FXE vs. USO
FXE (Invesco CurrencyShares® Euro Currency Trust) and USO (United States Oil Fund LP) are both exchange-traded funds - FXE is a Currency fund tracking the Euro, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, FXE returned 0.17%/yr vs 3.57%/yr for USO. At a 0.17 correlation, their price movements are largely independent. FXE charges 0.40%/yr vs 0.86%/yr for USO.
Performance
FXE vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, FXE achieves a -0.84% return, which is significantly lower than USO's 97.72% return. Over the past 10 years, FXE has underperformed USO with an annualized return of 0.17%, while USO has yielded a comparatively higher 3.57% annualized return.
FXE
- 1D
- 0.19%
- 1M
- -0.62%
- YTD
- -0.84%
- 6M
- 0.08%
- 1Y
- 2.50%
- 3Y*
- 4.31%
- 5Y*
- -0.19%
- 10Y*
- 0.17%
USO
- 1D
- -2.92%
- 1M
- -5.15%
- YTD
- 97.72%
- 6M
- 91.54%
- 1Y
- 97.20%
- 3Y*
- 28.78%
- 5Y*
- 23.67%
- 10Y*
- 3.57%
FXE vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | -0.84% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
USO United States Oil Fund LP | 97.72% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between FXE and USO is -0.32, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2006 | 0.17 |
The correlation between FXE and USO shifts across timeframes, from -0.32 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FXE vs. USO — Risk / Return Rank
FXE
USO
FXE vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) 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.
| FXE | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.80 | ||
| Sortino ratioReturn per unit of downside risk | -2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.37 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.50 | 4.79 | -4.29 |
| Martin ratioReturn relative to average drawdown | 1.19 | 9.00 | -7.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXE | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.40 | 2.21 | -1.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.03 | 0.66 | -0.68 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.02 | 0.09 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.02 | -0.18 | +0.20 |
Drawdowns
FXE vs. USO - Drawdown Comparison
The maximum FXE drawdown since its inception was -43.33%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for FXE and USO.
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Drawdown Indicators
| FXE | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.33% | -98.19% | +54.86% |
Max Drawdown (1Y)Largest decline over 1 year | -5.02% | -20.39% | +15.37% |
Max Drawdown (3Y)Largest decline over 3 years | -8.12% | -26.05% | +17.93% |
Max Drawdown (5Y)Largest decline over 5 years | -22.32% | -36.23% | +13.91% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -86.75% | +60.29% |
Current DrawdownCurrent decline from peak | -27.88% | -85.45% | +57.57% |
Average DrawdownAverage peak-to-trough decline | -22.31% | -75.30% | +52.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 10.84% | -8.74% |
Volatility
FXE vs. USO - Volatility Comparison
The current volatility for Invesco CurrencyShares® Euro Currency Trust (FXE) is 1.24%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that FXE 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
| FXE | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.24% | 14.97% | -13.73% |
Volatility (6M)Calculated over the trailing 6-month period | 4.24% | 38.35% | -34.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.21% | 44.32% | -38.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 36.09% | -28.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.32% | 39.00% | -31.68% |
FXE vs. USO - Expense Ratio Comparison
FXE has a 0.40% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
FXE vs. USO - Dividend Comparison
FXE's dividend yield for the trailing twelve months is around 0.73%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | 0.73% | 0.94% | 2.28% | 1.49% | 0.01% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXE and USO have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.97%) compared to FXE (1.24%). In terms of maximum drawdown, FXE dropped -43.33% vs USO's -98.19%.
On 10-year performance, USO leads with 3.57% vs 0.17% for FXE. On fees, FXE is cheaper at 0.40% per year. On volatility, FXE has been the lower-risk option at 1.24%. 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 3.57% return vs 0.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXE is cheaper with a 0.40% expense ratio, compared with 0.86% for USO.
FXE has the higher dividend yield at 0.73%, compared with 0.00% for USO.
FXE is categorized as Currency, while USO is Oil & Gas. FXE tracks Euro, 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 FXE and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.21 vs 0.40), 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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