ONEQ vs SPY
Fidelity Nasdaq Composite Index ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. ONEQ delivered stronger 1-year returns. ONEQ offers more diversification with 898 holdings.
Side-by-Side Comparison
| Metric | ONEQ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.21% | 0.09% | |
| AUM | $10.4B | $821.1B | |
| Dividend Yield | 0.62% | 1.01% | |
| Holdings | 898 | 505 | |
| YTD Return | +13.87% | +13.17% | |
| 1Y Return | +24.41% | +21.53% | |
| 3Y Return (annualized) | +25.91% | +22.06% | |
| 5Y Return (annualized) | +13.71% | +13.35% | |
| Volatility (annualized) | 17.9% | 15.3% | |
| Max Drawdown | -55.5% | -56.5% | |
| Fund Family | Fidelity Investments (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Sep 25, 2003 | Jan 22, 1993 |
ONEQ vs SPY Performance
Fidelity Nasdaq Composite Index ETF (ONEQ) is a ETF from Fidelity Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year ONEQ returned +24.41% while SPY returned +21.53%. Year to date, ONEQ is up 13.87% versus a gain of 13.17% for SPY.
Over three years, ONEQ compounded at +25.91% per year against +22.06% for SPY; over five years the annualized figures are +13.71% and +13.35% respectively. Across the full 23-year window we track, ONEQ has the edge at +12.48% annualized vs +8.82%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ONEQ has been the more volatile fund, with annualized monthly volatility of 17.9% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -55.5% for ONEQ and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.93. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
ONEQ charges 0.21% per year while SPY charges 0.09%. On a $10,000 position that is $21 vs $9 annually, a gap of $12 per year that compounds over a long holding period. On income, ONEQ currently yields 0.62% against 1.01% for SPY.
Holdings Overlap
ONEQ and SPY share 150 holdings out of 1087 unique holdings combined, representing a 56.8% weight overlap.
High overlap means holding both may not provide much additional diversification.
Frequently Asked Questions
Which is cheaper, ONEQ or SPY?
ONEQ has an expense ratio of 0.21% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $12 per year of difference.
Which performed better, ONEQ or SPY?
Over the past year ONEQ returned +24.41% vs +21.53% for SPY, so ONEQ leads on 1-year performance. Over the longest common window we track (23 years), ONEQ annualized +12.48% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, ONEQ or SPY?
ONEQ has been the more volatile fund at 17.9% annualized versus 15.3% for SPY. Worst drawdown: ONEQ -55.5% vs SPY -56.5%.
Should I hold both ONEQ and SPY?
ONEQ and SPY have a monthly-return correlation of 0.93, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between ONEQ and SPY?
ONEQ and SPY share 150 common holdings with a 56.8% weight overlap. Combined, they hold 1087 unique securities.
Which pays a higher dividend, ONEQ or SPY?
ONEQ yields 0.62% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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