ONEQ vs. FSMDX

Last updated Jun 13, 2026

ONEQ (Fidelity Nasdaq Composite Index ETF) and FSMDX (Fidelity Mid Cap Index Fund) are both funds - ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index, while FSMDX is a Mid Cap Blend Equities fund tracking the Russell Midcap Index. Both are passively managed. Over the past 10 years, ONEQ returned 19.51%/yr vs 11.76%/yr for FSMDX. Their correlation of 0.82 suggests significant overlap in exposure. ONEQ charges 0.21%/yr vs 0.03%/yr for FSMDX.

Performance

ONEQ vs. FSMDX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with ONEQ having a 12.04% return and FSMDX slightly higher at 12.29%. Over the past 10 years, ONEQ has outperformed FSMDX with an annualized return of 19.51%, while FSMDX has yielded a comparatively lower 11.76% annualized return.

ONEQ

• 1D: 0.33%
• 1M: -1.72%
• YTD: 12.04%
• 6M: 12.27%
• 1Y: 32.91%
• 3Y*: 25.07%
• 5Y*: 14.18%
• 10Y*: 19.51%

FSMDX

• 1D: 2.24%
• 1M: 2.90%
• YTD: 12.29%
• 6M: 11.02%
• 1Y: 20.88%
• 3Y*: 16.72%
• 5Y*: 8.00%
• 10Y*: 11.76%

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

ONEQ vs. FSMDX - 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%
FSMDX Fidelity Mid Cap Index Fund	12.29%	10.58%	15.55%	17.20%	-17.27%	22.56%	17.13%	30.53%	-9.38%	18.04%

Correlation

The correlation between ONEQ and FSMDX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.83

The correlation between ONEQ and FSMDX shifts across timeframes, from 0.64 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ONEQ vs. FSMDX — 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

FSMDX

FSMDX Risk / Return Rank: 52
FSMDX Sharpe Ratio Rank: 44
FSMDX Sortino Ratio Rank: 45
FSMDX Omega Ratio Rank: 40
FSMDX Calmar Ratio Rank: 68
FSMDX Martin Ratio Rank: 64

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. FSMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Nasdaq Composite Index ETF (ONEQ) and Fidelity Mid Cap Index Fund (FSMDX). 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	FSMDX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.53	+0.43
Sortino ratio: Return per unit of downside risk	2.58	2.20	+0.37
Omega ratio: Gain probability vs. loss probability	1.34	1.27	+0.08
Calmar ratio: Return relative to maximum drawdown	2.62	2.58	+0.03
Martin ratio: Return relative to average drawdown	10.05	9.88	+0.17

ONEQ vs. FSMDX - Sharpe Ratio Comparison

The current ONEQ Sharpe Ratio is 1.96, which is comparable to the FSMDX Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of ONEQ and FSMDX, 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. FSMDX - Drawdown Comparison

The maximum ONEQ drawdown since its inception was -55.09%, which is greater than FSMDX's maximum drawdown of -40.35%. Use the drawdown chart below to compare losses from any high point for ONEQ and FSMDX.

Drawdown Indicators

	ONEQ	FSMDX	Difference
Max Drawdown Largest peak-to-trough decline	-55.09%	-40.35%	-14.74%
Max Drawdown (1Y) Largest decline over 1 year	-12.64%	-8.16%	-4.48%
Max Drawdown (3Y) Largest decline over 3 years	-24.09%	-20.92%	-3.17%
Max Drawdown (5Y) Largest decline over 5 years	-35.23%	-26.07%	-9.16%
Max Drawdown (10Y) Largest decline over 10 years	-35.23%	-40.35%	+5.12%
Current Drawdown Current decline from peak	-4.37%	-0.67%	-3.70%
Average Drawdown Average peak-to-trough decline	-7.95%	-4.95%	-3.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	2.13%	+1.16%

Volatility

ONEQ vs. FSMDX - Volatility Comparison

Fidelity Nasdaq Composite Index ETF (ONEQ) has a higher volatility of 6.43% compared to Fidelity Mid Cap Index Fund (FSMDX) at 4.48%. This indicates that ONEQ's price experiences larger fluctuations and is considered to be riskier than FSMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONEQ	FSMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	4.48%	+1.95%
Volatility (6M) Calculated over the trailing 6-month period	13.17%	10.46%	+2.71%
Volatility (1Y) Calculated over the trailing 1-year period	16.87%	13.80%	+3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.26%	18.32%	+3.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.77%	19.34%	+2.43%

ONEQ vs. FSMDX - Expense Ratio Comparison

ONEQ has a 0.21% expense ratio, which is higher than FSMDX's 0.03% 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. FSMDX - Dividend Comparison

ONEQ's dividend yield for the trailing twelve months is around 0.69%, less than FSMDX's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMDX Fidelity Mid Cap Index Fund	0.98%	1.10%	2.46%	1.39%	2.07%	3.35%	2.34%	2.86%	2.21%	2.17%	2.23%	2.84%
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 FSMDX in my portfolio?

ONEQ and FSMDX have a correlation of 0.64, 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 FSMDX?

ONEQ has higher volatility (6.43%) compared to FSMDX (4.48%). In terms of maximum drawdown, ONEQ dropped -55.09% vs FSMDX's -40.35%.

Which has better risk-adjusted returns?

ONEQ currently has the higher Sharpe Ratio (1.96 vs 1.53), 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.