BWX vs. FXF
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and FXF (Invesco CurrencyShares® Swiss Franc Trust) are both exchange-traded funds - BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while FXF is a Currency fund tracking the Swiss Franc. Both are passively managed. Over the past 10 years, BWX returned -1.31%/yr vs 1.05%/yr for FXF. A 0.67 correlation means they provide meaningful diversification when combined. BWX charges 0.35%/yr vs 0.40%/yr for FXF.
Performance
BWX vs. FXF - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -1.42% return, which is significantly lower than FXF's -0.56% return. Over the past 10 years, BWX has underperformed FXF with an annualized return of -1.31%, while FXF has yielded a comparatively higher 1.05% annualized return.
BWX
- 1D
- 0.27%
- 1M
- 1.08%
- YTD
- -1.42%
- 6M
- -1.46%
- 1Y
- -2.80%
- 3Y*
- 1.02%
- 5Y*
- -4.15%
- 10Y*
- -1.31%
FXF
- 1D
- 0.23%
- 1M
- -1.07%
- YTD
- -0.56%
- 6M
- -0.05%
- 1Y
- 1.46%
- 3Y*
- 3.71%
- 5Y*
- 2.14%
- 10Y*
- 1.05%
BWX vs. FXF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.42% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
FXF Invesco CurrencyShares® Swiss Franc Trust | -0.56% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
Correlation
The correlation between BWX and FXF is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.67 |
The correlation between BWX and FXF has been stable across timeframes, ranging from 0.67 to 0.75 - a consistent structural relationship.
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Return for Risk
BWX vs. FXF — Risk / Return Rank
BWX
FXF
BWX vs. FXF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) and Invesco CurrencyShares® Swiss Franc Trust (FXF). 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.
| BWX | FXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.04 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | 0.30 | -0.75 |
| Martin ratioReturn relative to average drawdown | -0.90 | 0.64 | -1.54 |
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Drawdowns
BWX vs. FXF - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, roughly equal to the maximum FXF drawdown of -35.58%. Use the drawdown chart below to compare losses from any high point for BWX and FXF.
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Drawdown Indicators
| BWX | FXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -35.58% | +1.53% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -4.97% | -1.19% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -8.52% | -1.70% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -11.99% | -18.79% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -15.04% | -19.01% |
Current DrawdownCurrent decline from peak | -23.60% | -18.83% | -4.77% |
Average DrawdownAverage peak-to-trough decline | -10.07% | -20.83% | +10.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.13% | 2.29% | +0.84% |
Volatility
BWX vs. FXF - Volatility Comparison
SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a higher volatility of 2.49% compared to Invesco CurrencyShares® Swiss Franc Trust (FXF) at 1.84%. This indicates that BWX's price experiences larger fluctuations and is considered to be riskier than FXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | FXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.49% | 1.84% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 5.92% | 5.53% | +0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.66% | 7.42% | +0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.70% | 8.33% | +1.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.67% | 7.57% | +1.10% |
BWX vs. FXF - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is lower than FXF's 0.40% expense ratio.
Dividends
BWX vs. FXF - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.36%, while FXF has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.36% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% |
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.00% | 0.00% | 0.03% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BWX and FXF have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.49%) compared to FXF (1.84%). In terms of maximum drawdown, BWX dropped -34.05% vs FXF's -35.58%.
On 10-year performance, FXF leads with 1.05% vs -1.31% for BWX. On fees, BWX is cheaper at 0.35% per year. On volatility, FXF has been the lower-risk option at 1.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXF has performed better with a 1.05% return vs -1.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWX is cheaper with a 0.35% expense ratio, compared with 0.40% for FXF.
BWX has the higher dividend yield at 2.36%, compared with 0.00% for FXF.
BWX is categorized as International Government Bonds, while FXF is Currency. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while FXF tracks Swiss Franc. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.35% for BWX and 0.40% for FXF.
FXF currently has the higher Sharpe Ratio (0.20 vs -0.37), 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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