ONEQ vs. QDSIX

Last updated Jun 14, 2026

ONEQ (Fidelity Nasdaq Composite Index ETF) and QDSIX (AQR Diversifying Strategies Fund) are both funds - ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index, while QDSIX is a Multistrategy fund managed by AQR Funds. Over the past 5 years, ONEQ returned 14.18%/yr vs 10.94%/yr for QDSIX. At a 0.08 correlation, their price movements are largely independent. ONEQ charges 0.21%/yr vs 0.20%/yr for QDSIX.

Performance

ONEQ vs. QDSIX - Performance Comparison

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

Returns By Period

In the year-to-date period, ONEQ achieves a 12.04% return, which is significantly higher than QDSIX's 5.00% 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%

QDSIX

• 1D: 0.34%
• 1M: -0.27%
• YTD: 5.00%
• 6M: 6.36%
• 1Y: 13.68%
• 3Y*: 13.04%
• 5Y*: 10.94%
• 10Y*: —

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

ONEQ vs. QDSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ONEQ Fidelity Nasdaq Composite Index ETF	12.04%	20.89%	29.30%	45.73%	-32.12%	22.11%	29.95%
QDSIX AQR Diversifying Strategies Fund	5.00%	16.36%	9.71%	8.88%	14.69%	10.64%	5.50%

Correlation

The correlation between ONEQ and QDSIX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jun 10, 2020	0.08

Over the past year, ONEQ and QDSIX have become more correlated (0.44) than their long-term average of 0.08, meaning their price movements have been converging.

Return for Risk

ONEQ vs. QDSIX — 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

QDSIX

QDSIX Risk / Return Rank: 93
QDSIX Sharpe Ratio Rank: 93
QDSIX Sortino Ratio Rank: 91
QDSIX Omega Ratio Rank: 87
QDSIX Calmar Ratio Rank: 98
QDSIX Martin Ratio Rank: 96

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. QDSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Nasdaq Composite Index ETF (ONEQ) and AQR Diversifying Strategies Fund (QDSIX). 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	QDSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	2.74	-0.78
Sortino ratio: Return per unit of downside risk	2.58	4.05	-1.47
Omega ratio: Gain probability vs. loss probability	1.34	1.52	-0.18
Calmar ratio: Return relative to maximum drawdown	2.62	7.16	-4.54
Martin ratio: Return relative to average drawdown	10.05	20.24	-10.20

ONEQ vs. QDSIX - Sharpe Ratio Comparison

The current ONEQ Sharpe Ratio is 1.96, which is comparable to the QDSIX Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of ONEQ and QDSIX, 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. QDSIX - Drawdown Comparison

The maximum ONEQ drawdown since its inception was -55.09%, which is greater than QDSIX's maximum drawdown of -7.06%. Use the drawdown chart below to compare losses from any high point for ONEQ and QDSIX.

Drawdown Indicators

	ONEQ	QDSIX	Difference
Max Drawdown Largest peak-to-trough decline	-55.09%	-7.06%	-48.03%
Max Drawdown (1Y) Largest decline over 1 year	-12.64%	-1.96%	-10.68%
Max Drawdown (3Y) Largest decline over 3 years	-24.09%	-6.90%	-17.19%
Max Drawdown (5Y) Largest decline over 5 years	-35.23%	-7.06%	-28.17%
Max Drawdown (10Y) Largest decline over 10 years	-35.23%	—	—
Current Drawdown Current decline from peak	-4.37%	-1.41%	-2.96%
Average Drawdown Average peak-to-trough decline	-7.95%	-1.44%	-6.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	0.69%	+2.60%

Volatility

ONEQ vs. QDSIX - Volatility Comparison

Fidelity Nasdaq Composite Index ETF (ONEQ) has a higher volatility of 6.43% compared to AQR Diversifying Strategies Fund (QDSIX) at 1.73%. This indicates that ONEQ's price experiences larger fluctuations and is considered to be riskier than QDSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONEQ	QDSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	1.73%	+4.70%
Volatility (6M) Calculated over the trailing 6-month period	13.17%	3.72%	+9.45%
Volatility (1Y) Calculated over the trailing 1-year period	16.87%	5.11%	+11.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.26%	7.65%	+14.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.77%	7.32%	+14.45%

ONEQ vs. QDSIX - Expense Ratio Comparison

ONEQ has a 0.21% expense ratio, which is higher than QDSIX's 0.20% 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. QDSIX - Dividend Comparison

ONEQ's dividend yield for the trailing twelve months is around 0.69%, less than QDSIX's 2.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QDSIX AQR Diversifying Strategies Fund	2.13%	2.23%	0.00%	11.35%	8.22%	6.07%	1.93%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ONEQ and QDSIX in my portfolio?

ONEQ and QDSIX have a correlation of 0.44, 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 QDSIX?

ONEQ has higher volatility (6.43%) compared to QDSIX (1.73%). In terms of maximum drawdown, ONEQ dropped -55.09% vs QDSIX's -7.06%.

Which has better risk-adjusted returns?

QDSIX currently has the higher Sharpe Ratio (2.74 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.