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ETF Comparison

ONEQ vs QQQ: The Whole Exchange or Just Its Giants?

A head-to-head comparison of the Fidelity Nasdaq Composite ETF and the Invesco QQQ Trust covering index breadth, small-cap tail, concentration, and cost.

Updated October 8, 2026

How these figures are calculated: methodology.

Best for

  • ONEQInvestors who want the broader Nasdaq Composite, including mid- and small-cap companies.
  • QQQInvestors who want focused exposure to the 100 largest non-financial Nasdaq companies.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

ONEQ has lagged QQQ over the trailing twelve months, posting a 19.62% total return against 23.45%. The lead holds up over 10 years too: QQQ has compounded at 21.05% a year, against 18.83% for ONEQ. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD cumulative1Y cumulative3Y annualized5Y annualized10Y annualizedSince Oct 2003Volatility Sharpe Sortino Max drawdown
ONEQ18.45%19.62%27.34%14.53%18.83%13.46%20.2%0.981.42-24.1%
QQQ22.95%23.45%27.73%16.46%21.05%15.37%20.3%0.991.43-22.8%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 9, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Oct 2003” measures every fund from October 1, 2003 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricONEQQQQ
Full nameFidelity Nasdaq Composite Index ETFInvesco QQQ Trust
IssuerFidelity InvestmentsInvesco
Underlying indexNasdaq Composite IndexNasdaq-100 Index
Last Close$107.13 as of October 8, 2026$747.58 as of October 8, 2026
Distribution rate0.42%0.40%
Trailing 12-month yield0.48%0.41%
Distribution Safety Score™ 10097
Safety-Adjusted Yield 0.42%0.39%
Expense ratio0.21%0.18%
AUM$11.1B$505B
Distribution frequencyQuarterlyQuarterly
ObjectiveTrack the Nasdaq Composite Index, providing broad exposure to all Nasdaq-listed stocks including large, mid, and small cap companies.Track the Nasdaq-100 Index, which includes 100 of the largest non-financial Nasdaq stocks.
Asset classEquityEquity
Inception date09/25/200303/10/1999
Beta1.31.26
Last dividend$0.112$0.75143 payable today
Ex-dividend date09/18/202609/21/2026

Bottom lineChoose ONEQ if you want the broader Nasdaq Composite, including mid- and small-cap companies. Choose QQQ if you want focused exposure to the 100 largest non-financial Nasdaq companies.

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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

Fidelity Investments
ETFs85
Total AUM$210B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Fidelity Investments is one of the largest asset managers globally and maintains a substantial presence in the ETF market with a diverse lineup spanning multiple investment strategies. Their offerings cover a wide spectrum of approaches including traditional dividend and income strategies, factor-based and thematic investing, international equity exposure, bond allocations, and index-tracking funds. The issuer is known for both broad market accessibility and specialized strategies, serving investors across various risk profiles and investment objectives.

See our curated list of related YouTube videos on ONEQ.

See all Fidelity Investments ETFs
Invesco
ETFs246
Total AUM$1016B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Invesco is a major ETF provider known for offering a comprehensive lineup spanning multiple asset classes and investment strategies. The company specializes in income-focused products including dividend, covered call, and bond strategies, while also maintaining broad exposure across equity, factor-based, thematic, and ESG investing themes. Invesco's portfolio ranges from index-tracking funds to alternatives and specialized offerings like digital assets and BulletShares, making it one of the more expansive ETF families available to investors.

See our curated list of related YouTube videos on QQQ.

See all Invesco ETFs

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Quick verdict

ONEQ (Fidelity Nasdaq Composite Index ETF) and QQQ (Invesco QQQ Trust) are both quarterly-pay dividend ETFs, but they take different approaches.

ONEQ offers the higher yield at 0.42% vs 0.40% for QQQ. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

QQQ is cheaper with an expense ratio of 0.18% compared to 0.21%.

They have different reference exposures: ONEQ is linked to Nasdaq Composite Index while QQQ is linked to Nasdaq-100 Index, which means their performance drivers differ.

QQQ is the larger fund by assets ($505B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose ONEQ

Fidelity Nasdaq Composite Index ETF

  • Want the broader Nasdaq Composite, including mid- and small caps.
  • Want a growth tilt and can accept larger swings for more upside.

Choose QQQ

Invesco QQQ Trust

  • Want focused Nasdaq-100 exposure to the exchange's largest non-financial companies.
  • Want a growth tilt and can accept larger swings for more upside.
  • Want to keep costs low — a 0.18% expense ratio vs 0.21% for ONEQ.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, ONEQ would generate roughly $10.50 cash per distribution, while QQQ would produce $10.00 cash per distribution, at current distribution rates. Both pay quarterly distributions.

ONEQ yield0.42%
QQQ yield0.40%
Cash diff on $10K$0.50

Cost & efficiency

Over 10 years on $10,000, ONEQ would cost approximately $210 in fees vs $180 for QQQ (simplified, not compounded). The $30.00 difference may be offset by yield or performance.

ONEQ ER0.21%
QQQ ER0.18%

Strategy & risk

ONEQ tracks Nasdaq Composite Index with a large cap approach, while QQQ tracks Nasdaq-100 Index with a growth approach. Beta is 1.3 for ONEQ and 1.26 for QQQ — effectively similar market sensitivity.

ONEQ beta1.3
QQQ beta1.26

Fund details

ONEQ is managed by Fidelity Investments (launched 09/25/2003) with $11.1B in assets. QQQ is managed by Invesco (launched 03/10/1999) with $505B in assets.

ONEQ AUM$11.1B
QQQ AUM$505B
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Frequently asked questions

What is the current distribution rate for ONEQ and QQQ?

ONEQ currently distributes 0.42% and QQQ 0.40%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is ONEQ or QQQ better for dividend income?

It depends on your goals. ONEQ currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between ONEQ and QQQ?

ONEQ (Fidelity Nasdaq Composite Index ETF) tracks Nasdaq Composite Index with a large cap approach, while QQQ (Invesco QQQ Trust) tracks Nasdaq-100 Index with a growth approach. They are issued by Fidelity Investments and Invesco respectively.

Can I hold both ONEQ and QQQ?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is ONEQ or QQQ safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — ONEQ scores 100, QQQ scores 97, so ONEQ's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, ONEQ or QQQ?

ONEQ has an expense ratio of 0.21% while QQQ charges 0.18%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in ONEQ vs QQQ generate?

At current rates, $10,000 in ONEQ would generate roughly $10.50 cash per distribution ($42.00 annually). The same in QQQ would produce about $10.00 cash per distribution ($40.00 annually).

Which has performed better historically, ONEQ or QQQ?

ONEQ has lagged QQQ over the trailing twelve months, posting a 19.62% total return against 23.45%. The lead holds up over 10 years too: QQQ has compounded at 21.05% a year, against 18.83% for ONEQ. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

ONEQ vs QQQ — at a glance

Generated October 3, 2026.

Overview

ONEQ and QQQ are both Nasdaq-focused equity ETFs, but they track different indexes with meaningfully different breadth. This structural difference drives their risk and return profiles.

How they differ

The core difference is breadth: ONEQ captures the entire Nasdaq ecosystem, including thousands of small- and mid-cap stocks, while QQQ is concentrated in mega-cap growth leaders like Apple, Microsoft, Tesla, and Nvidia. As a result, QQQ has posted a higher beta of 1.26 versus ONEQ's 1.3—though ONEQ's slightly higher beta likely reflects volatility in its smaller-cap holdings rather than greater leverage. Both charge low fees—QQQ at 0.18% and ONEQ at 0.21%—a difference of 0.03% in ONEQ's favor.

Dividend yield is nearly identical: ONEQ distributes 0.42% and QQQ 0.40%, both paid quarterly. ONEQ launched later (09/25/2003) than QQQ (03/10/1999), but both have over two decades of history.

Who each is best for

  • ONEQ: Fits investors seeking true Nasdaq-wide diversification across all sizes and sectors, including exposure to smaller growth and value stocks that QQQ omits entirely.
  • QQQ: Designed for investors comfortable with concentration in the largest Nasdaq names and willing to accept the volatility that comes with a mega-cap-heavy, tech-skewed portfolio.

Key risks to know

  • Concentration risk in QQQ: The Nasdaq-100's focus on 100 mega-cap stocks—particularly technology giants—means sector and single-name concentration is orders of magnitude higher than ONEQ's 3,200-stock universe. A sharp sell-off in large tech could hit QQQ far harder.
  • Small-cap volatility in ONEQ: ONEQ's inclusion of thousands of smaller and microcap Nasdaq stocks adds fragmentation and liquidity risk absent in QQQ. Smaller positions may be harder to exit in stressed markets or may widen spreads.
  • Growth-style bias in both: Both indexes are skewed toward growth and technology-heavy companies. In value-rotation or rising-rate environments, both can lag broader market returns. They do not meaningfully diversify away sector concentration risk.
  • Market-cap-weighted methodology: Both track market-cap-weighted indexes, meaning winners compound their weight automatically. This can amplify bubble risk if mega-cap valuations become stretched (especially true for QQQ given its concentration).

Bottom line

If you want broad Nasdaq exposure across all capitalizations, ONEQ offers genuine diversification with a marginally lower fee. If you're targeting mega-cap tech and growth leaders and accept the higher concentration, QQQ's liquidity and tighter spreads may matter more in practice than the three-basis-point fee difference. Past performance does not predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

Dividend growth vs. high yield Yield on cost, explained How expense ratios eat returns

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These comparisons follow the Dividend Vision methodology.