FXC vs. GLD
FXC (Invesco CurrencyShares® Canadian Dollar Trust) and GLD (SPDR Gold Shares) are both exchange-traded funds - FXC is a Currency fund tracking the Canadian Dollar, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, FXC returned -0.38%/yr vs 11.21%/yr for GLD. At a 0.32 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
FXC vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, FXC achieves a -2.94% return, which is significantly higher than GLD's -7.36% return. Over the past 10 years, FXC has underperformed GLD with an annualized return of -0.38%, while GLD has yielded a comparatively higher 11.21% annualized return.
FXC
- 1D
- 0.00%
- 1M
- -1.23%
- 6M
- -1.83%
- YTD
- -2.94%
- 1Y
- -3.13%
- 3Y*
- -1.05%
- 5Y*
- -1.52%
- 10Y*
- -0.38%
GLD
- 1D
- -2.62%
- 1M
- -5.02%
- 6M
- -13.05%
- YTD
- -7.36%
- 1Y
- 18.76%
- 3Y*
- 26.48%
- 5Y*
- 16.50%
- 10Y*
- 11.21%
FXC vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | -2.94% | 5.24% | -5.96% | 4.35% | -6.44% | 0.22% | 1.92% | 5.94% | -7.54% | 6.72% |
GLD SPDR Gold Shares | -7.36% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between FXC and GLD is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 0.32 |
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Return for Risk
FXC vs. GLD — Risk / Return Rank
FXC
GLD
FXC vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Canadian Dollar Trust (FXC) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.40 | ||
| Sortino ratioReturn per unit of downside risk | -2.05 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.15 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | 0.72 | -1.33 |
| Martin ratioReturn relative to average drawdown | -1.36 | 1.76 | -3.12 |
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Drawdowns
FXC vs. GLD - Drawdown Comparison
The maximum FXC drawdown since its inception was -35.39%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for FXC and GLD.
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Drawdown Indicators
| FXC | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.39% | -45.56% | +10.17% |
Max Drawdown (1Y)Largest decline over 1 year | -5.14% | -26.21% | +21.07% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -26.21% | +18.87% |
Max Drawdown (5Y)Largest decline over 5 years | -11.65% | -26.21% | +14.56% |
Max Drawdown (10Y)Largest decline over 10 years | -15.46% | -26.21% | +10.75% |
Current DrawdownCurrent decline from peak | -30.14% | -25.97% | -4.17% |
Average DrawdownAverage peak-to-trough decline | -19.96% | -16.19% | -3.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.29% | 10.69% | -8.40% |
Volatility
FXC vs. GLD - Volatility Comparison
The current volatility for Invesco CurrencyShares® Canadian Dollar Trust (FXC) is 1.17%, while SPDR Gold Shares (GLD) has a volatility of 7.58%. This indicates that FXC experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXC | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 7.58% | -6.41% |
Volatility (6M)Calculated over the trailing 6-month period | 3.22% | 24.18% | -20.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.35% | 27.96% | -23.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.30% | 18.39% | -12.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.60% | 16.10% | -9.50% |
FXC vs. GLD - Expense Ratio Comparison
Both FXC and GLD have an expense ratio of 0.40%.
Dividends
FXC vs. GLD - Dividend Comparison
FXC's dividend yield for the trailing twelve months is around 0.23%, while GLD 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% |
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXC and GLD have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (7.58%) compared to FXC (1.17%). In terms of maximum drawdown, FXC dropped -35.39% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.21% vs -0.38% for FXC. Both ETFs have the same 0.40% expense ratio. On volatility, FXC has been the lower-risk option at 1.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 11.21% return vs -0.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXC and GLD have the same expense ratio: 0.40% per year.
FXC has the higher dividend yield at 0.23%, compared with 0.00% for GLD.
FXC is categorized as Currency, while GLD is Gold. FXC tracks Canadian Dollar, while GLD tracks LBMA Gold Price PM. They also come from different issuers: Invesco and State Street.
GLD currently has the higher Sharpe Ratio (0.68 vs -0.72), 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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