USO vs. FXC
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 4.47%/yr vs -0.13%/yr for FXC. Their 0.39 correlation means their historical movements had little consistent relationship. USO charges 0.86%/yr vs 0.40%/yr for FXC.
Performance
USO vs. FXC - Performance Comparison
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Returns By Period
In the year-to-date period, USO achieves a 76.58% return, which is significantly higher than FXC's -2.22% return. Over the past 10 years, USO has outperformed FXC with an annualized return of 4.47%, while FXC has yielded a comparatively lower -0.13% annualized return.
USO
- 1D
- -5.46%
- 1M
- 17.45%
- 6M
- 62.11%
- YTD
- 76.58%
- 1Y
- 57.66%
- 3Y*
- 18.29%
- 5Y*
- 20.94%
- 10Y*
- 4.47%
- ALL TIME*
- -7.11%
FXC
- 1D
- -0.27%
- 1M
- 0.78%
- 6M
- -2.63%
- YTD
- -2.22%
- 1Y
- -1.70%
- 3Y*
- -0.47%
- 5Y*
- -1.31%
- 10Y*
- -0.13%
- ALL TIME*
- -0.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.83M | $2.70M | $1.69M | |
| $981.29M | $906.75M | $905.81M |
USO vs. FXC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 76.58% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
FXC Invesco CurrencyShares® Canadian Dollar Trust | -2.22% | 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 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.03 |
Correlation (3Y) Balances recent behavior with more history. | 0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.25 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.31 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 0.39 |
Over the past year, the correlation between USO and FXC has dropped to 0.03 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.
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Return for Risk
USO vs. FXC — Risk / Return Rank
USO
FXC
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.
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.
| USO | FXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.63 | ||
| Sortino ratioReturn per unit of downside risk | +2.43 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.94 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | -0.33 | +2.12 |
| Martin ratioReturn relative to average drawdown | 5.23 | -0.77 | +6.00 |
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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
| USO | FXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -35.39% | -62.80% |
Max Drawdown (1Y)Largest decline over 1 year | -32.49% | -5.14% | -27.35% |
Max Drawdown (3Y)Largest decline over 3 years | -32.49% | -7.34% | -25.15% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -11.65% | -24.58% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | -15.46% | -71.29% |
Current DrawdownCurrent decline from peak | -87.01% | -29.63% | -57.38% |
Average DrawdownAverage peak-to-trough decline | -75.38% | -19.99% | -55.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.24% | 2.22% | +9.02% |
Volatility
USO vs. FXC - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 18.95% compared to Invesco CurrencyShares® Canadian Dollar Trust (FXC) at 1.13%. 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
| USO | FXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.95% | 1.13% | +17.82% |
Volatility (6M)Calculated over the trailing 6-month period | 43.21% | 2.84% | +40.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.21% | 4.30% | +42.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.13% | 6.26% | +30.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.32% | 6.59% | +32.73% |
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 0.20%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | 0.20% | 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 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (18.95%) compared to FXC (1.13%). In terms of maximum drawdown, USO dropped -98.19% vs FXC's -35.39%.
On 10-year performance, USO leads with 4.47% vs -0.13% for FXC. On fees, FXC is cheaper at 0.40% per year. On volatility, FXC has been the lower-risk option at 1.13%. 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 4.47% return vs -0.13%. 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 0.20%, 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 (1.23 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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