PNQI vs. USO
PNQI (Invesco NASDAQ Internet ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - PNQI is a Large Cap Growth Equities fund tracking the NASDAQ Internet Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, PNQI returned 11.85%/yr vs 3.57%/yr for USO. At a 0.21 correlation, their price movements are largely independent. PNQI charges 0.62%/yr vs 0.86%/yr for USO.
Performance
PNQI vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, PNQI achieves a -10.35% return, which is significantly lower than USO's 97.72% return. Over the past 10 years, PNQI has outperformed USO with an annualized return of 11.85%, while USO has yielded a comparatively lower 3.57% annualized return.
PNQI
- 1D
- 0.96%
- 1M
- -0.42%
- YTD
- -10.35%
- 6M
- -11.05%
- 1Y
- -2.59%
- 3Y*
- 16.78%
- 5Y*
- 0.30%
- 10Y*
- 11.85%
USO
- 1D
- -2.92%
- 1M
- -5.15%
- YTD
- 97.72%
- 6M
- 91.54%
- 1Y
- 97.20%
- 3Y*
- 28.78%
- 5Y*
- 23.67%
- 10Y*
- 3.57%
PNQI vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PNQI Invesco NASDAQ Internet ETF | -10.35% | 15.56% | 29.44% | 60.69% | -47.92% | -5.57% | 61.36% | 28.76% | -5.08% | 40.05% |
USO United States Oil Fund LP | 97.72% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between PNQI and USO is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jun 16, 2008 | 0.21 |
The correlation between PNQI and USO shifts across timeframes, from -0.23 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PNQI vs. USO — Risk / Return Rank
PNQI
USO
PNQI vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ Internet ETF (PNQI) 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.
| PNQI | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.35 | ||
| Sortino ratioReturn per unit of downside risk | -2.87 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.37 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.10 | 4.79 | -4.90 |
| Martin ratioReturn relative to average drawdown | -0.25 | 9.00 | -9.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PNQI | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.14 | 2.21 | -2.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.01 | 0.66 | -0.65 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.09 | +0.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | -0.18 | +0.70 |
Drawdowns
PNQI vs. USO - Drawdown Comparison
The maximum PNQI drawdown since its inception was -59.70%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for PNQI and USO.
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Drawdown Indicators
| PNQI | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.70% | -98.19% | +38.49% |
Max Drawdown (1Y)Largest decline over 1 year | -24.85% | -20.39% | -4.46% |
Max Drawdown (3Y)Largest decline over 3 years | -24.85% | -26.05% | +1.20% |
Max Drawdown (5Y)Largest decline over 5 years | -59.56% | -36.23% | -23.33% |
Max Drawdown (10Y)Largest decline over 10 years | -59.70% | -86.75% | +27.05% |
Current DrawdownCurrent decline from peak | -15.27% | -85.45% | +70.18% |
Average DrawdownAverage peak-to-trough decline | -12.96% | -75.30% | +62.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.56% | 10.84% | -0.28% |
Volatility
PNQI vs. USO - Volatility Comparison
The current volatility for Invesco NASDAQ Internet ETF (PNQI) is 4.77%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that PNQI 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
| PNQI | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.77% | 14.97% | -10.20% |
Volatility (6M)Calculated over the trailing 6-month period | 13.87% | 38.35% | -24.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.10% | 44.32% | -26.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.80% | 36.09% | -9.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.29% | 39.00% | -13.71% |
PNQI vs. USO - Expense Ratio Comparison
PNQI has a 0.62% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
PNQI vs. USO - Dividend Comparison
PNQI's dividend yield for the trailing twelve months is around 0.02%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PNQI Invesco NASDAQ Internet ETF | 0.02% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.02% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PNQI and USO have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.97%) compared to PNQI (4.77%). In terms of maximum drawdown, PNQI dropped -59.70% vs USO's -98.19%.
On 10-year performance, PNQI leads with 11.85% vs 3.57% for USO. On fees, PNQI is cheaper at 0.62% per year. On volatility, PNQI has been the lower-risk option at 4.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PNQI has performed better with a 11.85% return vs 3.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PNQI is cheaper with a 0.62% expense ratio, compared with 0.86% for USO.
PNQI has the higher dividend yield at 0.02%, compared with 0.00% for USO.
PNQI is categorized as Large Cap Growth Equities, while USO is Oil & Gas. PNQI tracks NASDAQ Internet Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Invesco and USCF. Their fees differ too: 0.62% for PNQI and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.21 vs -0.14), 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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