QQQ vs UNL
Invesco QQQ Trust, Series 1 vs United States 12 Month Natural Gas Fund
Quick Verdict
QQQ has a lower expense ratio. QQQ delivered stronger 1-year returns. QQQ offers more diversification with 108 holdings.
Side-by-Side Comparison
| Metric | QQQ | UNL | Winner |
|---|---|---|---|
| Expense Ratio | 0.18% | 1.65% | |
| AUM | $496.3B | $16M | |
| Dividend Yield | 0.44% | 0.00% | |
| Holdings | 108 | 16 | |
| YTD Return | +16.64% | -19.49% | |
| 1Y Return | +27.27% | -23.82% | |
| 3Y Return (annualized) | +25.96% | -20.09% | |
| 5Y Return (annualized) | +14.54% | -12.00% | |
| Volatility (annualized) | 30.6% | 30.8% | |
| Max Drawdown | -83.0% | -89.8% | |
| Fund Family | Invesco (US) | USCF Investments | |
| Category | Equity | Commodity | |
| Inception | Mar 10, 1999 | Nov 18, 2009 |
QQQ vs UNL Performance
Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US) and United States 12 Month Natural Gas Fund (UNL) is a ETF from USCF Investments. Over the past year QQQ returned +27.27% while UNL returned -23.82%. Year to date, QQQ is up 16.64% versus a loss of 19.49% for UNL.
Over three years, QQQ compounded at +25.96% per year against -20.09% for UNL; over five years the annualized figures are +14.54% and -12.00% respectively. Across the full 17-year window we track, QQQ has the edge at +13.03% annualized vs -11.87%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UNL has been the more volatile fund, with annualized monthly volatility of 30.8% compared with 30.6% for QQQ. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -83.0% for QQQ and -89.8% for UNL. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.02. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
QQQ charges 0.18% per year while UNL charges 1.65%. On a $10,000 position that is $18 vs $165 annually, a gap of $147 per year that compounds over a long holding period. On income, QQQ currently yields 0.44% against 0.00% for UNL.
Holdings Overlap
QQQ and UNL share 0 holdings out of 104 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, QQQ or UNL?
QQQ has an expense ratio of 0.18% while UNL charges 1.65%. QQQ is the cheaper option. On a $10,000 investment, that is $147 per year of difference.
Which performed better, QQQ or UNL?
Over the past year QQQ returned +27.27% vs -23.82% for UNL, so QQQ leads on 1-year performance. Over the longest common window we track (17 years), QQQ annualized +13.03% vs -11.87% for UNL. Past performance does not guarantee future results.
Which is riskier, QQQ or UNL?
UNL has been the more volatile fund at 30.8% annualized versus 30.6% for QQQ. Worst drawdown: QQQ -83.0% vs UNL -89.8%.
Should I hold both QQQ and UNL?
QQQ and UNL have a monthly-return correlation of 0.02, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between QQQ and UNL?
QQQ and UNL share 0 common holdings with a 0.0% weight overlap. Combined, they hold 104 unique securities.
Which pays a higher dividend, QQQ or UNL?
QQQ yields 0.44% while UNL yields 0.00%, so QQQ currently pays the higher dividend yield.
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