CHFUSD=X vs. FXF

Last updated Jun 4, 2026

CHFUSD=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, CHFUSD=X returned 2.13%/yr vs 1.25%/yr for FXF. Their correlation of 0.95 suggests significant overlap in exposure.

Performance

CHFUSD=X vs. FXF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USD/CHF (CHFUSD=X) and Invesco CurrencyShares® Swiss Franc Trust (FXF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CHFUSD=X achieves a 0.20% return, which is significantly higher than FXF's -0.20% return. Over the past 10 years, CHFUSD=X has outperformed FXF with an annualized return of 2.13%, while FXF has yielded a comparatively lower 1.25% annualized return.

CHFUSD=X

• 1D: -0.63%
• 1M: -0.86%
• YTD: 0.20%
• 6M: 1.09%
• 1Y: 4.29%
• 3Y*: 4.74%
• 5Y*: 2.60%
• 10Y*: 2.13%

FXF

• 1D: -0.62%
• 1M: -1.07%
• YTD: -0.20%
• 6M: 0.70%
• 1Y: 3.46%
• 3Y*: 4.38%
• 5Y*: 2.01%
• 10Y*: 1.25%

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

CHFUSD=X vs. FXF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CHFUSD=X USD/CHF	0.20%	14.56%	-7.30%	9.83%	-1.34%	-2.97%	9.43%	1.71%	-1.05%	4.56%
FXF Invesco CurrencyShares® Swiss Franc Trust	-0.20%	14.04%	-7.46%	9.63%	-2.29%	-4.08%	8.18%	0.32%	-2.01%	3.31%

Correlation

The correlation between CHFUSD=X and FXF is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 28, 2007	0.95

The correlation between CHFUSD=X and FXF has been stable across timeframes, ranging from 0.87 to 0.95 - a consistent structural relationship.

Return for Risk

CHFUSD=X vs. FXF — Risk / Return Rank

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

CHFUSD=X

CHFUSD=X Risk / Return Rank: 70
CHFUSD=X Sharpe Ratio Rank: 70
CHFUSD=X Sortino Ratio Rank: 71
CHFUSD=X Omega Ratio Rank: 68
CHFUSD=X Calmar Ratio Rank: 72
CHFUSD=X Martin Ratio Rank: 71

FXF

FXF Risk / Return Rank: 16
FXF Sharpe Ratio Rank: 16
FXF Sortino Ratio Rank: 15
FXF Omega Ratio Rank: 14
FXF Calmar Ratio Rank: 18
FXF Martin Ratio Rank: 16

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.

CHFUSD=X vs. FXF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USD/CHF (CHFUSD=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.

	CHFUSD=X	FXF	Difference
Sharpe ratio Return per unit of total volatility	0.49	0.47	+0.02
Sortino ratio Return per unit of downside risk	0.80	0.77	+0.03
Omega ratio Gain probability vs. loss probability	1.09	1.09	+0.01
Calmar ratio Return relative to maximum drawdown	0.70	0.72	-0.03
Martin ratio Return relative to average drawdown	1.67	1.62	+0.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CHFUSD=X vs. FXF - Sharpe Ratio Comparison

The current CHFUSD=X Sharpe Ratio is 0.49, which is comparable to the FXF Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of CHFUSD=X and FXF, 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

	CHFUSD=X	FXF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.49	0.47	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.24	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.17	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.17	+0.03

Drawdowns

CHFUSD=X vs. FXF - Drawdown Comparison

The maximum CHFUSD=X drawdown since its inception was -29.99%, smaller than the maximum FXF drawdown of -35.58%. Use the drawdown chart below to compare losses from any high point for CHFUSD=X and FXF.

Drawdown Indicators

	CHFUSD=X	FXF	Difference
Max Drawdown Largest peak-to-trough decline	-29.99%	-35.58%	+5.59%
Max Drawdown (1Y) Largest decline over 1 year	-4.95%	-4.82%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-8.69%	-8.52%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-11.70%	-13.03%	+1.33%
Max Drawdown (10Y) Largest decline over 10 years	-13.35%	-15.04%	+1.69%
Current Drawdown Current decline from peak	-8.80%	-18.53%	+9.73%
Average Drawdown Average peak-to-trough decline	-18.63%	-20.84%	+2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	2.15%	+0.05%

Volatility

CHFUSD=X vs. FXF - Volatility Comparison

The current volatility for USD/CHF (CHFUSD=X) is 1.54%, while Invesco CurrencyShares® Swiss Franc Trust (FXF) has a volatility of 1.69%. This indicates that CHFUSD=X 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.

Volatility by Period

	CHFUSD=X	FXF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.54%	1.69%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	5.62%	5.56%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	7.05%	7.51%	-0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.93%	8.32%	-0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.36%	7.57%	-0.21%

Frequently Asked Questions

Can I hold both CHFUSD=X and FXF in my portfolio?

CHFUSD=X and FXF have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CHFUSD=X or FXF?

FXF has higher volatility (1.69%) compared to CHFUSD=X (1.54%). In terms of maximum drawdown, CHFUSD=X dropped -29.99% vs FXF's -35.58%.

Which has better risk-adjusted returns?

CHFUSD=X currently has the higher Sharpe Ratio (0.49 vs 0.47), 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.