FXC vs. IWM
FXC (Invesco CurrencyShares® Canadian Dollar Trust) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - FXC is a Currency fund tracking the Canadian Dollar, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Both are passively managed. Over the past 10 years, FXC returned -0.15%/yr vs 10.70%/yr for IWM. Their 0.40 correlation means their historical movements had little consistent relationship. FXC charges 0.40%/yr vs 0.19%/yr for IWM.
Performance
FXC vs. IWM - Performance Comparison
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Returns By Period
In the year-to-date period, FXC achieves a -1.96% return, which is significantly lower than IWM's 18.79% return. Over the past 10 years, FXC has underperformed IWM with an annualized return of -0.15%, while IWM has yielded a comparatively higher 10.70% annualized return.
FXC
- 1D
- 0.06%
- 1M
- 1.05%
- 6M
- -2.81%
- YTD
- -1.96%
- 1Y
- -1.43%
- 3Y*
- -0.59%
- 5Y*
- -1.37%
- 10Y*
- -0.15%
- ALL TIME*
- -0.50%
IWM
- 1D
- -0.48%
- 1M
- -2.14%
- 6M
- 12.62%
- YTD
- 18.79%
- 1Y
- 36.90%
- 3Y*
- 15.11%
- 5Y*
- 6.99%
- 10Y*
- 10.70%
- ALL TIME*
- 8.73%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.79M | $2.89M | $1.65M | |
| $6.67B | $6.32B | $7.45B |
FXC vs. IWM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | -1.96% | 5.24% | -5.96% | 4.35% | -6.44% | 0.22% | 1.92% | 5.94% | -7.54% | 6.72% |
IWM iShares Russell 2000 ETF | 18.79% | 12.66% | 11.38% | 16.83% | -20.48% | 14.54% | 20.03% | 25.39% | -11.12% | 14.58% |
Correlation
The correlation between FXC and IWM is 0.18, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.18 |
Correlation (3Y) Balances recent behavior with more history. | 0.31 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.44 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.38 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 0.40 |
Over the past year, the correlation between FXC and IWM has dropped to 0.18 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.
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Return for Risk
FXC vs. IWM — Risk / Return Rank
FXC
IWM
FXC vs. IWM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Canadian Dollar Trust (FXC) and iShares Russell 2000 ETF (IWM). 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 | IWM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.00 | ||
| Sortino ratioReturn per unit of downside risk | -2.83 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.30 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 3.11 | -3.31 |
| Martin ratioReturn relative to average drawdown | -0.46 | 11.02 | -11.48 |
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Drawdowns
FXC vs. IWM - Drawdown Comparison
The maximum FXC drawdown since its inception was -35.39%, smaller than the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for FXC and IWM.
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Drawdown Indicators
| FXC | IWM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.39% | -59.05% | +23.66% |
Max Drawdown (1Y)Largest decline over 1 year | -5.14% | -11.03% | +5.89% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -27.50% | +20.16% |
Max Drawdown (5Y)Largest decline over 5 years | -11.65% | -31.91% | +20.26% |
Max Drawdown (10Y)Largest decline over 10 years | -15.46% | -41.13% | +25.67% |
Current DrawdownCurrent decline from peak | -29.44% | -3.08% | -26.36% |
Average DrawdownAverage peak-to-trough decline | -19.99% | -10.71% | -9.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.20% | 3.11% | -0.91% |
Volatility
FXC vs. IWM - Volatility Comparison
The current volatility for Invesco CurrencyShares® Canadian Dollar Trust (FXC) is 1.13%, while iShares Russell 2000 ETF (IWM) has a volatility of 3.82%. This indicates that FXC experiences smaller price fluctuations and is considered to be less risky than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXC | IWM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 3.82% | -2.69% |
Volatility (6M)Calculated over the trailing 6-month period | 2.97% | 14.12% | -11.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.31% | 19.41% | -15.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.25% | 22.48% | -16.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.59% | 23.01% | -16.42% |
FXC vs. IWM - Expense Ratio Comparison
FXC has a 0.40% expense ratio, which is higher than IWM's 0.19% expense ratio.
Dividends
FXC vs. IWM - Dividend Comparison
FXC's dividend yield for the trailing twelve months is around 0.23%, less than IWM's 0.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | 0.19% | 0.55% | 2.23% | 2.01% | 0.31% | 0.00% | 0.19% | 0.75% | 0.42% | 0.02% | 0.00% | 0.02% |
IWM iShares Russell 2000 ETF | 0.91% | 1.04% | 1.15% | 1.35% | 1.48% | 0.94% | 1.04% | 1.26% | 1.40% | 1.26% | 1.38% | 1.54% |
Frequently Asked Questions
FXC and IWM have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWM has higher volatility (3.82%) compared to FXC (1.13%). In terms of maximum drawdown, FXC dropped -35.39% vs IWM's -59.05%.
On 10-year performance, IWM leads with 10.70% vs -0.15% for FXC. On fees, IWM is cheaper at 0.19% per year. On volatility, FXC has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IWM has performed better with a 10.70% return vs -0.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWM is cheaper with a 0.19% expense ratio, compared with 0.40% for FXC.
IWM has the higher dividend yield at 0.91%, compared with 0.19% for FXC.
FXC is categorized as Currency, while IWM is Small Cap Blend Equities. FXC tracks Canadian Dollar, while IWM tracks Russell 2000 Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.40% for FXC and 0.19% for IWM.
IWM currently has the higher Sharpe Ratio (1.77 vs -0.24), 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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