FXF vs. CHF=X

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco CurrencyShares® Swiss Franc Trust (FXF) and USD/CHF (CHF=X).

FXF is a passively managed fund by Invesco that tracks the performance of the Swiss Franc. It was launched on Jun 26, 2006.

Performance

FXF vs. CHF=X - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® Swiss Franc Trust (FXF) and USD/CHF (CHF=X). The values are adjusted to include any dividend payments, if applicable.

FXF vs. CHF=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXF Invesco CurrencyShares® Swiss Franc Trust	-0.45%	14.04%	-7.46%	9.63%	-2.29%	-4.08%	8.18%	0.32%	-2.01%	3.31%
CHF=X USD/CHF	-0.00%	0.10%	0.01%	0.00%	0.01%	-0.11%	0.20%	0.02%	-0.13%	0.12%

Different Trading Currencies

FXF is traded in USD, while CHF=X is traded in CHF. To make them comparable, the CHF=X values have been converted to USD using the latest available exchange rates.

Returns By Period

Over the past 10 years, FXF has outperformed CHF=X with an annualized return of 1.02%, while CHF=X has yielded a comparatively lower 0.02% annualized return.

FXF

• 1D: 0.62%
• 1M: -1.96%
• YTD: -0.45%
• 6M: -0.01%
• 1Y: 10.60%
• 3Y*: 4.51%
• 5Y*: 2.88%
• 10Y*: 1.02%

CHF=X

• 1D: 0.08%
• 1M: 0.17%
• YTD: -0.00%
• 6M: 0.07%
• 1Y: 0.08%
• 3Y*: 0.04%
• 5Y*: 0.05%
• 10Y*: 0.02%

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

Return for Risk

FXF vs. CHF=X — Risk / Return Rank

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

FXF

FXF Risk / Return Rank: 63
FXF Sharpe Ratio Rank: 59
FXF Sortino Ratio Rank: 70
FXF Omega Ratio Rank: 55
FXF Calmar Ratio Rank: 77
FXF Martin Ratio Rank: 54

CHF=X

CHF=X Risk / Return Rank: 16
CHF=X Sharpe Ratio Rank: 11
CHF=X Sortino Ratio Rank: 14
CHF=X Omega Ratio Rank: 13
CHF=X Calmar Ratio Rank: 23
CHF=X Martin Ratio Rank: 17

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. CHF=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and USD/CHF (CHF=X). 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	CHF=X	Difference
Sharpe ratio Return per unit of total volatility	1.09	0.03	+1.05
Sortino ratio Return per unit of downside risk	1.82	0.06	+1.77
Omega ratio Gain probability vs. loss probability	1.21	1.01	+0.21
Calmar ratio Return relative to maximum drawdown	2.21	0.68	+1.54
Martin ratio Return relative to average drawdown	5.49	2.28	+3.21
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. CHF=X - Sharpe Ratio Comparison

The current FXF Sharpe Ratio is 1.09, which is higher than the CHF=X Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of FXF and CHF=X, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FXF	CHF=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	0.03	+1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.03	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.13	0.01	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.00	+0.17

Correlation

The correlation between FXF and CHF=X is -0.04. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Drawdowns

FXF vs. CHF=X - Drawdown Comparison

The maximum FXF drawdown since its inception was -35.58%, which is greater than CHF=X's maximum drawdown of -2.14%. Use the drawdown chart below to compare losses from any high point for FXF and CHF=X.

Drawdown Indicators

	FXF	CHF=X	Difference
Max Drawdown Largest peak-to-trough decline	-35.58%	-42.16%	+6.58%
Max Drawdown (1Y) Largest decline over 1 year	-4.82%	-13.67%	+8.85%
Max Drawdown (5Y) Largest decline over 5 years	-13.03%	-24.87%	+11.84%
Max Drawdown (10Y) Largest decline over 10 years	-15.04%	-26.13%	+11.09%
Current Drawdown Current decline from peak	-18.73%	-36.15%	+17.42%
Average Drawdown Average peak-to-trough decline	-20.87%	-23.18%	+2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	3.12%	-1.17%

Volatility

FXF vs. CHF=X - Volatility Comparison

Invesco CurrencyShares® Swiss Franc Trust (FXF) has a higher volatility of 2.11% compared to USD/CHF (CHF=X) at 0.48%. This indicates that FXF's price experiences larger fluctuations and is considered to be riskier than CHF=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXF	CHF=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.11%	0.48%	+1.63%
Volatility (6M) Calculated over the trailing 6-month period	5.46%	0.90%	+4.56%
Volatility (1Y) Calculated over the trailing 1-year period	9.81%	2.08%	+7.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.31%	1.59%	+6.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.60%	1.61%	+5.99%