ONEQ vs. IQM

Last updated Jun 4, 2026

ONEQ (Fidelity Nasdaq Composite Index ETF) and IQM (Franklin Intelligent Machines ETF) are both Large Cap Growth Equities funds. ONEQ is passively managed, while IQM is actively managed. Over the past 5 years, ONEQ returned 15.43%/yr vs 22.22%/yr for IQM. Their correlation of 0.90 suggests significant overlap in exposure. ONEQ charges 0.21%/yr vs 0.50%/yr for IQM.

Performance

ONEQ vs. IQM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Nasdaq Composite Index ETF (ONEQ) and Franklin Intelligent Machines ETF (IQM). 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 lower than IQM's 40.18% 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%

IQM

• 1D: -0.37%
• 1M: 11.94%
• YTD: 40.18%
• 6M: 38.57%
• 1Y: 75.07%
• 3Y*: 37.62%
• 5Y*: 22.22%
• 10Y*: —

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

ONEQ vs. IQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ONEQ Fidelity Nasdaq Composite Index ETF	16.16%	20.89%	29.30%	45.73%	-32.12%	22.11%	52.06%
IQM Franklin Intelligent Machines ETF	40.18%	30.76%	31.03%	41.06%	-33.36%	25.18%	78.48%

Correlation

The correlation between ONEQ and IQM is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Feb 28, 2020	0.90

The correlation between ONEQ and IQM has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.

ONEQ vs. IQM - Sectors Allocation Comparison

Sectors	ONEQ	IQM
Technology	50.8%	65.9%
Communication Services	16.7%	2.1%
Consumer Cyclical	13.3%	4.1%
Consumer Defensive	5.2%	-
Healthcare	5.1%	1.1%
Financial Services	3.1%	-
Industrials	2.9%	19.9%
Basic Materials	1.0%	-
Utilities	0.9%	3.3%
Real Estate	0.6%	-
Energy	0.6%	2.7%

Return for Risk

ONEQ vs. IQM — 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

IQM

IQM Risk / Return Rank: 78
IQM Sharpe Ratio Rank: 81
IQM Sortino Ratio Rank: 66
IQM Omega Ratio Rank: 71
IQM Calmar Ratio Rank: 88
IQM Martin Ratio Rank: 83

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. IQM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Nasdaq Composite Index ETF (ONEQ) and Franklin Intelligent Machines ETF (IQM). 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	IQM	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.67	-0.19
Sortino ratio: Return per unit of downside risk	3.26	3.11	+0.15
Omega ratio: Gain probability vs. loss probability	1.43	1.43	0.00
Calmar ratio: Return relative to maximum drawdown	3.15	5.13	-1.98
Martin ratio: Return relative to average drawdown	12.46	16.79	-4.33
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. IQM - Sharpe Ratio Comparison

The current ONEQ Sharpe Ratio is 2.48, which is comparable to the IQM Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of ONEQ and IQM, 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	IQM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	2.67	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.77	-0.07
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	0.96	-0.31

Drawdowns

ONEQ vs. IQM - Drawdown Comparison

The maximum ONEQ drawdown since its inception was -55.09%, which is greater than IQM's maximum drawdown of -44.91%. Use the drawdown chart below to compare losses from any high point for ONEQ and IQM.

Drawdown Indicators

	ONEQ	IQM	Difference
Max Drawdown Largest peak-to-trough decline	-55.09%	-44.91%	-10.18%
Max Drawdown (1Y) Largest decline over 1 year	-12.64%	-14.71%	+2.07%
Max Drawdown (3Y) Largest decline over 3 years	-24.09%	-30.42%	+6.33%
Max Drawdown (5Y) Largest decline over 5 years	-35.23%	-44.91%	+9.68%
Max Drawdown (10Y) Largest decline over 10 years	-35.23%	—	—
Current Drawdown Current decline from peak	-0.85%	-0.37%	-0.48%
Average Drawdown Average peak-to-trough decline	-7.95%	-12.25%	+4.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	4.49%	-1.30%

Volatility

ONEQ vs. IQM - Volatility Comparison

The current volatility for Fidelity Nasdaq Composite Index ETF (ONEQ) is 4.20%, while Franklin Intelligent Machines ETF (IQM) has a volatility of 9.20%. This indicates that ONEQ experiences smaller price fluctuations and is considered to be less risky than IQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONEQ	IQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	9.20%	-5.00%
Volatility (6M) Calculated over the trailing 6-month period	11.96%	22.92%	-10.96%
Volatility (1Y) Calculated over the trailing 1-year period	16.05%	28.27%	-12.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.14%	28.91%	-6.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.71%	30.72%	-9.01%

ONEQ vs. IQM - Expense Ratio Comparison

ONEQ has a 0.21% expense ratio, which is lower than IQM's 0.50% expense ratio.

Dividends

ONEQ vs. IQM - Dividend Comparison

ONEQ's dividend yield for the trailing twelve months is around 0.67%, while IQM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IQM Franklin Intelligent Machines ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.17%	0.01%	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 IQM in my portfolio?

ONEQ and IQM have a correlation of 0.82, 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 IQM?

IQM has higher volatility (9.20%) compared to ONEQ (4.20%). In terms of maximum drawdown, ONEQ dropped -55.09% vs IQM's -44.91%.

Which ETF is better, ONEQ or IQM?

On 5-year performance, IQM leads with 22.22% vs 15.43% for ONEQ. On fees, ONEQ is cheaper at 0.21% per year. On volatility, ONEQ has been the lower-risk option at 4.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEQ or IQM?

Over the 5-year period, IQM has performed better with a 22.22% return vs 15.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEQ or IQM?

ONEQ is cheaper with a 0.21% expense ratio, compared with 0.50% for IQM.

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

ONEQ has the higher dividend yield at 0.67%, compared with 0.00% for IQM.

What is the main difference between ONEQ and IQM?

They also come from different issuers: Fidelity and Franklin Templeton. Their fees differ too: 0.21% for ONEQ and 0.50% for IQM.

Which has better risk-adjusted returns?

IQM currently has the higher Sharpe Ratio (2.67 vs 2.48), 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.