FXB vs. FXA
FXB (Invesco CurrencyShares® British Pound Sterling Trust) and FXA (Invesco CurrencyShares Australian Dollar Trust) are both Currency funds from Invesco - FXB tracks the British Pound while FXA tracks the USD/AUD Exchange Rate. Both are passively managed. Over the past 10 years, FXB returned 0.93%/yr vs -0.16%/yr for FXA. Their 0.54 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.40% expense ratio.
Performance
FXB vs. FXA - Performance Comparison
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Returns By Period
In the year-to-date period, FXB achieves a 1.15% return, which is significantly lower than FXA's 6.14% return. Over the past 10 years, FXB has outperformed FXA with an annualized return of 0.93%, while FXA has yielded a comparatively lower -0.16% annualized return.
FXB
- 1D
- 0.07%
- 1M
- 1.16%
- 6M
- -0.48%
- YTD
- 1.15%
- 1Y
- 3.76%
- 3Y*
- 4.61%
- 5Y*
- 1.33%
- 10Y*
- 0.93%
- ALL TIME*
- -0.66%
FXA
- 1D
- 0.13%
- 1M
- 1.83%
- 6M
- 1.60%
- YTD
- 6.14%
- 1Y
- 10.19%
- 3Y*
- 3.44%
- 5Y*
- -0.01%
- 10Y*
- -0.16%
- ALL TIME*
- 1.72%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $574.34K | $643.91K | $753.00K | |
| $3.77M | $5.68M | $4.47M |
FXB vs. FXA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | 1.15% | 10.37% | 1.35% | 8.58% | -10.45% | -1.54% | 2.87% | 3.87% | -5.75% | 9.10% |
FXA Invesco CurrencyShares Australian Dollar Trust | 6.14% | 9.10% | -7.75% | 1.20% | -6.46% | -6.17% | 9.52% | 0.13% | -8.84% | 9.05% |
Correlation
The correlation between FXB and FXA is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.64 |
Correlation (3Y) Balances recent behavior with more history. | 0.66 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.67 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.58 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 0.54 |
The correlation between FXB and FXA shifts across timeframes, from 0.54 (all time) to 0.67 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FXB vs. FXA — Risk / Return Rank
FXB
FXA
FXB vs. FXA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® British Pound Sterling Trust (FXB) and Invesco CurrencyShares Australian Dollar Trust (FXA). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FXB | FXA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.24 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 2.23 | -1.24 |
| Martin ratioReturn relative to average drawdown | 1.94 | 5.44 | -3.50 |
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Drawdowns
FXB vs. FXA - Drawdown Comparison
The maximum FXB drawdown since its inception was -48.99%, which is greater than FXA's maximum drawdown of -40.97%. Use the drawdown chart below to compare losses from any high point for FXB and FXA.
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Drawdown Indicators
| FXB | FXA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.99% | -40.97% | -8.02% |
Max Drawdown (1Y)Largest decline over 1 year | -4.35% | -4.82% | +0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -8.44% | -13.02% | +4.58% |
Max Drawdown (5Y)Largest decline over 5 years | -23.40% | -18.90% | -4.50% |
Max Drawdown (10Y)Largest decline over 10 years | -26.11% | -27.99% | +1.88% |
Current DrawdownCurrent decline from peak | -29.01% | -25.24% | -3.77% |
Average DrawdownAverage peak-to-trough decline | -27.55% | -18.87% | -8.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.20% | 1.97% | +0.23% |
Volatility
FXB vs. FXA - Volatility Comparison
Invesco CurrencyShares® British Pound Sterling Trust (FXB) and Invesco CurrencyShares Australian Dollar Trust (FXA) have volatilities of 1.88% and 1.86%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXB | FXA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.88% | 1.86% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 4.80% | 6.31% | -1.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.46% | 7.86% | -1.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.47% | 10.39% | -1.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.73% | 9.83% | -1.10% |
FXB vs. FXA - Expense Ratio Comparison
Both FXB and FXA have an expense ratio of 0.40%.
Dividends
FXB vs. FXA - Dividend Comparison
FXB's dividend yield for the trailing twelve months is around 2.15%, more than FXA's 1.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXA Invesco CurrencyShares Australian Dollar Trust | 0.91% | 1.16% | 1.66% | 0.98% | 0.05% | 0.00% | 0.03% | 0.53% | 1.04% | 0.83% | 1.01% | 1.52% |
FXB Invesco CurrencyShares® British Pound Sterling Trust | 1.95% | 2.44% | 3.25% | 2.59% | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXB and FXA have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXB has higher volatility (1.88%) compared to FXA (1.86%). In terms of maximum drawdown, FXB dropped -48.99% vs FXA's -40.97%.
On 10-year performance, FXB leads with 0.93% vs -0.16% for FXA. Both ETFs have the same 0.40% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXB has performed better with a 0.93% return vs -0.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXB and FXA have the same expense ratio: 0.40% per year.
FXB has the higher dividend yield at 1.95%, compared with 0.91% for FXA.
FXB tracks British Pound, while FXA tracks USD/AUD Exchange Rate.
FXA currently has the higher Sharpe Ratio (1.37 vs 0.66), 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.
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