FXA vs. FXF
FXA (Invesco CurrencyShares Australian Dollar Trust) and FXF (Invesco CurrencyShares® Swiss Franc Trust) are both Currency funds from Invesco - FXA tracks the USD/AUD Exchange Rate while FXF tracks the Swiss Franc. Both are passively managed. Over the past 10 years, FXA returned 0.27%/yr vs 1.25%/yr for FXF. At a 0.43 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
FXA vs. FXF - 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 FXF's -0.20% return. Over the past 10 years, FXA has underperformed FXF with an annualized return of 0.27%, while FXF has yielded a comparatively higher 1.25% 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%
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%
FXA vs. FXF - 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% |
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 FXA and FXF is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2006 | 0.43 |
The correlation between FXA and FXF shifts across timeframes, from 0.43 (all time) to 0.55 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXA vs. FXF — Risk / Return Rank
FXA
FXF
FXA vs. FXF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares Australian Dollar Trust (FXA) 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.
| FXA | FXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.97 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.09 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 0.72 | +2.00 |
| Martin ratioReturn relative to average drawdown | 7.85 | 1.62 | +6.23 |
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 | FXF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.44 | 0.47 | +0.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.09 | 0.24 | -0.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.03 | 0.17 | -0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.17 | -0.03 |
Drawdowns
FXA vs. FXF - Drawdown Comparison
The maximum FXA drawdown since its inception was -40.97%, which is greater than FXF's maximum drawdown of -35.58%. Use the drawdown chart below to compare losses from any high point for FXA and FXF.
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Drawdown Indicators
| FXA | FXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.97% | -35.58% | -5.39% |
Max Drawdown (1Y)Largest decline over 1 year | -4.21% | -4.82% | +0.61% |
Max Drawdown (3Y)Largest decline over 3 years | -13.02% | -8.52% | -4.50% |
Max Drawdown (5Y)Largest decline over 5 years | -21.05% | -13.03% | -8.02% |
Max Drawdown (10Y)Largest decline over 10 years | -27.99% | -15.04% | -12.95% |
Current DrawdownCurrent decline from peak | -24.43% | -18.53% | -5.90% |
Average DrawdownAverage peak-to-trough decline | -18.82% | -20.84% | +2.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 2.15% | -0.70% |
Volatility
FXA vs. FXF - Volatility Comparison
Invesco CurrencyShares Australian Dollar Trust (FXA) has a higher volatility of 2.25% compared to Invesco CurrencyShares® Swiss Franc Trust (FXF) at 1.69%. This indicates that FXA'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
| FXA | FXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.25% | 1.69% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 6.21% | 5.56% | +0.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.96% | 7.51% | +0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.41% | 8.32% | +2.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.90% | 7.57% | +2.33% |
FXA vs. FXF - Expense Ratio Comparison
Both FXA and FXF have an expense ratio of 0.40%.
Dividends
FXA vs. FXF - Dividend Comparison
FXA's dividend yield for the trailing twelve months is around 0.95%, while FXF has not paid dividends to shareholders.
| 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% |
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.00% | 0.00% | 0.03% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXA and FXF have a correlation of 0.55, 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 FXF (1.69%). In terms of maximum drawdown, FXA dropped -40.97% vs FXF's -35.58%.
On 10-year performance, FXF leads with 1.25% vs 0.27% for FXA. Both ETFs have the same 0.40% expense ratio. On volatility, FXF has been the lower-risk option at 1.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXF has performed better with a 1.25% return vs 0.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXA and FXF have the same expense ratio: 0.40% per year.
FXA has the higher dividend yield at 0.95%, compared with 0.00% for FXF.
FXA tracks USD/AUD Exchange Rate, while FXF tracks Swiss Franc.
FXA currently has the higher Sharpe Ratio (1.44 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.
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