FXC vs. USO
FXC (Invesco CurrencyShares® Canadian Dollar Trust) and USO (United States Oil Fund LP) are both exchange-traded funds - FXC is a Currency fund tracking the Canadian Dollar, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, FXC returned -0.37%/yr vs 2.01%/yr for USO. At a 0.39 correlation, their price movements are largely independent. FXC charges 0.40%/yr vs 0.86%/yr for USO.
Performance
FXC vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, FXC achieves a -3.29% return, which is significantly lower than USO's 60.87% return. Over the past 10 years, FXC has underperformed USO with an annualized return of -0.37%, while USO has yielded a comparatively higher 2.01% annualized return.
FXC
- 1D
- -0.39%
- 1M
- -2.71%
- YTD
- -3.29%
- 6M
- -3.54%
- 1Y
- -3.10%
- 3Y*
- -1.21%
- 5Y*
- -1.89%
- 10Y*
- -0.37%
USO
- 1D
- -1.27%
- 1M
- -21.05%
- YTD
- 60.87%
- 6M
- 58.26%
- 1Y
- 45.61%
- 3Y*
- 21.25%
- 5Y*
- 17.42%
- 10Y*
- 2.01%
FXC vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | -3.29% | 5.24% | -5.96% | 4.35% | -6.44% | 0.22% | 1.92% | 5.94% | -7.54% | 6.72% |
USO United States Oil Fund LP | 60.87% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between FXC and USO is -0.05, 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 | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 0.39 |
The correlation between FXC and USO shifts across timeframes, from -0.05 (1 year) to 0.39 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FXC vs. USO — Risk / Return Rank
FXC
USO
FXC vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Canadian Dollar Trust (FXC) and United States Oil Fund LP (USO). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FXC | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.74 | ||
| Sortino ratioReturn per unit of downside risk | -2.67 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.21 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 1.68 | -2.31 |
| Martin ratioReturn relative to average drawdown | -1.44 | 4.57 | -6.02 |
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Drawdowns
FXC vs. USO - Drawdown Comparison
The maximum FXC drawdown since its inception was -35.39%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for FXC and USO.
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Drawdown Indicators
| FXC | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.39% | -98.19% | +62.80% |
Max Drawdown (1Y)Largest decline over 1 year | -4.99% | -27.26% | +22.27% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -27.26% | +19.92% |
Max Drawdown (5Y)Largest decline over 5 years | -11.93% | -36.23% | +24.30% |
Max Drawdown (10Y)Largest decline over 10 years | -15.46% | -86.75% | +71.29% |
Current DrawdownCurrent decline from peak | -30.39% | -88.16% | +57.77% |
Average DrawdownAverage peak-to-trough decline | -19.94% | -75.31% | +55.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 10.02% | -7.86% |
Volatility
FXC vs. USO - Volatility Comparison
The current volatility for Invesco CurrencyShares® Canadian Dollar Trust (FXC) is 1.10%, while United States Oil Fund LP (USO) has a volatility of 11.79%. This indicates that FXC experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXC | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 11.79% | -10.69% |
Volatility (6M)Calculated over the trailing 6-month period | 3.26% | 39.34% | -36.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.50% | 44.35% | -39.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.35% | 36.32% | -29.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.62% | 39.02% | -32.40% |
FXC vs. USO - Expense Ratio Comparison
FXC has a 0.40% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
FXC vs. USO - Dividend Comparison
FXC's dividend yield for the trailing twelve months is around 0.27%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | 0.27% | 0.55% | 2.23% | 2.01% | 0.31% | 0.00% | 0.19% | 0.75% | 0.42% | 0.02% | 0.00% | 0.02% |
USO United States Oil 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 USO have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (11.79%) compared to FXC (1.10%). In terms of maximum drawdown, FXC dropped -35.39% vs USO's -98.19%.
On 10-year performance, USO leads with 2.01% vs -0.37% for FXC. On fees, FXC is cheaper at 0.40% per year. On volatility, FXC has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USO has performed better with a 2.01% return vs -0.37%. 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 0.86% for USO.
FXC has the higher dividend yield at 0.27%, compared with 0.00% for USO.
FXC is categorized as Currency, while USO is Oil & Gas. FXC tracks Canadian Dollar, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Invesco and USCF. Their fees differ too: 0.40% for FXC and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.05 vs -0.69), 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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