QQQ vs USL
Invesco QQQ Trust, Series 1 vs United States 12 Month Oil Fund
Quick Verdict
QQQ has a lower expense ratio. USL delivered stronger 1-year returns. QQQ offers more diversification with 108 holdings.
Side-by-Side Comparison
| Metric | QQQ | USL | Winner |
|---|---|---|---|
| Expense Ratio | 0.18% | 1.02% | |
| AUM | $496.3B | $45M | |
| Dividend Yield | 0.44% | 0.00% | |
| Holdings | 108 | 16 | |
| YTD Return | +19.68% | +51.25% | |
| 1Y Return | +26.75% | +42.96% | |
| 3Y Return (annualized) | +26.25% | +10.22% | |
| 5Y Return (annualized) | +15.39% | +15.43% | |
| Volatility (annualized) | 30.6% | 29.4% | |
| Max Drawdown | -83.0% | -89.1% | |
| Fund Family | Invesco (US) | USCF Investments | |
| Category | Equity | Commodity | |
| Inception | Mar 10, 1999 | Dec 6, 2007 |
QQQ vs USL Performance
Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US) and United States 12 Month Oil Fund (USL) is a ETF from USCF Investments. Over the past year QQQ returned +26.75% while USL returned +42.96%. Year to date, QQQ is up 19.68% versus a gain of 51.25% for USL.
Over three years, QQQ compounded at +26.25% per year against +10.22% for USL; over five years the annualized figures are +15.39% and +15.43% respectively. Across the full 19-year window we track, QQQ has the edge at +13.15% annualized vs -0.12%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 30.6% compared with 29.4% for USL. 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 -89.1% for USL. 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 0.33. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
QQQ charges 0.18% per year while USL charges 1.02%. On a $10,000 position that is $18 vs $102 annually, a gap of $84 per year that compounds over a long holding period. On income, QQQ currently yields 0.44% against 0.00% for USL.
Holdings Overlap
QQQ and USL 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 USL?
QQQ has an expense ratio of 0.18% while USL charges 1.02%. QQQ is the cheaper option. On a $10,000 investment, that is $84 per year of difference.
Which performed better, QQQ or USL?
Over the past year QQQ returned +26.75% vs +42.96% for USL, so USL leads on 1-year performance. Over the longest common window we track (19 years), QQQ annualized +13.15% vs -0.12% for USL. Past performance does not guarantee future results.
Which is riskier, QQQ or USL?
QQQ has been the more volatile fund at 30.6% annualized versus 29.4% for USL. Worst drawdown: QQQ -83.0% vs USL -89.1%.
Should I hold both QQQ and USL?
QQQ and USL have a monthly-return correlation of 0.33, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between QQQ and USL?
QQQ and USL share 0 common holdings with a 0.0% weight overlap. Combined, they hold 104 unique securities.
Which pays a higher dividend, QQQ or USL?
QQQ yields 0.44% while USL yields 0.00%, so QQQ currently pays the higher dividend yield.
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