ONEQ vs. QID

Last updated Jun 4, 2026

ONEQ (Fidelity Nasdaq Composite Index ETF) and QID (ProShares UltraShort QQQ) are both exchange-traded funds - ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index, while QID is a Leveraged Equities fund tracking the NASDAQ-100 Index (-200%). Both are passively managed. Over the past 10 years, ONEQ returned 19.68%/yr vs -38.90%/yr for QID. At a correlation of -0.96, they often move in opposite directions. ONEQ charges 0.21%/yr vs 0.95%/yr for QID.

Performance

ONEQ vs. QID - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Nasdaq Composite Index ETF (ONEQ) and ProShares UltraShort QQQ (QID). 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 higher than QID's -32.03% return. Over the past 10 years, ONEQ has outperformed QID with an annualized return of 19.68%, while QID has yielded a comparatively lower -38.90% annualized 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%

QID

• 1D: 0.52%
• 1M: -18.27%
• YTD: -32.03%
• 6M: -29.81%
• 1Y: -48.76%
• 3Y*: -39.36%
• 5Y*: -32.49%
• 10Y*: -38.90%

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

ONEQ vs. QID - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ONEQ Fidelity Nasdaq Composite Index ETF	16.16%	20.89%	29.30%	45.73%	-32.12%	22.11%	44.87%	38.01%	-3.18%	29.29%
QID ProShares UltraShort QQQ	-32.03%	-34.97%	-34.06%	-57.19%	66.30%	-44.93%	-69.71%	-49.57%	-9.90%	-44.00%

Correlation

The correlation between ONEQ and QID is -0.98, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.98
Correlation (3Y) Calculated over the trailing 3-year period	-0.98
Correlation (5Y) Calculated over the trailing 5-year period	-0.99
Correlation (10Y) Calculated over the trailing 10-year period	-0.98
Correlation (All Time) Calculated using the full available price history since Jul 14, 2006	-0.96

The correlation between ONEQ and QID has been stable across timeframes, ranging from -0.99 to -0.96 - a consistent structural relationship.

ONEQ vs. QID - Sectors Allocation Comparison

Sectors	ONEQ	QID
Technology	50.8%	-
Communication Services	16.7%	-
Consumer Cyclical	13.3%	-
Consumer Defensive	5.2%	-
Healthcare	5.1%	-
Financial Services	3.1%	110.5%
Industrials	2.9%	-
Basic Materials	1.0%	-
Utilities	0.9%	-
Real Estate	0.6%	-
Energy	0.6%	-

Return for Risk

ONEQ vs. QID — 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

QID

QID Risk / Return Rank: 0
QID Sharpe Ratio Rank: 0
QID Sortino Ratio Rank: 0
QID Omega Ratio Rank: 0
QID Calmar Ratio Rank: 0
QID Martin Ratio Rank: 0

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. QID - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Nasdaq Composite Index ETF (ONEQ) and ProShares UltraShort QQQ (QID). 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	QID	Difference
Sharpe ratio: Return per unit of total volatility	2.48	-1.53	+4.02
Sortino ratio: Return per unit of downside risk	3.26	-2.59	+5.85
Omega ratio: Gain probability vs. loss probability	1.43	0.73	+0.70
Calmar ratio: Return relative to maximum drawdown	3.15	-0.99	+4.14
Martin ratio: Return relative to average drawdown	12.46	-1.96	+14.42
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. QID - Sharpe Ratio Comparison

The current ONEQ Sharpe Ratio is 2.48, which is higher than the QID Sharpe Ratio of -1.53. The chart below compares the historical Sharpe Ratios of ONEQ and QID, 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	QID	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	-1.53	+4.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	-0.73	+1.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	-0.88	+1.78
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	-0.81	+1.46

Drawdowns

ONEQ vs. QID - Drawdown Comparison

The maximum ONEQ drawdown since its inception was -55.09%, smaller than the maximum QID drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for ONEQ and QID.

Drawdown Indicators

	ONEQ	QID	Difference
Max Drawdown Largest peak-to-trough decline	-55.09%	-99.99%	+44.90%
Max Drawdown (1Y) Largest decline over 1 year	-12.64%	-49.58%	+36.94%
Max Drawdown (3Y) Largest decline over 3 years	-24.09%	-79.41%	+55.32%
Max Drawdown (5Y) Largest decline over 5 years	-35.23%	-88.67%	+53.44%
Max Drawdown (10Y) Largest decline over 10 years	-35.23%	-99.37%	+64.14%
Current Drawdown Current decline from peak	-0.85%	-99.99%	+99.14%
Average Drawdown Average peak-to-trough decline	-7.95%	-87.00%	+79.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	24.91%	-21.72%

Volatility

ONEQ vs. QID - Volatility Comparison

The current volatility for Fidelity Nasdaq Composite Index ETF (ONEQ) is 4.20%, while ProShares UltraShort QQQ (QID) has a volatility of 8.98%. This indicates that ONEQ experiences smaller price fluctuations and is considered to be less risky than QID based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONEQ	QID	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	8.98%	-4.78%
Volatility (6M) Calculated over the trailing 6-month period	11.96%	24.28%	-12.32%
Volatility (1Y) Calculated over the trailing 1-year period	16.05%	31.91%	-15.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.14%	44.77%	-22.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.71%	44.54%	-22.83%

ONEQ vs. QID - Expense Ratio Comparison

ONEQ has a 0.21% expense ratio, which is lower than QID's 0.95% expense ratio.

Dividends

ONEQ vs. QID - Dividend Comparison

ONEQ's dividend yield for the trailing twelve months is around 0.67%, less than QID's 7.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QID ProShares UltraShort QQQ	7.64%	6.25%	7.99%	5.63%	0.15%	0.00%	0.92%	2.54%	1.38%	0.08%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ONEQ and QID in my portfolio?

ONEQ and QID have a correlation of -0.98, 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 QID?

QID has higher volatility (8.98%) compared to ONEQ (4.20%). In terms of maximum drawdown, ONEQ dropped -55.09% vs QID's -99.99%.

Which ETF is better, ONEQ or QID?

On 10-year performance, ONEQ leads with 19.68% vs -38.90% for QID. 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 QID?

Over the 10-year period, ONEQ has performed better with a 19.68% return vs -38.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEQ or QID?

ONEQ is cheaper with a 0.21% expense ratio, compared with 0.95% for QID.

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

QID has the higher dividend yield at 7.64%, compared with 0.67% for ONEQ.

What is the main difference between ONEQ and QID?

ONEQ is categorized as Large Cap Growth Equities, while QID is Leveraged Equities. ONEQ tracks Nasdaq Composite Index, while QID tracks NASDAQ-100 Index (-200%). They also come from different issuers: Fidelity and ProShares. Their fees differ too: 0.21% for ONEQ and 0.95% for QID.

Which has better risk-adjusted returns?

ONEQ currently has the higher Sharpe Ratio (2.48 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.