FXF vs. CHFUSD=X

Last updated Apr 3, 2026

Compare and contrast key facts about Invesco CurrencyShares® Swiss Franc Trust (FXF) and USD/CHF (CHFUSD=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. CHFUSD=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 (CHFUSD=X). The values are adjusted to include any dividend payments, if applicable.

FXF vs. CHFUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXF Invesco CurrencyShares® Swiss Franc Trust	-1.00%	14.04%	-7.46%	9.63%	-2.29%	-4.08%	8.18%	0.32%	-2.01%	3.31%
CHFUSD=X USD/CHF	-0.76%	14.56%	-7.30%	9.83%	-1.34%	-2.97%	9.43%	1.71%	-1.05%	4.56%

Returns By Period

In the year-to-date period, FXF achieves a -1.00% return, which is significantly lower than CHFUSD=X's -0.76% return. Over the past 10 years, FXF has underperformed CHFUSD=X with an annualized return of 0.97%, while CHFUSD=X has yielded a comparatively higher 1.85% annualized return.

FXF

• 1D: -0.56%
• 1M: -2.26%
• YTD: -1.00%
• 6M: -0.44%
• 1Y: 9.84%
• 3Y*: 4.22%
• 5Y*: 2.76%
• 10Y*: 0.97%

CHFUSD=X

• 1D: -0.59%
• 1M: -2.09%
• YTD: -0.76%
• 6M: -0.12%
• 1Y: 10.59%
• 3Y*: 4.56%
• 5Y*: 3.38%
• 10Y*: 1.85%

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

Return for Risk

FXF vs. CHFUSD=X — Risk / Return Rank

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

FXF

FXF Risk / Return Rank: 55
FXF Sharpe Ratio Rank: 52
FXF Sortino Ratio Rank: 63
FXF Omega Ratio Rank: 48
FXF Calmar Ratio Rank: 69
FXF Martin Ratio Rank: 45

CHFUSD=X

CHFUSD=X Risk / Return Rank: 75
CHFUSD=X Sharpe Ratio Rank: 81
CHFUSD=X Sortino Ratio Rank: 82
CHFUSD=X Omega Ratio Rank: 82
CHFUSD=X Calmar Ratio Rank: 66
CHFUSD=X Martin Ratio Rank: 66

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. CHFUSD=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 (CHFUSD=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	CHFUSD=X	Difference
Sharpe ratio Return per unit of total volatility	1.01	0.93	+0.08
Sortino ratio Return per unit of downside risk	1.70	1.53	+0.16
Omega ratio Gain probability vs. loss probability	1.20	1.19	+0.01
Calmar ratio Return relative to maximum drawdown	2.07	0.31	+1.76
Martin ratio Return relative to average drawdown	5.07	0.83	+4.25
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. CHFUSD=X - Sharpe Ratio Comparison

The current FXF Sharpe Ratio is 1.01, which is comparable to the CHFUSD=X Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of FXF and CHFUSD=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	CHFUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	0.93	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.38	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.13	0.23	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.21	-0.04

Correlation

The correlation between FXF and CHFUSD=X is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

FXF vs. CHFUSD=X - Drawdown Comparison

The maximum FXF drawdown since its inception was -35.58%, which is greater than CHFUSD=X's maximum drawdown of -29.99%. Use the drawdown chart below to compare losses from any high point for FXF and CHFUSD=X.

Drawdown Indicators

	FXF	CHFUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-35.58%	-29.99%	-5.59%
Max Drawdown (1Y) Largest decline over 1 year	-4.82%	-4.79%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-13.03%	-11.70%	-1.33%
Max Drawdown (10Y) Largest decline over 10 years	-15.04%	-13.35%	-1.69%
Current Drawdown Current decline from peak	-19.19%	-9.67%	-9.52%
Average Drawdown Average peak-to-trough decline	-20.87%	-18.55%	-2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.80%	+0.17%

Volatility

FXF vs. CHFUSD=X - Volatility Comparison

Invesco CurrencyShares® Swiss Franc Trust (FXF) has a higher volatility of 2.12% compared to USD/CHF (CHFUSD=X) at 1.99%. This indicates that FXF's price experiences larger fluctuations and is considered to be riskier than CHFUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXF	CHFUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.12%	1.99%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	5.48%	5.29%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	9.83%	9.12%	+0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.31%	7.92%	+0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.60%	7.38%	+0.22%