FXF vs. DOG
FXF (Invesco CurrencyShares® Swiss Franc Trust) and DOG (ProShares Short Dow30) are both exchange-traded funds - FXF is a Currency fund tracking the Swiss Franc, while DOG is a Inverse Equities fund tracking the DJ Industrial Average (-100%). Both are passively managed. Over the past 10 years, FXF returned 1.06%/yr vs -11.31%/yr for DOG. At a correlation of -0.03, they often move in opposite directions. FXF charges 0.40%/yr vs 0.95%/yr for DOG.
Performance
FXF vs. DOG - Performance Comparison
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Returns By Period
In the year-to-date period, FXF achieves a -0.80% return, which is significantly higher than DOG's -4.92% return. Over the past 10 years, FXF has outperformed DOG with an annualized return of 1.06%, while DOG has yielded a comparatively lower -11.31% annualized return.
FXF
- 1D
- -0.15%
- 1M
- -1.65%
- YTD
- -0.80%
- 6M
- -0.32%
- 1Y
- 1.23%
- 3Y*
- 4.05%
- 5Y*
- 1.88%
- 10Y*
- 1.06%
DOG
- 1D
- -0.63%
- 1M
- -2.03%
- YTD
- -4.92%
- 6M
- -3.86%
- 1Y
- -14.29%
- 3Y*
- -8.19%
- 5Y*
- -5.62%
- 10Y*
- -11.31%
FXF vs. DOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | -0.80% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
DOG ProShares Short Dow30 | -4.92% | -8.40% | -5.62% | -7.05% | 5.67% | -19.21% | -20.45% | -18.43% | 3.55% | -21.51% |
Correlation
The correlation between FXF and DOG is -0.28, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | -0.03 |
Over the past year, the inverse relationship between FXF and DOG has strengthened: their correlation has moved from -0.03 to -0.28, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FXF vs. DOG — Risk / Return Rank
FXF
DOG
FXF vs. DOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and ProShares Short Dow30 (DOG). 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 | DOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.18 | ||
| Sortino ratioReturn per unit of downside risk | +1.67 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.85 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.25 | -0.84 | +1.09 |
| Martin ratioReturn relative to average drawdown | 0.54 | -1.38 | +1.93 |
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Drawdowns
FXF vs. DOG - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, smaller than the maximum DOG drawdown of -92.73%. Use the drawdown chart below to compare losses from any high point for FXF and DOG.
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Drawdown Indicators
| FXF | DOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -92.73% | +57.15% |
Max Drawdown (1Y)Largest decline over 1 year | -4.97% | -15.09% | +10.12% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -29.16% | +20.64% |
Max Drawdown (5Y)Largest decline over 5 years | -12.68% | -34.35% | +21.67% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -70.95% | +55.91% |
Current DrawdownCurrent decline from peak | -19.02% | -92.67% | +73.65% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -66.41% | +45.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 9.18% | -6.90% |
Volatility
FXF vs. DOG - Volatility Comparison
The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 1.81%, while ProShares Short Dow30 (DOG) has a volatility of 4.36%. This indicates that FXF experiences smaller price fluctuations and is considered to be less risky than DOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXF | DOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.81% | 4.36% | -2.55% |
Volatility (6M)Calculated over the trailing 6-month period | 5.56% | 9.87% | -4.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.49% | 12.56% | -5.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.33% | 14.86% | -6.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 17.51% | -9.94% |
FXF vs. DOG - Expense Ratio Comparison
FXF has a 0.40% expense ratio, which is lower than DOG's 0.95% expense ratio.
Dividends
FXF vs. DOG - Dividend Comparison
FXF has not paid dividends to shareholders, while DOG's dividend yield for the trailing twelve months is around 3.52%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | 3.52% | 3.65% | 5.72% | 4.54% | 0.41% | 0.00% | 0.14% | 1.54% | 0.86% | 0.04% |
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% |
Frequently Asked Questions
FXF and DOG have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DOG has higher volatility (4.36%) compared to FXF (1.81%). In terms of maximum drawdown, FXF dropped -35.58% vs DOG's -92.73%.
On 10-year performance, FXF leads with 1.06% vs -11.31% for DOG. On fees, FXF is cheaper at 0.40% per year. On volatility, FXF has been the lower-risk option at 1.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXF has performed better with a 1.06% return vs -11.31%. 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 0.95% for DOG.
DOG has the higher dividend yield at 3.52%, compared with 0.00% for FXF.
FXF is categorized as Currency, while DOG is Inverse Equities. FXF tracks Swiss Franc, while DOG tracks DJ Industrial Average (-100%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.40% for FXF and 0.95% for DOG.
FXF currently has the higher Sharpe Ratio (0.17 vs -1.01), 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.
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