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 0.27%/yr vs -0.20%/yr for FXC. A 0.64 correlation means they provide meaningful diversification when combined. 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 7.28% return, which is significantly higher than FXC's -1.15% return. Over the past 10 years, FXA has outperformed FXC with an annualized return of 0.27%, while FXC has yielded a comparatively lower -0.20% annualized return.
FXA
- 1D
- -0.71%
- 1M
- -0.48%
- YTD
- 7.28%
- 6M
- 8.49%
- 1Y
- 11.38%
- 3Y*
- 3.89%
- 5Y*
- -0.88%
- 10Y*
- 0.27%
FXC
- 1D
- -0.41%
- 1M
- -2.04%
- YTD
- -1.15%
- 6M
- 0.45%
- 1Y
- -1.04%
- 3Y*
- 0.12%
- 5Y*
- -1.87%
- 10Y*
- -0.20%
FXA vs. FXC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXA Invesco CurrencyShares Australian Dollar Trust | 7.28% | 9.10% | -7.75% | 1.20% | -6.46% | -6.17% | 9.52% | 0.13% | -8.84% | 9.05% |
FXC Invesco CurrencyShares® Canadian Dollar Trust | -1.15% | 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 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2006 | 0.64 |
The correlation between FXA and FXC has been stable across timeframes, ranging from 0.64 to 0.73 - a consistent structural relationship.
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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.
| FXA | FXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.67 | ||
| Sortino ratioReturn per unit of downside risk | +2.38 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.97 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | -0.28 | +2.99 |
| Martin ratioReturn relative to average drawdown | 7.85 | -0.52 | +8.37 |
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
| FXA | FXC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.44 | -0.23 | +1.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.09 | -0.29 | +0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.03 | -0.03 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | -0.05 | +0.20 |
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 | -4.21% | -3.78% | -0.43% |
Max Drawdown (3Y)Largest decline over 3 years | -13.02% | -7.34% | -5.68% |
Max Drawdown (5Y)Largest decline over 5 years | -21.05% | -13.53% | -7.52% |
Max Drawdown (10Y)Largest decline over 10 years | -27.99% | -15.46% | -12.53% |
Current DrawdownCurrent decline from peak | -24.43% | -28.86% | +4.43% |
Average DrawdownAverage peak-to-trough decline | -18.82% | -19.92% | +1.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 1.98% | -0.53% |
Volatility
FXA vs. FXC - Volatility Comparison
Invesco CurrencyShares Australian Dollar Trust (FXA) has a higher volatility of 2.25% compared to Invesco CurrencyShares® Canadian Dollar Trust (FXC) at 0.77%. 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 | 2.25% | 0.77% | +1.48% |
Volatility (6M)Calculated over the trailing 6-month period | 6.21% | 3.28% | +2.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.96% | 4.50% | +3.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.41% | 6.37% | +4.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.90% | 6.66% | +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 0.95%, more than FXC's 0.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXA Invesco CurrencyShares Australian Dollar Trust | 0.95% | 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 | 0.26% | 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 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXA has higher volatility (2.25%) compared to FXC (0.77%). In terms of maximum drawdown, FXA dropped -40.97% vs FXC's -35.39%.
On 10-year performance, FXA leads with 0.27% vs -0.20% for FXC. Both ETFs have the same 0.40% expense ratio. On volatility, FXC has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXA has performed better with a 0.27% return vs -0.20%. 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 0.95%, compared with 0.26% for FXC.
FXA tracks USD/AUD Exchange Rate, while FXC tracks Canadian Dollar.
FXA currently has the higher Sharpe Ratio (1.44 vs -0.23), 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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