FXF vs. CBON
FXF (Invesco CurrencyShares® Swiss Franc Trust) and CBON (VanEck Vectors ChinaAMC China Bond ETF) are both exchange-traded funds - FXF is a Currency fund tracking the Swiss Franc, while CBON is a Emerging Markets Bonds fund tracking the ChinaBond China High Quality Bond Index. Both are passively managed. Over the past 10 years, FXF returned 1.08%/yr vs 3.01%/yr for CBON. Their 0.24 correlation means their historical movements had little consistent relationship. FXF charges 0.40%/yr vs 0.50%/yr for CBON.
Performance
FXF vs. CBON - Performance Comparison
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Returns By Period
In the year-to-date period, FXF achieves a -3.50% return, which is significantly lower than CBON's 5.29% return. Over the past 10 years, FXF has underperformed CBON with an annualized return of 1.08%, while CBON has yielded a comparatively higher 3.01% annualized return.
FXF
- 1D
- -0.17%
- 1M
- -1.09%
- 6M
- -4.81%
- YTD
- -3.50%
- 1Y
- -3.38%
- 3Y*
- 1.52%
- 5Y*
- 1.83%
- 10Y*
- 1.08%
- ALL TIME*
- 1.60%
CBON
- 1D
- -0.25%
- 1M
- 0.35%
- 6M
- 4.74%
- YTD
- 5.29%
- 1Y
- 8.54%
- 3Y*
- 4.82%
- 5Y*
- 2.11%
- 10Y*
- 3.01%
- ALL TIME*
- 2.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $207.99K | $136.05K | $172.83K | |
| $2.99M | $3.23M | $5.41M |
FXF vs. CBON - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | -3.50% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
CBON VanEck Vectors ChinaAMC China Bond ETF | 5.29% | 5.46% | 1.85% | 2.92% | -7.99% | 5.93% | 12.01% | 2.67% | 1.88% | 6.96% |
Correlation
The correlation between FXF and CBON is 0.35, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.35 |
Correlation (3Y) Balances recent behavior with more history. | 0.38 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.38 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.27 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2014 | 0.24 |
The correlation between FXF and CBON shifts across timeframes, from 0.24 (all time) to 0.38 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FXF vs. CBON — Risk / Return Rank
FXF
CBON
FXF vs. CBON - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and VanEck Vectors ChinaAMC China Bond ETF (CBON). 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 | CBON | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.88 | ||
| Sortino ratioReturn per unit of downside risk | -4.31 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.47 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | 6.42 | -6.90 |
| Martin ratioReturn relative to average drawdown | -1.15 | 24.44 | -25.59 |
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Drawdowns
FXF vs. CBON - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, which is greater than CBON's maximum drawdown of -14.13%. Use the drawdown chart below to compare losses from any high point for FXF and CBON.
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Drawdown Indicators
| FXF | CBON | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -14.13% | -21.45% |
Max Drawdown (1Y)Largest decline over 1 year | -7.15% | -1.34% | -5.81% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -4.56% | -3.96% |
Max Drawdown (5Y)Largest decline over 5 years | -11.99% | -14.13% | +2.14% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -14.13% | -0.91% |
Current DrawdownCurrent decline from peak | -21.23% | -0.33% | -20.90% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -3.95% | -16.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.98% | 0.35% | +2.63% |
Volatility
FXF vs. CBON - Volatility Comparison
Invesco CurrencyShares® Swiss Franc Trust (FXF) has a higher volatility of 1.75% compared to VanEck Vectors ChinaAMC China Bond ETF (CBON) at 1.06%. This indicates that FXF's price experiences larger fluctuations and is considered to be riskier than CBON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXF | CBON | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.75% | 1.06% | +0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 5.46% | 2.72% | +2.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.39% | 3.57% | +3.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.31% | 4.90% | +3.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 5.55% | +2.02% |
FXF vs. CBON - Expense Ratio Comparison
FXF has a 0.40% expense ratio, which is lower than CBON's 0.50% expense ratio.
Dividends
FXF vs. CBON - Dividend Comparison
FXF has not paid dividends to shareholders, while CBON's dividend yield for the trailing twelve months is around 1.51%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBON VanEck Vectors ChinaAMC China Bond ETF | 1.51% | 1.66% | 2.15% | 3.01% | 2.70% | 3.05% | 2.87% | 3.87% | 3.39% | 3.33% | 3.25% | 2.78% |
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 CBON have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXF has higher volatility (1.75%) compared to CBON (1.06%). In terms of maximum drawdown, FXF dropped -35.58% vs CBON's -14.13%.
On 10-year performance, CBON leads with 3.01% vs 1.08% for FXF. On fees, FXF is cheaper at 0.40% per year. On volatility, CBON has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CBON has performed better with a 3.01% return vs 1.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXF is cheaper with a 0.40% expense ratio, compared with 0.50% for CBON.
CBON has the higher dividend yield at 1.51%, compared with 0.00% for FXF.
FXF is categorized as Currency, while CBON is Emerging Markets Bonds. FXF tracks Swiss Franc, while CBON tracks ChinaBond China High Quality Bond Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.40% for FXF and 0.50% for CBON.
CBON currently has the higher Sharpe Ratio (2.41 vs -0.47), 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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