FXA vs. GC=F

Last updated Jun 4, 2026

FXA (Invesco CurrencyShares Australian Dollar Trust) is Currency fund tracking the USD/AUD Exchange Rate, while GC=F (Gold) is an asset. Over the past 10 years, FXA returned 0.27%/yr vs 13.66%/yr for GC=F. At a 0.33 correlation, their price movements are largely independent.

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.

Returns By Period

In the year-to-date period, FXA achieves a 7.28% return, which is significantly higher than GC=F's 3.17% return. Over the past 10 years, FXA has underperformed GC=F with an annualized return of 0.27%, while GC=F has yielded a comparatively higher 13.66% 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%

GC=F

• 1D: -0.59%
• 1M: -1.26%
• YTD: 3.17%
• 6M: 6.27%
• 1Y: 33.21%
• 3Y*: 31.73%
• 5Y*: 18.75%
• 10Y*: 13.66%

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

FXA vs. GC=F - 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%
GC=F Gold	3.17%	64.52%	27.48%	13.34%	-0.43%	-3.47%	24.59%	18.87%	-2.14%	13.59%

Correlation

The correlation between FXA and GC=F is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jun 27, 2006	0.33

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: 44
FXA Sharpe Ratio Rank: 40
FXA Sortino Ratio Rank: 40
FXA Omega Ratio Rank: 37
FXA Calmar Ratio Rank: 55
FXA Martin Ratio Rank: 47

GC=F

GC=F Risk / Return Rank: 52
GC=F Sharpe Ratio Rank: 50
GC=F Sortino Ratio Rank: 49
GC=F Omega Ratio Rank: 47
GC=F Calmar Ratio Rank: 52
GC=F Martin Ratio Rank: 60

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	1.44	1.22	+0.22
Sortino ratio Return per unit of downside risk	2.06	1.60	+0.46
Omega ratio Gain probability vs. loss probability	1.24	1.25	-0.01
Calmar ratio Return relative to maximum drawdown	2.72	1.82	+0.90
Martin ratio Return relative to average drawdown	7.85	4.60	+3.25
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 1.44, which is comparable to the GC=F Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of FXA and GC=F, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FXA	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.44	1.22	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.09	1.03	-1.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.03	0.83	-0.80
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.62	-0.48

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	-4.21%	-17.73%	+13.52%
Max Drawdown (3Y) Largest decline over 3 years	-13.02%	-17.73%	+4.71%
Max Drawdown (5Y) Largest decline over 5 years	-21.05%	-20.43%	-0.62%
Max Drawdown (10Y) Largest decline over 10 years	-27.99%	-20.87%	-7.12%
Current Drawdown Current decline from peak	-24.43%	-16.09%	-8.34%
Average Drawdown Average peak-to-trough decline	-18.82%	-13.03%	-5.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	7.09%	-5.64%

Volatility

FXA vs. GC=F - Volatility Comparison

The current volatility for Invesco CurrencyShares Australian Dollar Trust (FXA) is 2.25%, while Gold (GC=F) has a volatility of 5.24%. 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	2.25%	5.24%	-2.99%
Volatility (6M) Calculated over the trailing 6-month period	6.21%	23.04%	-16.83%
Volatility (1Y) Calculated over the trailing 1-year period	7.96%	26.46%	-18.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.41%	18.19%	-7.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.90%	16.44%	-6.54%

Frequently Asked Questions

Can I hold both FXA and GC=F in my portfolio?

FXA and GC=F have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXA or GC=F?

GC=F has higher volatility (5.24%) compared to FXA (2.25%). In terms of maximum drawdown, FXA dropped -40.97% vs GC=F's -44.36%.

Which has better risk-adjusted returns?

FXA currently has the higher Sharpe Ratio (1.44 vs 1.22), 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.