FXY vs. USO
FXY (Invesco CurrencyShares® Japanese Yen Trust) and USO (United States Oil Fund LP) are both exchange-traded funds - FXY is a Currency fund tracking the Japanese Yen, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, FXY returned -4.49%/yr vs 4.07%/yr for USO. At a correlation of -0.10, they often move in opposite directions. FXY charges 0.40%/yr vs 0.86%/yr for USO.
Performance
FXY vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, FXY achieves a -2.28% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, FXY has underperformed USO with an annualized return of -4.49%, while USO has yielded a comparatively higher 4.07% annualized return.
FXY
- 1D
- -0.17%
- 1M
- -1.89%
- YTD
- -2.28%
- 6M
- -3.30%
- 1Y
- -10.40%
- 3Y*
- -4.81%
- 5Y*
- -7.79%
- 10Y*
- -4.49%
USO
- 1D
- 2.62%
- 1M
- -4.57%
- YTD
- 103.67%
- 6M
- 99.35%
- 1Y
- 101.55%
- 3Y*
- 29.98%
- 5Y*
- 24.41%
- 10Y*
- 4.07%
FXY vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -2.28% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between FXY and USO is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2007 | -0.10 |
The correlation between FXY and USO shifts across timeframes, from -0.29 (1 year) to -0.07 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FXY vs. USO — Risk / Return Rank
FXY
USO
FXY vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) 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.
| FXY | USO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.25 | 2.31 | -3.56 |
Sortino ratioReturn per unit of downside risk | -1.85 | 2.89 | -4.74 |
Omega ratioGain probability vs. loss probability | 0.80 | 1.38 | -0.58 |
Calmar ratioReturn relative to maximum drawdown | -0.94 | 5.01 | -5.94 |
Martin ratioReturn relative to average drawdown | -1.39 | 9.42 | -10.81 |
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
| FXY | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | 2.31 | -3.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.76 | 0.68 | -1.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | 0.10 | -0.59 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | -0.18 | -0.01 |
Drawdowns
FXY vs. USO - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.03%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for FXY and USO.
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Drawdown Indicators
| FXY | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.03% | -98.19% | +42.16% |
Max Drawdown (1Y)Largest decline over 1 year | -11.16% | -20.39% | +9.23% |
Max Drawdown (3Y)Largest decline over 3 years | -15.12% | -26.05% | +10.93% |
Max Drawdown (5Y)Largest decline over 5 years | -33.72% | -36.23% | +2.51% |
Max Drawdown (10Y)Largest decline over 10 years | -40.84% | -86.75% | +45.91% |
Current DrawdownCurrent decline from peak | -55.93% | -85.01% | +29.08% |
Average DrawdownAverage peak-to-trough decline | -27.74% | -75.30% | +47.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.50% | 10.82% | -3.32% |
Volatility
FXY vs. USO - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 1.19%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that FXY 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
| FXY | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 14.87% | -13.68% |
Volatility (6M)Calculated over the trailing 6-month period | 5.75% | 38.23% | -32.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.38% | 44.20% | -35.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 36.06% | -25.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.33% | 39.00% | -29.67% |
FXY vs. USO - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
FXY vs. USO - Dividend Comparison
Neither FXY nor USO has paid dividends to shareholders.
Frequently Asked Questions
FXY and USO have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.87%) compared to FXY (1.19%). In terms of maximum drawdown, FXY dropped -56.03% vs USO's -98.19%.
On 10-year performance, USO leads with 4.07% vs -4.49% for FXY. On fees, FXY is cheaper at 0.40% per year. On volatility, FXY has been the lower-risk option at 1.19%. 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 4.07% return vs -4.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXY is cheaper with a 0.40% expense ratio, compared with 0.86% for USO.
FXY and USO have nearly identical dividend yields, around 0.00%.
FXY is categorized as Currency, while USO is Oil & Gas. FXY tracks Japanese Yen, 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 FXY and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.31 vs -1.25), 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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