FXC vs. FXA
FXC (Invesco CurrencyShares® Canadian Dollar Trust) and FXA (Invesco CurrencyShares Australian Dollar Trust) are both Currency funds from Invesco - FXC tracks the Canadian Dollar while FXA tracks the USD/AUD Exchange Rate. Both are passively managed. Over the past 10 years, FXC returned -0.37%/yr vs -0.16%/yr for FXA. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.40% expense ratio.
Performance
FXC vs. FXA - 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 FXA's 4.11% return. Over the past 10 years, FXC has underperformed FXA with an annualized return of -0.37%, while FXA has yielded a comparatively higher -0.16% annualized 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%
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%
FXC vs. FXA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | -3.29% | 5.24% | -5.96% | 4.35% | -6.44% | 0.22% | 1.92% | 5.94% | -7.54% | 6.72% |
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 FXC 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 | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 0.64 |
The correlation between FXC and FXA has been stable across timeframes, ranging from 0.64 to 0.73 - a consistent structural relationship.
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Return for Risk
FXC vs. FXA — Risk / Return Rank
FXC
FXA
FXC vs. FXA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Canadian Dollar Trust (FXC) 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.
| FXC | FXA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.70 | ||
| Sortino ratioReturn per unit of downside risk | -2.45 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.17 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 1.81 | -2.43 |
| Martin ratioReturn relative to average drawdown | -1.44 | 5.11 | -6.55 |
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Drawdowns
FXC vs. FXA - Drawdown Comparison
The maximum FXC drawdown since its inception was -35.39%, smaller than the maximum FXA drawdown of -40.97%. Use the drawdown chart below to compare losses from any high point for FXC and FXA.
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Drawdown Indicators
| FXC | FXA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.39% | -40.97% | +5.58% |
Max Drawdown (1Y)Largest decline over 1 year | -4.99% | -4.52% | -0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -13.02% | +5.68% |
Max Drawdown (5Y)Largest decline over 5 years | -11.93% | -19.32% | +7.39% |
Max Drawdown (10Y)Largest decline over 10 years | -15.46% | -27.99% | +12.53% |
Current DrawdownCurrent decline from peak | -30.39% | -26.67% | -3.72% |
Average DrawdownAverage peak-to-trough decline | -19.94% | -18.83% | -1.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 1.60% | +0.56% |
Volatility
FXC vs. FXA - Volatility Comparison
The current volatility for Invesco CurrencyShares® Canadian Dollar Trust (FXC) is 1.10%, while Invesco CurrencyShares Australian Dollar Trust (FXA) has a volatility of 2.39%. This indicates that FXC 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
| FXC | FXA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 2.39% | -1.29% |
Volatility (6M)Calculated over the trailing 6-month period | 3.26% | 6.49% | -3.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.50% | 8.09% | -3.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.35% | 10.42% | -4.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.62% | 9.88% | -3.26% |
FXC vs. FXA - Expense Ratio Comparison
Both FXC and FXA have an expense ratio of 0.40%.
Dividends
FXC vs. FXA - Dividend Comparison
FXC's dividend yield for the trailing twelve months is around 0.27%, less 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% |
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 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 FXC (1.10%). In terms of maximum drawdown, FXC dropped -35.39% vs FXA's -40.97%.
On 10-year performance, FXA leads with -0.16% vs -0.37% for FXC. Both ETFs have the same 0.40% expense ratio. On volatility, FXC has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXA has performed better with a -0.16% return vs -0.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXC and FXA have the same expense ratio: 0.40% per year.
FXA has the higher dividend yield at 0.98%, compared with 0.27% for FXC.
FXC tracks Canadian Dollar, while FXA tracks USD/AUD Exchange Rate.
FXA currently has the higher Sharpe Ratio (1.01 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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