FXC vs. ASIL.L

Last updated Jun 3, 2026

FXC (Invesco CurrencyShares® Canadian Dollar Trust) and ASIL.L (Lyxor China Enterprise (HSCEI) UCITS ETF) are both exchange-traded funds - FXC is a Currency fund tracking the Canadian Dollar, while ASIL.L is a China Equities fund tracking the MSCI China NR USD. Both are passively managed. Over the past 10 years, FXC returned -0.15%/yr vs 0.15%/yr for ASIL.L. At a 0.27 correlation, their price movements are largely independent. FXC charges 0.40%/yr vs 0.65%/yr for ASIL.L.

Performance

FXC vs. ASIL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® Canadian Dollar Trust (FXC) and Lyxor China Enterprise (HSCEI) UCITS ETF (ASIL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FXC is traded in USD, while ASIL.L is traded in GBp. To make them comparable, the ASIL.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, FXC achieves a -0.74% return, which is significantly higher than ASIL.L's -3.62% return. Over the past 10 years, FXC has underperformed ASIL.L with an annualized return of -0.15%, while ASIL.L has yielded a comparatively higher 0.15% annualized return.

FXC

• 1D: 0.01%
• 1M: -1.76%
• YTD: -0.74%
• 6M: 1.05%
• 1Y: -0.81%
• 3Y*: 0.26%
• 5Y*: -1.74%
• 10Y*: -0.15%

ASIL.L

• 1D: 4.39%
• 1M: 1.84%
• YTD: -3.62%
• 6M: -5.41%
• 1Y: 12.74%
• 3Y*: 10.56%
• 5Y*: -6.19%
• 10Y*: 0.15%

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

FXC vs. ASIL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXC Invesco CurrencyShares® Canadian Dollar Trust	-0.74%	5.24%	-5.96%	4.35%	-6.44%	0.22%	1.92%	5.94%	-7.54%	6.72%
ASIL.L Lyxor China Enterprise (HSCEI) UCITS ETF	-3.62%	37.18%	12.49%	-13.61%	-25.59%	-23.40%	-1.39%	13.82%	-11.62%	26.84%

Correlation

The correlation between FXC and ASIL.L is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Dec 6, 2012	0.27

The correlation between FXC and ASIL.L shifts across timeframes, from 0.16 (1 year) to 0.32 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FXC vs. ASIL.L — Risk / Return Rank

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

FXC

FXC Risk / Return Rank: 7
FXC Sharpe Ratio Rank: 7
FXC Sortino Ratio Rank: 6
FXC Omega Ratio Rank: 6
FXC Calmar Ratio Rank: 7
FXC Martin Ratio Rank: 7

ASIL.L

ASIL.L Risk / Return Rank: 18
ASIL.L Sharpe Ratio Rank: 20
ASIL.L Sortino Ratio Rank: 21
ASIL.L Omega Ratio Rank: 19
ASIL.L Calmar Ratio Rank: 17
ASIL.L Martin Ratio Rank: 15

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.

FXC vs. ASIL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Canadian Dollar Trust (FXC) and Lyxor China Enterprise (HSCEI) UCITS ETF (ASIL.L). 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.

	FXC	ASIL.L	Difference
Sharpe ratio Return per unit of total volatility	-0.18	0.61	-0.79
Sortino ratio Return per unit of downside risk	-0.24	1.05	-1.29
Omega ratio Gain probability vs. loss probability	0.97	1.12	-0.14
Calmar ratio Return relative to maximum drawdown	-0.16	0.62	-0.78
Martin ratio Return relative to average drawdown	-0.32	1.26	-1.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXC vs. ASIL.L - Sharpe Ratio Comparison

The current FXC Sharpe Ratio is -0.18, which is lower than the ASIL.L Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of FXC and ASIL.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FXC	ASIL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.18	0.61	-0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.28	-0.20	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	0.01	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	-0.04	-0.01

Drawdowns

FXC vs. ASIL.L - Drawdown Comparison

The maximum FXC drawdown since its inception was -35.39%, smaller than the maximum ASIL.L drawdown of -65.43%. Use the drawdown chart below to compare losses from any high point for FXC and ASIL.L.

Drawdown Indicators

	FXC	ASIL.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.39%	-65.43%	+30.04%
Max Drawdown (1Y) Largest decline over 1 year	-3.78%	-18.58%	+14.80%
Max Drawdown (3Y) Largest decline over 3 years	-7.34%	-27.40%	+20.06%
Max Drawdown (5Y) Largest decline over 5 years	-13.53%	-59.09%	+45.56%
Max Drawdown (10Y) Largest decline over 10 years	-15.46%	-64.85%	+49.39%
Current Drawdown Current decline from peak	-28.56%	-39.26%	+10.70%
Average Drawdown Average peak-to-trough decline	-19.91%	-30.01%	+10.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	9.04%	-7.06%

Volatility

FXC vs. ASIL.L - Volatility Comparison

The current volatility for Invesco CurrencyShares® Canadian Dollar Trust (FXC) is 0.69%, while Lyxor China Enterprise (HSCEI) UCITS ETF (ASIL.L) has a volatility of 8.07%. This indicates that FXC experiences smaller price fluctuations and is considered to be less risky than ASIL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXC	ASIL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	8.07%	-7.38%
Volatility (6M) Calculated over the trailing 6-month period	3.25%	15.06%	-11.81%
Volatility (1Y) Calculated over the trailing 1-year period	4.49%	20.68%	-16.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.37%	30.52%	-24.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.66%	26.24%	-19.58%

FXC vs. ASIL.L - Expense Ratio Comparison

FXC has a 0.40% expense ratio, which is lower than ASIL.L's 0.65% expense ratio.

Dividends

FXC vs. ASIL.L - Dividend Comparison

FXC's dividend yield for the trailing twelve months is around 0.26%, while ASIL.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASIL.L Lyxor China Enterprise (HSCEI) UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FXC Invesco CurrencyShares® Canadian Dollar Trust	0.26%	0.55%	2.23%	2.01%	0.31%	0.00%	0.19%	0.75%	0.42%	0.02%	0.00%	0.02%

Frequently Asked Questions

Can I hold both FXC and ASIL.L in my portfolio?

FXC and ASIL.L have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FXC or ASIL.L?

On fees, FXC is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FXC or ASIL.L?

FXC is cheaper with a 0.40% expense ratio, compared with 0.65% for ASIL.L.

What is the main difference between FXC and ASIL.L?

FXC is categorized as Currency, while ASIL.L is China Equities. FXC tracks Canadian Dollar, while ASIL.L tracks MSCI China NR USD. They also come from different issuers: Invesco and Amundi. Their fees differ too: 0.40% for FXC and 0.65% for ASIL.L.