FXC vs. XLK
FXC (Invesco CurrencyShares® Canadian Dollar Trust) and XLK (State Street Technology Select Sector SPDR ETF) are both exchange-traded funds - FXC is a Currency fund tracking the Canadian Dollar, while XLK is a Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index. Both are passively managed. Over the past 10 years, FXC returned -0.37%/yr vs 25.48%/yr for XLK. At a 0.36 correlation, their price movements are largely independent. FXC charges 0.40%/yr vs 0.08%/yr for XLK.
Performance
FXC vs. XLK - Performance Comparison
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Returns By Period
In the year-to-date period, FXC achieves a -3.29% return, which is significantly lower than XLK's 28.25% return. Over the past 10 years, FXC has underperformed XLK with an annualized return of -0.37%, while XLK has yielded a comparatively higher 25.48% annualized return.
FXC
- 1D
- -0.39%
- 1M
- -2.71%
- YTD
- -3.29%
- 6M
- -3.54%
- 1Y
- -3.10%
- 3Y*
- -1.21%
- 5Y*
- -1.89%
- 10Y*
- -0.37%
XLK
- 1D
- -4.14%
- 1M
- 2.23%
- YTD
- 28.25%
- 6M
- 26.51%
- 1Y
- 52.47%
- 3Y*
- 30.61%
- 5Y*
- 21.34%
- 10Y*
- 25.48%
FXC vs. XLK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | -3.29% | 5.24% | -5.96% | 4.35% | -6.44% | 0.22% | 1.92% | 5.94% | -7.54% | 6.72% |
XLK State Street Technology Select Sector SPDR ETF | 28.25% | 24.61% | 21.63% | 56.02% | -27.73% | 34.74% | 43.62% | 49.86% | -1.68% | 34.26% |
Correlation
The correlation between FXC and XLK is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 0.36 |
The correlation between FXC and XLK shifts across timeframes, from 0.20 (3 years) to 0.36 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FXC vs. XLK — Risk / Return Rank
FXC
XLK
FXC vs. XLK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Canadian Dollar Trust (FXC) and State Street Technology Select Sector SPDR ETF (XLK). 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 | XLK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.94 | ||
| Sortino ratioReturn per unit of downside risk | -3.76 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.38 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 3.31 | -3.94 |
| Martin ratioReturn relative to average drawdown | -1.44 | 10.56 | -12.01 |
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Drawdowns
FXC vs. XLK - Drawdown Comparison
The maximum FXC drawdown since its inception was -35.39%, smaller than the maximum XLK drawdown of -82.05%. Use the drawdown chart below to compare losses from any high point for FXC and XLK.
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Drawdown Indicators
| FXC | XLK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.39% | -82.05% | +46.66% |
Max Drawdown (1Y)Largest decline over 1 year | -4.99% | -15.92% | +10.93% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -25.66% | +18.32% |
Max Drawdown (5Y)Largest decline over 5 years | -11.93% | -33.56% | +21.63% |
Max Drawdown (10Y)Largest decline over 10 years | -15.46% | -33.56% | +18.10% |
Current DrawdownCurrent decline from peak | -30.39% | -6.96% | -23.43% |
Average DrawdownAverage peak-to-trough decline | -19.94% | -34.90% | +14.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 4.98% | -2.82% |
Volatility
FXC vs. XLK - Volatility Comparison
The current volatility for Invesco CurrencyShares® Canadian Dollar Trust (FXC) is 1.10%, while State Street Technology Select Sector SPDR ETF (XLK) has a volatility of 12.51%. This indicates that FXC experiences smaller price fluctuations and is considered to be less risky than XLK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXC | XLK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 12.51% | -11.41% |
Volatility (6M)Calculated over the trailing 6-month period | 3.26% | 19.70% | -16.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.50% | 23.48% | -18.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.35% | 25.37% | -19.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.62% | 24.71% | -18.09% |
FXC vs. XLK - Expense Ratio Comparison
FXC has a 0.40% expense ratio, which is higher than XLK's 0.08% expense ratio.
Dividends
FXC vs. XLK - Dividend Comparison
FXC's dividend yield for the trailing twelve months is around 0.27%, less than XLK's 0.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | 0.27% | 0.55% | 2.23% | 2.01% | 0.31% | 0.00% | 0.19% | 0.75% | 0.42% | 0.02% | 0.00% | 0.02% |
XLK State Street Technology Select Sector SPDR ETF | 0.43% | 0.54% | 0.66% | 0.76% | 1.04% | 0.65% | 0.92% | 1.16% | 1.60% | 1.37% | 1.74% | 1.79% |
Frequently Asked Questions
FXC and XLK have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLK has higher volatility (12.51%) compared to FXC (1.10%). In terms of maximum drawdown, FXC dropped -35.39% vs XLK's -82.05%.
On 10-year performance, XLK leads with 25.48% vs -0.37% for FXC. On fees, XLK is cheaper at 0.08% per year. On volatility, FXC has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLK has performed better with a 25.48% return vs -0.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLK is cheaper with a 0.08% expense ratio, compared with 0.40% for FXC.
XLK has the higher dividend yield at 0.43%, compared with 0.27% for FXC.
FXC is categorized as Currency, while XLK is Technology Equities. FXC tracks Canadian Dollar, while XLK tracks S&P Technology Select Sector Daily Capped 35/20 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.40% for FXC and 0.08% for XLK.
XLK currently has the higher Sharpe Ratio (2.25 vs -0.69), 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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