XOEX vs. USCA

Last updated Jun 4, 2026

XOEX (Xtrackers S&P 100 Ex Top 20 ETF) and USCA (Xtrackers MSCI USA Climate Action Equity ETF) are both Large Cap Blend Equities funds from Xtrackers - XOEX tracks the S&P 100 Ex-Top 20 Select Index while USCA tracks the MSCI USA Climate Action Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, XOEX returned 18.33%/yr vs 20.69%/yr for USCA. A 0.78 correlation means they provide meaningful diversification when combined. XOEX charges 0.15%/yr vs 0.07%/yr for USCA.

Performance

XOEX vs. USCA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers S&P 100 Ex Top 20 ETF (XOEX) and Xtrackers MSCI USA Climate Action Equity ETF (USCA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XOEX achieves a 9.69% return, which is significantly higher than USCA's 7.05% return.

XOEX

• 1D: -0.53%
• 1M: 6.34%
• YTD: 9.69%
• 6M: 10.33%
• 1Y: 28.12%
• 3Y*: 18.33%
• 5Y*: —
• 10Y*: —

USCA

• 1D: -0.81%
• 1M: 4.36%
• YTD: 7.05%
• 6M: 7.01%
• 1Y: 20.94%
• 3Y*: 20.69%
• 5Y*: —
• 10Y*: —

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

XOEX vs. USCA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XOEX Xtrackers S&P 100 Ex Top 20 ETF	9.69%	18.97%	12.07%	15.57%
USCA Xtrackers MSCI USA Climate Action Equity ETF	7.05%	14.24%	27.24%	19.92%

Correlation

The correlation between XOEX and USCA is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since Apr 5, 2023	0.78

The correlation between XOEX and USCA has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

XOEX vs. USCA - Sectors Allocation Comparison

Sectors	XOEX	USCA
Technology	26.7%	29.4%
Healthcare	16.7%	10.7%
Financial Services	15.5%	13.6%
Industrials	14.6%	7.0%
Consumer Defensive	7.7%	4.7%
Communication Services	5.1%	12.7%
Consumer Cyclical	4.8%	11.9%
Energy	3.4%	3.5%
Utilities	2.6%	2.4%
Basic Materials	1.7%	1.9%
Real Estate	1.1%	2.3%

Return for Risk

XOEX vs. USCA — Risk / Return Rank

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

XOEX

XOEX Risk / Return Rank: 80
XOEX Sharpe Ratio Rank: 80
XOEX Sortino Ratio Rank: 83
XOEX Omega Ratio Rank: 78
XOEX Calmar Ratio Rank: 77
XOEX Martin Ratio Rank: 79

USCA

USCA Risk / Return Rank: 48
USCA Sharpe Ratio Rank: 50
USCA Sortino Ratio Rank: 49
USCA Omega Ratio Rank: 50
USCA Calmar Ratio Rank: 41
USCA Martin Ratio Rank: 49

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.

XOEX vs. USCA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers S&P 100 Ex Top 20 ETF (XOEX) and Xtrackers MSCI USA Climate Action Equity ETF (USCA). 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.

	XOEX	USCA	Difference
Sharpe ratio Return per unit of total volatility	2.58	1.74	+0.84
Sortino ratio Return per unit of downside risk	3.70	2.42	+1.28
Omega ratio Gain probability vs. loss probability	1.46	1.31	+0.15
Calmar ratio Return relative to maximum drawdown	3.86	2.05	+1.81
Martin ratio Return relative to average drawdown	15.43	8.13	+7.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XOEX vs. USCA - Sharpe Ratio Comparison

The current XOEX Sharpe Ratio is 2.58, which is higher than the USCA Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of XOEX and USCA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XOEX	USCA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	1.74	+0.84
Sharpe Ratio (All Time) Calculated using the full available price history	1.27	1.49	-0.21

Drawdowns

XOEX vs. USCA - Drawdown Comparison

The maximum XOEX drawdown since its inception was -14.68%, smaller than the maximum USCA drawdown of -19.14%. Use the drawdown chart below to compare losses from any high point for XOEX and USCA.

Drawdown Indicators

	XOEX	USCA	Difference
Max Drawdown Largest peak-to-trough decline	-14.68%	-19.14%	+4.46%
Max Drawdown (1Y) Largest decline over 1 year	-7.31%	-10.25%	+2.94%
Max Drawdown (3Y) Largest decline over 3 years	-14.68%	-19.14%	+4.46%
Current Drawdown Current decline from peak	-0.53%	-0.81%	+0.28%
Average Drawdown Average peak-to-trough decline	-2.65%	-2.16%	-0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	2.58%	-0.75%

Volatility

XOEX vs. USCA - Volatility Comparison

Xtrackers S&P 100 Ex Top 20 ETF (XOEX) has a higher volatility of 3.18% compared to Xtrackers MSCI USA Climate Action Equity ETF (USCA) at 2.85%. This indicates that XOEX's price experiences larger fluctuations and is considered to be riskier than USCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XOEX	USCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	2.85%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	8.30%	9.08%	-0.78%
Volatility (1Y) Calculated over the trailing 1-year period	10.96%	12.08%	-1.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.42%	14.76%	-1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.42%	14.76%	-1.34%

XOEX vs. USCA - Expense Ratio Comparison

XOEX has a 0.15% expense ratio, which is higher than USCA's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XOEX vs. USCA - Dividend Comparison

XOEX's dividend yield for the trailing twelve months is around 1.60%, more than USCA's 1.08% yield.

Position	TTM	2025	2024	2023	2022
USCA Xtrackers MSCI USA Climate Action Equity ETF	1.08%	1.14%	1.22%	1.15%	0.00%
XOEX Xtrackers S&P 100 Ex Top 20 ETF	1.60%	1.95%	2.09%	1.72%	0.42%

Frequently Asked Questions

Can I hold both XOEX and USCA in my portfolio?

XOEX and USCA have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XOEX or USCA?

XOEX has higher volatility (3.18%) compared to USCA (2.85%). In terms of maximum drawdown, XOEX dropped -14.68% vs USCA's -19.14%.

Which ETF is better, XOEX or USCA?

On 3-year performance, USCA leads with 20.69% vs 18.33% for XOEX. On fees, USCA is cheaper at 0.07% per year. On volatility, USCA has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XOEX or USCA?

Over the 3-year period, USCA has performed better with a 20.69% return vs 18.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XOEX or USCA?

USCA is cheaper with a 0.07% expense ratio, compared with 0.15% for XOEX.

Which ETF pays a higher dividend yield, XOEX or USCA?

XOEX has the higher dividend yield at 1.60%, compared with 1.08% for USCA.

What is the main difference between XOEX and USCA?

XOEX tracks S&P 100 Ex-Top 20 Select Index, while USCA tracks MSCI USA Climate Action Index - Benchmark TR Gross. Their fees differ too: 0.15% for XOEX and 0.07% for USCA.

Which has better risk-adjusted returns?

XOEX currently has the higher Sharpe Ratio (2.58 vs 1.74), 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.