FXA vs. UDN
FXA (Invesco CurrencyShares Australian Dollar Trust) and UDN (Invesco DB US Dollar Index Bearish Fund) are both Currency funds from Invesco - FXA tracks the USD/AUD Exchange Rate while UDN tracks the Deutsche Bank Short USD Currency Portfolio Index. Both are passively managed. Over the past 10 years, FXA returned 0.27%/yr vs -0.48%/yr for UDN. A 0.61 correlation means they provide meaningful diversification when combined. FXA charges 0.40%/yr vs 0.77%/yr for UDN.
Performance
FXA vs. UDN - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FXA achieves a 7.28% return, which is significantly higher than UDN's -0.60% return. Over the past 10 years, FXA has outperformed UDN with an annualized return of 0.27%, while UDN has yielded a comparatively lower -0.48% 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%
UDN
- 1D
- -0.33%
- 1M
- -0.98%
- YTD
- -0.60%
- 6M
- 0.02%
- 1Y
- 1.27%
- 3Y*
- 3.62%
- 5Y*
- -0.78%
- 10Y*
- -0.48%
FXA vs. UDN - 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% |
UDN Invesco DB US Dollar Index Bearish Fund | -0.60% | 12.37% | -4.53% | 4.88% | -7.96% | -7.03% | 6.20% | -0.97% | -5.02% | 9.50% |
Correlation
The correlation between FXA and UDN is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2007 | 0.61 |
The correlation between FXA and UDN has been stable across timeframes, ranging from 0.61 to 0.69 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FXA vs. UDN — Risk / Return Rank
FXA
UDN
FXA vs. UDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares Australian Dollar Trust (FXA) and Invesco DB US Dollar Index Bearish Fund (UDN). 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 | UDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.23 | ||
| Sortino ratioReturn per unit of downside risk | +1.71 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.04 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 0.28 | +2.44 |
| Martin ratioReturn relative to average drawdown | 7.85 | 0.60 | +7.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| FXA | UDN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.44 | 0.21 | +1.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.09 | -0.11 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.03 | -0.07 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | -0.09 | +0.23 |
Drawdowns
FXA vs. UDN - Drawdown Comparison
The maximum FXA drawdown since its inception was -40.97%, roughly equal to the maximum UDN drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for FXA and UDN.
Loading charts...
Drawdown Indicators
| FXA | UDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.97% | -41.67% | +0.70% |
Max Drawdown (1Y)Largest decline over 1 year | -4.21% | -4.54% | +0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -13.02% | -8.59% | -4.43% |
Max Drawdown (5Y)Largest decline over 5 years | -21.05% | -22.50% | +1.45% |
Max Drawdown (10Y)Largest decline over 10 years | -27.99% | -25.72% | -2.27% |
Current DrawdownCurrent decline from peak | -24.43% | -27.70% | +3.27% |
Average DrawdownAverage peak-to-trough decline | -18.82% | -20.61% | +1.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 2.11% | -0.66% |
Volatility
FXA vs. UDN - Volatility Comparison
Invesco CurrencyShares Australian Dollar Trust (FXA) has a higher volatility of 2.25% compared to Invesco DB US Dollar Index Bearish Fund (UDN) at 1.27%. This indicates that FXA's price experiences larger fluctuations and is considered to be riskier than UDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FXA | UDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.25% | 1.27% | +0.98% |
Volatility (6M)Calculated over the trailing 6-month period | 6.21% | 4.25% | +1.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.96% | 6.09% | +1.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.41% | 7.41% | +3.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.90% | 6.92% | +2.98% |
FXA vs. UDN - Expense Ratio Comparison
FXA has a 0.40% expense ratio, which is lower than UDN's 0.77% expense ratio.
Dividends
FXA vs. UDN - Dividend Comparison
FXA's dividend yield for the trailing twelve months is around 0.95%, less than UDN's 2.95% 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% |
UDN Invesco DB US Dollar Index Bearish Fund | 2.95% | 2.94% | 5.33% | 5.21% | 0.69% | 0.00% | 0.00% | 1.38% | 1.26% | 0.11% | 0.00% | 0.00% |
Frequently Asked Questions
FXA and UDN have a correlation of 0.68, 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 UDN (1.27%). In terms of maximum drawdown, FXA dropped -40.97% vs UDN's -41.67%.
On 10-year performance, FXA leads with 0.27% vs -0.48% for UDN. On fees, FXA is cheaper at 0.40% per year. On volatility, UDN has been the lower-risk option at 1.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXA has performed better with a 0.27% return vs -0.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXA is cheaper with a 0.40% expense ratio, compared with 0.77% for UDN.
UDN has the higher dividend yield at 2.95%, compared with 0.95% for FXA.
FXA tracks USD/AUD Exchange Rate, while UDN tracks Deutsche Bank Short USD Currency Portfolio Index. Their fees differ too: 0.40% for FXA and 0.77% for UDN.
FXA currently has the higher Sharpe Ratio (1.44 vs 0.21), 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.
Find the right allocation for FXA and UDN
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