Data as of Oct 28, 2026.
QQQM vs USO: Differences, Returns & Fees
QQQM is an equity index fund and USO a commodity futures fund, and over the year to Oct 28, 2026, USO returned +133.3% against +15.2%.
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Net assets: $110.4bn on Oct 27, 2026 for Invesco NASDAQ 100 ETF, and $1.9bn on Oct 28, 2026 for United States Oil Fund, LP.
Pair scorecard
QQQM costs 0.71 points a year less; their one-year returns differ by 118.1 points; QQQM is far larger, $110.4bn against $1.9bn.
| Measure | QQQM | USO |
|---|---|---|
| Return | ||
| Total return, 1 year | +15.2% | +133.3% |
| Drawdown | ||
| Below its high | 4.5%, high on Oct 6, 2026 | 82.3%, high on Jul 14, 2008 |
| Benchmark | ||
| What it tracks | Nasdaq-100 Index | Oil futures |
| Cost and size | ||
| Expense ratio | 0.15% | 0.86% |
| Net assets, as of Oct 27, 2026 | $110.4bn | $1.9bn |
| Holdings | ||
| Holdings in common | not published | |
| In the S&P 500, by weight | 96% | |
| Top ten holdings, share of the fund | 46.7% | |
Risk and return
Oct 23, 2020 to Oct 23, 2026 · 313 weekly returnsUSO returned more: +508.1% to +157.2%. QQQM swung less: 21.0% to 37.5%. QQQM and USO fell about the same at their worst: −35.0% and −34.9%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | QQQM | USO | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +157.2% | +508.1% | USO | Price change plus distributions, reinvested. |
| Annualized | +17.0% | +35.0% | USO | Total return as a yearly rate. |
| Price return | +147.9% | +508.1% | USO | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 21.0% | 37.5% | QQQM | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 13.6% | 22.1% | QQQM | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −35.0% | −34.9% | Tie | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.70 | 0.90 | USO | Return above Treasury bills per unit of volatility. |
| Sortino | 1.07 | 1.52 | USO | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.49 | 1.00 | USO | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 313 weekly returns. Cash rate: the 13-week Treasury bill.
Side by side
QQQM and USO on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
QQQM and USO do different jobs. What does each one do in a portfolio?
- What each follows. QQQM follows Nasdaq-100 Index and USO follows Oil futures.
- One-year total return. Over 1 year to Oct 28, 2026 QQQM returned +15.2% and USO +133.3% with distributions reinvested, a gap of 118.1 points.
- Cost. QQQM charges 0.15% of assets a year and USO 0.86%, a gap of 0.71 points.
Data as of Oct 28, 2026.
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QQQM
QQQM tracks the Nasdaq-100. Over the year to Oct 28, 2026 it returned +15.2% with distributions reinvested, against +15.2% for its benchmark, the Nasdaq-100 Index. The prospectus expense ratio is 0.15% a year. By its holdings published by its issuer for Oct 27, 2026, 96% of the fund by weight is stocks the S&P 500 also holds, across 105 positions, with the top ten at 46.7%. It sat 4.5% below its high of Oct 6, 2026 on Oct 28, 2026.
USO
USO holds oil futures. Over the year to Oct 28, 2026 it returned +133.3% with distributions reinvested. The prospectus expense ratio is 0.86% a year. It sat 82.3% below its high of Jul 14, 2008 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, QQQM or USO?
- In the year to Oct 28, 2026, with distributions reinvested, QQQM returned +15.2% and USO +133.3%.
- Which is cheaper, QQQM or USO?
- QQQM is cheaper, by 0.71 percentage points a year. That is about $71 on $10,000 held for a year. Fees come from each fund's prospectus.
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ETFIQ, QQQM against USO, data as of Oct 28, 2026. https://etfiq.com/compare/any/qqqm-vs-uso
ETFIQ. (Oct 28, 2026). QQQM against USO. Retrieved from https://etfiq.com/compare/any/qqqm-vs-uso
[QQQM against USO (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/qqqm-vs-uso)
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