QQQM vs. UGA
QQQM (Invesco NASDAQ 100 ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, QQQM returned 16.11%/yr vs 22.69%/yr for UGA. At a 0.04 correlation, their price movements are largely independent. QQQM charges 0.15%/yr vs 0.75%/yr for UGA.
Performance
QQQM vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, QQQM achieves a 16.48% return, which is significantly lower than UGA's 64.09% return.
QQQM
- 1D
- -3.30%
- 1M
- -0.42%
- YTD
- 16.48%
- 6M
- 15.00%
- 1Y
- 34.99%
- 3Y*
- 26.15%
- 5Y*
- 16.11%
- 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%
QQQM vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
QQQM Invesco NASDAQ 100 ETF | 16.48% | 20.85% | 25.68% | 55.01% | -32.52% | 27.45% | 6.64% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | 21.92% |
Correlation
The correlation between QQQM and UGA is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 13, 2020 | 0.04 |
The correlation between QQQM and UGA shifts across timeframes, from -0.18 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
QQQM vs. UGA — Risk / Return Rank
QQQM
UGA
QQQM vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ 100 ETF (QQQM) 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.
| QQQM | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.30 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.94 | 3.17 | -0.23 |
| Martin ratioReturn relative to average drawdown | 10.88 | 9.39 | +1.49 |
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Drawdowns
QQQM vs. UGA - Drawdown Comparison
The maximum QQQM drawdown since its inception was -35.04%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for QQQM and UGA.
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Drawdown Indicators
| QQQM | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.04% | -86.59% | +51.55% |
Max Drawdown (1Y)Largest decline over 1 year | -11.96% | -18.96% | +7.00% |
Max Drawdown (3Y)Largest decline over 3 years | -22.70% | -26.68% | +3.98% |
Max Drawdown (5Y)Largest decline over 5 years | -35.04% | -38.11% | +3.07% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -4.24% | -18.05% | +13.81% |
Average DrawdownAverage peak-to-trough decline | -8.20% | -36.69% | +28.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 6.43% | -3.21% |
Volatility
QQQM vs. UGA - Volatility Comparison
Invesco NASDAQ 100 ETF (QQQM) and United States Gasoline Fund LP (UGA) have volatilities of 9.00% and 9.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QQQM | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.00% | 9.24% | -0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 14.43% | 30.57% | -16.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.85% | 35.22% | -17.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.53% | 34.45% | -11.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.30% | 37.22% | -14.92% |
QQQM vs. UGA - Expense Ratio Comparison
QQQM has a 0.15% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
QQQM vs. UGA - Dividend Comparison
QQQM's dividend yield for the trailing twelve months is around 0.44%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
QQQM Invesco NASDAQ 100 ETF | 0.44% | 0.50% | 0.61% | 0.65% | 0.83% | 0.40% | 0.16% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QQQM and UGA have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to QQQM (9.00%). In terms of maximum drawdown, QQQM dropped -35.04% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.69% vs 16.11% for QQQM. On fees, QQQM is cheaper at 0.15% per year. On volatility, QQQM has been the lower-risk option at 9.00%. 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 16.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQM is cheaper with a 0.15% expense ratio, compared with 0.75% for UGA.
QQQM has the higher dividend yield at 0.44%, compared with 0.00% for UGA.
QQQM is categorized as Nasdaq-100, while UGA is Oil & Gas. QQQM tracks NASDAQ-100 Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.15% for QQQM and 0.75% for UGA.
QQQM currently has the higher Sharpe Ratio (1.97 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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