RFIMX vs. ONEQ

Last updated Aug 1, 2026

RFIMX (Ranger Micro Cap Fund) and ONEQ (Fidelity Nasdaq Composite Index ETF) are both funds - RFIMX is a Small Cap Growth Equities fund managed by Ranger, while ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. Over the past 5 years, RFIMX returned 2.09%/yr vs 12.76%/yr for ONEQ. Their 0.72 correlation means they have sometimes moved together and sometimes differently. RFIMX charges 1.51%/yr vs 0.21%/yr for ONEQ.

Performance

RFIMX vs. ONEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ranger Micro Cap Fund (RFIMX) and Fidelity Nasdaq Composite Index ETF (ONEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RFIMX achieves a 14.36% return, which is significantly higher than ONEQ's 10.15% return.

RFIMX

• 1D: 2.08%
• 1M: -5.96%
• 6M: 8.57%
• YTD: 14.36%
• 1Y: 23.98%
• 3Y*: 4.86%
• 5Y*: 2.09%
• 10Y*: —
• ALL TIME*: 12.91%

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%

*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)
ONEQ Fidelity Nasdaq Composite Index ETF	$31.37M	$30.53M	$39.00M
RFIMX Ranger Micro Cap Fund	$0.00	$0.00	$0.00

RFIMX vs. ONEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
RFIMX Ranger Micro Cap Fund	14.36%	1.99%	11.52%	9.14%	-24.26%	30.58%	44.44%	24.94%	-0.56%
ONEQ Fidelity Nasdaq Composite Index ETF	10.15%	20.89%	29.30%	45.73%	-32.12%	22.11%	44.87%	38.01%	-1.68%

Correlation

The correlation between RFIMX and ONEQ is 0.65, 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.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.63
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (All Time) Calculated using the full available price history since Dec 18, 2018	0.72

The correlation between RFIMX and ONEQ has been stable across timeframes, ranging from 0.63 to 0.72 - a consistent structural relationship.

Return for Risk

RFIMX vs. ONEQ — Risk / Return Rank

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

RFIMX

RFIMX Risk / Return Rank: 38
RFIMX Sharpe Ratio Rank: 33
RFIMX Sortino Ratio Rank: 36
RFIMX Omega Ratio Rank: 30
RFIMX Calmar Ratio Rank: 53
RFIMX Martin Ratio Rank: 40

ONEQ

ONEQ Risk / Return Rank: 47
ONEQ Sharpe Ratio Rank: 48
ONEQ Sortino Ratio Rank: 47
ONEQ Omega Ratio Rank: 45
ONEQ Calmar Ratio Rank: 48
ONEQ Martin Ratio Rank: 49

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.

RFIMX vs. ONEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ranger Micro Cap Fund (RFIMX) 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.

	RFIMX	ONEQ	Difference
Sharpe ratio: Return per unit of total volatility	1.06	1.17	-0.11
Sortino ratio: Return per unit of downside risk	1.63	1.67	-0.04
Omega ratio: Gain probability vs. loss probability	1.19	1.21	-0.02
Calmar ratio: Return relative to maximum drawdown	1.92	1.70	+0.22
Martin ratio: Return relative to average drawdown	5.81	5.69	+0.12

RFIMX vs. ONEQ - Sharpe Ratio Comparison

The current RFIMX Sharpe Ratio is 1.06, which is comparable to the ONEQ Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of RFIMX and ONEQ, 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

RFIMX vs. ONEQ - Drawdown Comparison

The maximum RFIMX drawdown since its inception was -99.41%, which is greater than ONEQ's maximum drawdown of -55.09%. Use the drawdown chart below to compare losses from any high point for RFIMX and ONEQ.

Drawdown Indicators

	RFIMX	ONEQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.41%	-55.09%	-44.32%
Max Drawdown (1Y) Largest decline over 1 year	-11.07%	-12.64%	+1.57%
Max Drawdown (3Y) Largest decline over 3 years	-99.41%	-24.09%	-75.32%
Max Drawdown (5Y) Largest decline over 5 years	-99.41%	-35.23%	-64.18%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.23%	—
Current Drawdown Current decline from peak	-99.14%	-5.98%	-93.16%
Average Drawdown Average peak-to-trough decline	-30.73%	-7.93%	-22.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.65%	3.77%	-0.12%

Volatility

RFIMX vs. ONEQ - Volatility Comparison

Ranger Micro Cap Fund (RFIMX) has a higher volatility of 6.46% compared to Fidelity Nasdaq Composite Index ETF (ONEQ) at 5.72%. This indicates that RFIMX'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.

Volatility by Period

	RFIMX	ONEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.46%	5.72%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	15.11%	14.57%	+0.54%
Volatility (1Y) Calculated over the trailing 1-year period	20.00%	18.30%	+1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5,378.53%	22.47%	+5,356.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4,358.64%	21.82%	+4,336.82%

RFIMX vs. ONEQ - Expense Ratio Comparison

RFIMX has a 1.51% expense ratio, which is higher than ONEQ's 0.21% expense ratio.

Dividends

RFIMX vs. ONEQ - Dividend Comparison

RFIMX's dividend yield for the trailing twelve months is around 1.16%, 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%
RFIMX Ranger Micro Cap Fund	1.16%	1.33%	0.00%	0.77%	47.82%	71.79%	0.00%	0.00%	0.36%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RFIMX and ONEQ in my portfolio?

RFIMX and ONEQ have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFIMX or ONEQ?

RFIMX has higher volatility (6.46%) compared to ONEQ (5.72%). In terms of maximum drawdown, RFIMX dropped -99.41% vs ONEQ's -55.09%.

Which has better risk-adjusted returns?

ONEQ currently has the higher Sharpe Ratio (1.17 vs 1.06), 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.