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 Swiss Franc. Both are passively managed. Over the past 10 years, BWZ returned -0.60%/yr vs 0.98%/yr for FXF. A 0.67 correlation means they provide meaningful diversification when combined. 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 -1.98% return, which is significantly higher than FXF's -2.44% return. Over the past 10 years, BWZ has underperformed FXF with an annualized return of -0.60%, while FXF has yielded a comparatively higher 0.98% annualized return.
BWZ
- 1D
- -0.34%
- 1M
- -1.45%
- YTD
- -1.98%
- 6M
- -1.95%
- 1Y
- -1.90%
- 3Y*
- 2.03%
- 5Y*
- -1.91%
- 10Y*
- -0.60%
FXF
- 1D
- -0.13%
- 1M
- -3.13%
- YTD
- -2.44%
- 6M
- -2.94%
- 1Y
- -0.35%
- 3Y*
- 3.15%
- 5Y*
- 2.00%
- 10Y*
- 0.98%
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 | -1.98% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 6.47% | 0.99% | -3.36% | 10.18% |
FXF Invesco CurrencyShares® Swiss Franc Trust | -2.44% | 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 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 0.71 - 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 | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.00 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | -0.06 | -0.31 |
| Martin ratioReturn relative to average drawdown | -0.78 | -0.14 | -0.64 |
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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% | -6.12% | +0.97% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -8.52% | -0.08% |
Max Drawdown (5Y)Largest decline over 5 years | -22.15% | -11.99% | -10.16% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -15.04% | -9.86% |
Current DrawdownCurrent decline from peak | -23.46% | -20.36% | -3.10% |
Average DrawdownAverage peak-to-trough decline | -16.12% | -20.83% | +4.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 2.41% | +0.01% |
Volatility
BWZ vs. FXF - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 1.78%, while Invesco CurrencyShares® Swiss Franc Trust (FXF) has a volatility of 1.97%. This indicates that BWZ experiences smaller price fluctuations and is considered to be less risky 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
| BWZ | FXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 1.97% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 5.11% | 5.65% | -0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.86% | 7.48% | -0.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 8.32% | -0.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.95% | 7.57% | -0.62% |
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 2.12%, 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 | 2.12% | 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 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXF has higher volatility (1.97%) compared to BWZ (1.78%). In terms of maximum drawdown, BWZ dropped -34.23% vs FXF's -35.58%.
On 10-year performance, FXF leads with 0.98% vs -0.60% for BWZ. On fees, BWZ is cheaper at 0.35% per year. On volatility, BWZ has been the lower-risk option at 1.78%. 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 0.98% return vs -0.60%. 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 2.12%, 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 Swiss Franc. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.35% for BWZ and 0.40% for FXF.
FXF currently has the higher Sharpe Ratio (-0.05 vs -0.28), 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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