FMQQ vs. USO
FMQQ (FMQQ The Next Frontier Internet & Ecommerce ETF) and USO (United States 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 USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 3 years, FMQQ returned 2.61%/yr vs 21.25%/yr for USO. At a 0.02 correlation, their price movements are largely independent. Both charge a 0.86% expense ratio.
Performance
FMQQ vs. USO - 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 USO's 60.87% return.
FMQQ
- 1D
- -1.59%
- 1M
- 0.22%
- YTD
- -17.33%
- 6M
- -17.61%
- 1Y
- -20.84%
- 3Y*
- 2.61%
- 5Y*
- —
- 10Y*
- —
USO
- 1D
- -1.27%
- 1M
- -21.05%
- YTD
- 60.87%
- 6M
- 58.26%
- 1Y
- 45.61%
- 3Y*
- 21.25%
- 5Y*
- 17.42%
- 10Y*
- 2.01%
FMQQ vs. USO - 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% |
USO United States Oil Fund LP | 60.87% | -8.46% | 13.35% | -4.94% | 28.97% | 2.74% |
Correlation
The correlation between FMQQ and USO is -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021 | 0.02 |
The correlation between FMQQ and USO shifts across timeframes, from -0.32 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FMQQ vs. USO — Risk / Return Rank
FMQQ
USO
FMQQ vs. USO - 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 Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.14 | ||
| Sortino ratioReturn per unit of downside risk | -3.21 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.21 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 1.68 | -2.36 |
| Martin ratioReturn relative to average drawdown | -1.28 | 4.57 | -5.85 |
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Drawdowns
FMQQ vs. USO - Drawdown Comparison
The maximum FMQQ drawdown since its inception was -64.51%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for FMQQ and USO.
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Drawdown Indicators
| FMQQ | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.51% | -98.19% | +33.68% |
Max Drawdown (1Y)Largest decline over 1 year | -30.82% | -27.26% | -3.56% |
Max Drawdown (3Y)Largest decline over 3 years | -30.82% | -27.26% | -3.56% |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -55.31% | -88.16% | +32.85% |
Average DrawdownAverage peak-to-trough decline | -49.41% | -75.31% | +25.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.34% | 10.02% | +6.32% |
Volatility
FMQQ vs. USO - Volatility Comparison
The current volatility for FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) is 6.10%, while United States Oil Fund LP (USO) has a volatility of 11.79%. This indicates that FMQQ experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMQQ | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.10% | 11.79% | -5.69% |
Volatility (6M)Calculated over the trailing 6-month period | 16.16% | 39.34% | -23.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.25% | 44.35% | -25.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.80% | 36.32% | -11.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.80% | 39.02% | -14.22% |
FMQQ vs. USO - Expense Ratio Comparison
Both FMQQ and USO have an expense ratio of 0.86%.
Dividends
FMQQ vs. USO - Dividend Comparison
FMQQ's dividend yield for the trailing twelve months is around 0.74%, while USO 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% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FMQQ and USO have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (11.79%) compared to FMQQ (6.10%). In terms of maximum drawdown, FMQQ dropped -64.51% vs USO's -98.19%.
On 3-year performance, USO leads with 21.25% vs 2.61% for FMQQ. Both ETFs have the same 0.86% expense ratio. 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, USO has performed better with a 21.25% return vs 2.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMQQ and USO have the same expense ratio: 0.86% per year.
FMQQ has the higher dividend yield at 0.74%, compared with 0.00% for USO.
FMQQ is categorized as Emerging Markets Diversified, while USO is Oil & Gas. FMQQ tracks FMQQ The Next Frontier Internet & Ecommerce Index - Benchmark TR Net, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: EMQQ and USCF.
USO currently has the higher Sharpe Ratio (1.05 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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