VGM vs. ONEQ

Last updated Jun 4, 2026

VGM (Invesco Trust for Investment Grade Municipals) is a stock, while ONEQ (Fidelity Nasdaq Composite Index ETF) is Large Cap Growth Equities fund tracking the Nasdaq Composite Index. Over the past 10 years, VGM returned 1.99%/yr vs 19.68%/yr for ONEQ. At a 0.14 correlation, their price movements are largely independent.

Performance

VGM vs. ONEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Trust for Investment Grade Municipals (VGM) 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, VGM achieves a 0.07% return, which is significantly lower than ONEQ's 16.16% return. Over the past 10 years, VGM has underperformed ONEQ with an annualized return of 1.99%, while ONEQ has yielded a comparatively higher 19.68% annualized return.

VGM

• 1D: -1.08%
• 1M: 0.63%
• YTD: 0.07%
• 6M: 1.38%
• 1Y: 13.50%
• 3Y*: 8.27%
• 5Y*: -0.64%
• 10Y*: 1.99%

ONEQ

• 1D: -0.85%
• 1M: 7.21%
• YTD: 16.16%
• 6M: 15.18%
• 1Y: 39.62%
• 3Y*: 27.68%
• 5Y*: 15.43%
• 10Y*: 19.68%

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

VGM vs. ONEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGM Invesco Trust for Investment Grade Municipals	0.07%	11.03%	8.77%	2.99%	-24.15%	10.88%	7.97%	17.59%	-7.86%	9.51%
ONEQ Fidelity Nasdaq Composite Index ETF	16.16%	20.89%	29.30%	45.73%	-32.12%	22.11%	44.87%	38.01%	-3.18%	29.29%

Correlation

The correlation between VGM and ONEQ is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Oct 2, 2003	0.14

The correlation between VGM and ONEQ shifts across timeframes, from 0.14 (all time) to 0.25 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VGM vs. ONEQ — Risk / Return Rank

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

VGM

VGM Risk / Return Rank: 76
VGM Sharpe Ratio Rank: 78
VGM Sortino Ratio Rank: 74
VGM Omega Ratio Rank: 75
VGM Calmar Ratio Rank: 69
VGM Martin Ratio Rank: 81

ONEQ

ONEQ Risk / Return Rank: 68
ONEQ Sharpe Ratio Rank: 74
ONEQ Sortino Ratio Rank: 70
ONEQ Omega Ratio Rank: 69
ONEQ Calmar Ratio Rank: 62
ONEQ Martin Ratio Rank: 67

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.

VGM vs. ONEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Trust for Investment Grade Municipals (VGM) 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.

	VGM	ONEQ	Difference
Sharpe ratio: Return per unit of total volatility	1.32	2.48	-1.16
Sortino ratio: Return per unit of downside risk	1.95	3.26	-1.31
Omega ratio: Gain probability vs. loss probability	1.27	1.43	-0.16
Calmar ratio: Return relative to maximum drawdown	1.61	3.15	-1.54
Martin ratio: Return relative to average drawdown	7.35	12.46	-5.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGM vs. ONEQ - Sharpe Ratio Comparison

The current VGM Sharpe Ratio is 1.32, which is lower than the ONEQ Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of VGM 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.

Sharpe Ratios by Period

	VGM	ONEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	2.48	-1.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	0.70	-0.76
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.91	-0.75
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.65	-0.36

Drawdowns

VGM vs. ONEQ - Drawdown Comparison

The maximum VGM drawdown since its inception was -49.40%, smaller than the maximum ONEQ drawdown of -55.09%. Use the drawdown chart below to compare losses from any high point for VGM and ONEQ.

Drawdown Indicators

	VGM	ONEQ	Difference
Max Drawdown Largest peak-to-trough decline	-49.40%	-55.09%	+5.69%
Max Drawdown (1Y) Largest decline over 1 year	-8.42%	-12.64%	+4.22%
Max Drawdown (3Y) Largest decline over 3 years	-15.65%	-24.09%	+8.44%
Max Drawdown (5Y) Largest decline over 5 years	-36.61%	-35.23%	-1.38%
Max Drawdown (10Y) Largest decline over 10 years	-36.61%	-35.23%	-1.38%
Current Drawdown Current decline from peak	-6.68%	-0.85%	-5.83%
Average Drawdown Average peak-to-trough decline	-8.98%	-7.95%	-1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	3.19%	-1.35%

Volatility

VGM vs. ONEQ - Volatility Comparison

Invesco Trust for Investment Grade Municipals (VGM) has a higher volatility of 4.57% compared to Fidelity Nasdaq Composite Index ETF (ONEQ) at 4.20%. This indicates that VGM'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

	VGM	ONEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	4.20%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	8.90%	11.96%	-3.06%
Volatility (1Y) Calculated over the trailing 1-year period	10.28%	16.05%	-5.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.55%	22.14%	-10.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.41%	21.71%	-9.30%

Dividends

VGM vs. ONEQ - Dividend Comparison

VGM's dividend yield for the trailing twelve months is around 7.71%, more than ONEQ's 0.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ONEQ Fidelity Nasdaq Composite Index ETF	0.67%	0.54%	0.65%	0.71%	0.97%	0.54%	0.71%	2.51%	1.08%	0.84%	1.12%	1.04%
VGM Invesco Trust for Investment Grade Municipals	7.71%	7.48%	6.35%	4.42%	5.67%	4.65%	4.65%	4.82%	5.97%	5.79%	6.50%	6.62%

Frequently Asked Questions

Can I hold both VGM and ONEQ in my portfolio?

VGM and ONEQ have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGM or ONEQ?

VGM has higher volatility (4.57%) compared to ONEQ (4.20%). In terms of maximum drawdown, VGM dropped -49.40% vs ONEQ's -55.09%.

Which has better risk-adjusted returns?

ONEQ currently has the higher Sharpe Ratio (2.48 vs 1.32), 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.