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ETF Comparison

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

A head-to-head comparison of the Fidelity Nasdaq Composite ETF and Invesco Nasdaq 100 ETF 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.
  • QQQMInvestors 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 QQQM over the trailing twelve months, posting a 19.62% total return against 23.51%. The lead holds up over 5 years too: QQQM has compounded at 16.55% a year, against 14.53% 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 annualizedSince Oct 2020Volatility Sharpe Sortino Max drawdown
ONEQ18.45%19.62%27.34%14.53%16.01%20.2%0.981.42-24.1%
QQQM23.00%23.51%27.83%16.55%17.69%20.2%1.001.44-22.7%

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 2020” measures every fund from October 13, 2020 — 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.
MetricONEQQQQM
Full nameFidelity Nasdaq Composite Index ETFInvesco NASDAQ 100 ETF
IssuerFidelity InvestmentsInvesco
Underlying indexNasdaq Composite IndexNASDAQ-100 Index
Last Close$107.13 as of October 8, 2026$307.85 as of October 8, 2026
Distribution rate0.42%0.41%
Trailing 12-month yield0.48%0.43%
Distribution Safety Score™ 10097
Safety-Adjusted Yield 0.42%0.40%
Expense ratio0.21%0.15%
AUM$11.1B$112B
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 with a lower expense ratio alternative to QQQ.
Asset classEquityEquity
Inception date09/25/200310/13/2020
Beta1.31.18
Last dividend$0.112$0.313
Ex-dividend date09/18/202609/21/2026

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

ONEQ vs QQQM: breadth or mega-cap concentration?

The decisive difference is the index, not the nearly identical income profile. ONEQ samples the full Nasdaq Composite and adds smaller companies; QQQM limits the portfolio to the Nasdaq-100's largest non-financial companies at a lower fee.

ONEQQQQM
IndexNasdaq Composite IndexNASDAQ-100 Index
CoverageFull Nasdaq Composite, including mid and small caps100 largest non-financial Nasdaq companies
Portfolio trade-offBroader market-cap exposureMore mega-cap concentration
Expense ratio0.21%0.15%
Distribution rate0.42%0.41%
Best fitInvestors seeking the broader Nasdaq universeInvestors seeking focused Nasdaq-100 growth exposure
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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 QQQM.

See all Invesco ETFs

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Quick verdict

ONEQ (Fidelity Nasdaq Composite Index ETF) and QQQM (Invesco NASDAQ 100 ETF) are both quarterly-pay dividend ETFs, but they take different approaches.

ONEQ offers the higher yield at 0.42% vs 0.41% for QQQM. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

QQQM is cheaper with an expense ratio of 0.15% compared to 0.21%.

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

QQQM is the larger fund by assets ($112B), 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 QQQM

Invesco NASDAQ 100 ETF

  • 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 0.15% 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 QQQM would produce $10.25 cash per distribution, at current distribution rates. Both pay quarterly distributions.

ONEQ yield0.42%
QQQM yield0.41%
Cash diff on $10K$0.25

Cost & efficiency

Over 10 years on $10,000, ONEQ would cost approximately $210 in fees vs $150 for QQQM (simplified, not compounded). The $60.00 difference may be offset by yield or performance.

ONEQ ER0.21%
QQQM ER0.15%

Strategy & risk

ONEQ tracks Nasdaq Composite Index with a large cap approach, while QQQM tracks NASDAQ-100 Index with a growth approach. Beta is 1.3 for ONEQ and 1.18 for QQQM, making QQQM the less volatile of the two by this measure.

ONEQ beta1.3
QQQM beta1.18

Fund details

ONEQ is managed by Fidelity Investments (launched 09/25/2003) with $11.1B in assets. QQQM is managed by Invesco (launched 10/13/2020) with $112B in assets.

ONEQ AUM$11.1B
QQQM AUM$112B
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Frequently asked questions

Does ONEQ hold more stocks than QQQM?

Yes — by a wide margin. Choose ONEQ if you want the broader Nasdaq Composite, including its mid- and small-cap tail; choose QQQM if you want a cheaper, more concentrated portfolio of Nasdaq's largest growth companies. ONEQ tracks Nasdaq Composite Index, which covers every common stock listed on the Nasdaq — thousands of companies, including small and mid caps, which the fund follows by sampling rather than holding all of them. QQQM tracks NASDAQ-100 Index: the 100 largest non-financial companies on that same exchange. So they share their biggest holdings and most of their return, but ONEQ adds a long tail the other one has no exposure to. Yields sit close together (0.42% against 0.41%) and the fee gap is 0.21% against 0.15%, as of October 2026.

What is the current distribution rate for ONEQ and QQQM?

ONEQ currently distributes 0.42% and QQQM 0.41%, 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 QQQM 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.

Can I hold both ONEQ and QQQM?

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 QQQM 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, QQQM 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 QQQM?

ONEQ has an expense ratio of 0.21% while QQQM charges 0.15%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in ONEQ would generate roughly $10.50 cash per distribution ($42.00 annually). The same in QQQM would produce about $10.25 cash per distribution ($41.00 annually).

Which has performed better historically, ONEQ or QQQM?

ONEQ has lagged QQQM over the trailing twelve months, posting a 19.62% total return against 23.51%. The lead holds up over 5 years too: QQQM has compounded at 16.55% a year, against 14.53% 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 QQQM — at a glance

Generated October 3, 2026.

Overview

ONEQ and QQQM are both Nasdaq-focused equity ETFs, but they track different benchmarks with meaningfully different scopes. ONEQ follows the full Nasdaq Composite Index, which includes roughly 3,000 stocks across all capitalization ranges. QQQM tracks the narrower NASDAQ-100 Index, which holds 100 of the Nasdaq's largest companies, with heavy concentration in technology and growth sectors. The choice between them hinges on how much breadth and small-cap exposure you want versus how much you're willing to pay for it.

How they differ

QQQM's single biggest advantage is cost: its 0.15% expense ratio undercuts ONEQ's 0.21% by 0.06%.

The core difference is breadth. ONEQ gives you exposure to the full Nasdaq Composite—roughly 3,000 stocks including mid-caps and small-caps—while QQQM focuses on just 100 mega-cap names. That concentration is reflected in their betas: QQQM's 1.18 is lower than ONEQ's 1.3, though both move more than the broader market. Distribution rates are nearly identical at 0.42% for ONEQ and 0.41% for QQQM.

ONEQ has been around since 09/25/2003, giving it a long track record. QQQM is newer, launching 10/13/2020, and is positioned as a lower-cost alternative to older Nasdaq-100 rivals.

Who each is best for

ONEQ: Fits investors who want broad exposure to Nasdaq-listed companies across all sizes and who are comfortable with slightly higher fees in exchange for exposure to mid-cap and small-cap growth stories that ONEQ captures.

Key risks to know

  • Concentration in technology and growth. Both funds tilt heavily toward technology and growth sectors due to Nasdaq's composition. A correction in high-growth stocks or rising interest rates can pressure both more severely than broader market benchmarks.
  • ONEQ's small-cap drag in weak markets. The smaller stocks ONEQ holds beyond the Nasdaq-100 may underperform during risk-off periods, which can weigh on returns when mega-cap names stabilize first.
  • QQQM's narrower opportunity set. Holding only 100 stocks means QQQM misses the mid-cap and small-cap growth opportunities embedded in ONEQ's broader universe, potentially leaving some upside on the table during periods favoring those segments.
  • Overlapping holdings and similar beta exposure. Despite their different scopes, both ETFs have substantial exposure overlap to the mega-cap tech names that drive Nasdaq returns, so owning both may create unintended concentration.

Bottom line

If you want true broad Nasdaq exposure and are willing to pay a modest fee premium, ONEQ delivers access to nearly 3,000 stocks. Past performance does not guarantee 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.