QQQY vs. UGA

Last updated Jun 26, 2026

QQQY (Defiance Nasdaq 100 Enhanced Options Income ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - QQQY is a Nasdaq-100 fund actively managed by Defiance, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. QQQY is actively managed, while UGA is passively managed. Over the past year, QQQY returned 28.38% vs 70.24% for UGA. At a correlation of -0.04, they often move in opposite directions. QQQY charges 0.99%/yr vs 0.75%/yr for UGA.

Performance

QQQY vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQQY achieves a 15.16% return, which is significantly lower than UGA's 66.14% return.

QQQY

• 1D: 0.76%
• 1M: -1.73%
• YTD: 15.16%
• 6M: 13.85%
• 1Y: 28.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UGA

• 1D: 4.14%
• 1M: -5.40%
• YTD: 66.14%
• 6M: 62.36%
• 1Y: 70.24%
• 3Y*: 19.22%
• 5Y*: 23.21%
• 10Y*: 14.74%

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

QQQY vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	15.16%	14.96%	7.70%	7.19%
UGA United States Gasoline Fund LP	66.14%	-2.00%	3.77%	-19.42%

Correlation

The correlation between QQQY and UGA is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	-0.04

The correlation between QQQY and UGA shifts across timeframes, from -0.19 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

QQQY vs. UGA — Risk / Return Rank

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

QQQY

QQQY Risk / Return Rank: 62
QQQY Sharpe Ratio Rank: 64
QQQY Sortino Ratio Rank: 56
QQQY Omega Ratio Rank: 66
QQQY Calmar Ratio Rank: 60
QQQY Martin Ratio Rank: 65

UGA

UGA Risk / Return Rank: 69
UGA Sharpe Ratio Rank: 73
UGA Sortino Ratio Rank: 63
UGA Omega Ratio Rank: 64
UGA Calmar Ratio Rank: 77
UGA Martin Ratio Rank: 67

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.

QQQY vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) 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.

	QQQY	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.03	-0.23
Sortino ratio: Return per unit of downside risk	2.32	2.55	-0.23
Omega ratio: Gain probability vs. loss probability	1.34	1.34	+0.01
Calmar ratio: Return relative to maximum drawdown	2.56	3.47	-0.92
Martin ratio: Return relative to average drawdown	10.30	10.69	-0.38

QQQY vs. UGA - Sharpe Ratio Comparison

The current QQQY Sharpe Ratio is 1.81, which is comparable to the UGA Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of QQQY and UGA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

QQQY vs. UGA - Drawdown Comparison

The maximum QQQY drawdown since its inception was -19.05%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for QQQY and UGA.

Drawdown Indicators

	QQQY	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-19.05%	-86.59%	+67.54%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-20.32%	+9.18%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	-3.63%	-17.02%	+13.39%
Average Drawdown Average peak-to-trough decline	-2.91%	-36.69%	+33.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	6.59%	-3.83%

Volatility

QQQY vs. UGA - Volatility Comparison

The current volatility for Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) is 8.38%, while United States Gasoline Fund LP (UGA) has a volatility of 8.84%. This indicates that QQQY experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQY	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.38%	8.84%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	13.62%	30.92%	-17.30%
Volatility (1Y) Calculated over the trailing 1-year period	15.78%	34.74%	-18.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.38%	34.52%	-19.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.38%	37.24%	-21.86%

QQQY vs. UGA - Expense Ratio Comparison

QQQY has a 0.99% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

QQQY vs. UGA - Dividend Comparison

QQQY's dividend yield for the trailing twelve months is around 36.24%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	36.24%	45.34%	83.34%	20.64%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQQY and UGA in my portfolio?

QQQY and UGA have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQY or UGA?

UGA has higher volatility (8.84%) compared to QQQY (8.38%). In terms of maximum drawdown, QQQY dropped -19.05% vs UGA's -86.59%.

Which ETF is better, QQQY or UGA?

On 1-year performance, UGA leads with 70.24% vs 28.38% for QQQY. On fees, UGA is cheaper at 0.75% per year. On volatility, QQQY has been the lower-risk option at 8.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQY or UGA?

Over the 1-year period, UGA has performed better with a 70.24% return vs 28.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQY or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 0.99% for QQQY.

Which ETF pays a higher dividend yield, QQQY or UGA?

QQQY has the higher dividend yield at 36.24%, compared with 0.00% for UGA.

What is the main difference between QQQY and UGA?

QQQY is categorized as Nasdaq-100, while UGA is Oil & Gas. They also come from different issuers: Defiance and Concierge Technologies. Their fees differ too: 0.99% for QQQY and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (2.03 vs 1.81), 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.