CHF=X vs. FXF
CHF=X (USD/CHF) is a currency, while FXF (Invesco CurrencyShares® Swiss Franc Trust) is Currency fund tracking the Swiss Franc. Over the past 10 years, CHF=X returned -2.05%/yr vs -0.85%/yr for FXF. At a 0.07 correlation, their price movements are largely independent.
Performance
CHF=X vs. FXF - Performance Comparison
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Different Trading Currencies
CHF=X is traded in CHF, while FXF is traded in USD. To make them comparable, the FXF 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 FXF's -0.41% return. Over the past 10 years, CHF=X has underperformed FXF with an annualized return of -2.05%, while FXF has yielded a comparatively higher -0.85% 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%
FXF
- 1D
- -0.07%
- 1M
- -0.07%
- YTD
- -0.41%
- 6M
- -0.23%
- 1Y
- -0.53%
- 3Y*
- -0.32%
- 5Y*
- -0.56%
- 10Y*
- -0.85%
CHF=X vs. FXF - 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% |
FXF Invesco CurrencyShares® Swiss Franc Trust | -0.41% | -0.36% | -0.16% | -0.19% | -0.95% | -1.25% | -0.94% | -1.39% | -1.06% | -1.08% |
Correlation
The correlation between CHF=X and FXF is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Aug 29, 2007 | 0.07 |
The correlation between CHF=X and FXF shifts across timeframes, from 0.07 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CHF=X vs. FXF — Risk / Return Rank
CHF=X
FXF
CHF=X vs. FXF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USD/CHF (CHF=X) 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.
| CHF=X | FXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 0.94 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.38 | -0.66 | +0.28 |
| Martin ratioReturn relative to average drawdown | -0.76 | -1.20 | +0.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CHF=X | FXF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.41 | -0.36 | -0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.29 | -0.39 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.26 | -0.60 | +0.34 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.20 | -0.26 | +0.06 |
Drawdowns
CHF=X vs. FXF - Drawdown Comparison
The maximum CHF=X drawdown since its inception was -41.14%, which is greater than FXF's maximum drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for CHF=X and FXF.
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Drawdown Indicators
| CHF=X | FXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.14% | -12.55% | -28.59% |
Max Drawdown (1Y)Largest decline over 1 year | -7.52% | -0.81% | -6.71% |
Max Drawdown (3Y)Largest decline over 3 years | -17.43% | -1.24% | -16.19% |
Max Drawdown (5Y)Largest decline over 5 years | -24.87% | -2.92% | -21.95% |
Max Drawdown (10Y)Largest decline over 10 years | -26.13% | -8.38% | -17.75% |
Current DrawdownCurrent decline from peak | -35.56% | -12.44% | -23.12% |
Average DrawdownAverage peak-to-trough decline | -22.15% | -6.00% | -16.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.67% | 0.45% | +2.22% |
Volatility
CHF=X vs. FXF - Volatility Comparison
USD/CHF (CHF=X) has a higher volatility of 1.57% compared to Invesco CurrencyShares® Swiss Franc Trust (FXF) at 0.21%. This indicates that CHF=X'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
| CHF=X | FXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.57% | 0.21% | +1.36% |
Volatility (6M)Calculated over the trailing 6-month period | 5.73% | 1.04% | +4.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.98% | 1.49% | +5.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.86% | 1.44% | +6.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.34% | 1.44% | +5.90% |
Frequently Asked Questions
CHF=X and FXF have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CHF=X has higher volatility (1.57%) compared to FXF (0.21%). In terms of maximum drawdown, CHF=X dropped -41.14% vs FXF's -12.55%.
FXF currently has the higher Sharpe Ratio (-0.36 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.
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