QQQA vs. UGA
QQQA (ProShares Nasdaq-100 Dorsey Wright Momentum ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - QQQA is a Nasdaq-100 fund tracking the NASDAQ-100 Dorsey Wright Momentum Index - Benchmark TR Gross, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, QQQA returned 14.28%/yr vs 22.69%/yr for UGA. At a 0.05 correlation, their price movements are largely independent. QQQA charges 0.58%/yr vs 0.75%/yr for UGA.
Performance
QQQA vs. UGA - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with QQQA having a 64.24% return and UGA slightly lower at 64.09%.
QQQA
- 1D
- -6.13%
- 1M
- 11.00%
- YTD
- 64.24%
- 6M
- 61.01%
- 1Y
- 85.96%
- 3Y*
- 33.54%
- 5Y*
- 14.28%
- 10Y*
- —
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
QQQA vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF | 64.24% | 9.87% | 16.17% | 24.98% | -29.08% | 9.84% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 21.58% |
Correlation
The correlation between QQQA and UGA is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since May 20, 2021 | 0.05 |
The correlation between QQQA and UGA shifts across timeframes, from -0.11 (1 year) to 0.05 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
QQQA vs. UGA — Risk / Return Rank
QQQA
UGA
QQQA vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA) and United States Gasoline Fund LP (UGA). 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.
| QQQA | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.13 | ||
| Sortino ratioReturn per unit of downside risk | +1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.30 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 5.94 | 3.17 | +2.78 |
| Martin ratioReturn relative to average drawdown | 21.29 | 9.39 | +11.90 |
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Drawdowns
QQQA vs. UGA - Drawdown Comparison
The maximum QQQA drawdown since its inception was -38.44%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for QQQA and UGA.
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Drawdown Indicators
| QQQA | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.44% | -86.59% | +48.15% |
Max Drawdown (1Y)Largest decline over 1 year | -14.54% | -18.96% | +4.42% |
Max Drawdown (3Y)Largest decline over 3 years | -30.84% | -26.68% | -4.16% |
Max Drawdown (5Y)Largest decline over 5 years | -38.44% | -38.11% | -0.33% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -6.13% | -18.05% | +11.92% |
Average DrawdownAverage peak-to-trough decline | -15.54% | -36.69% | +21.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.05% | 6.43% | -2.38% |
Volatility
QQQA vs. UGA - Volatility Comparison
ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA) has a higher volatility of 17.13% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that QQQA's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QQQA | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.13% | 9.24% | +7.89% |
Volatility (6M)Calculated over the trailing 6-month period | 26.70% | 30.57% | -3.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.23% | 35.22% | -4.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.72% | 34.45% | -7.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.55% | 37.22% | -10.67% |
QQQA vs. UGA - Expense Ratio Comparison
QQQA has a 0.58% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
QQQA vs. UGA - Dividend Comparison
QQQA's dividend yield for the trailing twelve months is around 0.06%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF | 0.06% | 0.10% | 0.09% | 0.34% | 0.28% | 0.10% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QQQA and UGA have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQQA has higher volatility (17.13%) compared to UGA (9.24%). In terms of maximum drawdown, QQQA dropped -38.44% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.69% vs 14.28% for QQQA. On fees, QQQA is cheaper at 0.58% per year. On volatility, UGA has been the lower-risk option at 9.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 22.69% return vs 14.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQA is cheaper with a 0.58% expense ratio, compared with 0.75% for UGA.
QQQA has the higher dividend yield at 0.06%, compared with 0.00% for UGA.
QQQA is categorized as Nasdaq-100, while UGA is Oil & Gas. QQQA tracks NASDAQ-100 Dorsey Wright Momentum Index - Benchmark TR Gross, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.58% for QQQA and 0.75% for UGA.
QQQA currently has the higher Sharpe Ratio (2.86 vs 1.73), 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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