ONEQ vs. XLF

Last updated Jun 9, 2026

ONEQ (Fidelity Nasdaq Composite Index ETF) and XLF (State Street Financial Select Sector SPDR ETF) are both exchange-traded funds - ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index, while XLF is a Financials Equities fund tracking the Financial Select Sector Index. Both are passively managed. Over the past 10 years, ONEQ returned 19.36%/yr vs 12.79%/yr for XLF. A 0.66 correlation means they provide meaningful diversification when combined. ONEQ charges 0.21%/yr vs 0.08%/yr for XLF.

Performance

ONEQ vs. XLF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Nasdaq Composite Index ETF (ONEQ) and State Street Financial Select Sector SPDR ETF (XLF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ONEQ achieves a 12.15% return, which is significantly higher than XLF's -4.62% return. Over the past 10 years, ONEQ has outperformed XLF with an annualized return of 19.36%, while XLF has yielded a comparatively lower 12.79% 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%

XLF

• 1D: -0.63%
• 1M: 1.42%
• YTD: -4.62%
• 6M: -1.98%
• 1Y: 2.91%
• 3Y*: 18.06%
• 5Y*: 8.47%
• 10Y*: 12.79%

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

ONEQ vs. XLF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
XLF State Street Financial Select Sector SPDR ETF	-4.62%	14.90%	30.56%	12.03%	-10.59%	34.80%	-1.74%	31.88%	-13.06%	22.00%

Correlation

The correlation between ONEQ and XLF is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Oct 2, 2003	0.66

Over the past year, the correlation between ONEQ and XLF has dropped to 0.42 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

ONEQ vs. XLF - Sectors Allocation Comparison

Sectors	ONEQ	XLF
Technology	50.8%	1.8%
Communication Services	16.7%	-
Consumer Cyclical	13.3%	-
Consumer Defensive	5.2%	-
Healthcare	5.1%	-
Financial Services	3.1%	98.0%
Industrials	2.9%	0.2%
Basic Materials	1.0%	-
Utilities	0.9%	-
Real Estate	0.6%	-
Energy	0.6%	-

Return for Risk

ONEQ vs. XLF — 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

XLF

XLF Risk / Return Rank: 12
XLF Sharpe Ratio Rank: 12
XLF Sortino Ratio Rank: 12
XLF Omega Ratio Rank: 12
XLF Calmar Ratio Rank: 12
XLF Martin Ratio Rank: 12

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. XLF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Nasdaq Composite Index ETF (ONEQ) and State Street Financial Select Sector SPDR ETF (XLF). 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	XLF	Difference
Sharpe ratio: Return per unit of total volatility	2.06	0.20	+1.86
Sortino ratio: Return per unit of downside risk	2.68	0.37	+2.31
Omega ratio: Gain probability vs. loss probability	1.36	1.05	+0.32
Calmar ratio: Return relative to maximum drawdown	2.69	0.20	+2.50
Martin ratio: Return relative to average drawdown	10.57	0.51	+10.06
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. XLF - Sharpe Ratio Comparison

The current ONEQ Sharpe Ratio is 2.06, which is higher than the XLF Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of ONEQ and XLF, 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	XLF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	0.20	+1.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.46	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	0.58	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.21	+0.44

Drawdowns

ONEQ vs. XLF - Drawdown Comparison

The maximum ONEQ drawdown since its inception was -55.09%, smaller than the maximum XLF drawdown of -82.69%. Use the drawdown chart below to compare losses from any high point for ONEQ and XLF.

Drawdown Indicators

	ONEQ	XLF	Difference
Max Drawdown Largest peak-to-trough decline	-55.09%	-82.69%	+27.60%
Max Drawdown (1Y) Largest decline over 1 year	-12.64%	-14.79%	+2.15%
Max Drawdown (3Y) Largest decline over 3 years	-24.09%	-15.54%	-8.55%
Max Drawdown (5Y) Largest decline over 5 years	-35.23%	-25.81%	-9.42%
Max Drawdown (10Y) Largest decline over 10 years	-35.23%	-42.86%	+7.63%
Current Drawdown Current decline from peak	-4.27%	-7.38%	+3.11%
Average Drawdown Average peak-to-trough decline	-7.95%	-20.02%	+12.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	5.71%	-2.49%

Volatility

ONEQ vs. XLF - Volatility Comparison

Fidelity Nasdaq Composite Index ETF (ONEQ) has a higher volatility of 5.86% compared to State Street Financial Select Sector SPDR ETF (XLF) at 4.20%. This indicates that ONEQ's price experiences larger fluctuations and is considered to be riskier than XLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONEQ	XLF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.86%	4.20%	+1.66%
Volatility (6M) Calculated over the trailing 6-month period	12.74%	11.18%	+1.56%
Volatility (1Y) Calculated over the trailing 1-year period	16.58%	14.61%	+1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.22%	18.66%	+3.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.76%	22.18%	-0.42%

ONEQ vs. XLF - Expense Ratio Comparison

ONEQ has a 0.21% expense ratio, which is higher than XLF's 0.08% 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. XLF - Dividend Comparison

ONEQ's dividend yield for the trailing twelve months is around 0.69%, less than XLF's 1.52% 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%
XLF State Street Financial Select Sector SPDR ETF	1.52%	1.31%	1.42%	1.71%	2.04%	1.63%	2.03%	1.87%	2.08%	1.48%	21.10%	1.95%

Frequently Asked Questions

Can I hold both ONEQ and XLF in my portfolio?

ONEQ and XLF have a correlation of 0.42, 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 XLF?

ONEQ has higher volatility (5.86%) compared to XLF (4.20%). In terms of maximum drawdown, ONEQ dropped -55.09% vs XLF's -82.69%.

Which ETF is better, ONEQ or XLF?

On 10-year performance, ONEQ leads with 19.36% vs 12.79% for XLF. On fees, XLF is cheaper at 0.08% per year. On volatility, XLF 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 XLF?

Over the 10-year period, ONEQ has performed better with a 19.36% return vs 12.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEQ or XLF?

XLF is cheaper with a 0.08% expense ratio, compared with 0.21% for ONEQ.

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

XLF has the higher dividend yield at 1.52%, compared with 0.69% for ONEQ.

What is the main difference between ONEQ and XLF?

ONEQ is categorized as Large Cap Growth Equities, while XLF is Financials Equities. ONEQ tracks Nasdaq Composite Index, while XLF tracks Financial Select Sector Index. They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.21% for ONEQ and 0.08% for XLF.

Which has better risk-adjusted returns?

ONEQ currently has the higher Sharpe Ratio (2.06 vs 0.20), 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.