FXA vs. GC=F

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco CurrencyShares Australian Dollar Trust (FXA) and Gold (GC=F).

FXA is a passively managed fund by Invesco that tracks the performance of the USD/AUD Exchange Rate. It was launched on Jun 21, 2006.

Performance

FXA vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares Australian Dollar Trust (FXA) and Gold (GC=F). The values are adjusted to include any dividend payments, if applicable.

FXA vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXA Invesco CurrencyShares Australian Dollar Trust	3.95%	9.10%	-7.75%	1.20%	-6.46%	-6.17%	9.52%	0.13%	-8.84%	9.05%
GC=F Gold	10.61%	64.52%	27.48%	13.34%	-0.43%	-3.47%	24.59%	18.87%	-2.14%	13.59%

Returns By Period

In the year-to-date period, FXA achieves a 3.95% return, which is significantly lower than GC=F's 10.61% return. Over the past 10 years, FXA has underperformed GC=F with an annualized return of -0.43%, while GC=F has yielded a comparatively higher 14.62% annualized return.

FXA

• 1D: 0.25%
• 1M: -2.32%
• YTD: 3.95%
• 6M: 5.16%
• 1Y: 11.43%
• 3Y*: 2.47%
• 5Y*: -1.19%
• 10Y*: -0.43%

GC=F

• 1D: 2.95%
• 1M: -9.63%
• YTD: 10.61%
• 6M: 23.71%
• 1Y: 53.41%
• 3Y*: 34.44%
• 5Y*: 22.61%
• 10Y*: 14.62%

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

Return for Risk

FXA vs. GC=F — Risk / Return Rank

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

FXA

FXA Risk / Return Rank: 65
FXA Sharpe Ratio Rank: 63
FXA Sortino Ratio Rank: 59
FXA Omega Ratio Rank: 56
FXA Calmar Ratio Rank: 75
FXA Martin Ratio Rank: 71

GC=F

GC=F Risk / Return Rank: 91
GC=F Sharpe Ratio Rank: 100
GC=F Sortino Ratio Rank: 100
GC=F Omega Ratio Rank: 94
GC=F Calmar Ratio Rank: 71
GC=F Martin Ratio Rank: 92

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.

FXA vs. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares Australian Dollar Trust (FXA) and Gold (GC=F). 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	GC=F	Difference
Sharpe ratio Return per unit of total volatility	1.15	1.85	-0.70
Sortino ratio Return per unit of downside risk	1.60	2.26	-0.65
Omega ratio Gain probability vs. loss probability	1.22	1.34	-0.13
Calmar ratio Return relative to maximum drawdown	2.15	2.74	-0.59
Martin ratio Return relative to average drawdown	7.81	10.15	-2.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXA vs. GC=F - Sharpe Ratio Comparison

The current FXA Sharpe Ratio is 1.15, which is lower than the GC=F Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of FXA and GC=F, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FXA	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	1.85	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.11	1.25	-1.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.04	0.89	-0.94
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.64	-0.51

Correlation

The correlation between FXA and GC=F is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

FXA vs. GC=F - Drawdown Comparison

The maximum FXA drawdown since its inception was -40.97%, smaller than the maximum GC=F drawdown of -44.36%. Use the drawdown chart below to compare losses from any high point for FXA and GC=F.

Drawdown Indicators

	FXA	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-40.97%	-44.36%	+3.39%
Max Drawdown (1Y) Largest decline over 1 year	-5.55%	-17.73%	+12.18%
Max Drawdown (5Y) Largest decline over 5 years	-21.99%	-20.43%	-1.56%
Max Drawdown (10Y) Largest decline over 10 years	-27.99%	-20.87%	-7.12%
Current Drawdown Current decline from peak	-26.78%	-10.04%	-16.74%
Average Drawdown Average peak-to-trough decline	-18.77%	-13.03%	-5.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	4.78%	-3.26%

Volatility

FXA vs. GC=F - Volatility Comparison

The current volatility for Invesco CurrencyShares Australian Dollar Trust (FXA) is 3.40%, while Gold (GC=F) has a volatility of 11.29%. This indicates that FXA experiences smaller price fluctuations and is considered to be less risky than GC=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXA	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	11.29%	-7.89%
Volatility (6M) Calculated over the trailing 6-month period	5.93%	24.59%	-18.66%
Volatility (1Y) Calculated over the trailing 1-year period	9.98%	27.77%	-17.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.46%	17.96%	-7.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.00%	16.36%	-6.36%