FXF vs. FSZ

Last updated Jun 9, 2026

FXF (Invesco CurrencyShares® Swiss Franc Trust) and FSZ (First Trust Switzerland AlphaDEX Fund) are both exchange-traded funds - FXF is a Currency fund tracking the Swiss Franc, while FSZ is a Europe Equities fund tracking the NASDAQ AlphaDEX Switzerland Index. Both are passively managed. Over the past 10 years, FXF returned 1.04%/yr vs 9.55%/yr for FSZ. At a 0.35 correlation, their price movements are largely independent. FXF charges 0.40%/yr vs 0.80%/yr for FSZ.

Performance

FXF vs. FSZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® Swiss Franc Trust (FXF) and First Trust Switzerland AlphaDEX Fund (FSZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXF achieves a -0.97% return, which is significantly lower than FSZ's 1.30% return. Over the past 10 years, FXF has underperformed FSZ with an annualized return of 1.04%, while FSZ has yielded a comparatively higher 9.55% annualized return.

FXF

• 1D: -0.26%
• 1M: -2.70%
• YTD: -0.97%
• 6M: 0.83%
• 1Y: 2.42%
• 3Y*: 3.92%
• 5Y*: 1.79%
• 10Y*: 1.04%

FSZ

• 1D: -0.15%
• 1M: -2.23%
• YTD: 1.30%
• 6M: 5.47%
• 1Y: 7.85%
• 3Y*: 12.49%
• 5Y*: 5.64%
• 10Y*: 9.55%

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

FXF vs. FSZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXF Invesco CurrencyShares® Swiss Franc Trust	-0.97%	14.04%	-7.46%	9.63%	-2.29%	-4.08%	8.18%	0.32%	-2.01%	3.31%
FSZ First Trust Switzerland AlphaDEX Fund	1.30%	30.10%	-1.85%	21.30%	-20.12%	20.18%	13.83%	25.88%	-15.22%	31.30%

Correlation

The correlation between FXF and FSZ is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Feb 16, 2012	0.35

Over the past year, FXF and FSZ have become more correlated (0.59) than their long-term average of 0.35, meaning their price movements have been converging.

Return for Risk

FXF vs. FSZ — Risk / Return Rank

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

FXF

FXF Risk / Return Rank: 14
FXF Sharpe Ratio Rank: 15
FXF Sortino Ratio Rank: 14
FXF Omega Ratio Rank: 13
FXF Calmar Ratio Rank: 16
FXF Martin Ratio Rank: 15

FSZ

FSZ Risk / Return Rank: 19
FSZ Sharpe Ratio Rank: 19
FSZ Sortino Ratio Rank: 19
FSZ Omega Ratio Rank: 18
FSZ Calmar Ratio Rank: 20
FSZ Martin Ratio Rank: 19

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. FSZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and First Trust Switzerland AlphaDEX Fund (FSZ). 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	FSZ	Difference
Sharpe ratio: Return per unit of total volatility	0.33	0.55	-0.23
Sortino ratio: Return per unit of downside risk	0.55	0.89	-0.34
Omega ratio: Gain probability vs. loss probability	1.06	1.10	-0.04
Calmar ratio: Return relative to maximum drawdown	0.50	0.76	-0.26
Martin ratio: Return relative to average drawdown	1.10	1.88	-0.78
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. FSZ - Sharpe Ratio Comparison

The current FXF Sharpe Ratio is 0.33, which is lower than the FSZ Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of FXF and FSZ, 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	FSZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.33	0.55	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.29	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.14	0.51	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.51	-0.34

Drawdowns

FXF vs. FSZ - Drawdown Comparison

The maximum FXF drawdown since its inception was -35.58%, roughly equal to the maximum FSZ drawdown of -33.97%. Use the drawdown chart below to compare losses from any high point for FXF and FSZ.

Drawdown Indicators

	FXF	FSZ	Difference
Max Drawdown Largest peak-to-trough decline	-35.58%	-33.97%	-1.61%
Max Drawdown (1Y) Largest decline over 1 year	-4.82%	-10.39%	+5.57%
Max Drawdown (3Y) Largest decline over 3 years	-8.52%	-13.93%	+5.41%
Max Drawdown (5Y) Largest decline over 5 years	-13.03%	-33.96%	+20.93%
Max Drawdown (10Y) Largest decline over 10 years	-15.04%	-33.97%	+18.93%
Current Drawdown Current decline from peak	-19.16%	-5.80%	-13.36%
Average Drawdown Average peak-to-trough decline	-20.84%	-6.99%	-13.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	4.18%	-1.98%

Volatility

FXF vs. FSZ - Volatility Comparison

The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 1.78%, while First Trust Switzerland AlphaDEX Fund (FSZ) has a volatility of 4.27%. This indicates that FXF experiences smaller price fluctuations and is considered to be less risky than FSZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXF	FSZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	4.27%	-2.49%
Volatility (6M) Calculated over the trailing 6-month period	5.59%	10.87%	-5.28%
Volatility (1Y) Calculated over the trailing 1-year period	7.49%	14.33%	-6.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.33%	19.35%	-11.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.57%	18.96%	-11.39%

FXF vs. FSZ - Expense Ratio Comparison

FXF has a 0.40% expense ratio, which is lower than FSZ's 0.80% expense ratio.

Dividends

FXF vs. FSZ - Dividend Comparison

FXF has not paid dividends to shareholders, while FSZ's dividend yield for the trailing twelve months is around 2.41%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSZ First Trust Switzerland AlphaDEX Fund	2.41%	1.80%	1.80%	2.11%	3.50%	1.62%	1.53%	2.01%	2.29%	1.49%	1.93%	1.08%
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 FSZ in my portfolio?

FXF and FSZ have a correlation of 0.59, 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 FSZ?

FSZ has higher volatility (4.27%) compared to FXF (1.78%). In terms of maximum drawdown, FXF dropped -35.58% vs FSZ's -33.97%.

Which ETF is better, FXF or FSZ?

On 10-year performance, FSZ leads with 9.55% vs 1.04% for FXF. On fees, FXF is cheaper at 0.40% per year. On volatility, FXF has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXF or FSZ?

Over the 10-year period, FSZ has performed better with a 9.55% return vs 1.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXF or FSZ?

FXF is cheaper with a 0.40% expense ratio, compared with 0.80% for FSZ.

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

FSZ has the higher dividend yield at 2.41%, compared with 0.00% for FXF.

What is the main difference between FXF and FSZ?

FXF is categorized as Currency, while FSZ is Europe Equities. FXF tracks Swiss Franc, while FSZ tracks NASDAQ AlphaDEX Switzerland Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.40% for FXF and 0.80% for FSZ.

Which has better risk-adjusted returns?

FSZ currently has the higher Sharpe Ratio (0.55 vs 0.33), 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.