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ONEQ vs. IYW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ONEQ vs. IYW

Last updated Jun 9, 2026

ONEQ (Fidelity Nasdaq Composite Index ETF) and IYW (iShares U.S. Technology ETF) are both exchange-traded funds - ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index, while IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index. Both are passively managed. Over the past 10 years, ONEQ returned 19.36%/yr vs 25.53%/yr for IYW. Their correlation of 0.94 suggests significant overlap in exposure. ONEQ charges 0.21%/yr vs 0.38%/yr for IYW.

Performance

ONEQ vs. IYW - Performance Comparison

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

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Returns By Period

In the year-to-date period, ONEQ achieves a 12.15% return, which is significantly lower than IYW's 22.81% return. Over the past 10 years, ONEQ has underperformed IYW with an annualized return of 19.36%, while IYW has yielded a comparatively higher 25.53% annualized return.

ONEQ

1D
0.83%
1M
-1.13%
YTD
12.15%
6M
10.74%
1Y
33.89%
3Y*
26.07%
5Y*
14.42%
10Y*
19.36%

IYW

1D
1.61%
1M
2.72%
YTD
22.81%
6M
20.20%
1Y
50.11%
3Y*
33.35%
5Y*
21.56%
10Y*
25.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ONEQ vs. IYW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ONEQ
Fidelity Nasdaq Composite Index ETF		12.15%20.89%29.30%45.73%-32.12%22.11%44.87%38.01%-3.18%29.29%
IYW
iShares U.S. Technology ETF		22.81%25.38%30.25%65.44%-34.83%35.44%47.45%46.64%-0.93%36.60%

Correlation

The correlation between ONEQ and IYW is 0.95, 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

0.95

Correlation (3Y)
Calculated over the trailing 3-year period

0.96

Correlation (5Y)
Calculated over the trailing 5-year period

0.97

Correlation (10Y)
Calculated over the trailing 10-year period

0.96

Correlation (All Time)
Calculated using the full available price history since Oct 2, 2003

0.94

The correlation between ONEQ and IYW has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity Nasdaq Composite Index ETF

iShares U.S. Technology ETF

Often compared with ONEQ:
ONEQ vs. QQQONEQ vs. FNCMXONEQ vs. VOOONEQ vs. ^NDXONEQ vs. ^IXICONEQ vs. ^GSPCONEQ vs. QQQM
Often compared with IYW:
IYW vs. VGTIYW vs. QQQIYW vs. XLKIYW vs. IGMIYW vs. SMHIYW vs. IWFIYW vs. SOXX

Return for Risk

ONEQ vs. IYW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ONEQ
ONEQ Risk / Return Rank: 6565
Overall Rank
ONEQ Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
ONEQ Sortino Ratio Rank: 6565
Sortino Ratio Rank
ONEQ Omega Ratio Rank: 6767
Omega Ratio Rank
ONEQ Calmar Ratio Rank: 6060
Calmar Ratio Rank
ONEQ Martin Ratio Rank: 6464
Martin Ratio Rank
IYW
IYW Risk / Return Rank: 7070
Overall Rank
IYW Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
IYW Sortino Ratio Rank: 7373
Sortino Ratio Rank
IYW Omega Ratio Rank: 7676
Omega Ratio Rank
IYW Calmar Ratio Rank: 6262
Calmar Ratio Rank
IYW Martin Ratio Rank: 5858
Martin Ratio Rank
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. IYW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Nasdaq Composite Index ETF (ONEQ) and iShares U.S. Technology ETF (IYW). 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.

ONEQIYWDifference
Sharpe ratioReturn per unit of total volatility
2.06
2.40

-0.34

Sortino ratioReturn per unit of downside risk
2.68
2.97

-0.28

Omega ratioGain probability vs. loss probability

1.36

1.40

-0.04

Calmar ratioReturn relative to maximum drawdown

2.69

2.83

-0.13

Martin ratioReturn relative to average drawdown

10.57

9.20

+1.36

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. IYW - Sharpe Ratio Comparison

The current ONEQ Sharpe Ratio is 2.06, which is comparable to the IYW Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of ONEQ and IYW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ONEQIYWDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.06

2.40

-0.34

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.65

0.83

-0.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.89

1.02

-0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.64

0.35

+0.30

Drawdowns

ONEQ vs. IYW - Drawdown Comparison

The maximum ONEQ drawdown since its inception was -55.09%, smaller than the maximum IYW drawdown of -81.90%. Use the drawdown chart below to compare losses from any high point for ONEQ and IYW.

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Drawdown Indicators

ONEQIYWDifference

Max Drawdown

Largest peak-to-trough decline

-55.09%

-81.90%

+26.81%

Max Drawdown (1Y)

Largest decline over 1 year

-12.64%

-17.81%

+5.17%

Max Drawdown (3Y)

Largest decline over 3 years

-24.09%

-26.47%

+2.38%

Max Drawdown (5Y)

Largest decline over 5 years

-35.23%

-39.44%

+4.21%

Max Drawdown (10Y)

Largest decline over 10 years

-35.23%

-39.44%

+4.21%

Current Drawdown

Current decline from peak

-4.27%

-5.70%

+1.43%

Average Drawdown

Average peak-to-trough decline

-7.95%

-34.64%

+26.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.22%

5.46%

-2.24%

Volatility

ONEQ vs. IYW - Volatility Comparison

The current volatility for Fidelity Nasdaq Composite Index ETF (ONEQ) is 5.86%, while iShares U.S. Technology ETF (IYW) has a volatility of 8.86%. This indicates that ONEQ experiences smaller price fluctuations and is considered to be less risky than IYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ONEQIYWDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.86%

8.86%

-3.00%

Volatility (6M)

Calculated over the trailing 6-month period

12.74%

17.10%

-4.36%

Volatility (1Y)

Calculated over the trailing 1-year period

16.58%

21.05%

-4.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.22%

26.01%

-3.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.76%

25.18%

-3.42%

ONEQ vs. IYW - Expense Ratio Comparison

ONEQ has a 0.21% expense ratio, which is lower than IYW's 0.38% expense ratio.

Dividends

ONEQ vs. IYW - Dividend Comparison

ONEQ's dividend yield for the trailing twelve months is around 0.69%, more than IYW's 0.11% yield.

PositionTTM20252024202320222021202020192018201720162015
IYW
iShares U.S. Technology ETF		0.11%0.14%0.21%0.34%0.50%0.31%0.56%0.72%0.92%0.82%1.14%1.12%
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

With a correlation of 0.95, ONEQ and IYW 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.

IYW has higher volatility (8.86%) compared to ONEQ (5.86%). In terms of maximum drawdown, ONEQ dropped -55.09% vs IYW's -81.90%.

On 10-year performance, IYW leads with 25.53% vs 19.36% for ONEQ. On fees, ONEQ is cheaper at 0.21% per year. On volatility, ONEQ has been the lower-risk option at 5.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IYW has performed better with a 25.53% return vs 19.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ONEQ is cheaper with a 0.21% expense ratio, compared with 0.38% for IYW.

ONEQ has the higher dividend yield at 0.69%, compared with 0.11% for IYW.

ONEQ is categorized as Large Cap Growth Equities, while IYW is Technology Equities. ONEQ tracks Nasdaq Composite Index, while IYW tracks Russell 1000 Technology RIC 22.5/45 Capped Index. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.21% for ONEQ and 0.38% for IYW.

IYW currently has the higher Sharpe Ratio (2.40 vs 2.06), 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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