13.30%	31.34%
FMTM MarketDesk Focused U.S. Momentum ETF	35.17%	28.21%

Correlation

The correlation between ONEQ and FMTM is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Mar 20, 2025	0.65

The correlation between ONEQ and FMTM has been stable across timeframes, ranging from 0.65 to 0.73 - a consistent structural relationship.

Return for Risk

ONEQ vs. FMTM — Risk / Return Rank

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

ONEQ

ONEQ Risk / Return Rank: 62
ONEQ Sharpe Ratio Rank: 66
ONEQ Sortino Ratio Rank: 60
ONEQ Omega Ratio Rank: 63
ONEQ Calmar Ratio Rank: 59
ONEQ Martin Ratio Rank: 62

FMTM

FMTM Risk / Return Rank: 87
FMTM Sharpe Ratio Rank: 89
FMTM Sortino Ratio Rank: 81
FMTM Omega Ratio Rank: 82
FMTM Calmar Ratio Rank: 92
FMTM Martin Ratio Rank: 92

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. FMTM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Nasdaq Composite Index ETF (ONEQ) and MarketDesk Focused U.S. Momentum ETF (FMTM). 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	FMTM	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.86	-0.77
Sortino ratio: Return per unit of downside risk	2.75	3.43	-0.68
Omega ratio: Gain probability vs. loss probability	1.36	1.47	-0.10
Calmar ratio: Return relative to maximum drawdown	2.86	5.66	-2.81
Martin ratio: Return relative to average drawdown	10.89	21.64	-10.74

ONEQ vs. FMTM - Sharpe Ratio Comparison

The current ONEQ Sharpe Ratio is 2.09, which is comparable to the FMTM Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of ONEQ and FMTM, 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. FMTM - Drawdown Comparison

The maximum ONEQ drawdown since its inception was -55.09%, which is greater than FMTM's maximum drawdown of -12.12%. Use the drawdown chart below to compare losses from any high point for ONEQ and FMTM.

Drawdown Indicators

	ONEQ	FMTM	Difference
Max Drawdown Largest peak-to-trough decline	-55.09%	-12.12%	-42.97%
Max Drawdown (1Y) Largest decline over 1 year	-12.64%	-12.12%	-0.52%
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	-3.29%	0.00%	-3.29%
Average Drawdown Average peak-to-trough decline	-7.94%	-1.90%	-6.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	3.17%	+0.14%

Volatility

ONEQ vs. FMTM - Volatility Comparison

The current volatility for Fidelity Nasdaq Composite Index ETF (ONEQ) is 7.25%, while MarketDesk Focused U.S. Momentum ETF (FMTM) has a volatility of 8.52%. This indicates that ONEQ experiences smaller price fluctuations and is considered to be less risky than FMTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONEQ	FMTM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.25%	8.52%	-1.27%
Volatility (6M) Calculated over the trailing 6-month period	13.53%	18.74%	-5.21%
Volatility (1Y) Calculated over the trailing 1-year period	17.28%	24.04%	-6.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.33%	23.49%	-1.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.81%	23.49%	-1.68%

ONEQ vs. FMTM - Expense Ratio Comparison

ONEQ has a 0.21% expense ratio, which is lower than FMTM's 0.45% expense ratio.

Dividends

ONEQ vs. FMTM - Dividend Comparison

ONEQ's dividend yield for the trailing twelve months is around 0.71%, more than FMTM's 0.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMTM MarketDesk Focused U.S. Momentum ETF	0.22%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ONEQ Fidelity Nasdaq Composite Index ETF	0.71%	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 FMTM in my portfolio?

ONEQ and FMTM have a correlation of 0.73, 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 FMTM?

FMTM has higher volatility (8.52%) compared to ONEQ (7.25%). In terms of maximum drawdown, ONEQ dropped -55.09% vs FMTM's -12.12%.

Which ETF is better, ONEQ or FMTM?

On 1-year performance, FMTM leads with 68.30% vs 35.91% for ONEQ. On fees, ONEQ is cheaper at 0.21% per year. On volatility, ONEQ has been the lower-risk option at 7.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEQ or FMTM?

Over the 1-year period, FMTM has performed better with a 68.30% return vs 35.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEQ or FMTM?

ONEQ is cheaper with a 0.21% expense ratio, compared with 0.45% for FMTM.

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

ONEQ has the higher dividend yield at 0.71%, compared with 0.22% for FMTM.

What is the main difference between ONEQ and FMTM?

ONEQ is categorized as Large Cap Growth Equities, while FMTM is Momentum. Their fees differ too: 0.21% for ONEQ and 0.45% for FMTM.

Which has better risk-adjusted returns?

FMTM currently has the higher Sharpe Ratio (2.86 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.