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USO vs. FXC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USO vs. FXC

Last updated Jun 6, 2026

USO (United States Oil Fund LP) and FXC (Invesco CurrencyShares® Canadian Dollar Trust) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while FXC is a Currency fund tracking the Canadian Dollar. Both are passively managed. Over the past 10 years, USO returned 3.13%/yr vs -0.37%/yr for FXC. At a 0.39 correlation, their price movements are largely independent. USO charges 0.86%/yr vs 0.40%/yr for FXC.

Performance

USO vs. FXC - Performance Comparison

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

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Returns By Period

In the year-to-date period, USO achieves a 92.34% return, which is significantly higher than FXC's -1.52% return. Over the past 10 years, USO has outperformed FXC with an annualized return of 3.13%, while FXC has yielded a comparatively lower -0.37% annualized return.

USO

1D
-2.72%
1M
-0.69%
YTD
92.34%
6M
84.96%
1Y
90.22%
3Y*
27.76%
5Y*
22.99%
10Y*
3.13%

FXC

1D
-0.28%
1M
-2.26%
YTD
-1.52%
6M
-0.81%
1Y
-1.81%
3Y*
-0.05%
5Y*
-1.94%
10Y*
-0.37%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USO vs. FXC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USO
United States Oil Fund LP		92.34%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%
FXC
Invesco CurrencyShares® Canadian Dollar Trust		-1.52%5.24%-5.96%4.35%-6.44%0.22%1.92%5.94%-7.54%6.72%

Correlation

The correlation between USO and FXC 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

0.09

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 27, 2006

0.39

The correlation between USO and FXC shifts across timeframes, from -0.08 (1 year) to 0.39 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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United States Oil Fund LP

Invesco CurrencyShares® Canadian Dollar Trust

Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI
Often compared with FXC:
FXC vs. FXEFXC vs. QQQFXC vs. FXBFXC vs. TLTFXC vs. XLKFXC vs. GLDFXC vs. SPY

Return for Risk

USO vs. FXC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
USO
USO Risk / Return Rank: 6363
Overall Rank
USO Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
USO Sortino Ratio Rank: 5858
Sortino Ratio Rank
USO Omega Ratio Rank: 5858
Omega Ratio Rank
USO Calmar Ratio Rank: 8484
Calmar Ratio Rank
USO Martin Ratio Rank: 5151
Martin Ratio Rank
FXC
FXC Risk / Return Rank: 55
Overall Rank
FXC Sharpe Ratio Rank: 66
Sharpe Ratio Rank
FXC Sortino Ratio Rank: 55
Sortino Ratio Rank
FXC Omega Ratio Rank: 55
Omega Ratio Rank
FXC Calmar Ratio Rank: 55
Calmar Ratio Rank
FXC Martin Ratio Rank: 55
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.

USO vs. FXC - Risk-Adjusted Trends Comparison

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

USOFXCDifference
Sharpe ratioReturn per unit of total volatility
2.04
-0.41

+2.45

Sortino ratioReturn per unit of downside risk
2.66
-0.57

+3.23

Omega ratioGain probability vs. loss probability

1.35

0.94

+0.41

Calmar ratioReturn relative to maximum drawdown

4.45

-0.48

+4.93

Martin ratioReturn relative to average drawdown

8.33

-0.91

+9.23

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

USO vs. FXC - Sharpe Ratio Comparison

The current USO Sharpe Ratio is 2.04, which is higher than the FXC Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of USO and FXC, 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

USOFXCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.04

-0.41

+2.45

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.64

-0.31

+0.95

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.08

-0.06

+0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.18

-0.05

-0.13

Drawdowns

USO vs. FXC - Drawdown Comparison

The maximum USO drawdown since its inception was -98.19%, which is greater than FXC's maximum drawdown of -35.39%. Use the drawdown chart below to compare losses from any high point for USO and FXC.

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Drawdown Indicators

USOFXCDifference

Max Drawdown

Largest peak-to-trough decline

-98.19%

-35.39%

-62.80%

Max Drawdown (1Y)

Largest decline over 1 year

-20.39%

-3.78%

-16.61%

Max Drawdown (3Y)

Largest decline over 3 years

-26.05%

-7.34%

-18.71%

Max Drawdown (5Y)

Largest decline over 5 years

-36.23%

-13.50%

-22.73%

Max Drawdown (10Y)

Largest decline over 10 years

-86.75%

-15.46%

-71.29%

Current Drawdown

Current decline from peak

-85.85%

-29.12%

-56.73%

Average Drawdown

Average peak-to-trough decline

-75.30%

-19.92%

-55.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.87%

2.00%

+8.87%

Volatility

USO vs. FXC - Volatility Comparison

United States Oil Fund LP (USO) has a higher volatility of 13.30% compared to Invesco CurrencyShares® Canadian Dollar Trust (FXC) at 0.79%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than FXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USOFXCDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.30%

0.79%

+12.51%

Volatility (6M)

Calculated over the trailing 6-month period

38.49%

3.28%

+35.21%

Volatility (1Y)

Calculated over the trailing 1-year period

44.41%

4.49%

+39.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.09%

6.37%

+29.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

39.01%

6.65%

+32.36%

USO vs. FXC - Expense Ratio Comparison

USO has a 0.86% expense ratio, which is higher than FXC's 0.40% expense ratio.

Dividends

USO vs. FXC - Dividend Comparison

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

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%
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

USO and FXC 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.

USO has higher volatility (13.30%) compared to FXC (0.79%). In terms of maximum drawdown, USO dropped -98.19% vs FXC's -35.39%.

On 10-year performance, USO leads with 3.13% 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 0.79%. 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 3.13% 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 0.26%, compared with 0.00% for USO.

USO is categorized as Oil & Gas, while FXC is Currency. USO tracks Front Month Light Sweet Crude Oil, while FXC tracks Canadian Dollar. They also come from different issuers: USCF and Invesco. Their fees differ too: 0.86% for USO and 0.40% for FXC.

USO currently has the higher Sharpe Ratio (2.04 vs -0.41), 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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