ONEQ vs. FNCMX
ONEQ (Fidelity Nasdaq Composite Index ETF) and FNCMX (Fidelity NASDAQ Composite Index Fund) are both Large Cap Growth Equities funds from Fidelity tracking the Nasdaq Composite Index. Both are passively managed. Over the past 10 years, ONEQ returned 19.82%/yr vs 19.62%/yr for FNCMX. With a 0.98 correlation, they move nearly in lockstep. ONEQ charges 0.21%/yr vs 0.29%/yr for FNCMX.
Performance
ONEQ vs. FNCMX - Performance Comparison
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Returns By Period
In the year-to-date period, ONEQ achieves a 14.28% return, which is significantly lower than FNCMX's 15.18% return. Both investments have delivered pretty close results over the past 10 years, with ONEQ having a 19.82% annualized return and FNCMX not far behind at 19.62%.
ONEQ
- 1D
- -1.02%
- 1M
- 0.62%
- YTD
- 14.28%
- 6M
- 14.88%
- 1Y
- 35.46%
- 3Y*
- 25.51%
- 5Y*
- 14.44%
- 10Y*
- 19.82%
FNCMX
- 1D
- 3.14%
- 1M
- 1.90%
- YTD
- 15.18%
- 6M
- 15.84%
- 1Y
- 36.35%
- 3Y*
- 25.89%
- 5Y*
- 14.66%
- 10Y*
- 19.62%
ONEQ vs. FNCMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ONEQ Fidelity Nasdaq Composite Index ETF | 14.28% | 20.89% | 29.30% | 45.73% | -32.12% | 22.11% | 44.87% | 38.01% | -3.18% | 29.29% |
FNCMX Fidelity NASDAQ Composite Index Fund | 15.18% | 21.11% | 29.48% | 45.13% | -32.40% | 22.21% | 44.57% | 36.63% | -3.07% | 28.35% |
Correlation
The correlation between ONEQ and FNCMX is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2003 | 0.98 |
The correlation between ONEQ and FNCMX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
ONEQ vs. FNCMX — Risk / Return Rank
ONEQ
FNCMX
ONEQ vs. FNCMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Nasdaq Composite Index ETF (ONEQ) and Fidelity NASDAQ Composite Index Fund (FNCMX). 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 | FNCMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.39 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.82 | 2.97 | -0.15 |
| Martin ratioReturn relative to average drawdown | 10.82 | 11.34 | -0.52 |
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Drawdowns
ONEQ vs. FNCMX - Drawdown Comparison
The maximum ONEQ drawdown since its inception was -55.09%, roughly equal to the maximum FNCMX drawdown of -55.08%. Use the drawdown chart below to compare losses from any high point for ONEQ and FNCMX.
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Drawdown Indicators
| ONEQ | FNCMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.09% | -55.08% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -12.64% | -13.01% | +0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -24.09% | -24.20% | +0.11% |
Max Drawdown (5Y)Largest decline over 5 years | -35.23% | -35.64% | +0.41% |
Max Drawdown (10Y)Largest decline over 10 years | -35.23% | -35.64% | +0.41% |
Current DrawdownCurrent decline from peak | -2.46% | -1.41% | -1.05% |
Average DrawdownAverage peak-to-trough decline | -7.95% | -7.85% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.29% | 3.40% | -0.11% |
Volatility
ONEQ vs. FNCMX - Volatility Comparison
Fidelity Nasdaq Composite Index ETF (ONEQ) and Fidelity NASDAQ Composite Index Fund (FNCMX) have volatilities of 6.99% and 7.16%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ONEQ | FNCMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.99% | 7.16% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 13.43% | 13.68% | -0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.11% | 17.31% | -0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.31% | 22.62% | -0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.80% | 22.13% | -0.33% |
ONEQ vs. FNCMX - Expense Ratio Comparison
ONEQ has a 0.21% expense ratio, which is lower than FNCMX's 0.29% expense ratio.
Dividends
ONEQ vs. FNCMX - Dividend Comparison
ONEQ's dividend yield for the trailing twelve months is around 0.68%, more than FNCMX's 0.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNCMX Fidelity NASDAQ Composite Index Fund | 0.45% | 0.51% | 0.61% | 0.67% | 0.88% | 0.47% | 0.67% | 4.41% | 1.93% | 0.03% | 1.01% | 1.50% |
ONEQ Fidelity Nasdaq Composite Index ETF | 0.68% | 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
With a correlation of 0.99, ONEQ and FNCMX 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.
FNCMX has higher volatility (7.16%) compared to ONEQ (6.99%). In terms of maximum drawdown, ONEQ dropped -55.09% vs FNCMX's -55.08%.
FNCMX currently has the higher Sharpe Ratio (2.23 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.
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