FXF vs. BWZ

Last updated Jun 4, 2026

FXF (Invesco CurrencyShares® Swiss Franc Trust) and BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) are both exchange-traded funds - FXF is a Currency fund tracking the Swiss Franc, while BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized. Both are passively managed. Over the past 10 years, FXF returned 1.25%/yr vs -0.49%/yr for BWZ. A 0.67 correlation means they provide meaningful diversification when combined. FXF charges 0.40%/yr vs 0.35%/yr for BWZ.

Performance

FXF vs. BWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® Swiss Franc Trust (FXF) and SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXF achieves a -0.20% return, which is significantly higher than BWZ's -0.62% return. Over the past 10 years, FXF has outperformed BWZ with an annualized return of 1.25%, while BWZ has yielded a comparatively lower -0.49% annualized return.

FXF

• 1D: -0.62%
• 1M: -1.07%
• YTD: -0.20%
• 6M: 0.70%
• 1Y: 3.46%
• 3Y*: 4.38%
• 5Y*: 2.01%
• 10Y*: 1.25%

BWZ

• 1D: -0.52%
• 1M: -0.85%
• YTD: -0.62%
• 6M: -0.00%
• 1Y: 0.04%
• 3Y*: 2.58%
• 5Y*: -2.01%
• 10Y*: -0.49%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FXF vs. BWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXF Invesco CurrencyShares® Swiss Franc Trust	-0.20%	14.04%	-7.46%	9.63%	-2.29%	-4.08%	8.18%	0.32%	-2.01%	3.31%
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF	-0.62%	10.47%	-5.31%	2.97%	-10.56%	-6.85%	6.47%	0.99%	-3.36%	10.18%

Correlation

The correlation between FXF and BWZ is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Feb 2, 2009	0.67

The correlation between FXF and BWZ has been stable across timeframes, ranging from 0.67 to 0.70 - a consistent structural relationship.

Return for Risk

FXF vs. BWZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FXF

FXF Risk / Return Rank: 16
FXF Sharpe Ratio Rank: 16
FXF Sortino Ratio Rank: 15
FXF Omega Ratio Rank: 14
FXF Calmar Ratio Rank: 18
FXF Martin Ratio Rank: 16

BWZ

BWZ Risk / Return Rank: 8
BWZ Sharpe Ratio Rank: 9
BWZ Sortino Ratio Rank: 8
BWZ Omega Ratio Rank: 8
BWZ Calmar Ratio Rank: 9
BWZ Martin Ratio Rank: 9

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FXF vs. BWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ). 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.

	FXF	BWZ	Difference
Sharpe ratio: Return per unit of total volatility	0.47	0.01	+0.46
Sortino ratio: Return per unit of downside risk	0.77	0.06	+0.71
Omega ratio: Gain probability vs. loss probability	1.09	1.01	+0.08
Calmar ratio: Return relative to maximum drawdown	0.72	0.01	+0.71
Martin ratio: Return relative to average drawdown	1.62	0.02	+1.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXF vs. BWZ - Sharpe Ratio Comparison

The current FXF Sharpe Ratio is 0.47, which is higher than the BWZ Sharpe Ratio of 0.01. The chart below compares the historical Sharpe Ratios of FXF and BWZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FXF	BWZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.47	0.01	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	-0.27	+0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	-0.07	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	-0.03	+0.20

Drawdowns

FXF vs. BWZ - Drawdown Comparison

The maximum FXF drawdown since its inception was -35.58%, roughly equal to the maximum BWZ drawdown of -34.23%. Use the drawdown chart below to compare losses from any high point for FXF and BWZ.

Drawdown Indicators

	FXF	BWZ	Difference
Max Drawdown Largest peak-to-trough decline	-35.58%	-34.23%	-1.35%
Max Drawdown (1Y) Largest decline over 1 year	-4.82%	-5.15%	+0.33%
Max Drawdown (3Y) Largest decline over 3 years	-8.52%	-8.60%	+0.08%
Max Drawdown (5Y) Largest decline over 5 years	-13.03%	-23.58%	+10.55%
Max Drawdown (10Y) Largest decline over 10 years	-15.04%	-24.90%	+9.86%
Current Drawdown Current decline from peak	-18.53%	-22.39%	+3.86%
Average Drawdown Average peak-to-trough decline	-20.84%	-16.10%	-4.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	2.25%	-0.10%

Volatility

FXF vs. BWZ - Volatility Comparison

The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 1.69%, while SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) has a volatility of 1.83%. This indicates that FXF experiences smaller price fluctuations and is considered to be less risky than BWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXF	BWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.69%	1.83%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	5.56%	4.97%	+0.59%
Volatility (1Y) Calculated over the trailing 1-year period	7.51%	6.93%	+0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.32%	7.60%	+0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.57%	6.95%	+0.62%

FXF vs. BWZ - Expense Ratio Comparison

FXF has a 0.40% expense ratio, which is higher than BWZ's 0.35% expense ratio.

Dividends

FXF vs. BWZ - Dividend Comparison

FXF has not paid dividends to shareholders, while BWZ's dividend yield for the trailing twelve months is around 2.10%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF	2.10%	2.05%	2.47%	1.63%	0.44%	0.60%	0.13%	0.43%	1.10%	0.40%	0.13%	0.06%
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

Can I hold both FXF and BWZ in my portfolio?

FXF and BWZ have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXF or BWZ?

BWZ has higher volatility (1.83%) compared to FXF (1.69%). In terms of maximum drawdown, FXF dropped -35.58% vs BWZ's -34.23%.

Which ETF is better, FXF or BWZ?

On 10-year performance, FXF leads with 1.25% vs -0.49% for BWZ. On fees, BWZ is cheaper at 0.35% per year. On volatility, FXF has been the lower-risk option at 1.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXF or BWZ?

Over the 10-year period, FXF has performed better with a 1.25% return vs -0.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXF or BWZ?

BWZ is cheaper with a 0.35% expense ratio, compared with 0.40% for FXF.

Which ETF pays a higher dividend yield, FXF or BWZ?

BWZ has the higher dividend yield at 2.10%, compared with 0.00% for FXF.

What is the main difference between FXF and BWZ?

FXF is categorized as Currency, while BWZ is International Government Bonds. FXF tracks Swiss Franc, while BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.40% for FXF and 0.35% for BWZ.

Which has better risk-adjusted returns?

FXF currently has the higher Sharpe Ratio (0.47 vs 0.01), 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.