CHF=X vs. FEZ

Last updated Jun 5, 2026

CHF=X (USD/CHF) is a currency, while FEZ (SPDR EURO STOXX 50 ETF) is Europe Equities fund tracking the EURO STOXX 50 Index. Over the past 10 years, CHF=X returned -2.05%/yr vs 8.13%/yr for FEZ. At a 0.12 correlation, their price movements are largely independent.

Performance

CHF=X vs. FEZ - Performance Comparison

The chart below illustrates the hypothetical performance of a CHF 10,000 investment in USD/CHF (CHF=X) and SPDR EURO STOXX 50 ETF (FEZ). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CHF=X is traded in CHF, while FEZ is traded in USD. To make them comparable, the FEZ values have been converted to CHF using the latest available exchange rates.

Returns By Period

In the year-to-date period, CHF=X achieves a -0.51% return, which is significantly lower than FEZ's 5.87% return. Over the past 10 years, CHF=X has underperformed FEZ with an annualized return of -2.05%, while FEZ has yielded a comparatively higher 8.13% annualized return.

CHF=X

• 1D: -0.37%
• 1M: 0.78%
• YTD: -0.51%
• 6M: -1.75%
• 1Y: -3.55%
• 3Y*: -4.50%
• 5Y*: -2.58%
• 10Y*: -2.05%

FEZ

• 1D: 0.80%
• 1M: 4.88%
• YTD: 5.87%
• 6M: 6.32%
• 1Y: 13.35%
• 3Y*: 13.24%
• 5Y*: 7.33%
• 10Y*: 8.13%

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

CHF=X vs. FEZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CHF=X USD/CHF	-0.51%	-12.62%	7.88%	-8.95%	1.37%	2.95%	-8.43%	-1.70%	0.97%	-4.25%
FEZ SPDR EURO STOXX 50 ETF	5.87%	20.41%	11.74%	15.78%	-13.10%	18.23%	-4.00%	23.90%	-15.04%	19.50%

Correlation

The correlation between CHF=X and FEZ is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Aug 29, 2007	0.12

The correlation between CHF=X and FEZ shifts across timeframes, from -0.06 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CHF=X vs. FEZ — Risk / Return Rank

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

CHF=X

CHF=X Risk / Return Rank: 27
CHF=X Sharpe Ratio Rank: 28
CHF=X Sortino Ratio Rank: 27
CHF=X Omega Ratio Rank: 28
CHF=X Calmar Ratio Rank: 27
CHF=X Martin Ratio Rank: 26

FEZ

FEZ Risk / Return Rank: 28
FEZ Sharpe Ratio Rank: 28
FEZ Sortino Ratio Rank: 28
FEZ Omega Ratio Rank: 27
FEZ Calmar Ratio Rank: 27
FEZ Martin Ratio Rank: 31

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.

CHF=X vs. FEZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USD/CHF (CHF=X) and SPDR EURO STOXX 50 ETF (FEZ). 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.

	CHF=X	FEZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	0.81	-1.22
Sortino ratio: Return per unit of downside risk	-0.50	1.23	-1.73
Omega ratio: Gain probability vs. loss probability	0.94	1.15	-0.22
Calmar ratio: Return relative to maximum drawdown	-0.38	1.14	-1.52
Martin ratio: Return relative to average drawdown	-0.76	4.07	-4.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CHF=X vs. FEZ - Sharpe Ratio Comparison

The current CHF=X Sharpe Ratio is -0.41, which is lower than the FEZ Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of CHF=X and FEZ, 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

	CHF=X	FEZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.41	0.81	-1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.29	0.37	-0.67
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.26	0.39	-0.65
Sharpe Ratio (All Time) Calculated using the full available price history	-0.20	0.08	-0.28

Drawdowns

CHF=X vs. FEZ - Drawdown Comparison

The maximum CHF=X drawdown since its inception was -41.14%, smaller than the maximum FEZ drawdown of -66.23%. Use the drawdown chart below to compare losses from any high point for CHF=X and FEZ.

Drawdown Indicators

	CHF=X	FEZ	Difference
Max Drawdown Largest peak-to-trough decline	-41.14%	-66.23%	+25.09%
Max Drawdown (1Y) Largest decline over 1 year	-7.52%	-11.78%	+4.26%
Max Drawdown (3Y) Largest decline over 3 years	-17.43%	-19.42%	+1.99%
Max Drawdown (5Y) Largest decline over 5 years	-24.87%	-30.02%	+5.15%
Max Drawdown (10Y) Largest decline over 10 years	-26.13%	-39.20%	+13.07%
Current Drawdown Current decline from peak	-35.56%	0.00%	-35.56%
Average Drawdown Average peak-to-trough decline	-22.15%	-28.98%	+6.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	3.28%	-0.61%

Volatility

CHF=X vs. FEZ - Volatility Comparison

The current volatility for USD/CHF (CHF=X) is 1.57%, while SPDR EURO STOXX 50 ETF (FEZ) has a volatility of 5.68%. This indicates that CHF=X experiences smaller price fluctuations and is considered to be less risky than FEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHF=X	FEZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.57%	5.68%	-4.11%
Volatility (6M) Calculated over the trailing 6-month period	5.73%	13.48%	-7.75%
Volatility (1Y) Calculated over the trailing 1-year period	6.98%	16.58%	-9.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.86%	19.66%	-11.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.34%	20.94%	-13.60%

Frequently Asked Questions

Can I hold both CHF=X and FEZ in my portfolio?

CHF=X and FEZ have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CHF=X or FEZ?

FEZ has higher volatility (5.68%) compared to CHF=X (1.57%). In terms of maximum drawdown, CHF=X dropped -41.14% vs FEZ's -66.23%.

Which has better risk-adjusted returns?

FEZ currently has the higher Sharpe Ratio (0.81 vs -0.41), 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.