FXA vs. GOVZ

Last updated Jun 4, 2026

FXA (Invesco CurrencyShares Australian Dollar Trust) and GOVZ (iShares 25+ Year Treasury STRIPS Bond ETF) are both exchange-traded funds - FXA is a Currency fund tracking the USD/AUD Exchange Rate, while GOVZ is a Government Bonds fund tracking the ICE BofA Long US Treasury Principal STRIPS Index. Both are passively managed. Over the past 5 years, FXA returned -0.88%/yr vs -11.53%/yr for GOVZ. At a 0.09 correlation, their price movements are largely independent. FXA charges 0.40%/yr vs 0.15%/yr for GOVZ.

Performance

FXA vs. GOVZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares Australian Dollar Trust (FXA) and iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ). 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 GOVZ's -0.94% 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%

GOVZ

• 1D: -0.50%
• 1M: 1.73%
• YTD: -0.94%
• 6M: -4.35%
• 1Y: 3.91%
• 3Y*: -7.43%
• 5Y*: -11.53%
• 10Y*: —

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

FXA vs. GOVZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FXA Invesco CurrencyShares Australian Dollar Trust	7.28%	9.10%	-7.75%	1.20%	-6.46%	-6.17%	9.23%
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF	-0.94%	-1.81%	-16.24%	0.90%	-41.03%	-4.86%	-5.61%

Correlation

The correlation between FXA and GOVZ is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Sep 25, 2020	0.09

Return for Risk

FXA vs. GOVZ — 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

GOVZ

GOVZ Risk / Return Rank: 12
GOVZ Sharpe Ratio Rank: 12
GOVZ Sortino Ratio Rank: 12
GOVZ Omega Ratio Rank: 11
GOVZ Calmar Ratio Rank: 12
GOVZ Martin Ratio Rank: 12

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. GOVZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares Australian Dollar Trust (FXA) and iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ). 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	GOVZ	Difference
Sharpe ratio Return per unit of total volatility	1.44	0.24	+1.20
Sortino ratio Return per unit of downside risk	2.06	0.47	+1.60
Omega ratio Gain probability vs. loss probability	1.24	1.05	+0.19
Calmar ratio Return relative to maximum drawdown	2.72	0.28	+2.44
Martin ratio Return relative to average drawdown	7.85	0.63	+7.22
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. GOVZ - Sharpe Ratio Comparison

The current FXA Sharpe Ratio is 1.44, which is higher than the GOVZ Sharpe Ratio of 0.24. The chart below compares the historical Sharpe Ratios of FXA and GOVZ, 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	GOVZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.44	0.24	+1.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.09	-0.48	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	-0.58	+0.73

Drawdowns

FXA vs. GOVZ - Drawdown Comparison

The maximum FXA drawdown since its inception was -40.97%, smaller than the maximum GOVZ drawdown of -59.65%. Use the drawdown chart below to compare losses from any high point for FXA and GOVZ.

Drawdown Indicators

	FXA	GOVZ	Difference
Max Drawdown Largest peak-to-trough decline	-40.97%	-59.65%	+18.68%
Max Drawdown (1Y) Largest decline over 1 year	-4.21%	-14.16%	+9.95%
Max Drawdown (3Y) Largest decline over 3 years	-13.02%	-28.72%	+15.70%
Max Drawdown (5Y) Largest decline over 5 years	-21.05%	-57.63%	+36.58%
Max Drawdown (10Y) Largest decline over 10 years	-27.99%	—	—
Current Drawdown Current decline from peak	-24.43%	-56.47%	+32.04%
Average Drawdown Average peak-to-trough decline	-18.82%	-39.91%	+21.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	6.21%	-4.76%

Volatility

FXA vs. GOVZ - Volatility Comparison

The current volatility for Invesco CurrencyShares Australian Dollar Trust (FXA) is 2.25%, while iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) has a volatility of 4.27%. This indicates that FXA experiences smaller price fluctuations and is considered to be less risky than GOVZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXA	GOVZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.25%	4.27%	-2.02%
Volatility (6M) Calculated over the trailing 6-month period	6.21%	10.50%	-4.29%
Volatility (1Y) Calculated over the trailing 1-year period	7.96%	16.26%	-8.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.41%	23.93%	-13.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.90%	23.35%	-13.45%

FXA vs. GOVZ - Expense Ratio Comparison

FXA has a 0.40% expense ratio, which is higher than GOVZ's 0.15% expense ratio.

Dividends

FXA vs. GOVZ - Dividend Comparison

FXA's dividend yield for the trailing twelve months is around 0.95%, less than GOVZ's 5.18% 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%
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF	5.18%	5.00%	4.68%	3.84%	3.69%	1.76%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXA and GOVZ in my portfolio?

FXA and GOVZ have a correlation of 0.19, 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 GOVZ?

GOVZ has higher volatility (4.27%) compared to FXA (2.25%). In terms of maximum drawdown, FXA dropped -40.97% vs GOVZ's -59.65%.

Which ETF is better, FXA or GOVZ?

On 5-year performance, FXA leads with -0.88% vs -11.53% for GOVZ. On fees, GOVZ is cheaper at 0.15% per year. On volatility, FXA has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXA or GOVZ?

Over the 5-year period, FXA has performed better with a -0.88% return vs -11.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXA or GOVZ?

GOVZ is cheaper with a 0.15% expense ratio, compared with 0.40% for FXA.

Which ETF pays a higher dividend yield, FXA or GOVZ?

GOVZ has the higher dividend yield at 5.18%, compared with 0.95% for FXA.

What is the main difference between FXA and GOVZ?

FXA is categorized as Currency, while GOVZ is Government Bonds. FXA tracks USD/AUD Exchange Rate, while GOVZ tracks ICE BofA Long US Treasury Principal STRIPS Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.40% for FXA and 0.15% for GOVZ.

Which has better risk-adjusted returns?

FXA currently has the higher Sharpe Ratio (1.44 vs 0.24), 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.