FXB vs. FXF

Last updated Jun 26, 2026

FXB (Invesco CurrencyShares® British Pound Sterling Trust) and FXF (Invesco CurrencyShares® Swiss Franc Trust) are both Currency funds from Invesco - FXB tracks the British Pound while FXF tracks the Swiss Franc. Both are passively managed. Over the past 10 years, FXB returned 0.80%/yr vs 1.06%/yr for FXF. A 0.50 correlation means they provide meaningful diversification when combined. Both charge a 0.40% expense ratio.

Performance

FXB vs. FXF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® British Pound Sterling Trust (FXB) and Invesco CurrencyShares® Swiss Franc Trust (FXF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXB achieves a -1.12% return, which is significantly higher than FXF's -2.44% return. Over the past 10 years, FXB has underperformed FXF with an annualized return of 0.80%, while FXF has yielded a comparatively higher 1.06% annualized return.

FXB

• 1D: 0.31%
• 1M: -1.66%
• YTD: -1.12%
• 6M: -1.19%
• 1Y: -1.31%
• 3Y*: 4.08%
• 5Y*: 0.87%
• 10Y*: 0.80%

FXF

• 1D: 0.41%
• 1M: -3.00%
• YTD: -2.44%
• 6M: -2.89%
• 1Y: -1.18%
• 3Y*: 3.09%
• 5Y*: 1.96%
• 10Y*: 1.06%

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

FXB vs. FXF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXB Invesco CurrencyShares® British Pound Sterling Trust	-1.12%	10.37%	1.35%	8.58%	-10.45%	-1.54%	2.87%	3.87%	-5.75%	9.10%
FXF Invesco CurrencyShares® Swiss Franc Trust	-2.44%	14.04%	-7.46%	9.63%	-2.29%	-4.08%	8.18%	0.32%	-2.01%	3.31%

Correlation

The correlation between FXB and FXF is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006	0.50

Over the past year, FXB and FXF have become more correlated (0.74) than their long-term average of 0.50, meaning their price movements have been converging.

Return for Risk

FXB vs. FXF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FXB

FXB Risk / Return Rank: 7
FXB Sharpe Ratio Rank: 8
FXB Sortino Ratio Rank: 7
FXB Omega Ratio Rank: 7
FXB Calmar Ratio Rank: 7
FXB Martin Ratio Rank: 7

FXF

FXF Risk / Return Rank: 7
FXF Sharpe Ratio Rank: 8
FXF Sortino Ratio Rank: 7
FXF Omega Ratio Rank: 7
FXF Calmar Ratio Rank: 8
FXF Martin Ratio Rank: 7

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.

FXB vs. FXF - 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® Swiss Franc Trust (FXF). 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	FXF	Difference
Sharpe ratio: Return per unit of total volatility	-0.20	-0.16	-0.04
Sortino ratio: Return per unit of downside risk	-0.24	-0.18	-0.06
Omega ratio: Gain probability vs. loss probability	0.97	0.98	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.29	-0.18	-0.11
Martin ratio: Return relative to average drawdown	-0.58	-0.48	-0.10

FXB vs. FXF - Sharpe Ratio Comparison

The current FXB Sharpe Ratio is -0.20, which is comparable to the FXF Sharpe Ratio of -0.16. The chart below compares the historical Sharpe Ratios of FXB and FXF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FXB vs. FXF - Drawdown Comparison

The maximum FXB drawdown since its inception was -48.99%, which is greater than FXF's maximum drawdown of -35.58%. Use the drawdown chart below to compare losses from any high point for FXB and FXF.

Drawdown Indicators

	FXB	FXF	Difference
Max Drawdown Largest peak-to-trough decline	-48.99%	-35.58%	-13.41%
Max Drawdown (1Y) Largest decline over 1 year	-4.53%	-6.50%	+1.97%
Max Drawdown (3Y) Largest decline over 3 years	-8.44%	-8.52%	+0.08%
Max Drawdown (5Y) Largest decline over 5 years	-23.61%	-11.99%	-11.62%
Max Drawdown (10Y) Largest decline over 10 years	-26.11%	-15.04%	-11.07%
Current Drawdown Current decline from peak	-30.61%	-20.36%	-10.25%
Average Drawdown Average peak-to-trough decline	-27.54%	-20.83%	-6.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	2.48%	-0.20%

Volatility

FXB vs. FXF - Volatility Comparison

The current volatility for Invesco CurrencyShares® British Pound Sterling Trust (FXB) is 1.66%, while Invesco CurrencyShares® Swiss Franc Trust (FXF) has a volatility of 2.04%. This indicates that FXB experiences smaller price fluctuations and is considered to be less risky than FXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXB	FXF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	2.04%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	4.87%	5.66%	-0.79%
Volatility (1Y) Calculated over the trailing 1-year period	6.49%	7.41%	-0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.48%	8.32%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.86%	7.57%	+1.29%

FXB vs. FXF - Expense Ratio Comparison

Both FXB and FXF have an expense ratio of 0.40%.

Dividends

FXB vs. FXF - Dividend Comparison

FXB's dividend yield for the trailing twelve months is around 2.24%, while FXF has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
FXB Invesco CurrencyShares® British Pound Sterling Trust	2.24%	2.44%	3.25%	2.59%	0.29%
FXF Invesco CurrencyShares® Swiss Franc Trust	0.00%	0.00%	0.03%	0.02%	0.00%

Frequently Asked Questions

Can I hold both FXB and FXF in my portfolio?

FXB and FXF have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXB or FXF?

FXF has higher volatility (2.04%) compared to FXB (1.66%). In terms of maximum drawdown, FXB dropped -48.99% vs FXF's -35.58%.

Which ETF is better, FXB or FXF?

On 10-year performance, FXF leads with 1.06% vs 0.80% for FXB. Both ETFs have the same 0.40% expense ratio. On volatility, FXB has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXB or FXF?

Over the 10-year period, FXF has performed better with a 1.06% return vs 0.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXB or FXF?

FXB and FXF have the same expense ratio: 0.40% per year.

Which ETF pays a higher dividend yield, FXB or FXF?

FXB has the higher dividend yield at 2.24%, compared with 0.00% for FXF.

What is the main difference between FXB and FXF?

FXB tracks British Pound, while FXF tracks Swiss Franc.

Which has better risk-adjusted returns?

FXF currently has the higher Sharpe Ratio (-0.16 vs -0.20), 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.