QOWZ vs. FNCMX

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ) and Fidelity NASDAQ Composite Index Fund (FNCMX).

QOWZ is a passively managed fund by Invesco that tracks the performance of the Nasdaq US Free Cash Flow Achievers Index - Benchmark TR Gross. It was launched on Dec 4, 2023. FNCMX is managed by Fidelity.

Performance

QOWZ vs. FNCMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ) and Fidelity NASDAQ Composite Index Fund (FNCMX). The values are adjusted to include any dividend payments, if applicable.

QOWZ vs. FNCMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QOWZ Invesco Nasdaq Free Cash Flow Achievers ETF	-11.65%	7.24%	33.16%	6.47%
FNCMX Fidelity NASDAQ Composite Index Fund	-6.99%	21.11%	29.48%	6.16%

Returns By Period

In the year-to-date period, QOWZ achieves a -11.65% return, which is significantly lower than FNCMX's -6.99% return.

QOWZ

• 1D: 0.39%
• 1M: -6.34%
• YTD: -11.65%
• 6M: -13.33%
• 1Y: 0.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FNCMX

• 1D: 3.83%
• 1M: -5.04%
• YTD: -6.99%
• 6M: -4.89%
• 1Y: 24.46%
• 3Y*: 21.83%
• 5Y*: 10.80%
• 10Y*: 16.86%

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

QOWZ vs. FNCMX - Expense Ratio Comparison

QOWZ has a 0.39% expense ratio, which is higher than FNCMX's 0.29% expense ratio.

QOWZ

Invesco Nasdaq Free Cash Flow Achievers ETF

FNCMX

Fidelity NASDAQ Composite Index Fund

Return for Risk

QOWZ vs. FNCMX — Risk / Return Rank

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

QOWZ

QOWZ Risk / Return Rank: 13
QOWZ Sharpe Ratio Rank: 13
QOWZ Sortino Ratio Rank: 13
QOWZ Omega Ratio Rank: 12
QOWZ Calmar Ratio Rank: 13
QOWZ Martin Ratio Rank: 14

FNCMX

FNCMX Risk / Return Rank: 68
FNCMX Sharpe Ratio Rank: 59
FNCMX Sortino Ratio Rank: 66
FNCMX Omega Ratio Rank: 62
FNCMX Calmar Ratio Rank: 79
FNCMX Martin Ratio Rank: 73

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.

QOWZ vs. FNCMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ) 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.

	QOWZ	FNCMX	Difference
Sharpe ratio Return per unit of total volatility	0.04	1.10	-1.06
Sortino ratio Return per unit of downside risk	0.21	1.70	-1.49
Omega ratio Gain probability vs. loss probability	1.03	1.24	-0.21
Calmar ratio Return relative to maximum drawdown	0.07	1.92	-1.84
Martin ratio Return relative to average drawdown	0.24	7.03	-6.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QOWZ vs. FNCMX - Sharpe Ratio Comparison

The current QOWZ Sharpe Ratio is 0.04, which is lower than the FNCMX Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of QOWZ and FNCMX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	QOWZ	FNCMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.04	1.10	-1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.48	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.53	+0.17

Correlation

The correlation between QOWZ and FNCMX is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

QOWZ vs. FNCMX - Dividend Comparison

QOWZ's dividend yield for the trailing twelve months is around 0.29%, less than FNCMX's 0.55% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QOWZ Invesco Nasdaq Free Cash Flow Achievers ETF	0.29%	0.28%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FNCMX Fidelity NASDAQ Composite Index Fund	0.55%	0.51%	0.61%	0.67%	0.88%	0.47%	0.67%	4.41%	1.93%	0.03%	1.01%	1.50%

Drawdowns

QOWZ vs. FNCMX - Drawdown Comparison

The maximum QOWZ drawdown since its inception was -20.36%, smaller than the maximum FNCMX drawdown of -55.08%. Use the drawdown chart below to compare losses from any high point for QOWZ and FNCMX.

Drawdown Indicators

	QOWZ	FNCMX	Difference
Max Drawdown Largest peak-to-trough decline	-20.36%	-55.08%	+34.72%
Max Drawdown (1Y) Largest decline over 1 year	-17.81%	-13.25%	-4.56%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.64%	—
Current Drawdown Current decline from peak	-15.01%	-9.68%	-5.33%
Average Drawdown Average peak-to-trough decline	-3.54%	-7.91%	+4.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.46%	3.61%	+1.85%

Volatility

QOWZ vs. FNCMX - Volatility Comparison

The current volatility for Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ) is 5.49%, while Fidelity NASDAQ Composite Index Fund (FNCMX) has a volatility of 6.98%. This indicates that QOWZ experiences smaller price fluctuations and is considered to be less risky than FNCMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QOWZ	FNCMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.49%	6.98%	-1.49%
Volatility (6M) Calculated over the trailing 6-month period	11.37%	13.04%	-1.67%
Volatility (1Y) Calculated over the trailing 1-year period	21.04%	23.31%	-2.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.42%	22.47%	-3.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.42%	22.01%	-2.59%