QQQD vs. ONEQ
QQQD (Direxion Daily Magnificent 7 Bear 1X Shares) and ONEQ (Fidelity Nasdaq Composite Index ETF) are both exchange-traded funds - QQQD is a Inverse Equities fund tracking the Indxx Magnificent 7 Index (-100%), while ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. Both are passively managed. Over the past year, QQQD returned -14.09% vs 24.38% for ONEQ. Their -0.90 correlation means they have often moved in opposite directions in the past. QQQD charges 0.57%/yr vs 0.21%/yr for ONEQ.
Performance
QQQD vs. ONEQ - Performance Comparison
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Returns By Period
In the year-to-date period, QQQD achieves a 0.46% return, which is significantly lower than ONEQ's 10.15% return.
QQQD
- 1D
- -3.23%
- 1M
- -1.45%
- 6M
- 0.57%
- YTD
- 0.46%
- 1Y
- -14.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -20.41%
ONEQ
- 1D
- 1.24%
- 1M
- -1.60%
- 6M
- 9.04%
- YTD
- 10.15%
- 1Y
- 24.38%
- 3Y*
- 22.19%
- 5Y*
- 12.76%
- 10Y*
- 18.56%
- ALL TIME*
- 13.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $31.37M | $30.53M | $39.00M | |
| $1.12M | $1.26M | $1.70M |
QQQD vs. ONEQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
QQQD Direxion Daily Magnificent 7 Bear 1X Shares | 0.46% | -20.32% | -27.75% |
ONEQ Fidelity Nasdaq Composite Index ETF | 10.15% | 20.89% | 21.20% |
Correlation
The correlation between QQQD and ONEQ is -0.88, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.88 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024 | -0.90 |
The correlation between QQQD and ONEQ has been stable across timeframes, ranging from -0.90 to -0.88 - a consistent structural relationship.
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Return for Risk
QQQD vs. ONEQ — Risk / Return Rank
QQQD
ONEQ
QQQD vs. ONEQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) and Fidelity Nasdaq Composite Index ETF (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.
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.
| QQQD | ONEQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.68 | ||
| Sortino ratioReturn per unit of downside risk | -2.27 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.21 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | 1.70 | -2.21 |
| Martin ratioReturn relative to average drawdown | -0.85 | 5.69 | -6.55 |
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Drawdowns
QQQD vs. ONEQ - Drawdown Comparison
The maximum QQQD drawdown since its inception was -49.47%, smaller than the maximum ONEQ drawdown of -55.09%. Use the drawdown chart below to compare losses from any high point for QQQD and ONEQ.
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Drawdown Indicators
| QQQD | ONEQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.47% | -55.09% | +5.62% |
Max Drawdown (1Y)Largest decline over 1 year | -21.94% | -12.64% | -9.30% |
Max Drawdown (3Y)Largest decline over 3 years | — | -24.09% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.23% | — |
Current DrawdownCurrent decline from peak | -45.68% | -5.98% | -39.70% |
Average DrawdownAverage peak-to-trough decline | -31.27% | -7.93% | -23.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.19% | 3.77% | +9.42% |
Volatility
QQQD vs. ONEQ - Volatility Comparison
Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) has a higher volatility of 8.15% compared to Fidelity Nasdaq Composite Index ETF (ONEQ) at 5.72%. This indicates that QQQD's price experiences larger fluctuations and is considered to be riskier than ONEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QQQD | ONEQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.15% | 5.72% | +2.43% |
Volatility (6M)Calculated over the trailing 6-month period | 17.57% | 14.57% | +3.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.50% | 18.30% | +4.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.94% | 22.47% | +4.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.94% | 21.82% | +5.12% |
QQQD vs. ONEQ - Expense Ratio Comparison
QQQD has a 0.57% expense ratio, which is higher than ONEQ's 0.21% expense ratio.
Dividends
QQQD vs. ONEQ - Dividend Comparison
QQQD's dividend yield for the trailing twelve months is around 3.06%, more than ONEQ's 0.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ONEQ Fidelity Nasdaq Composite Index ETF | 0.88% | 0.54% | 0.65% | 0.71% | 0.97% | 0.54% | 0.71% | 2.51% | 1.08% | 0.84% | 1.12% | 1.04% |
QQQD Direxion Daily Magnificent 7 Bear 1X Shares | 3.06% | 4.33% | 5.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QQQD and ONEQ have a correlation of -0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQQD has higher volatility (8.15%) compared to ONEQ (5.72%). In terms of maximum drawdown, QQQD dropped -49.47% vs ONEQ's -55.09%.
On 1-year performance, ONEQ leads with 24.38% vs -14.09% for QQQD. On fees, ONEQ is cheaper at 0.21% per year. On volatility, ONEQ has been the lower-risk option at 5.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ONEQ has performed better with a 24.38% return vs -14.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ONEQ is cheaper with a 0.21% expense ratio, compared with 0.57% for QQQD.
QQQD has the higher dividend yield at 3.06%, compared with 0.88% for ONEQ.
QQQD is categorized as Inverse Equities, while ONEQ is Large Cap Growth Equities. QQQD tracks Indxx Magnificent 7 Index (-100%), while ONEQ tracks Nasdaq Composite Index. They also come from different issuers: Direxion and Fidelity. Their fees differ too: 0.57% for QQQD and 0.21% for ONEQ.
ONEQ currently has the higher Sharpe Ratio (1.17 vs -0.50), 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.
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