FXF vs. FXB

Last updated Jul 17, 2026

FXF (Invesco CurrencyShares® Swiss Franc Trust) and FXB (Invesco CurrencyShares® British Pound Sterling Trust) are both Currency funds from Invesco - FXF tracks the Swiss Franc while FXB tracks the British Pound. Both are passively managed. Over the past 10 years, FXF returned 1.10%/yr vs 0.99%/yr for FXB. A 0.50 correlation means they provide meaningful diversification when combined. Both charge a 0.40% expense ratio.

Performance

FXF vs. FXB - Performance Comparison

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

Returns By Period

In the year-to-date period, FXF achieves a -2.40% return, which is significantly lower than FXB's 1.04% return. Over the past 10 years, FXF has outperformed FXB with an annualized return of 1.10%, while FXB has yielded a comparatively lower 0.99% annualized return.

FXF

• 1D: -0.50%
• 1M: -2.01%
• 6M: -0.98%
• YTD: -2.40%
• 1Y: -1.61%
• 3Y*: 1.73%
• 5Y*: 2.05%
• 10Y*: 1.10%

FXB

• 1D: -0.46%
• 1M: 0.55%
• 6M: 1.76%
• YTD: 1.04%
• 1Y: 2.61%
• 3Y*: 3.78%
• 5Y*: 1.51%
• 10Y*: 0.99%

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

FXF vs. FXB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXF Invesco CurrencyShares® Swiss Franc Trust	-2.40%	14.04%	-7.46%	9.63%	-2.29%	-4.08%	8.18%	0.32%	-2.01%	3.31%
FXB Invesco CurrencyShares® British Pound Sterling Trust	1.04%	10.37%	1.35%	8.58%	-10.45%	-1.54%	2.87%	3.87%	-5.75%	9.10%

Correlation

The correlation between FXF and FXB is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006	0.50

Over the past year, FXF and FXB have become more correlated (0.76) than their long-term average of 0.50, meaning their price movements have been converging.

Return for Risk

FXF vs. FXB — Risk / Return Rank

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

FXF

FXF Risk / Return Rank: 7
FXF Sharpe Ratio Rank: 7
FXF Sortino Ratio Rank: 7
FXF Omega Ratio Rank: 7
FXF Calmar Ratio Rank: 7
FXF Martin Ratio Rank: 7

FXB

FXB Risk / Return Rank: 16
FXB Sharpe Ratio Rank: 17
FXB Sortino Ratio Rank: 15
FXB Omega Ratio Rank: 14
FXB Calmar Ratio Rank: 18
FXB Martin Ratio Rank: 16

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. FXB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and Invesco CurrencyShares® British Pound Sterling Trust (FXB). 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	FXB	Difference
Sharpe ratio: Return per unit of total volatility	-0.22	0.40	-0.62
Sortino ratio: Return per unit of downside risk	-0.27	0.62	-0.89
Omega ratio: Gain probability vs. loss probability	0.97	1.07	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.24	0.60	-0.84
Martin ratio: Return relative to average drawdown	-0.57	1.20	-1.77

FXF vs. FXB - Sharpe Ratio Comparison

The current FXF Sharpe Ratio is -0.22, which is lower than the FXB Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of FXF and FXB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FXF vs. FXB - Drawdown Comparison

The maximum FXF drawdown since its inception was -35.58%, smaller than the maximum FXB drawdown of -48.99%. Use the drawdown chart below to compare losses from any high point for FXF and FXB.

Drawdown Indicators

	FXF	FXB	Difference
Max Drawdown Largest peak-to-trough decline	-35.58%	-48.99%	+13.41%
Max Drawdown (1Y) Largest decline over 1 year	-6.72%	-4.35%	-2.37%
Max Drawdown (3Y) Largest decline over 3 years	-8.52%	-8.44%	-0.08%
Max Drawdown (5Y) Largest decline over 5 years	-11.99%	-23.61%	+11.62%
Max Drawdown (10Y) Largest decline over 10 years	-15.04%	-26.11%	+11.07%
Current Drawdown Current decline from peak	-20.33%	-29.09%	+8.76%
Average Drawdown Average peak-to-trough decline	-20.83%	-27.55%	+6.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	2.18%	+0.65%

Volatility

FXF vs. FXB - Volatility Comparison

Invesco CurrencyShares® Swiss Franc Trust (FXF) and Invesco CurrencyShares® British Pound Sterling Trust (FXB) have volatilities of 2.02% and 2.11%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXF	FXB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.02%	2.11%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	5.76%	4.98%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	7.44%	6.53%	+0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.32%	8.48%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.57%	8.74%	-1.17%

FXF vs. FXB - Expense Ratio Comparison

Both FXF and FXB have an expense ratio of 0.40%.

Dividends

FXF vs. FXB - Dividend Comparison

FXF has not paid dividends to shareholders, while FXB's dividend yield for the trailing twelve months is around 2.15%.

Position	TTM	2025	2024	2023	2022
FXB Invesco CurrencyShares® British Pound Sterling Trust	2.15%	2.44%	3.25%	2.59%	0.29%
FXF Invesco CurrencyShares® Swiss Franc Trust	0.00%	0.00%	0.03%	0.02%	0.00%

Frequently Asked Questions

Can I hold both FXF and FXB in my portfolio?

FXF and FXB have a correlation of 0.76, 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 FXB?

FXB has higher volatility (2.11%) compared to FXF (2.02%). In terms of maximum drawdown, FXF dropped -35.58% vs FXB's -48.99%.

Which ETF is better, FXF or FXB?

On 10-year performance, FXF leads with 1.10% vs 0.99% for FXB. Both ETFs have the same 0.40% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXF or FXB?

Over the 10-year period, FXF has performed better with a 1.10% return vs 0.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXF or FXB?

FXF and FXB have the same expense ratio: 0.40% per year.

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

FXB has the higher dividend yield at 2.15%, compared with 0.00% for FXF.

What is the main difference between FXF and FXB?

FXF tracks Swiss Franc, while FXB tracks British Pound.

Which has better risk-adjusted returns?

FXB currently has the higher Sharpe Ratio (0.40 vs -0.22), 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.