FXA vs. FXC
FXA (Invesco CurrencyShares Australian Dollar Trust) and FXC (Invesco CurrencyShares® Canadian Dollar Trust) are both Currency funds from Invesco - FXA tracks the USD/AUD Exchange Rate while FXC tracks the Canadian Dollar. Both are passively managed. Over the past 10 years, FXA returned -0.24%/yr vs -0.13%/yr for FXC. Their 0.64 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.40% expense ratio.
Performance
FXA vs. FXC - Performance Comparison
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Returns By Period
In the year-to-date period, FXA achieves a 5.58% return, which is significantly higher than FXC's -2.22% return. Over the past 10 years, FXA has underperformed FXC with an annualized return of -0.24%, while FXC has yielded a comparatively higher -0.13% annualized return.
FXA
- 1D
- -0.52%
- 1M
- 1.30%
- 6M
- 1.27%
- YTD
- 5.58%
- 1Y
- 9.62%
- 3Y*
- 3.51%
- 5Y*
- -0.22%
- 10Y*
- -0.24%
- ALL TIME*
- 1.70%
FXC
- 1D
- -0.27%
- 1M
- 0.78%
- 6M
- -2.63%
- YTD
- -2.22%
- 1Y
- -1.70%
- 3Y*
- -0.47%
- 5Y*
- -1.31%
- 10Y*
- -0.13%
- ALL TIME*
- -0.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $538.57K | $623.52K | $756.14K | |
| $2.83M | $2.70M | $1.69M |
FXA vs. FXC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXA Invesco CurrencyShares Australian Dollar Trust | 5.58% | 9.10% | -7.75% | 1.20% | -6.46% | -6.17% | 9.52% | 0.13% | -8.84% | 9.05% |
FXC Invesco CurrencyShares® Canadian Dollar Trust | -2.22% | 5.24% | -5.96% | 4.35% | -6.44% | 0.22% | 1.92% | 5.94% | -7.54% | 6.72% |
Correlation
The correlation between FXA and FXC is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.61 |
Correlation (3Y) Balances recent behavior with more history. | 0.68 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.72 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 0.64 |
The correlation between FXA and FXC shifts across timeframes, from 0.61 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FXA vs. FXC — Risk / Return Rank
FXA
FXC
FXA vs. FXC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares Australian Dollar Trust (FXA) and Invesco CurrencyShares® Canadian Dollar Trust (FXC). 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.
| FXA | FXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.62 | ||
| Sortino ratioReturn per unit of downside risk | +2.35 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.94 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | -0.33 | +2.34 |
| Martin ratioReturn relative to average drawdown | 4.87 | -0.77 | +5.63 |
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Drawdowns
FXA vs. FXC - Drawdown Comparison
The maximum FXA drawdown since its inception was -40.97%, which is greater than FXC's maximum drawdown of -35.39%. Use the drawdown chart below to compare losses from any high point for FXA and FXC.
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Drawdown Indicators
| FXA | FXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.97% | -35.39% | -5.58% |
Max Drawdown (1Y)Largest decline over 1 year | -4.82% | -5.14% | +0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -13.02% | -7.34% | -5.68% |
Max Drawdown (5Y)Largest decline over 5 years | -18.90% | -11.65% | -7.25% |
Max Drawdown (10Y)Largest decline over 10 years | -27.99% | -15.46% | -12.53% |
Current DrawdownCurrent decline from peak | -25.63% | -29.63% | +4.00% |
Average DrawdownAverage peak-to-trough decline | -18.87% | -19.99% | +1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 2.22% | -0.24% |
Volatility
FXA vs. FXC - Volatility Comparison
Invesco CurrencyShares Australian Dollar Trust (FXA) has a higher volatility of 1.93% compared to Invesco CurrencyShares® Canadian Dollar Trust (FXC) at 1.13%. This indicates that FXA's price experiences larger fluctuations and is considered to be riskier than FXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXA | FXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.93% | 1.13% | +0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 6.22% | 2.84% | +3.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.88% | 4.30% | +3.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.40% | 6.26% | +4.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.83% | 6.59% | +3.24% |
FXA vs. FXC - Expense Ratio Comparison
Both FXA and FXC have an expense ratio of 0.40%.
Dividends
FXA vs. FXC - Dividend Comparison
FXA's dividend yield for the trailing twelve months is around 1.04%, more than FXC's 0.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXA Invesco CurrencyShares Australian Dollar Trust | 1.04% | 1.16% | 1.66% | 0.98% | 0.05% | 0.00% | 0.03% | 0.53% | 1.04% | 0.83% | 1.01% | 1.52% |
FXC Invesco CurrencyShares® Canadian Dollar Trust | 0.20% | 0.55% | 2.23% | 2.01% | 0.31% | 0.00% | 0.19% | 0.75% | 0.42% | 0.02% | 0.00% | 0.02% |
Frequently Asked Questions
FXA and FXC have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXA has higher volatility (1.93%) compared to FXC (1.13%). In terms of maximum drawdown, FXA dropped -40.97% vs FXC's -35.39%.
On 10-year performance, FXC leads with -0.13% vs -0.24% for FXA. Both ETFs have the same 0.40% expense ratio. On volatility, FXC has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXC has performed better with a -0.13% return vs -0.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXA and FXC have the same expense ratio: 0.40% per year.
FXA has the higher dividend yield at 1.04%, compared with 0.20% for FXC.
FXA tracks USD/AUD Exchange Rate, while FXC tracks Canadian Dollar.
FXA currently has the higher Sharpe Ratio (1.23 vs -0.40), 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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