CHFUSD=X vs. FXF
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 2.03%/yr vs 1.16%/yr for FXF. Their correlation of 0.95 suggests significant overlap in exposure.
Performance
CHFUSD=X vs. FXF - Performance Comparison
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Returns By Period
In the year-to-date period, CHFUSD=X achieves a -1.52% return, which is significantly higher than FXF's -1.91% return. Over the past 10 years, CHFUSD=X has outperformed FXF with an annualized return of 2.03%, while FXF has yielded a comparatively lower 1.16% annualized return.
CHFUSD=X
- 1D
- 0.54%
- 1M
- -1.28%
- 6M
- -0.59%
- YTD
- -1.52%
- 1Y
- -0.26%
- 3Y*
- 2.33%
- 5Y*
- 2.71%
- 10Y*
- 2.03%
FXF
- 1D
- 0.55%
- 1M
- -1.35%
- 6M
- -0.92%
- YTD
- -1.91%
- 1Y
- -0.95%
- 3Y*
- 1.99%
- 5Y*
- 2.15%
- 10Y*
- 1.16%
CHFUSD=X vs. FXF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CHFUSD=X USD/CHF | -1.52% | 14.56% | -7.30% | 9.83% | -1.34% | -2.97% | 9.43% | 1.71% | -1.05% | 4.56% |
FXF Invesco CurrencyShares® Swiss Franc Trust | -1.91% | 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 0.90, 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 | 0.90 |
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 Oct 16, 2007 | 0.95 |
The correlation between CHFUSD=X and FXF has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.
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Return for Risk
CHFUSD=X vs. FXF — Risk / Return Rank
CHFUSD=X
FXF
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.
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.
| CHFUSD=X | FXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 0.99 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | -0.14 | +0.11 |
| Martin ratioReturn relative to average drawdown | -0.08 | -0.34 | +0.26 |
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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.
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Drawdown Indicators
| CHFUSD=X | FXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.99% | -35.58% | +5.59% |
Max Drawdown (1Y)Largest decline over 1 year | -6.54% | -6.72% | +0.18% |
Max Drawdown (3Y)Largest decline over 3 years | -8.69% | -8.52% | -0.17% |
Max Drawdown (5Y)Largest decline over 5 years | -10.75% | -11.99% | +1.24% |
Max Drawdown (10Y)Largest decline over 10 years | -13.35% | -15.04% | +1.69% |
Current DrawdownCurrent decline from peak | -10.37% | -19.93% | +9.56% |
Average DrawdownAverage peak-to-trough decline | -18.69% | -20.83% | +2.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.87% | 2.80% | +0.07% |
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 1.99%. 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.
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Volatility by Period
| CHFUSD=X | FXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 1.99% | -0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 4.68% | 5.76% | -1.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.92% | 7.44% | -0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.90% | 8.31% | -0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.35% | 7.57% | -0.22% |
Frequently Asked Questions
With a correlation of 0.90, CHFUSD=X and FXF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FXF has higher volatility (1.99%) compared to CHFUSD=X (1.54%). In terms of maximum drawdown, CHFUSD=X dropped -29.99% vs FXF's -35.58%.
CHFUSD=X currently has the higher Sharpe Ratio (-0.03 vs -0.13), 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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