QQQ vs. ONEQ

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco QQQ ETF (QQQ) and Fidelity NASDAQ Composite Index Tracking Stock (ONEQ).

QQQ and ONEQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QQQ is a passively managed fund by Invesco that tracks the performance of the NASDAQ-100 Index. It was launched on Mar 10, 1999. ONEQ is a passively managed fund by Fidelity that tracks the performance of the NASDAQ Composite Index. It was launched on Sep 25, 2003. Both QQQ and ONEQ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

QQQ vs. ONEQ - Performance Comparison

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

QQQ vs. ONEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQQ Invesco QQQ ETF	-4.76%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%
ONEQ Fidelity NASDAQ Composite Index Tracking Stock	-5.66%	20.89%	29.30%	45.73%	-32.12%	22.11%	44.87%	38.01%	-3.18%	29.29%

Returns By Period

In the year-to-date period, QQQ achieves a -4.76% return, which is significantly higher than ONEQ's -5.66% return. Over the past 10 years, QQQ has outperformed ONEQ with an annualized return of 18.99%, while ONEQ has yielded a comparatively lower 17.32% annualized return.

QQQ

• 1D: 1.24%
• 1M: -3.79%
• YTD: -4.76%
• 6M: -2.89%
• 1Y: 24.21%
• 3Y*: 22.83%
• 5Y*: 13.16%
• 10Y*: 18.99%

ONEQ

• 1D: 1.19%
• 1M: -3.69%
• YTD: -5.66%
• 6M: -3.52%
• 1Y: 26.29%
• 3Y*: 22.37%
• 5Y*: 11.29%
• 10Y*: 17.32%

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

QQQ vs. ONEQ - Expense Ratio Comparison

QQQ has a 0.18% expense ratio, which is lower than ONEQ's 0.21% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

ONEQ

Fidelity NASDAQ Composite Index Tracking Stock

QQQ

Invesco QQQ ETF

Return for Risk

QQQ vs. ONEQ — Risk / Return Rank

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

QQQ

QQQ Risk / Return Rank: 65
QQQ Sharpe Ratio Rank: 58
QQQ Sortino Ratio Rank: 63
QQQ Omega Ratio Rank: 63
QQQ Calmar Ratio Rank: 74
QQQ Martin Ratio Rank: 69

ONEQ

ONEQ Risk / Return Rank: 69
ONEQ Sharpe Ratio Rank: 62
ONEQ Sortino Ratio Rank: 67
ONEQ Omega Ratio Rank: 67
ONEQ Calmar Ratio Rank: 76
ONEQ 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.

QQQ vs. ONEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ ETF (QQQ) and Fidelity NASDAQ Composite Index Tracking Stock (ONEQ). 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.

	QQQ	ONEQ	Difference
Sharpe ratio Return per unit of total volatility	1.07	1.14	-0.06
Sortino ratio Return per unit of downside risk	1.66	1.75	-0.09
Omega ratio Gain probability vs. loss probability	1.24	1.25	-0.01
Calmar ratio Return relative to maximum drawdown	2.00	2.08	-0.08
Martin ratio Return relative to average drawdown	7.32	7.64	-0.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQQ vs. ONEQ - Sharpe Ratio Comparison

The current QQQ Sharpe Ratio is 1.07, which is comparable to the ONEQ Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of QQQ and ONEQ, 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

	QQQ	ONEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	1.14	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.51	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.80	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.61	-0.23

Correlation

The correlation between QQQ and ONEQ is 0.96, 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

QQQ vs. ONEQ - Dividend Comparison

QQQ's dividend yield for the trailing twelve months is around 0.48%, less than ONEQ's 0.82% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQ Invesco QQQ ETF	0.48%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%
ONEQ Fidelity NASDAQ Composite Index Tracking Stock	0.82%	0.54%	0.65%	0.71%	0.97%	0.54%	0.71%	2.51%	1.08%	0.84%	1.12%	1.04%

Drawdowns

QQQ vs. ONEQ - Drawdown Comparison

The maximum QQQ drawdown since its inception was -82.97%, which is greater than ONEQ's maximum drawdown of -55.09%. Use the drawdown chart below to compare losses from any high point for QQQ and ONEQ.

Drawdown Indicators

	QQQ	ONEQ	Difference
Max Drawdown Largest peak-to-trough decline	-82.97%	-55.09%	-27.88%
Max Drawdown (1Y) Largest decline over 1 year	-12.62%	-13.13%	+0.51%
Max Drawdown (5Y) Largest decline over 5 years	-35.12%	-35.23%	+0.11%
Max Drawdown (10Y) Largest decline over 10 years	-35.12%	-35.23%	+0.11%
Current Drawdown Current decline from peak	-7.86%	-8.26%	+0.40%
Average Drawdown Average peak-to-trough decline	-32.99%	-8.01%	-24.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	3.57%	-0.13%

Volatility

QQQ vs. ONEQ - Volatility Comparison

The current volatility for Invesco QQQ ETF (QQQ) is 6.61%, while Fidelity NASDAQ Composite Index Tracking Stock (ONEQ) has a volatility of 7.03%. This indicates that QQQ experiences smaller price fluctuations and is considered to be less risky than ONEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQ	ONEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.61%	7.03%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	12.82%	12.96%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	22.70%	23.24%	-0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.38%	22.16%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.25%	21.67%	+0.58%