FXC vs. FXF
FXC (Invesco CurrencyShares® Canadian Dollar Trust) and FXF (Invesco CurrencyShares® Swiss Franc Trust) are both Currency funds from Invesco - FXC tracks the Canadian Dollar while FXF tracks the Swiss Franc. Both are passively managed. Over the past 10 years, FXC returned -0.15%/yr vs 1.32%/yr for FXF. At a 0.36 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
FXC vs. FXF - Performance Comparison
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Returns By Period
In the year-to-date period, FXC achieves a -0.74% return, which is significantly lower than FXF's 0.42% return. Over the past 10 years, FXC has underperformed FXF with an annualized return of -0.15%, while FXF has yielded a comparatively higher 1.32% 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%
FXF
- 1D
- -0.05%
- 1M
- -0.75%
- YTD
- 0.42%
- 6M
- 1.74%
- 1Y
- 3.15%
- 3Y*
- 4.60%
- 5Y*
- 2.24%
- 10Y*
- 1.32%
FXC vs. FXF - 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% |
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.42% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
Correlation
The correlation between FXC and FXF is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2006 | 0.36 |
Over the past year, FXC and FXF have become more correlated (0.62) than their long-term average of 0.36, meaning their price movements have been converging.
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Return for Risk
FXC vs. FXF — Risk / Return Rank
FXC
FXF
FXC vs. FXF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Canadian Dollar Trust (FXC) 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.
| FXC | FXF | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.18 | 0.42 | -0.60 |
Sortino ratioReturn per unit of downside risk | -0.24 | 0.70 | -0.93 |
Omega ratioGain probability vs. loss probability | 0.97 | 1.08 | -0.10 |
Calmar ratioReturn relative to maximum drawdown | -0.16 | 0.82 | -0.98 |
Martin ratioReturn relative to average drawdown | -0.32 | 1.85 | -2.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXC | FXF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.18 | 0.42 | -0.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.28 | 0.27 | -0.55 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.02 | 0.17 | -0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.05 | 0.18 | -0.23 |
Drawdowns
FXC vs. FXF - Drawdown Comparison
The maximum FXC drawdown since its inception was -35.39%, roughly equal to the maximum FXF drawdown of -35.58%. Use the drawdown chart below to compare losses from any high point for FXC and FXF.
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Drawdown Indicators
| FXC | FXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.39% | -35.58% | +0.19% |
Max Drawdown (1Y)Largest decline over 1 year | -3.78% | -4.82% | +1.04% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -8.52% | +1.18% |
Max Drawdown (5Y)Largest decline over 5 years | -13.53% | -13.03% | -0.50% |
Max Drawdown (10Y)Largest decline over 10 years | -15.46% | -15.04% | -0.42% |
Current DrawdownCurrent decline from peak | -28.56% | -18.02% | -10.54% |
Average DrawdownAverage peak-to-trough decline | -19.91% | -20.84% | +0.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 2.14% | -0.16% |
Volatility
FXC vs. FXF - Volatility Comparison
The current volatility for Invesco CurrencyShares® Canadian Dollar Trust (FXC) is 0.69%, while Invesco CurrencyShares® Swiss Franc Trust (FXF) has a volatility of 1.61%. This indicates that FXC 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.
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Volatility by Period
| FXC | FXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | 1.61% | -0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 3.25% | 5.52% | -2.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.49% | 7.52% | -3.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.37% | 8.32% | -1.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.66% | 7.57% | -0.91% |
FXC vs. FXF - Expense Ratio Comparison
Both FXC and FXF have an expense ratio of 0.40%.
Dividends
FXC vs. FXF - Dividend Comparison
FXC's dividend yield for the trailing twelve months is around 0.26%, while FXF has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.00% | 0.00% | 0.03% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXC and FXF have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXF has higher volatility (1.61%) compared to FXC (0.69%). In terms of maximum drawdown, FXC dropped -35.39% vs FXF's -35.58%.
On 10-year performance, FXF leads with 1.32% vs -0.15% for FXC. Both ETFs have the same 0.40% expense ratio. On volatility, FXC has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXF has performed better with a 1.32% return vs -0.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXC and FXF have the same expense ratio: 0.40% per year.
FXC has the higher dividend yield at 0.26%, compared with 0.00% for FXF.
FXC tracks Canadian Dollar, while FXF tracks Swiss Franc.
FXF currently has the higher Sharpe Ratio (0.42 vs -0.18), 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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