CAD=X vs. USD=X

Last updated Apr 2, 2026

Compare and contrast key facts about USD/CAD (CAD=X) and USD Cash (USD=X).

Performance

CAD=X vs. USD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in USD/CAD (CAD=X) and USD Cash (USD=X). The values are adjusted to include any dividend payments, if applicable.

CAD=X vs. USD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CAD=X USD/CAD	1.27%	-4.59%	8.62%	-2.23%	7.13%	-0.90%	-1.69%	-4.92%	8.48%	-6.37%
USD=X USD Cash	1.27%	-4.59%	8.62%	-2.23%	7.13%	-0.90%	-1.69%	-4.92%	8.48%	-6.37%

Different Trading Currencies

CAD=X is traded in CAD, while USD=X is traded in USD. To make them comparable, the USD=X values have been converted to CAD using the latest available exchange rates.

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with CAD=X at 1.27% and USD=X at 1.27%. Over the past 10 years, CAD=X has outperformed USD=X with an annualized return of 0.64%, while USD=X has yielded a comparatively lower 0.56% annualized return.

CAD=X

• 1D: -0.14%
• 1M: 1.63%
• YTD: 1.27%
• 6M: -0.28%
• 1Y: -2.84%
• 3Y*: 0.96%
• 5Y*: 2.01%
• 10Y*: 0.64%

USD=X

• 1D: 0.00%
• 1M: 1.58%
• YTD: 1.27%
• 6M: -0.51%
• 1Y: -2.36%
• 3Y*: 1.11%
• 5Y*: 2.03%
• 10Y*: 0.56%

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

Return for Risk

CAD=X vs. USD=X — Risk / Return Rank

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

CAD=X

CAD=X Risk / Return Rank: 47
CAD=X Sharpe Ratio Rank: 35
CAD=X Sortino Ratio Rank: 35
CAD=X Omega Ratio Rank: 33
CAD=X Calmar Ratio Rank: 66
CAD=X Martin Ratio Rank: 66

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.

CAD=X vs. USD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USD/CAD (CAD=X) and USD Cash (USD=X). 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.

	CAD=X	USD=X	Difference
Sharpe ratio Return per unit of total volatility	-0.49	-0.28	-0.21
Sortino ratio Return per unit of downside risk	-0.61	-0.33	-0.28
Omega ratio Gain probability vs. loss probability	0.92	0.96	-0.04
Calmar ratio Return relative to maximum drawdown	0.37	0.47	-0.10
Martin ratio Return relative to average drawdown	0.89	1.05	-0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CAD=X vs. USD=X - Sharpe Ratio Comparison

The current CAD=X Sharpe Ratio is -0.49, which is lower than the USD=X Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of CAD=X and USD=X, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CAD=X	USD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.49	-0.28	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.32	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.08	0.08	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.08	-0.01

Correlation

The correlation between CAD=X and USD=X is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

CAD=X vs. USD=X - Drawdown Comparison

The maximum CAD=X drawdown since its inception was -23.90%, roughly equal to the maximum USD=X drawdown of -23.90%. Use the drawdown chart below to compare losses from any high point for CAD=X and USD=X.

Drawdown Indicators

	CAD=X	USD=X	Difference
Max Drawdown Largest peak-to-trough decline	-23.90%	0.00%	-23.90%
Max Drawdown (1Y) Largest decline over 1 year	-5.43%	0.00%	-5.43%
Max Drawdown (5Y) Largest decline over 5 years	-8.31%	0.00%	-8.31%
Max Drawdown (10Y) Largest decline over 10 years	-17.11%	0.00%	-17.11%
Current Drawdown Current decline from peak	-5.55%	0.00%	-5.55%
Average Drawdown Average peak-to-trough decline	-11.00%	0.00%	-11.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	0.00%	+1.87%

Volatility

CAD=X vs. USD=X - Volatility Comparison

The current volatility for USD/CAD (CAD=X) is 0.93%, while USD Cash (USD=X) has a volatility of 1.35%. This indicates that CAD=X experiences smaller price fluctuations and is considered to be less risky than USD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAD=X	USD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	1.35%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	3.20%	3.33%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	4.73%	4.34%	+0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.88%	5.36%	+0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.52%	5.89%	+0.63%