ONEQ vs SPY
Fidelity Nasdaq Composite Index ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, ONEQ or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. ONEQ led over 1Y, 3Y and the full window, SPY over 5Y. The two have moved almost in lockstep, correlation 0.93. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 53.4%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | ONEQ | SPY |
|---|---|---|
| Expense Ratio | 0.21% | 0.09%Best |
| AUM | $10.4B | $804.7B |
| Dividend Yield | 0.60% | 0.98% |
| Holdings | 1,034 | 505 |
| YTD Return | +13.90%Best | +12.47% |
| 1Y Return | +20.21%Best | +17.51% |
| 3Y Return (annualized) | +24.95%Best | +21.18% |
| 5Y Return (annualized) | +12.86% | +12.88%Best |
| Volatility (annualized) | 17.9% | 14.6%Best |
| Max Drawdown | -55.5%Best | -56.5% |
| $10,000 over 5 years | $18,311 | $18,327Best |
| Top 10 Weight | 53.4% | 38.0%Best |
| Fund Family | Fidelity Investments (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Sep 25, 2003 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Oct 1, 2003 to Sep 11, 2026 (22.9 years).
ONEQ vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 22.9 years both funds cover.
ONEQ vs SPY Performance
Fidelity Nasdaq Composite Index ETF (ONEQ) is an ETF from Fidelity Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year ONEQ returned +20.21% while SPY returned +17.51%. Year to date, ONEQ is up 13.90% versus a gain of 12.47% for SPY.
Over three years, ONEQ compounded at +24.95% per year against +21.18% for SPY; over five years the annualized figures are +12.86% and +12.88% respectively. Across the full 23-year window we track, ONEQ has the edge at +12.44% annualized vs +9.52%.
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 14.6% 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 what each fund did in the worst stretch of the window measured above.
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 0.60% against 0.98% for SPY.
Holdings Overlap
83.8% of ONEQ's money is in holdings SPY also owns. 57.2% of SPY's money is in holdings ONEQ also owns.
Most of ONEQ is already inside SPY. Owning both mostly buys the same companies twice.
150 positions in common, counted across the 733 positions we hold weights for in ONEQ and 504 in SPY, against full books of 1,034 and 505.
What only one of them owns
Our book lists 346 positions for SPY that do not appear in our book for ONEQ (42.3% of the fund), and 379 for ONEQ that do not appear in SPY (13.2%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in ONEQ | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 10.62% | 7.71% | 2.91% |
| AAPLApple, Inc | 9.32% | 6.83% | 2.49% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 6.08% | 5.50% | 0.58% |
| AMZNAmazon.Com Inc | 5.62% | 4.08% | 1.54% |
| GOOGLAlphabet A Usd 0.001 | 4.56% | 3.33% | 1.23% |
| GOOGAlphabet Inc | 4.23% | 2.67% | 1.56% |
| AVGOBroadcom Inc | 3.92% | 2.97% | 0.95% |
| TSLATesla Inc | 3.46% | 1.38% | 2.08% |
| METAMeta Platforms, Inc. | 2.71% | 1.94% | 0.77% |
| MUMicron Technology, Inc. | 2.86% | 1.51% | 1.35% |
83.8% of ONEQ is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
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, by $12 a year on a $10,000 investment.
Which performed better, ONEQ or SPY?
Over the past year ONEQ returned +20.21% vs +17.51% for SPY, so ONEQ leads on 1-year performance. Over the longest common window we track (23 years), ONEQ annualized +12.44% vs +9.52% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ONEQ or SPY?
ONEQ has been the more volatile fund at 17.9% annualized versus 14.6% 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. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between ONEQ and SPY?
83.8% of ONEQ's money is in holdings SPY also owns. 57.2% of SPY's is in holdings ONEQ also owns. They hold 150 positions in common, counted across the 733 positions we hold weights for in ONEQ and 504 in SPY.
Which pays a higher dividend, ONEQ or SPY?
ONEQ yields 0.60% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than ONEQ?
SPY has a lower expense ratio. ONEQ led over 1Y, 3Y and the full window, SPY over 5Y. The two have moved almost in lockstep, correlation 0.93. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 53.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.