FMQQ vs. USL
FMQQ (FMQQ The Next Frontier Internet & Ecommerce ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - FMQQ is a Emerging Markets Diversified fund tracking the FMQQ The Next Frontier Internet & Ecommerce Index - Benchmark TR Net, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 3 years, FMQQ returned 2.61%/yr vs 13.28%/yr for USL. At a 0.04 correlation, their price movements are largely independent. FMQQ charges 0.86%/yr vs 0.88%/yr for USL.
Performance
FMQQ vs. USL - Performance Comparison
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Returns By Period
In the year-to-date period, FMQQ achieves a -17.33% return, which is significantly lower than USL's 39.93% return.
FMQQ
- 1D
- -1.59%
- 1M
- 0.22%
- YTD
- -17.33%
- 6M
- -17.61%
- 1Y
- -20.84%
- 3Y*
- 2.61%
- 5Y*
- —
- 10Y*
- —
USL
- 1D
- -0.53%
- 1M
- -13.39%
- YTD
- 39.93%
- 6M
- 37.90%
- 1Y
- 26.14%
- 3Y*
- 13.28%
- 5Y*
- 12.73%
- 10Y*
- 9.43%
FMQQ vs. USL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF | -17.33% | 10.77% | 12.45% | 15.15% | -54.03% | -16.57% |
USL United States 12 Month Oil Fund LP | 39.93% | -12.37% | 8.30% | -1.11% | 27.10% | 2.53% |
Correlation
The correlation between FMQQ and USL is -0.30, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021 | 0.04 |
The correlation between FMQQ and USL shifts across timeframes, from -0.30 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FMQQ vs. USL — Risk / Return Rank
FMQQ
USL
FMQQ vs. USL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) and United States 12 Month Oil Fund LP (USL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FMQQ | USL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.01 | ||
| Sortino ratioReturn per unit of downside risk | -2.91 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.17 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 1.50 | -2.18 |
| Martin ratioReturn relative to average drawdown | -1.28 | 3.41 | -4.69 |
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Drawdowns
FMQQ vs. USL - Drawdown Comparison
The maximum FMQQ drawdown since its inception was -64.51%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for FMQQ and USL.
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Drawdown Indicators
| FMQQ | USL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.51% | -89.06% | +24.55% |
Max Drawdown (1Y)Largest decline over 1 year | -30.82% | -17.53% | -13.29% |
Max Drawdown (3Y)Largest decline over 3 years | -30.82% | -23.33% | -7.49% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.82% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -66.02% | — |
Current DrawdownCurrent decline from peak | -55.31% | -46.93% | -8.38% |
Average DrawdownAverage peak-to-trough decline | -49.41% | -61.39% | +11.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.34% | 7.72% | +8.62% |
Volatility
FMQQ vs. USL - Volatility Comparison
The current volatility for FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) is 6.10%, while United States 12 Month Oil Fund LP (USL) has a volatility of 8.21%. This indicates that FMQQ experiences smaller price fluctuations and is considered to be less risky than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMQQ | USL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.10% | 8.21% | -2.11% |
Volatility (6M)Calculated over the trailing 6-month period | 16.16% | 24.20% | -8.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.25% | 28.90% | -9.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.80% | 30.24% | -5.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.80% | 32.33% | -7.53% |
FMQQ vs. USL - Expense Ratio Comparison
FMQQ has a 0.86% expense ratio, which is lower than USL's 0.88% expense ratio.
Dividends
FMQQ vs. USL - Dividend Comparison
FMQQ's dividend yield for the trailing twelve months is around 0.74%, while USL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF | 0.74% | 0.61% | 0.45% | 0.11% |
USL United States 12 Month Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FMQQ and USL have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USL has higher volatility (8.21%) compared to FMQQ (6.10%). In terms of maximum drawdown, FMQQ dropped -64.51% vs USL's -89.06%.
On 3-year performance, USL leads with 13.28% vs 2.61% for FMQQ. On fees, FMQQ is cheaper at 0.86% per year. On volatility, FMQQ has been the lower-risk option at 6.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USL has performed better with a 13.28% return vs 2.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMQQ is cheaper with a 0.86% expense ratio, compared with 0.88% for USL.
FMQQ has the higher dividend yield at 0.74%, compared with 0.00% for USL.
FMQQ is categorized as Emerging Markets Diversified, while USL is Oil & Gas. FMQQ tracks FMQQ The Next Frontier Internet & Ecommerce Index - Benchmark TR Net, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: EMQQ and Concierge Technologies. Their fees differ too: 0.86% for FMQQ and 0.88% for USL.
USL currently has the higher Sharpe Ratio (0.92 vs -1.09), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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