PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
FXA vs. SPYD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXA vs. SPYD

Last updated Jun 4, 2026

FXA (Invesco CurrencyShares Australian Dollar Trust) and SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) are both exchange-traded funds - FXA is a Currency fund tracking the USD/AUD Exchange Rate, while SPYD is a S&P 500 fund tracking the S&P 500 High Dividend Index. Both are passively managed. Over the past 10 years, FXA returned 0.27%/yr vs 8.59%/yr for SPYD. At a 0.39 correlation, their price movements are largely independent. FXA charges 0.40%/yr vs 0.07%/yr for SPYD.

Performance

FXA vs. SPYD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares Australian Dollar Trust (FXA) and State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, FXA achieves a 7.28% return, which is significantly lower than SPYD's 10.34% return. Over the past 10 years, FXA has underperformed SPYD with an annualized return of 0.27%, while SPYD has yielded a comparatively higher 8.59% 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%

SPYD

1D
-0.44%
1M
1.57%
YTD
10.34%
6M
10.97%
1Y
16.38%
3Y*
14.37%
5Y*
6.76%
10Y*
8.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FXA vs. SPYD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SPYD
State Street SPDR Portfolio S&P 500 High Dividend ETF		10.34%4.65%15.34%3.91%-1.17%32.73%-11.64%21.20%-4.89%12.67%

Correlation

The correlation between FXA and SPYD is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.27

Correlation (3Y)
Calculated over the trailing 3-year period

0.35

Correlation (5Y)
Calculated over the trailing 5-year period

0.42

Correlation (10Y)
Calculated over the trailing 10-year period

0.39

Correlation (All Time)
Calculated using the full available price history since Oct 23, 2015

0.39

The correlation between FXA and SPYD shifts across timeframes, from 0.27 (1 year) to 0.42 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco CurrencyShares Australian Dollar Trust

State Street SPDR Portfolio S&P 500 High Dividend ETF

Often compared with FXA:
FXA vs. FXAIXFXA vs. GC=FFXA vs. FXBFXA vs. GOVZFXA vs. FSPGXFXA vs. FNCMXFXA vs. QQQ
Often compared with SPYD:
SPYD vs. SCHDSPYD vs. SPYSPYD vs. VYMSPYD vs. SPYISPYD vs. HDVSPYD vs. JEPISPYD vs. VOO

Return for Risk

FXA vs. SPYD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FXA
FXA Risk / Return Rank: 4444
Overall Rank
FXA Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
FXA Sortino Ratio Rank: 4040
Sortino Ratio Rank
FXA Omega Ratio Rank: 3737
Omega Ratio Rank
FXA Calmar Ratio Rank: 5555
Calmar Ratio Rank
FXA Martin Ratio Rank: 4747
Martin Ratio Rank
SPYD
SPYD Risk / Return Rank: 4141
Overall Rank
SPYD Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
SPYD Sortino Ratio Rank: 4242
Sortino Ratio Rank
SPYD Omega Ratio Rank: 3636
Omega Ratio Rank
SPYD Calmar Ratio Rank: 4646
Calmar Ratio Rank
SPYD Martin Ratio Rank: 4141
Martin Ratio Rank
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. SPYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares Australian Dollar Trust (FXA) and State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD). 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.

FXASPYDDifference
Sharpe ratioReturn per unit of total volatility
1.44
1.42

+0.02

Sortino ratioReturn per unit of downside risk
2.06
2.15

-0.08

Omega ratioGain probability vs. loss probability

1.24

1.24

0.00

Calmar ratioReturn relative to maximum drawdown

2.72

2.33

+0.38

Martin ratioReturn relative to average drawdown

7.85

6.77

+1.08

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. SPYD - Sharpe Ratio Comparison

The current FXA Sharpe Ratio is 1.44, which is comparable to the SPYD Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of FXA and SPYD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

FXASPYDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.44

1.42

+0.02

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.09

0.42

-0.51

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.03

0.44

-0.41

Sharpe Ratio (All Time)

Calculated using the full available price history

0.14

0.47

-0.32

Drawdowns

FXA vs. SPYD - Drawdown Comparison

The maximum FXA drawdown since its inception was -40.97%, smaller than the maximum SPYD drawdown of -46.42%. Use the drawdown chart below to compare losses from any high point for FXA and SPYD.

Loading charts...

Drawdown Indicators

FXASPYDDifference

Max Drawdown

Largest peak-to-trough decline

-40.97%

-46.42%

+5.45%

Max Drawdown (1Y)

Largest decline over 1 year

-4.21%

-7.05%

+2.84%

Max Drawdown (3Y)

Largest decline over 3 years

-13.02%

-16.13%

+3.11%

Max Drawdown (5Y)

Largest decline over 5 years

-21.05%

-22.25%

+1.20%

Max Drawdown (10Y)

Largest decline over 10 years

-27.99%

-46.42%

+18.43%

Current Drawdown

Current decline from peak

-24.43%

-1.11%

-23.32%

Average Drawdown

Average peak-to-trough decline

-18.82%

-6.17%

-12.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.45%

2.43%

-0.98%

Volatility

FXA vs. SPYD - Volatility Comparison

The current volatility for Invesco CurrencyShares Australian Dollar Trust (FXA) is 2.25%, while State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) has a volatility of 2.57%. This indicates that FXA experiences smaller price fluctuations and is considered to be less risky than SPYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

FXASPYDDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.25%

2.57%

-0.32%

Volatility (6M)

Calculated over the trailing 6-month period

6.21%

7.71%

-1.50%

Volatility (1Y)

Calculated over the trailing 1-year period

7.96%

11.62%

-3.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.41%

16.13%

-5.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.90%

19.78%

-9.88%

FXA vs. SPYD - Expense Ratio Comparison

FXA has a 0.40% expense ratio, which is higher than SPYD's 0.07% expense ratio.

Dividends

FXA vs. SPYD - Dividend Comparison

FXA's dividend yield for the trailing twelve months is around 0.95%, less than SPYD's 4.21% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SPYD
State Street SPDR Portfolio S&P 500 High Dividend ETF		4.21%4.52%4.31%4.66%5.01%3.68%4.95%4.42%4.75%4.63%4.34%1.13%

Frequently Asked Questions

FXA and SPYD have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPYD has higher volatility (2.57%) compared to FXA (2.25%). In terms of maximum drawdown, FXA dropped -40.97% vs SPYD's -46.42%.

On 10-year performance, SPYD leads with 8.59% vs 0.27% for FXA. On fees, SPYD is cheaper at 0.07% 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.

Over the 10-year period, SPYD has performed better with a 8.59% return vs 0.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPYD is cheaper with a 0.07% expense ratio, compared with 0.40% for FXA.

SPYD has the higher dividend yield at 4.21%, compared with 0.95% for FXA.

FXA is categorized as Currency, while SPYD is S&P 500. FXA tracks USD/AUD Exchange Rate, while SPYD tracks S&P 500 High Dividend Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.40% for FXA and 0.07% for SPYD.

FXA currently has the higher Sharpe Ratio (1.44 vs 1.42), 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.

Portfolio Optimizer

Find the right allocation for FXA and SPYD

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer