FXF vs. FXC

Last updated Jun 25, 2026

FXF (Invesco CurrencyShares® Swiss Franc Trust) and FXC (Invesco CurrencyShares® Canadian Dollar Trust) are both Currency funds from Invesco - FXF tracks the Swiss Franc while FXC tracks the Canadian Dollar. Both are passively managed. Over the past 10 years, FXF returned 0.94%/yr vs -0.39%/yr for FXC. At a 0.36 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.

Performance

FXF vs. FXC - Performance Comparison

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

Returns By Period

In the year-to-date period, FXF achieves a -2.83% return, which is significantly higher than FXC's -3.43% return. Over the past 10 years, FXF has outperformed FXC with an annualized return of 0.94%, while FXC has yielded a comparatively lower -0.39% annualized return.

FXF

• 1D: -0.40%
• 1M: -3.52%
• YTD: -2.83%
• 6M: -3.28%
• 1Y: -1.53%
• 3Y*: 3.01%
• 5Y*: 1.88%
• 10Y*: 0.94%

FXC

• 1D: -0.15%
• 1M: -2.85%
• YTD: -3.43%
• 6M: -3.83%
• 1Y: -3.31%
• 3Y*: -1.26%
• 5Y*: -1.97%
• 10Y*: -0.39%

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

FXF vs. FXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXF Invesco CurrencyShares® Swiss Franc Trust	-2.83%	14.04%	-7.46%	9.63%	-2.29%	-4.08%	8.18%	0.32%	-2.01%	3.31%
FXC Invesco CurrencyShares® Canadian Dollar Trust	-3.43%	5.24%	-5.96%	4.35%	-6.44%	0.22%	1.92%	5.94%	-7.54%	6.72%

Correlation

The correlation between FXF and FXC is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006	0.36

Over the past year, FXF and FXC have become more correlated (0.62) than their long-term average of 0.36, meaning their price movements have been converging.

Return for Risk

FXF vs. FXC — 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: 6
FXF Omega Ratio Rank: 6
FXF Calmar Ratio Rank: 7
FXF Martin Ratio Rank: 6

FXC

FXC Risk / Return Rank: 3
FXC Sharpe Ratio Rank: 3
FXC Sortino Ratio Rank: 3
FXC Omega Ratio Rank: 3
FXC Calmar Ratio Rank: 4
FXC Martin Ratio Rank: 1

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. FXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and Invesco CurrencyShares® Canadian Dollar Trust (FXC). 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	FXC	Difference
Sharpe ratio: Return per unit of total volatility	-0.21	-0.74	+0.53
Sortino ratio: Return per unit of downside risk	-0.25	-1.05	+0.80
Omega ratio: Gain probability vs. loss probability	0.97	0.88	+0.09
Calmar ratio: Return relative to maximum drawdown	-0.24	-0.65	+0.41
Martin ratio: Return relative to average drawdown	-0.62	-1.52	+0.90

FXF vs. FXC - Sharpe Ratio Comparison

The current FXF Sharpe Ratio is -0.21, which is higher than the FXC Sharpe Ratio of -0.74. The chart below compares the historical Sharpe Ratios of FXF and FXC, 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. FXC - Drawdown Comparison

The maximum FXF drawdown since its inception was -35.58%, roughly equal to the maximum FXC drawdown of -35.39%. Use the drawdown chart below to compare losses from any high point for FXF and FXC.

Drawdown Indicators

	FXF	FXC	Difference
Max Drawdown Largest peak-to-trough decline	-35.58%	-35.39%	-0.19%
Max Drawdown (1Y) Largest decline over 1 year	-6.50%	-5.14%	-1.36%
Max Drawdown (3Y) Largest decline over 3 years	-8.52%	-7.34%	-1.18%
Max Drawdown (5Y) Largest decline over 5 years	-11.99%	-11.93%	-0.06%
Max Drawdown (10Y) Largest decline over 10 years	-15.04%	-15.46%	+0.42%
Current Drawdown Current decline from peak	-20.68%	-30.50%	+9.82%
Average Drawdown Average peak-to-trough decline	-20.83%	-19.94%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	2.18%	+0.27%

Volatility

FXF vs. FXC - Volatility Comparison

Invesco CurrencyShares® Swiss Franc Trust (FXF) has a higher volatility of 1.96% compared to Invesco CurrencyShares® Canadian Dollar Trust (FXC) at 1.10%. This indicates that FXF's price experiences larger fluctuations and is considered to be riskier than FXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXF	FXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.96%	1.10%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	5.66%	3.26%	+2.40%
Volatility (1Y) Calculated over the trailing 1-year period	7.44%	4.50%	+2.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.32%	6.35%	+1.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.57%	6.62%	+0.95%

FXF vs. FXC - Expense Ratio Comparison

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

Dividends

FXF vs. FXC - Dividend Comparison

FXF has not paid dividends to shareholders, while FXC's dividend yield for the trailing twelve months is around 0.27%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXC Invesco CurrencyShares® Canadian Dollar Trust	0.27%	0.55%	2.23%	2.01%	0.31%	0.00%	0.19%	0.75%	0.42%	0.02%	0.00%	0.02%
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 FXC in my portfolio?

FXF and FXC have a correlation of 0.62, 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 FXC?

FXF has higher volatility (1.96%) compared to FXC (1.10%). In terms of maximum drawdown, FXF dropped -35.58% vs FXC's -35.39%.

Which ETF is better, FXF or FXC?

On 10-year performance, FXF leads with 0.94% vs -0.39% for FXC. Both ETFs have the same 0.40% expense ratio. On volatility, FXC has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXF or FXC?

Over the 10-year period, FXF has performed better with a 0.94% return vs -0.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXF or FXC?

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

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

FXC has the higher dividend yield at 0.27%, compared with 0.00% for FXF.

What is the main difference between FXF and FXC?

FXF tracks Swiss Franc, while FXC tracks Canadian Dollar.

Which has better risk-adjusted returns?

FXF currently has the higher Sharpe Ratio (-0.21 vs -0.74), 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.