QQQM vs ONEQ: returns, risk and drawdowns compared
Invesco NASDAQ 100 ETF against Fidelity Nasdaq Composite Index ETF, over the same 5 years (March 2021 to October 2026) with dividends reinvested.
Data updated October 2026
From March 2021 to October 2026, QQQM returned 16.4% a year and ONEQ 14.1% a year on average, so QQQM came out ahead by 2.3% a year. QQQM was the more volatile of the two (20.2% against 19.5% a year), and the deepest falls from a month-end high were 32.5% for QQQM and 32.1% for ONEQ.
The correlation of monthly returns was 0.99: they moved almost in lockstep. Over 33 rolling 3-year periods, QQQM did better in 97% and ONEQ in 3%.
Both funds follow the same index, so differences come mostly from ongoing charges, tracking and how dividends are handled.
Side by side
| QQQM | ONEQ | |
|---|---|---|
| Annual return (CAGR) | +16.4% | +14.1% |
| Total return | +136% | +111% |
| Annual volatility | 20.2% | 19.5% |
| Maximum drawdown (month-end) | −32.5% | −32.1% |
| Worst month | −13.4% | −13.3% |
| Best month | +15.7% | +15.3% |
| Positive months | 62% | 62% |
| Best year | 2023: +55.0% | 2023: +45.7% |
| Worst year | 2022: −32.5% | 2022: −32.1% |
| 1-year return | +19.6% | +17.3% |
| 5 years, a year | +14.6% | +12.9% |
| 10 years, a year | — | +18.1% |
| Trading currency | USD | USD |
First nine rows: the same 68 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: QQQM vs ONEQ
Returns by calendar year
| Year | QQQM | ONEQ |
|---|---|---|
| 2025 | +20.8% | +20.9% |
| 2024 | +25.7% | +29.3% |
| 2023 | +55.0% | +45.7% |
| 2022 | −32.5% | −32.1% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, QQQM or ONEQ?
From March 2021 to October 2026, QQQM returned +16.4% a year and ONEQ +14.1% a year, with dividends reinvested. Over rolling 3-year periods QQQM did better in 97% of cases. Past returns do not predict future returns.
Which is riskier, QQQM or ONEQ?
Over the same months annual volatility was 20.2% for QQQM and 19.5% for ONEQ; the deepest fall from a month-end high was 32.5% and 32.1%, and the worst single month −13.4% and −13.3%.
How correlated are QQQM and ONEQ?
The correlation of their monthly returns was 0.99: they moved almost in lockstep. Holding both adds little diversification compared with holding one.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.