FMQQ vs. USO

Last updated Jun 4, 2026

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 1.86%/yr vs 29.98%/yr for USO. At a 0.03 correlation, their price movements are largely independent. Both charge a 0.86% expense ratio.

Performance

FMQQ vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMQQ achieves a -18.43% return, which is significantly lower than USO's 103.67% return.

FMQQ

• 1D: -2.42%
• 1M: -5.36%
• YTD: -18.43%
• 6M: -20.54%
• 1Y: -20.58%
• 3Y*: 1.86%
• 5Y*: —
• 10Y*: —

USO

• 1D: 2.62%
• 1M: -4.57%
• YTD: 103.67%
• 6M: 99.35%
• 1Y: 101.55%
• 3Y*: 29.98%
• 5Y*: 24.41%
• 10Y*: 4.07%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FMQQ vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF	-18.43%	10.77%	12.45%	15.15%	-54.03%	-15.21%
USO United States Oil Fund LP	103.67%	-8.46%	13.35%	-4.94%	28.97%	3.74%

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	-0.08
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021	0.03

The correlation between FMQQ and USO shifts across timeframes, from -0.32 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FMQQ vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FMQQ

FMQQ Risk / Return Rank: 2
FMQQ Sharpe Ratio Rank: 1
FMQQ Sortino Ratio Rank: 1
FMQQ Omega Ratio Rank: 2
FMQQ Calmar Ratio Rank: 3
FMQQ Martin Ratio Rank: 2

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 69
USO Sortino Ratio Rank: 60
USO Omega Ratio Rank: 61
USO Calmar Ratio Rank: 87
USO Martin Ratio Rank: 54

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	FMQQ	USO	Difference
Sharpe ratio Return per unit of total volatility	-1.08	2.31	-3.39
Sortino ratio Return per unit of downside risk	-1.52	2.89	-4.41
Omega ratio Gain probability vs. loss probability	0.83	1.38	-0.55
Calmar ratio Return relative to maximum drawdown	-0.67	5.01	-5.68
Martin ratio Return relative to average drawdown	-1.37	9.42	-10.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMQQ vs. USO - Sharpe Ratio Comparison

The current FMQQ Sharpe Ratio is -1.08, which is lower than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of FMQQ and USO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FMQQ	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.08	2.31	-3.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.68	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.63	-0.18	-0.45

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.

Drawdown Indicators

	FMQQ	USO	Difference
Max Drawdown Largest peak-to-trough decline	-64.51%	-98.19%	+33.68%
Max Drawdown (1Y) Largest decline over 1 year	-30.82%	-20.39%	-10.43%
Max Drawdown (3Y) Largest decline over 3 years	-30.82%	-26.05%	-4.77%
Max Drawdown (5Y) Largest decline over 5 years	—	-36.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-86.75%	—
Current Drawdown Current decline from peak	-55.91%	-85.01%	+29.10%
Average Drawdown Average peak-to-trough decline	-49.37%	-75.30%	+25.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.10%	10.82%	+4.28%

Volatility

FMQQ vs. USO - Volatility Comparison

The current volatility for FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) is 6.21%, while United States Oil Fund LP (USO) has a volatility of 14.87%. 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.

Volatility by Period

	FMQQ	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	14.87%	-8.66%
Volatility (6M) Calculated over the trailing 6-month period	15.66%	38.23%	-22.57%
Volatility (1Y) Calculated over the trailing 1-year period	19.04%	44.20%	-25.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.82%	36.06%	-11.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.82%	39.00%	-14.18%

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 0.75%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF	0.75%	0.61%	0.45%	0.11%
USO United States Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMQQ and USO in my portfolio?

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.

Which is riskier, FMQQ or USO?

USO has higher volatility (14.87%) compared to FMQQ (6.21%). In terms of maximum drawdown, FMQQ dropped -64.51% vs USO's -98.19%.

Which ETF is better, FMQQ or USO?

On 3-year performance, USO leads with 29.98% vs 1.86% for FMQQ. Both ETFs have the same 0.86% expense ratio. On volatility, FMQQ has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMQQ or USO?

Over the 3-year period, USO has performed better with a 29.98% return vs 1.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMQQ or USO?

FMQQ and USO have the same expense ratio: 0.86% per year.

Which ETF pays a higher dividend yield, FMQQ or USO?

FMQQ has the higher dividend yield at 0.75%, compared with 0.00% for USO.

What is the main difference between FMQQ and 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.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.31 vs -1.08), 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.