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FXC vs. UGA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXC vs. UGA

Last updated Jun 3, 2026

FXC (Invesco CurrencyShares® Canadian Dollar Trust) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FXC is a Currency fund tracking the Canadian Dollar, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, FXC returned -0.15%/yr vs 14.46%/yr for UGA. At a 0.35 correlation, their price movements are largely independent. FXC charges 0.40%/yr vs 0.75%/yr for UGA.

Performance

FXC vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® Canadian Dollar Trust (FXC) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FXC achieves a -0.74% return, which is significantly lower than UGA's 75.83% return. Over the past 10 years, FXC has underperformed UGA with an annualized return of -0.15%, while UGA has yielded a comparatively higher 14.46% annualized return.

FXC

1D
0.01%
1M
-1.76%
YTD
-0.74%
6M
1.05%
1Y
-0.81%
3Y*
0.26%
5Y*
-1.74%
10Y*
-0.15%

UGA

1D
1.74%
1M
-8.95%
YTD
75.83%
6M
64.53%
1Y
82.09%
3Y*
22.29%
5Y*
25.18%
10Y*
14.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FXC vs. UGA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FXC
Invesco CurrencyShares® Canadian Dollar Trust		-0.74%5.24%-5.96%4.35%-6.44%0.22%1.92%5.94%-7.54%6.72%
UGA
United States Gasoline Fund LP		75.83%-2.00%3.77%1.27%46.34%68.49%-24.88%41.25%-28.07%1.69%

Correlation

The correlation between FXC and UGA is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.08

Correlation (3Y)
Calculated over the trailing 3-year period

0.07

Correlation (5Y)
Calculated over the trailing 5-year period

0.23

Correlation (10Y)
Calculated over the trailing 10-year period

0.27

Correlation (All Time)
Calculated using the full available price history since Feb 29, 2008

0.35

The correlation between FXC and UGA shifts across timeframes, from -0.08 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco CurrencyShares® Canadian Dollar Trust

United States Gasoline Fund LP

Often compared with FXC:
FXC vs. FXEFXC vs. USOFXC vs. QQQFXC vs. FXBFXC vs. TLTFXC vs. XLKFXC vs. GLD
Often compared with UGA:
UGA vs. URAUGA vs. FCGUGA vs. QQQUGA vs. VOOUGA vs. USOUGA vs. SPYUGA vs. FNGS

Return for Risk

FXC vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FXC
FXC Risk / Return Rank: 77
Overall Rank
FXC Sharpe Ratio Rank: 77
Sharpe Ratio Rank
FXC Sortino Ratio Rank: 66
Sortino Ratio Rank
FXC Omega Ratio Rank: 66
Omega Ratio Rank
FXC Calmar Ratio Rank: 77
Calmar Ratio Rank
FXC Martin Ratio Rank: 77
Martin Ratio Rank
UGA
UGA Risk / Return Rank: 7171
Overall Rank
UGA Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
UGA Sortino Ratio Rank: 5858
Sortino Ratio Rank
UGA Omega Ratio Rank: 6161
Omega Ratio Rank
UGA Calmar Ratio Rank: 9191
Calmar Ratio Rank
UGA Martin Ratio Rank: 7474
Martin Ratio Rank
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.

FXC vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Canadian Dollar Trust (FXC) and United States Gasoline Fund LP (UGA). 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.

FXCUGADifference

Sharpe ratio

Return per unit of total volatility

-0.18

2.35

-2.53

Sortino ratio

Return per unit of downside risk

-0.24

2.78

-3.02

Omega ratio

Gain probability vs. loss probability

0.97

1.38

-0.41

Calmar ratio

Return relative to maximum drawdown

-0.16

5.82

-5.99

Martin ratio

Return relative to average drawdown

-0.32

14.25

-14.56

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXC vs. UGA - Sharpe Ratio Comparison

The current FXC Sharpe Ratio is -0.18, which is lower than the UGA Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of FXC and UGA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FXCUGADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.18

2.35

-2.53

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.28

0.74

-1.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.02

0.39

-0.41

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.05

0.12

-0.17

Drawdowns

FXC vs. UGA - Drawdown Comparison

The maximum FXC drawdown since its inception was -35.39%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FXC and UGA.

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Drawdown Indicators

FXCUGADifference

Max Drawdown

Largest peak-to-trough decline

-35.39%

-86.59%

+51.20%

Max Drawdown (1Y)

Largest decline over 1 year

-3.78%

-14.88%

+11.10%

Max Drawdown (3Y)

Largest decline over 3 years

-7.34%

-26.68%

+19.34%

Max Drawdown (5Y)

Largest decline over 5 years

-13.53%

-38.11%

+24.58%

Max Drawdown (10Y)

Largest decline over 10 years

-15.46%

-75.89%

+60.43%

Current Drawdown

Current decline from peak

-28.56%

-12.18%

-16.38%

Average Drawdown

Average peak-to-trough decline

-19.91%

-36.77%

+16.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.98%

6.08%

-4.10%

Volatility

FXC vs. UGA - Volatility Comparison

The current volatility for Invesco CurrencyShares® Canadian Dollar Trust (FXC) is 0.69%, while United States Gasoline Fund LP (UGA) has a volatility of 12.41%. This indicates that FXC experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FXCUGADifference

Volatility (1M)

Calculated over the trailing 1-month period

0.69%

12.41%

-11.72%

Volatility (6M)

Calculated over the trailing 6-month period

3.25%

30.41%

-27.16%

Volatility (1Y)

Calculated over the trailing 1-year period

4.49%

35.21%

-30.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.37%

34.38%

-28.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.66%

37.27%

-30.61%

FXC vs. UGA - Expense Ratio Comparison

FXC has a 0.40% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

FXC vs. UGA - Dividend Comparison

FXC's dividend yield for the trailing twelve months is around 0.26%, while UGA has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
FXC
Invesco CurrencyShares® Canadian Dollar Trust		0.26%0.55%2.23%2.01%0.31%0.00%0.19%0.75%0.42%0.02%0.00%0.02%
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

FXC and UGA have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UGA has higher volatility (12.41%) compared to FXC (0.69%). In terms of maximum drawdown, FXC dropped -35.39% vs UGA's -86.59%.

On 10-year performance, UGA leads with 14.46% vs -0.15% for FXC. On fees, FXC is cheaper at 0.40% per year. On volatility, FXC has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, UGA has performed better with a 14.46% return vs -0.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FXC is cheaper with a 0.40% expense ratio, compared with 0.75% for UGA.

FXC has the higher dividend yield at 0.26%, compared with 0.00% for UGA.

FXC is categorized as Currency, while UGA is Oil & Gas. FXC tracks Canadian Dollar, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.40% for FXC and 0.75% for UGA.

UGA currently has the higher Sharpe Ratio (2.35 vs -0.18), 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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