An object that sinks displaces an amount of fluid equal to the object's volume. Thus buoyancy is expressed by Archimedes' Principle which states that when this happens, the weight of the object is reduced by its volume times the density of the fluid. If the weight of the object is less than this quantity, it will float, if more it will sink. The amount of fluid displaced is directly related (via Archimedes' Principle) to its weight.
In the case of an object which sinks the amount of fluid displaced will be equal in volume to the immersed object, whereas in the case of an object which floats the amount of fluid displaced will be equal in weight to the displacing object.