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 -0.30%/yr vs 1.10%/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 -2.17% return, which is significantly higher than FXF's -2.40% return. Over the past 10 years, FXC has underperformed FXF with an annualized return of -0.30%, while FXF has yielded a comparatively higher 1.10% annualized return.
FXC
- 1D
- 0.03%
- 1M
- -0.32%
- 6M
- -0.88%
- YTD
- -2.17%
- 1Y
- -2.33%
- 3Y*
- -0.88%
- 5Y*
- -1.21%
- 10Y*
- -0.30%
FXF
- 1D
- -0.50%
- 1M
- -2.01%
- 6M
- -0.98%
- YTD
- -2.40%
- 1Y
- -1.61%
- 3Y*
- 1.73%
- 5Y*
- 2.05%
- 10Y*
- 1.10%
FXC vs. FXF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | -2.17% | 5.24% | -5.96% | 4.35% | -6.44% | 0.22% | 1.92% | 5.94% | -7.54% | 6.72% |
FXF Invesco CurrencyShares® Swiss Franc Trust | -2.40% | 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 | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 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.
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 | FXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.49 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 0.97 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.45 | -0.24 | -0.21 |
| Martin ratioReturn relative to average drawdown | -1.00 | -0.57 | -0.43 |
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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 | -5.14% | -6.72% | +1.58% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -8.52% | +1.18% |
Max Drawdown (5Y)Largest decline over 5 years | -11.65% | -11.99% | +0.34% |
Max Drawdown (10Y)Largest decline over 10 years | -15.46% | -15.04% | -0.42% |
Current DrawdownCurrent decline from peak | -29.59% | -20.33% | -9.26% |
Average DrawdownAverage peak-to-trough decline | -19.97% | -20.83% | +0.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.34% | 2.83% | -0.49% |
Volatility
FXC vs. FXF - Volatility Comparison
The current volatility for Invesco CurrencyShares® Canadian Dollar Trust (FXC) is 1.35%, while Invesco CurrencyShares® Swiss Franc Trust (FXF) has a volatility of 2.02%. 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 | 1.35% | 2.02% | -0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 3.24% | 5.76% | -2.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.38% | 7.44% | -3.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.30% | 8.32% | -2.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.60% | 7.57% | -0.97% |
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 0.23%, 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 | 0.23% | 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 (2.02%) compared to FXC (1.35%). In terms of maximum drawdown, FXC dropped -35.39% vs FXF's -35.58%.
On 10-year performance, FXF leads with 1.10% vs -0.30% for FXC. Both ETFs have the same 0.40% expense ratio. On volatility, FXC has been the lower-risk option at 1.35%. 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 1.10% return vs -0.30%. 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 0.23%, compared with 0.00% for FXF.
FXC tracks Canadian Dollar, while FXF tracks Swiss Franc.
FXF currently has the higher Sharpe Ratio (-0.22 vs -0.53), 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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