FXF vs. BNDX
FXF (Invesco CurrencyShares® Swiss Franc Trust) and BNDX (Vanguard Total International Bond ETF) are both exchange-traded funds - FXF is a Currency fund tracking the Swiss Franc, while BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). Both are passively managed. Over the past 10 years, FXF returned 1.16%/yr vs 1.49%/yr for BNDX. At a 0.19 correlation, their price movements are largely independent. FXF charges 0.40%/yr vs 0.07%/yr for BNDX.
Performance
FXF vs. BNDX - Performance Comparison
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Returns By Period
In the year-to-date period, FXF achieves a -2.51% return, which is significantly lower than BNDX's 0.33% return. Over the past 10 years, FXF has underperformed BNDX with an annualized return of 1.16%, while BNDX has yielded a comparatively higher 1.49% annualized return.
FXF
- 1D
- -0.36%
- 1M
- -0.69%
- 6M
- -1.20%
- YTD
- -2.51%
- 1Y
- -1.57%
- 3Y*
- 1.94%
- 5Y*
- 1.98%
- 10Y*
- 1.16%
- ALL TIME*
- 1.66%
BNDX
- 1D
- -0.23%
- 1M
- -0.87%
- 6M
- -0.13%
- YTD
- 0.33%
- 1Y
- 1.62%
- 3Y*
- 3.85%
- 5Y*
- 0.02%
- 10Y*
- 1.49%
- ALL TIME*
- 2.26%
FXF vs. BNDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | -2.51% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
BNDX Vanguard Total International Bond ETF | 0.33% | 2.86% | 3.57% | 8.77% | -12.76% | -2.29% | 4.65% | 7.87% | 2.81% | 2.40% |
Correlation
The correlation between FXF and BNDX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | 0.19 |
Over the past year, FXF and BNDX have become more correlated (0.40) than their long-term average of 0.19, meaning their price movements have been converging.
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Return for Risk
FXF vs. BNDX — Risk / Return Rank
FXF
BNDX
FXF vs. BNDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and Vanguard Total International Bond ETF (BNDX). 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.
| FXF | BNDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | -0.94 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.08 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 0.55 | -0.79 |
| Martin ratioReturn relative to average drawdown | -0.55 | 1.48 | -2.03 |
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Drawdowns
FXF vs. BNDX - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, which is greater than BNDX's maximum drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for FXF and BNDX.
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Drawdown Indicators
| FXF | BNDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -16.23% | -19.35% |
Max Drawdown (1Y)Largest decline over 1 year | -6.72% | -2.93% | -3.79% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -2.93% | -5.59% |
Max Drawdown (5Y)Largest decline over 5 years | -11.99% | -15.86% | +3.87% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -16.23% | +1.19% |
Current DrawdownCurrent decline from peak | -20.42% | -1.69% | -18.73% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -3.09% | -17.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 1.10% | +1.78% |
Volatility
FXF vs. BNDX - Volatility Comparison
Invesco CurrencyShares® Swiss Franc Trust (FXF) has a higher volatility of 1.86% compared to Vanguard Total International Bond ETF (BNDX) at 1.00%. This indicates that FXF's price experiences larger fluctuations and is considered to be riskier than BNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXF | BNDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.86% | 1.00% | +0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 5.76% | 3.08% | +2.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.44% | 3.53% | +3.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.32% | 4.90% | +3.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 4.09% | +3.48% |
FXF vs. BNDX - Expense Ratio Comparison
FXF has a 0.40% expense ratio, which is higher than BNDX's 0.07% expense ratio.
Dividends
FXF vs. BNDX - Dividend Comparison
FXF has not paid dividends to shareholders, while BNDX's dividend yield for the trailing twelve months is around 4.53%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 4.53% | 4.39% | 4.18% | 4.42% | 1.51% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% |
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
FXF and BNDX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXF has higher volatility (1.86%) compared to BNDX (1.00%). In terms of maximum drawdown, FXF dropped -35.58% vs BNDX's -16.23%.
On 10-year performance, BNDX leads with 1.49% vs 1.16% for FXF. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNDX has performed better with a 1.49% return vs 1.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDX is cheaper with a 0.07% expense ratio, compared with 0.40% for FXF.
BNDX has the higher dividend yield at 4.53%, compared with 0.00% for FXF.
FXF is categorized as Currency, while BNDX is Global Bonds. FXF tracks Swiss Franc, while BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.40% for FXF and 0.07% for BNDX.
BNDX currently has the higher Sharpe Ratio (0.46 vs -0.21), 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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