ONEQ vs. QQQM

Last updated Jun 23, 2026

ONEQ (Fidelity Nasdaq Composite Index ETF) and QQQM (Invesco NASDAQ 100 ETF) are both exchange-traded funds - ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index, while QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, ONEQ returned 14.06%/yr vs 17.04%/yr for QQQM. With a 0.98 correlation, they move nearly in lockstep. ONEQ charges 0.21%/yr vs 0.15%/yr for QQQM.

Performance

ONEQ vs. QQQM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Nasdaq Composite Index ETF (ONEQ) and Invesco NASDAQ 100 ETF (QQQM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ONEQ achieves a 13.30% return, which is significantly lower than QQQM's 20.46% return.

ONEQ

• 1D: -1.15%
• 1M: -0.55%
• YTD: 13.30%
• 6M: 12.39%
• 1Y: 35.91%
• 3Y*: 25.75%
• 5Y*: 14.06%
• 10Y*: 19.90%

QQQM

• 1D: -0.09%
• 1M: 2.98%
• YTD: 20.46%
• 6M: 19.51%
• 1Y: 41.06%
• 3Y*: 27.57%
• 5Y*: 17.04%
• 10Y*: —

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

ONEQ vs. QQQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ONEQ Fidelity Nasdaq Composite Index ETF	13.30%	20.89%	29.30%	45.73%	-32.12%	22.11%	8.93%
QQQM Invesco NASDAQ 100 ETF	20.46%	20.85%	25.68%	55.01%	-32.52%	27.45%	6.64%

Correlation

The correlation between ONEQ and QQQM is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	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 (All Time) Calculated using the full available price history since Oct 13, 2020	0.98

The correlation between ONEQ and QQQM has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

ONEQ vs. QQQM - Sectors Allocation Comparison

Sectors	ONEQ	QQQM
Technology	54.3%	58.7%
Communication Services	15.4%	14.3%
Consumer Cyclical	12.7%	11.4%
Healthcare	4.7%	3.7%
Consumer Defensive	4.4%	6.4%
Financial Services	2.9%	0.2%
Industrials	2.9%	2.6%
Basic Materials	0.9%	1.0%
Utilities	0.8%	1.2%
Real Estate	0.6%	0.1%
Energy	0.5%	0.5%

Return for Risk

ONEQ vs. QQQM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ONEQ

ONEQ Risk / Return Rank: 62
ONEQ Sharpe Ratio Rank: 66
ONEQ Sortino Ratio Rank: 60
ONEQ Omega Ratio Rank: 63
ONEQ Calmar Ratio Rank: 59
ONEQ Martin Ratio Rank: 62

QQQM

QQQM Risk / Return Rank: 72
QQQM Sharpe Ratio Rank: 77
QQQM Sortino Ratio Rank: 70
QQQM Omega Ratio Rank: 73
QQQM Calmar Ratio Rank: 71
QQQM Martin Ratio Rank: 71

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. QQQM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Nasdaq Composite Index ETF (ONEQ) and Invesco NASDAQ 100 ETF (QQQM). 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	QQQM	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.36	-0.26
Sortino ratio: Return per unit of downside risk	2.75	3.05	-0.29
Omega ratio: Gain probability vs. loss probability	1.36	1.41	-0.05
Calmar ratio: Return relative to maximum drawdown	2.86	3.45	-0.59
Martin ratio: Return relative to average drawdown	10.89	12.82	-1.93

ONEQ vs. QQQM - Sharpe Ratio Comparison

The current ONEQ Sharpe Ratio is 2.09, which is comparable to the QQQM Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of ONEQ and QQQM, 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. QQQM - Drawdown Comparison

The maximum ONEQ drawdown since its inception was -55.09%, which is greater than QQQM's maximum drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for ONEQ and QQQM.

Drawdown Indicators

	ONEQ	QQQM	Difference
Max Drawdown Largest peak-to-trough decline	-55.09%	-35.04%	-20.05%
Max Drawdown (1Y) Largest decline over 1 year	-12.64%	-11.96%	-0.68%
Max Drawdown (3Y) Largest decline over 3 years	-24.09%	-22.70%	-1.39%
Max Drawdown (5Y) Largest decline over 5 years	-35.23%	-35.04%	-0.19%
Max Drawdown (10Y) Largest decline over 10 years	-35.23%	—	—
Current Drawdown Current decline from peak	-3.29%	-0.97%	-2.32%
Average Drawdown Average peak-to-trough decline	-7.94%	-8.20%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	3.21%	+0.10%

Volatility

ONEQ vs. QQQM - Volatility Comparison

The current volatility for Fidelity Nasdaq Composite Index ETF (ONEQ) is 7.25%, while Invesco NASDAQ 100 ETF (QQQM) has a volatility of 8.28%. This indicates that ONEQ experiences smaller price fluctuations and is considered to be less risky than QQQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONEQ	QQQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.25%	8.28%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	13.53%	14.05%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	17.28%	17.55%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.33%	22.48%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.81%	22.26%	-0.45%

ONEQ vs. QQQM - Expense Ratio Comparison

ONEQ has a 0.21% expense ratio, which is higher than QQQM's 0.15% 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. QQQM - Dividend Comparison

ONEQ's dividend yield for the trailing twelve months is around 0.71%, more than QQQM's 0.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ONEQ Fidelity Nasdaq Composite Index ETF	0.71%	0.54%	0.65%	0.71%	0.97%	0.54%	0.71%	2.51%	1.08%	0.84%	1.12%	1.04%
QQQM Invesco NASDAQ 100 ETF	0.53%	0.50%	0.61%	0.65%	0.83%	0.40%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ONEQ and QQQM in my portfolio?

With a correlation of 0.98, ONEQ and QQQM 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.

Which is riskier, ONEQ or QQQM?

QQQM has higher volatility (8.28%) compared to ONEQ (7.25%). In terms of maximum drawdown, ONEQ dropped -55.09% vs QQQM's -35.04%.

Which ETF is better, ONEQ or QQQM?

On 5-year performance, QQQM leads with 17.04% vs 14.06% for ONEQ. On fees, QQQM is cheaper at 0.15% per year. On volatility, ONEQ has been the lower-risk option at 7.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEQ or QQQM?

Over the 5-year period, QQQM has performed better with a 17.04% return vs 14.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEQ or QQQM?

QQQM is cheaper with a 0.15% expense ratio, compared with 0.21% for ONEQ.

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

ONEQ has the higher dividend yield at 0.71%, compared with 0.53% for QQQM.

What is the main difference between ONEQ and QQQM?

ONEQ is categorized as Large Cap Growth Equities, while QQQM is Nasdaq-100. ONEQ tracks Nasdaq Composite Index, while QQQM tracks NASDAQ-100 Index. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.21% for ONEQ and 0.15% for QQQM.

Which has better risk-adjusted returns?

QQQM currently has the higher Sharpe Ratio (2.36 vs 2.09), 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.