ONEQ vs. MACMX
ONEQ (Fidelity Nasdaq Composite Index ETF) and MACMX (BlackRock California Municipal Opportunities Fund) are both funds - ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index, while MACMX is a Municipal Bonds fund managed by BlackRock. Over the past 10 years, ONEQ returned 19.51%/yr vs 2.45%/yr for MACMX. At a correlation of -0.05, they often move in opposite directions. ONEQ charges 0.21%/yr vs 0.44%/yr for MACMX.
Performance
ONEQ vs. MACMX - Performance Comparison
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Returns By Period
In the year-to-date period, ONEQ achieves a 12.04% return, which is significantly higher than MACMX's 1.79% return. Over the past 10 years, ONEQ has outperformed MACMX with an annualized return of 19.51%, while MACMX has yielded a comparatively lower 2.45% annualized return.
ONEQ
- 1D
- 0.33%
- 1M
- -2.72%
- YTD
- 12.04%
- 6M
- 12.27%
- 1Y
- 34.51%
- 3Y*
- 25.07%
- 5Y*
- 14.18%
- 10Y*
- 19.51%
MACMX
- 1D
- 0.00%
- 1M
- 1.00%
- YTD
- 1.79%
- 6M
- 2.20%
- 1Y
- 6.19%
- 3Y*
- 4.45%
- 5Y*
- 1.27%
- 10Y*
- 2.45%
ONEQ vs. MACMX - 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% |
MACMX BlackRock California Municipal Opportunities Fund | 1.79% | 4.41% | 3.91% | 4.96% | -8.76% | 4.70% | 1.45% | 6.81% | 1.26% | 7.25% |
Correlation
The correlation between ONEQ and MACMX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2003 | -0.05 |
The correlation between ONEQ and MACMX shifts across timeframes, from -0.05 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ONEQ vs. MACMX — Risk / Return Rank
ONEQ
MACMX
ONEQ vs. MACMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Nasdaq Composite Index ETF (ONEQ) and BlackRock California Municipal Opportunities Fund (MACMX). 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 | MACMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.50 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.62 | 2.53 | +0.09 |
| Martin ratioReturn relative to average drawdown | 10.05 | 8.37 | +1.68 |
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Drawdowns
ONEQ vs. MACMX - Drawdown Comparison
The maximum ONEQ drawdown since its inception was -55.09%, which is greater than MACMX's maximum drawdown of -13.65%. Use the drawdown chart below to compare losses from any high point for ONEQ and MACMX.
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Drawdown Indicators
| ONEQ | MACMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.09% | -13.65% | -41.44% |
Max Drawdown (1Y)Largest decline over 1 year | -12.64% | -2.50% | -10.14% |
Max Drawdown (3Y)Largest decline over 3 years | -24.09% | -5.24% | -18.85% |
Max Drawdown (5Y)Largest decline over 5 years | -35.23% | -13.65% | -21.58% |
Max Drawdown (10Y)Largest decline over 10 years | -35.23% | -13.65% | -21.58% |
Current DrawdownCurrent decline from peak | -4.37% | -0.17% | -4.20% |
Average DrawdownAverage peak-to-trough decline | -7.95% | -1.94% | -6.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.29% | 0.75% | +2.54% |
Volatility
ONEQ vs. MACMX - Volatility Comparison
Fidelity Nasdaq Composite Index ETF (ONEQ) has a higher volatility of 6.43% compared to BlackRock California Municipal Opportunities Fund (MACMX) at 1.08%. This indicates that ONEQ's price experiences larger fluctuations and is considered to be riskier than MACMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ONEQ | MACMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.43% | 1.08% | +5.35% |
Volatility (6M)Calculated over the trailing 6-month period | 13.17% | 2.06% | +11.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.87% | 2.89% | +13.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.26% | 4.20% | +18.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.77% | 4.07% | +17.70% |
ONEQ vs. MACMX - Expense Ratio Comparison
ONEQ has a 0.21% expense ratio, which is lower than MACMX's 0.44% expense ratio.
Dividends
ONEQ vs. MACMX - Dividend Comparison
ONEQ's dividend yield for the trailing twelve months is around 0.69%, less than MACMX's 3.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MACMX BlackRock California Municipal Opportunities Fund | 3.68% | 4.77% | 3.93% | 2.68% | 1.90% | 1.80% | 2.02% | 2.74% | 4.60% | 3.19% | 2.82% | 3.43% |
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
ONEQ and MACMX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ONEQ has higher volatility (6.43%) compared to MACMX (1.08%). In terms of maximum drawdown, ONEQ dropped -55.09% vs MACMX's -13.65%.
MACMX currently has the higher Sharpe Ratio (2.18 vs 1.96), 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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