BWZ vs. FXF
BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and FXF (Invesco CurrencyShares® Swiss Franc Trust) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while FXF is a Currency fund tracking the WM/Reuters Swiss Franc Closing Spot Rate. Both are passively managed. Over the past 10 years, BWZ returned -0.55%/yr vs 0.93%/yr for FXF. Their 0.67 correlation means they have sometimes moved together and sometimes differently. BWZ charges 0.35%/yr vs 0.40%/yr for FXF.
Performance
BWZ vs. FXF - Performance Comparison
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Returns By Period
In the year-to-date period, BWZ achieves a 0.01% return, which is significantly higher than FXF's -2.29% return. Over the past 10 years, BWZ has underperformed FXF with an annualized return of -0.55%, while FXF has yielded a comparatively higher 0.93% annualized return.
BWZ
- 1D
- -0.11%
- 1M
- 1.61%
- 6M
- -1.75%
- YTD
- 0.01%
- 1Y
- 0.57%
- 3Y*
- 2.54%
- 5Y*
- -1.46%
- 10Y*
- -0.55%
- ALL TIME*
- -0.16%
FXF
- 1D
- -0.42%
- 1M
- -0.60%
- 6M
- -4.69%
- YTD
- -2.29%
- 1Y
- -0.92%
- 3Y*
- 2.38%
- 5Y*
- 1.77%
- 10Y*
- 0.93%
- ALL TIME*
- 1.67%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.01M | $3.45M | $2.62M | |
| $2.96M | $3.14M | $5.24M |
BWZ vs. FXF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | 0.01% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 6.47% | 0.99% | -3.36% | 10.18% |
FXF Invesco CurrencyShares® Swiss Franc Trust | -2.29% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
Correlation
The correlation between BWZ and FXF is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.69 |
Correlation (3Y) Balances recent behavior with more history. | 0.68 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.69 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.70 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.67 |
The correlation between BWZ and FXF has been stable across timeframes, ranging from 0.67 to 0.70 - a consistent structural relationship.
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Return for Risk
BWZ vs. FXF — Risk / Return Rank
BWZ
FXF
BWZ vs. FXF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) 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.
| BWZ | FXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.01 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | -0.00 | +0.38 |
| Martin ratioReturn relative to average drawdown | 0.70 | -0.01 | +0.70 |
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Drawdowns
BWZ vs. FXF - Drawdown Comparison
The maximum BWZ drawdown since its inception was -34.23%, roughly equal to the maximum FXF drawdown of -35.58%. Use the drawdown chart below to compare losses from any high point for BWZ and FXF.
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Drawdown Indicators
| BWZ | FXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.23% | -35.58% | +1.35% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -7.27% | +2.12% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -8.52% | -0.08% |
Max Drawdown (5Y)Largest decline over 5 years | -21.92% | -11.76% | -10.16% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -15.04% | -9.86% |
Current DrawdownCurrent decline from peak | -21.91% | -20.24% | -1.67% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -20.83% | +4.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.78% | 3.09% | -0.31% |
Volatility
BWZ vs. FXF - Volatility Comparison
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) and Invesco CurrencyShares® Swiss Franc Trust (FXF) have volatilities of 2.31% and 2.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWZ | FXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 2.25% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 5.17% | 5.10% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.84% | 7.38% | -0.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.64% | 8.33% | -0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 7.57% | -0.63% |
BWZ vs. FXF - Expense Ratio Comparison
BWZ has a 0.35% expense ratio, which is lower than FXF's 0.40% expense ratio.
Dividends
BWZ vs. FXF - Dividend Comparison
BWZ's dividend yield for the trailing twelve months is around 2.08%, while FXF has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | 1.91% | 2.05% | 2.47% | 1.63% | 0.44% | 0.60% | 0.13% | 0.43% | 1.10% | 0.40% | 0.13% | 0.06% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
BWZ and FXF have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWZ has higher volatility (2.31%) compared to FXF (2.25%). In terms of maximum drawdown, BWZ dropped -34.23% vs FXF's -35.58%.
On 10-year performance, FXF leads with 0.93% vs -0.55% for BWZ. On fees, BWZ is cheaper at 0.35% per year. Their volatility is very similar. 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 0.93% return vs -0.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWZ is cheaper with a 0.35% expense ratio, compared with 0.40% for FXF.
BWZ has the higher dividend yield at 1.91%, compared with 0.00% for FXF.
BWZ is categorized as International Government Bonds, while FXF is Currency. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while FXF tracks WM/Reuters Swiss Franc Closing Spot Rate. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.35% for BWZ and 0.40% for FXF.
BWZ currently has the higher Sharpe Ratio (0.28 vs -0.00), 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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