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 0.48%/yr vs -0.16%/yr for FXA. A 0.54 correlation means they provide meaningful diversification when combined. 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 -1.17% return, which is significantly lower than FXA's 4.11% return. Over the past 10 years, FXB has outperformed FXA with an annualized return of 0.48%, while FXA has yielded a comparatively lower -0.16% annualized return.
FXB
- 1D
- -0.37%
- 1M
- -1.63%
- YTD
- -1.17%
- 6M
- -1.24%
- 1Y
- -0.33%
- 3Y*
- 4.05%
- 5Y*
- 0.79%
- 10Y*
- 0.48%
FXA
- 1D
- -1.20%
- 1M
- -2.93%
- YTD
- 4.11%
- 6M
- 3.68%
- 1Y
- 8.15%
- 3Y*
- 2.48%
- 5Y*
- -1.06%
- 10Y*
- -0.16%
FXB vs. FXA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | -1.17% | 10.37% | 1.35% | 8.58% | -10.45% | -1.54% | 2.87% | 3.87% | -5.75% | 9.10% |
FXA Invesco CurrencyShares Australian Dollar Trust | 4.11% | 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 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 0.68 (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 | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.17 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 1.81 | -1.88 |
| Martin ratioReturn relative to average drawdown | -0.15 | 5.11 | -5.25 |
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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 | -4.53% | -4.52% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -8.44% | -13.02% | +4.58% |
Max Drawdown (5Y)Largest decline over 5 years | -23.61% | -19.32% | -4.29% |
Max Drawdown (10Y)Largest decline over 10 years | -26.11% | -27.99% | +1.88% |
Current DrawdownCurrent decline from peak | -30.64% | -26.67% | -3.97% |
Average DrawdownAverage peak-to-trough decline | -27.54% | -18.83% | -8.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.25% | 1.60% | +0.65% |
Volatility
FXB vs. FXA - Volatility Comparison
The current volatility for Invesco CurrencyShares® British Pound Sterling Trust (FXB) is 1.62%, while Invesco CurrencyShares Australian Dollar Trust (FXA) has a volatility of 2.39%. This indicates that FXB experiences smaller price fluctuations and is considered to be less risky than FXA based on this measure. 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 | 1.62% | 2.39% | -0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 4.90% | 6.49% | -1.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.57% | 8.09% | -1.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.48% | 10.42% | -1.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.87% | 9.88% | -1.01% |
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 2.24%, more than FXA's 0.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXA Invesco CurrencyShares Australian Dollar Trust | 0.98% | 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 | 2.24% | 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 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXA has higher volatility (2.39%) compared to FXB (1.62%). In terms of maximum drawdown, FXB dropped -48.99% vs FXA's -40.97%.
On 10-year performance, FXB leads with 0.48% vs -0.16% for FXA. Both ETFs have the same 0.40% expense ratio. On volatility, FXB has been the lower-risk option at 1.62%. 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 0.48% 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 2.24%, compared with 0.98% for FXA.
FXB tracks British Pound, while FXA tracks USD/AUD Exchange Rate.
FXA currently has the higher Sharpe Ratio (1.01 vs -0.05), 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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