FXC vs. CSHP
FXC (Invesco CurrencyShares® Canadian Dollar Trust) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - FXC is a Currency fund tracking the Canadian Dollar, while CSHP is a Ultrashort Bond fund actively managed by iShares. FXC is passively managed, while CSHP is actively managed. Over the past year, FXC returned -3.10% vs 3.94% for CSHP. At a 0.05 correlation, their price movements are largely independent. FXC charges 0.40%/yr vs 0.20%/yr for CSHP.
Performance
FXC vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, FXC achieves a -3.29% return, which is significantly lower than CSHP's 1.83% return.
FXC
- 1D
- -0.39%
- 1M
- -2.71%
- YTD
- -3.29%
- 6M
- -3.54%
- 1Y
- -3.10%
- 3Y*
- -1.21%
- 5Y*
- -1.89%
- 10Y*
- -0.37%
CSHP
- 1D
- -0.03%
- 1M
- 0.27%
- YTD
- 1.83%
- 6M
- 1.92%
- 1Y
- 3.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FXC vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | -3.29% | 5.24% | -4.15% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.83% | 4.10% | 2.24% |
Correlation
The correlation between FXC and CSHP is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024 | 0.05 |
The correlation between FXC and CSHP shifts across timeframes, from -0.05 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FXC vs. CSHP — Risk / Return Rank
FXC
CSHP
FXC vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Canadian Dollar Trust (FXC) and iShares Enhanced Short-Term Bond Active ETF (CSHP). 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.
| FXC | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.78 | ||
| Sortino ratioReturn per unit of downside risk | -28.58 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 6.46 | -5.57 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 65.45 | -66.07 |
| Martin ratioReturn relative to average drawdown | -1.44 | 381.67 | -383.11 |
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Drawdowns
FXC vs. CSHP - Drawdown Comparison
The maximum FXC drawdown since its inception was -35.39%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for FXC and CSHP.
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Drawdown Indicators
| FXC | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.39% | -0.08% | -35.31% |
Max Drawdown (1Y)Largest decline over 1 year | -4.99% | -0.06% | -4.93% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.93% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -15.46% | — | — |
Current DrawdownCurrent decline from peak | -30.39% | -0.04% | -30.35% |
Average DrawdownAverage peak-to-trough decline | -19.94% | -0.00% | -19.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 0.01% | +2.15% |
Volatility
FXC vs. CSHP - Volatility Comparison
Invesco CurrencyShares® Canadian Dollar Trust (FXC) has a higher volatility of 1.10% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that FXC's price experiences larger fluctuations and is considered to be riskier than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXC | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 0.16% | +0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 3.26% | 0.27% | +2.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.50% | 0.36% | +4.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.35% | 0.41% | +5.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.62% | 0.41% | +6.21% |
FXC vs. CSHP - Expense Ratio Comparison
FXC has a 0.40% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
FXC vs. CSHP - Dividend Comparison
FXC's dividend yield for the trailing twelve months is around 0.27%, less than CSHP's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.91% | 5.39% | 1.96% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FXC Invesco CurrencyShares® Canadian Dollar Trust | 0.27% | 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
FXC and CSHP have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXC has higher volatility (1.10%) compared to CSHP (0.16%). In terms of maximum drawdown, FXC dropped -35.39% vs CSHP's -0.08%.
On 1-year performance, CSHP leads with 3.94% vs -3.10% for FXC. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CSHP has performed better with a 3.94% return vs -3.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSHP is cheaper with a 0.20% expense ratio, compared with 0.40% for FXC.
CSHP has the higher dividend yield at 3.91%, compared with 0.27% for FXC.
FXC is categorized as Currency, while CSHP is Ultrashort Bond. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.40% for FXC and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (11.09 vs -0.69), 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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