FXC vs. TLT
FXC (Invesco CurrencyShares® Canadian Dollar Trust) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - FXC is a Currency fund tracking the Canadian Dollar, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, FXC returned -0.15%/yr vs -2.38%/yr for TLT. Their -0.14 correlation means they have often moved in opposite directions in the past. FXC charges 0.40%/yr vs 0.15%/yr for TLT.
Performance
FXC vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, FXC achieves a -1.96% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, FXC has outperformed TLT with an annualized return of -0.15%, while TLT has yielded a comparatively lower -2.38% 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%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.79M | $2.89M | $1.65M | |
| $2.33B | $2.02B | $2.19B |
FXC vs. TLT - 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% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between FXC and TLT is 0.10, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.10 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.00 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | -0.14 |
The correlation between FXC and TLT shifts across timeframes, from -0.14 (all time) to 0.17 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FXC vs. TLT — Risk / Return Rank
FXC
TLT
FXC vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Canadian Dollar Trust (FXC) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 0.99 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | -0.14 | -0.06 |
| Martin ratioReturn relative to average drawdown | -0.46 | -0.30 | -0.16 |
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Drawdowns
FXC vs. TLT - Drawdown Comparison
The maximum FXC drawdown since its inception was -35.39%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for FXC and TLT.
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Drawdown Indicators
| FXC | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.39% | -48.35% | +12.96% |
Max Drawdown (1Y)Largest decline over 1 year | -5.14% | -7.74% | +2.60% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -14.79% | +7.45% |
Max Drawdown (5Y)Largest decline over 5 years | -11.65% | -43.70% | +32.05% |
Max Drawdown (10Y)Largest decline over 10 years | -15.46% | -48.35% | +32.89% |
Current DrawdownCurrent decline from peak | -29.44% | -42.36% | +12.92% |
Average DrawdownAverage peak-to-trough decline | -19.99% | -13.99% | -6.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.20% | 3.57% | -1.37% |
Volatility
FXC vs. TLT - Volatility Comparison
The current volatility for Invesco CurrencyShares® Canadian Dollar Trust (FXC) is 1.13%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that FXC experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXC | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 2.46% | -1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 2.97% | 6.85% | -3.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.31% | 9.32% | -5.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.25% | 15.74% | -9.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.59% | 14.83% | -8.24% |
FXC vs. TLT - Expense Ratio Comparison
FXC has a 0.40% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
FXC vs. TLT - Dividend Comparison
FXC's dividend yield for the trailing twelve months is around 0.23%, less than TLT's 4.75% 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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
FXC and TLT have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.46%) compared to FXC (1.13%). In terms of maximum drawdown, FXC dropped -35.39% vs TLT's -48.35%.
On 10-year performance, FXC leads with -0.15% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% 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, FXC has performed better with a -0.15% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.40% for FXC.
TLT has the higher dividend yield at 4.34%, compared with 0.19% for FXC.
FXC is categorized as Currency, while TLT is Government Bonds. FXC tracks Canadian Dollar, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.40% for FXC and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (-0.11 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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