UGA vs. QQQ
UGA (United States Gasoline Fund LP) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, UGA returned 13.99%/yr vs 22.01%/yr for QQQ. At a 0.20 correlation, their price movements are largely independent. UGA charges 0.75%/yr vs 0.18%/yr for QQQ.
Performance
UGA vs. QQQ - Performance Comparison
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Returns By Period
In the year-to-date period, UGA achieves a 59.54% return, which is significantly higher than QQQ's 15.95% return. Over the past 10 years, UGA has underperformed QQQ with an annualized return of 13.99%, while QQQ has yielded a comparatively higher 22.01% annualized return.
UGA
- 1D
- -2.77%
- 1M
- -14.54%
- YTD
- 59.54%
- 6M
- 55.91%
- 1Y
- 62.68%
- 3Y*
- 17.85%
- 5Y*
- 22.22%
- 10Y*
- 13.99%
QQQ
- 1D
- -0.42%
- 1M
- -0.86%
- YTD
- 15.95%
- 6M
- 14.16%
- 1Y
- 32.28%
- 3Y*
- 25.87%
- 5Y*
- 15.94%
- 10Y*
- 22.01%
UGA vs. QQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGA United States Gasoline Fund LP | 59.54% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
QQQ Invesco QQQ ETF | 15.95% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
Correlation
The correlation between UGA and QQQ is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.20 |
The correlation between UGA and QQQ shifts across timeframes, from -0.17 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UGA vs. QQQ — Risk / Return Rank
UGA
QQQ
UGA vs. QQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund LP (UGA) and Invesco QQQ ETF (QQQ). 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.
| UGA | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.32 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.10 | 2.71 | +0.39 |
| Martin ratioReturn relative to average drawdown | 9.66 | 10.01 | -0.35 |
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Drawdowns
UGA vs. QQQ - Drawdown Comparison
The maximum UGA drawdown since its inception was -86.59%, roughly equal to the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for UGA and QQQ.
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Drawdown Indicators
| UGA | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.59% | -82.97% | -3.62% |
Max Drawdown (1Y)Largest decline over 1 year | -20.32% | -11.96% | -8.36% |
Max Drawdown (3Y)Largest decline over 3 years | -26.68% | -22.77% | -3.91% |
Max Drawdown (5Y)Largest decline over 5 years | -38.11% | -35.12% | -2.99% |
Max Drawdown (10Y)Largest decline over 10 years | -75.89% | -35.12% | -40.77% |
Current DrawdownCurrent decline from peak | -20.32% | -4.66% | -15.66% |
Average DrawdownAverage peak-to-trough decline | -36.69% | -32.72% | -3.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.51% | 3.23% | +3.28% |
Volatility
UGA vs. QQQ - Volatility Comparison
United States Gasoline Fund LP (UGA) and Invesco QQQ ETF (QQQ) have volatilities of 9.45% and 9.17%, 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
| UGA | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.45% | 9.17% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 30.74% | 14.54% | +16.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.84% | 17.95% | +16.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.47% | 22.69% | +11.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.22% | 22.41% | +14.81% |
UGA vs. QQQ - Expense Ratio Comparison
UGA has a 0.75% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Dividends
UGA vs. QQQ - Dividend Comparison
UGA has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.43%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 0.43% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UGA and QQQ have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.45%) compared to QQQ (9.17%). In terms of maximum drawdown, UGA dropped -86.59% vs QQQ's -82.97%.
On 10-year performance, QQQ leads with 22.01% vs 13.99% for UGA. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 9.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QQQ has performed better with a 22.01% return vs 13.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 0.75% for UGA.
QQQ has the higher dividend yield at 0.43%, compared with 0.00% for UGA.
UGA is categorized as Oil & Gas, while QQQ is Nasdaq-100. UGA tracks Front Month Unleaded Gasoline, while QQQ tracks NASDAQ-100 Index. They also come from different issuers: Concierge Technologies and Invesco. Their fees differ too: 0.75% for UGA and 0.18% for QQQ.
UGA currently has the higher Sharpe Ratio (1.82 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.
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