FXC vs. USOY

Last updated Jun 24, 2026

FXC (Invesco CurrencyShares® Canadian Dollar Trust) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - FXC is a Currency fund tracking the Canadian Dollar, while USOY is a Derivative Income fund actively managed by Defiance. FXC is passively managed, while USOY is actively managed. Over the past year, FXC returned -3.10% vs 26.28% for USOY. At a 0.02 correlation, their price movements are largely independent. FXC charges 0.40%/yr vs 1.22%/yr for USOY.

Performance

FXC vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® Canadian Dollar Trust (FXC) and Defiance Oil Enhanced Options Income ETF (USOY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXC achieves a -3.29% return, which is significantly lower than USOY's 34.69% 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%

USOY

• 1D: -1.29%
• 1M: -17.01%
• YTD: 34.69%
• 6M: 34.18%
• 1Y: 26.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FXC vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FXC Invesco CurrencyShares® Canadian Dollar Trust	-3.29%	5.24%	-3.84%
USOY Defiance Oil Enhanced Options Income ETF	34.69%	-7.93%	6.13%

Correlation

The correlation between FXC and USOY 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 (All Time) Calculated using the full available price history since May 10, 2024	0.02

Return for Risk

FXC vs. USOY — Risk / Return Rank

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

FXC

FXC Risk / Return Rank: 3
FXC Sharpe Ratio Rank: 4
FXC Sortino Ratio Rank: 3
FXC Omega Ratio Rank: 3
FXC Calmar Ratio Rank: 4
FXC Martin Ratio Rank: 1

USOY

USOY Risk / Return Rank: 26
USOY Sharpe Ratio Rank: 25
USOY Sortino Ratio Rank: 23
USOY Omega Ratio Rank: 26
USOY Calmar Ratio Rank: 27
USOY Martin Ratio Rank: 30

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. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Canadian Dollar Trust (FXC) and Defiance Oil Enhanced Options Income ETF (USOY). 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	USOY	Difference
Sharpe ratio: Return per unit of total volatility	-0.69	0.85	-1.54
Sortino ratio: Return per unit of downside risk	-0.99	1.24	-2.23
Omega ratio: Gain probability vs. loss probability	0.89	1.18	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.62	1.25	-1.87
Martin ratio: Return relative to average drawdown	-1.44	4.10	-5.55

FXC vs. USOY - Sharpe Ratio Comparison

The current FXC Sharpe Ratio is -0.69, which is lower than the USOY Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of FXC and USOY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FXC vs. USOY - Drawdown Comparison

The maximum FXC drawdown since its inception was -35.39%, which is greater than USOY's maximum drawdown of -21.19%. Use the drawdown chart below to compare losses from any high point for FXC and USOY.

Drawdown Indicators

	FXC	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-35.39%	-21.19%	-14.20%
Max Drawdown (1Y) Largest decline over 1 year	-4.99%	-21.19%	+16.20%
Max Drawdown (3Y) Largest decline over 3 years	-7.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.93%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.46%	—	—
Current Drawdown Current decline from peak	-30.39%	-21.19%	-9.20%
Average Drawdown Average peak-to-trough decline	-19.94%	-6.63%	-13.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	6.44%	-4.28%

Volatility

FXC vs. USOY - Volatility Comparison

The current volatility for Invesco CurrencyShares® Canadian Dollar Trust (FXC) is 1.10%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 10.34%. This indicates that FXC experiences smaller price fluctuations and is considered to be less risky than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXC	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	10.34%	-9.24%
Volatility (6M) Calculated over the trailing 6-month period	3.26%	28.44%	-25.18%
Volatility (1Y) Calculated over the trailing 1-year period	4.50%	31.56%	-27.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.35%	26.51%	-20.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.62%	26.51%	-19.89%

FXC vs. USOY - Expense Ratio Comparison

FXC has a 0.40% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

FXC vs. USOY - Dividend Comparison

FXC's dividend yield for the trailing twelve months is around 0.27%, less than USOY's 68.29% yield.

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%
USOY Defiance Oil Enhanced Options Income ETF	68.29%	104.32%	48.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXC and USOY in my portfolio?

FXC and USOY 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.

Which is riskier, FXC or USOY?

USOY has higher volatility (10.34%) compared to FXC (1.10%). In terms of maximum drawdown, FXC dropped -35.39% vs USOY's -21.19%.

Which ETF is better, FXC or USOY?

On 1-year performance, USOY leads with 26.28% vs -3.10% 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.

Which ETF has performed better, FXC or USOY?

Over the 1-year period, USOY has performed better with a 26.28% return vs -3.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXC or USOY?

FXC is cheaper with a 0.40% expense ratio, compared with 1.22% for USOY.

Which ETF pays a higher dividend yield, FXC or USOY?

USOY has the higher dividend yield at 68.29%, compared with 0.27% for FXC.

What is the main difference between FXC and USOY?

FXC is categorized as Currency, while USOY is Derivative Income. They also come from different issuers: Invesco and Defiance. Their fees differ too: 0.40% for FXC and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (0.85 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.