PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
FXB vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXB vs. SPY

Last updated Jun 3, 2026

FXB (Invesco CurrencyShares® British Pound Sterling Trust) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - FXB is a Currency fund tracking the British Pound, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, FXB returned 0.04%/yr vs 15.57%/yr for SPY. At a 0.24 correlation, their price movements are largely independent. FXB charges 0.40%/yr vs 0.09%/yr for SPY.

Performance

FXB vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® British Pound Sterling Trust (FXB) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, FXB achieves a 0.73% return, which is significantly lower than SPY's 11.69% return. Over the past 10 years, FXB has underperformed SPY with an annualized return of 0.04%, while SPY has yielded a comparatively higher 15.57% annualized return.

FXB

1D
0.04%
1M
-0.65%
YTD
0.73%
6M
2.98%
1Y
1.58%
3Y*
5.52%
5Y*
0.93%
10Y*
0.04%

SPY

1D
0.14%
1M
5.40%
YTD
11.69%
6M
12.09%
1Y
29.62%
3Y*
22.64%
5Y*
14.20%
10Y*
15.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FXB vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FXB
Invesco CurrencyShares® British Pound Sterling Trust		0.73%10.37%1.35%8.58%-10.45%-1.54%2.87%3.87%-5.75%9.10%
SPY
State Street SPDR S&P 500 ETF		11.69%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between FXB and SPY is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.39

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

0.32

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

0.36

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

0.26

Correlation (All Time)
Calculated using the full available price history since Jun 27, 2006

0.24

The correlation between FXB and SPY shifts across timeframes, from 0.24 (all time) to 0.39 (1 year), 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® British Pound Sterling Trust

State Street SPDR S&P 500 ETF

Often compared with FXB:
FXB vs. FXEFXB vs. FXAFXB vs. FXCFXB vs. BRK-BFXB vs. VOOFXB vs. XLKFXB vs. IB01.L
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

FXB vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FXB
FXB Risk / Return Rank: 1212
Overall Rank
FXB Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
FXB Sortino Ratio Rank: 1111
Sortino Ratio Rank
FXB Omega Ratio Rank: 1111
Omega Ratio Rank
FXB Calmar Ratio Rank: 1414
Calmar Ratio Rank
FXB Martin Ratio Rank: 1313
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 7575
Overall Rank
SPY Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 7575
Sortino Ratio Rank
SPY Omega Ratio Rank: 7676
Omega Ratio Rank
SPY Calmar Ratio Rank: 6868
Calmar Ratio Rank
SPY Martin Ratio Rank: 8080
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.

FXB vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® British Pound Sterling Trust (FXB) and State Street SPDR S&P 500 ETF (SPY). 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.

FXBSPYDifference

Sharpe ratio

Return per unit of total volatility

0.24

2.52

-2.28

Sortino ratio

Return per unit of downside risk

0.39

3.42

-3.02

Omega ratio

Gain probability vs. loss probability

1.05

1.46

-0.41

Calmar ratio

Return relative to maximum drawdown

0.48

3.42

-2.94

Martin ratio

Return relative to average drawdown

1.00

15.93

-14.92

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXB vs. SPY - Sharpe Ratio Comparison

The current FXB Sharpe Ratio is 0.24, which is lower than the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of FXB and SPY, 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

FXBSPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.24

2.52

-2.28

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.11

0.84

-0.73

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.00

0.87

-0.87

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.07

0.59

-0.66

Drawdowns

FXB vs. SPY - Drawdown Comparison

The maximum FXB drawdown since its inception was -48.99%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FXB and SPY.

Loading charts...

Drawdown Indicators

FXBSPYDifference

Max Drawdown

Largest peak-to-trough decline

-48.99%

-55.19%

+6.20%

Max Drawdown (1Y)

Largest decline over 1 year

-4.53%

-8.88%

+4.35%

Max Drawdown (3Y)

Largest decline over 3 years

-8.44%

-18.76%

+10.32%

Max Drawdown (5Y)

Largest decline over 5 years

-24.83%

-24.50%

-0.33%

Max Drawdown (10Y)

Largest decline over 10 years

-29.30%

-33.72%

+4.42%

Current Drawdown

Current decline from peak

-29.31%

0.00%

-29.31%

Average Drawdown

Average peak-to-trough decline

-27.54%

-9.05%

-18.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.16%

1.91%

+0.25%

Volatility

FXB vs. SPY - Volatility Comparison

The current volatility for Invesco CurrencyShares® British Pound Sterling Trust (FXB) is 1.77%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.75%. This indicates that FXB experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

FXBSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.77%

2.75%

-0.98%

Volatility (6M)

Calculated over the trailing 6-month period

4.83%

8.89%

-4.06%

Volatility (1Y)

Calculated over the trailing 1-year period

6.56%

11.81%

-5.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.48%

17.05%

-8.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.31%

17.94%

-8.63%

FXB vs. SPY - Expense Ratio Comparison

FXB has a 0.40% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FXB vs. SPY - Dividend Comparison

FXB's dividend yield for the trailing twelve months is around 2.20%, more than SPY's 0.97% yield.

PositionTTM20252024202320222021202020192018201720162015
FXB
Invesco CurrencyShares® British Pound Sterling Trust		2.20%2.44%3.25%2.59%0.29%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SPY
State Street SPDR S&P 500 ETF		0.97%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

FXB and SPY have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPY has higher volatility (2.75%) compared to FXB (1.77%). In terms of maximum drawdown, FXB dropped -48.99% vs SPY's -55.19%.

On 10-year performance, SPY leads with 15.57% vs 0.04% for FXB. On fees, SPY is cheaper at 0.09% per year. On volatility, FXB has been the lower-risk option at 1.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPY has performed better with a 15.57% return vs 0.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPY is cheaper with a 0.09% expense ratio, compared with 0.40% for FXB.

FXB has the higher dividend yield at 2.20%, compared with 0.97% for SPY.

FXB is categorized as Currency, while SPY is S&P 500. FXB tracks British Pound, while SPY tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.40% for FXB and 0.09% for SPY.

SPY currently has the higher Sharpe Ratio (2.52 vs 0.24), 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 FXB and SPY

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