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 2.72%/yr vs 21.46%/yr for USO. At a 0.01 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 -12.29% return, which is significantly lower than USO's 72.50% return.
FMQQ
- 1D
- -1.11%
- 1M
- 4.15%
- 6M
- -10.48%
- YTD
- -12.29%
- 1Y
- -17.84%
- 3Y*
- 2.72%
- 5Y*
- —
- 10Y*
- —
USO
- 1D
- -1.71%
- 1M
- 3.32%
- 6M
- 67.72%
- YTD
- 72.50%
- 1Y
- 58.66%
- 3Y*
- 21.46%
- 5Y*
- 19.41%
- 10Y*
- 3.26%
FMQQ vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF | -12.29% | 10.77% | 12.45% | 15.15% | -54.03% | -16.57% |
USO United States Oil Fund LP | 72.50% | -8.46% | 13.35% | -4.94% | 28.97% | 2.74% |
Correlation
The correlation between FMQQ and USO is -0.33, 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 | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021 | 0.01 |
The correlation between FMQQ and USO shifts across timeframes, from -0.33 (1 year) to 0.01 (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 | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -3.25 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.24 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.58 | 1.81 | -2.40 |
| Martin ratioReturn relative to average drawdown | -1.03 | 4.80 | -5.83 |
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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% | -32.49% | +1.67% |
Max Drawdown (3Y)Largest decline over 3 years | -30.82% | -32.49% | +1.67% |
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 | -52.59% | -87.31% | +34.72% |
Average DrawdownAverage peak-to-trough decline | -49.46% | -75.36% | +25.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.34% | 12.26% | +5.08% |
Volatility
FMQQ vs. USO - Volatility Comparison
The current volatility for FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) is 4.24%, while United States Oil Fund LP (USO) has a volatility of 14.21%. 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 | 4.24% | 14.21% | -9.97% |
Volatility (6M)Calculated over the trailing 6-month period | 16.28% | 40.74% | -24.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.24% | 44.91% | -25.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.70% | 36.68% | -11.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.70% | 39.07% | -14.37% |
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 0.70%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF | 0.70% | 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 -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.21%) compared to FMQQ (4.24%). In terms of maximum drawdown, FMQQ dropped -64.51% vs USO's -98.19%.
On 3-year performance, USO leads with 21.46% vs 2.72% for FMQQ. Both ETFs have the same 0.86% expense ratio. On volatility, FMQQ has been the lower-risk option at 4.24%. 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 21.46% return vs 2.72%. 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 0.70%, 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 (1.31 vs -0.93), 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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