PFI vs. FNCMX

Last updated Aug 4, 2026

PFI (Invesco Dorsey Wright Financial Momentum ETF) and FNCMX (Fidelity NASDAQ Composite Index Fund) are both funds - PFI is a Momentum fund tracking the Dorsey Wright Financials Technical Leaders Index, while FNCMX is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. Both are passively managed. Over the past 10 years, PFI returned 9.11%/yr vs 18.21%/yr for FNCMX. Their 0.70 correlation means they have sometimes moved together and sometimes differently. PFI charges 0.60%/yr vs 0.29%/yr for FNCMX.

Performance

PFI vs. FNCMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dorsey Wright Financial Momentum ETF (PFI) and Fidelity NASDAQ Composite Index Fund (FNCMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFI achieves a 10.59% return, which is significantly higher than FNCMX's 9.51% return. Over the past 10 years, PFI has underperformed FNCMX with an annualized return of 9.11%, while FNCMX has yielded a comparatively higher 18.21% annualized return.

PFI

• 1D: 1.27%
• 1M: 3.00%
• 6M: 9.38%
• YTD: 10.59%
• 1Y: 16.89%
• 3Y*: 14.10%
• 5Y*: 6.23%
• 10Y*: 9.11%
• ALL TIME*: 6.34%

FNCMX

• 1D: 1.01%
• 1M: -1.78%
• 6M: 7.87%
• YTD: 9.51%
• 1Y: 23.59%
• 3Y*: 22.03%
• 5Y*: 12.51%
• 10Y*: 18.21%
• ALL TIME*: 11.98%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FNCMX Fidelity NASDAQ Composite Index Fund	$0.00	$0.00	$0.00
PFI Invesco Dorsey Wright Financial Momentum ETF	$678.29K	$1.66M	$620.79K

PFI vs. FNCMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFI Invesco Dorsey Wright Financial Momentum ETF	10.59%	1.98%	30.58%	12.58%	-24.09%	28.70%	13.85%	36.54%	-17.18%	15.00%
FNCMX Fidelity NASDAQ Composite Index Fund	9.51%	21.11%	29.48%	45.13%	-32.40%	22.21%	44.57%	36.63%	-3.07%	28.35%

Correlation

The correlation between PFI and FNCMX is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.56
Correlation (3Y) Balances recent behavior with more history.	0.58
Correlation (5Y) Shows whether the relationship held over a longer period.	0.66
Correlation (10Y) Provides a long-term view across more market conditions.	0.64
Correlation (All Time) Calculated using the full available price history since Oct 12, 2006	0.70

The correlation between PFI and FNCMX shifts across timeframes, from 0.56 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PFI vs. FNCMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PFI

PFI Risk / Return Rank: 35
PFI Sharpe Ratio Rank: 35
PFI Sortino Ratio Rank: 33
PFI Omega Ratio Rank: 33
PFI Calmar Ratio Rank: 35
PFI Martin Ratio Rank: 36

FNCMX

FNCMX Risk / Return Rank: 33
FNCMX Sharpe Ratio Rank: 33
FNCMX Sortino Ratio Rank: 32
FNCMX Omega Ratio Rank: 31
FNCMX Calmar Ratio Rank: 35
FNCMX Martin Ratio Rank: 34

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PFI vs. FNCMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dorsey Wright Financial Momentum ETF (PFI) and Fidelity NASDAQ Composite Index Fund (FNCMX). 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.

	PFI	FNCMX	Difference
Sharpe ratio: Return per unit of total volatility	0.90	1.13	-0.24
Sortino ratio: Return per unit of downside risk	1.29	1.62	-0.34
Omega ratio: Gain probability vs. loss probability	1.16	1.20	-0.04
Calmar ratio: Return relative to maximum drawdown	1.22	1.61	-0.38
Martin ratio: Return relative to average drawdown	3.69	5.37	-1.68

PFI vs. FNCMX - Sharpe Ratio Comparison

The current PFI Sharpe Ratio is 0.90, which is comparable to the FNCMX Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of PFI and FNCMX, 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

PFI vs. FNCMX - Drawdown Comparison

The maximum PFI drawdown since its inception was -59.53%, which is greater than FNCMX's maximum drawdown of -55.08%. Use the drawdown chart below to compare losses from any high point for PFI and FNCMX.

Drawdown Indicators

	PFI	FNCMX	Difference
Max Drawdown Largest peak-to-trough decline	-59.53%	-55.08%	-4.45%
Max Drawdown (1Y) Largest decline over 1 year	-13.86%	-13.01%	-0.85%
Max Drawdown (3Y) Largest decline over 3 years	-24.82%	-24.20%	-0.62%
Max Drawdown (5Y) Largest decline over 5 years	-35.43%	-35.64%	+0.21%
Max Drawdown (10Y) Largest decline over 10 years	-43.09%	-35.64%	-7.45%
Current Drawdown Current decline from peak	-0.31%	-6.26%	+5.95%
Average Drawdown Average peak-to-trough decline	-14.39%	-7.84%	-6.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.59%	3.89%	+0.70%

Volatility

PFI vs. FNCMX - Volatility Comparison

Invesco Dorsey Wright Financial Momentum ETF (PFI) and Fidelity NASDAQ Composite Index Fund (FNCMX) have volatilities of 5.99% and 5.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFI	FNCMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.99%	5.74%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	13.92%	14.71%	-0.79%
Volatility (1Y) Calculated over the trailing 1-year period	18.94%	18.45%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.67%	22.78%	-1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.30%	22.15%	+0.15%

PFI vs. FNCMX - Expense Ratio Comparison

PFI has a 0.60% expense ratio, which is higher than FNCMX's 0.29% expense ratio.

Dividends

PFI vs. FNCMX - Dividend Comparison

PFI's dividend yield for the trailing twelve months is around 0.96%, more than FNCMX's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNCMX Fidelity NASDAQ Composite Index Fund	0.47%	0.51%	0.61%	0.67%	0.88%	0.47%	0.67%	4.41%	1.93%	0.03%	1.01%	1.50%
PFI Invesco Dorsey Wright Financial Momentum ETF	0.96%	0.68%	2.77%	1.85%	1.93%	1.28%	1.56%	0.92%	1.98%	0.35%	2.16%	1.44%

Frequently Asked Questions

Can I hold both PFI and FNCMX in my portfolio?

PFI and FNCMX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFI or FNCMX?

PFI has higher volatility (5.99%) compared to FNCMX (5.74%). In terms of maximum drawdown, PFI dropped -59.53% vs FNCMX's -55.08%.

Which has better risk-adjusted returns?

FNCMX currently has the higher Sharpe Ratio (1.13 vs 0.90), 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.