FXF vs. FXY
FXF (Invesco CurrencyShares® Swiss Franc Trust) and FXY (Invesco CurrencyShares® Japanese Yen Trust) are both Currency funds from Invesco - FXF tracks the Swiss Franc while FXY tracks the Japanese Yen. Both are passively managed. Over the past 10 years, FXF returned 1.22%/yr vs -4.40%/yr for FXY. At a 0.46 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
FXF vs. FXY - Performance Comparison
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Returns By Period
In the year-to-date period, FXF achieves a 0.11% return, which is significantly higher than FXY's -2.25% return. Over the past 10 years, FXF has outperformed FXY with an annualized return of 1.22%, while FXY has yielded a comparatively lower -4.40% annualized return.
FXF
- 1D
- 0.31%
- 1M
- -0.84%
- YTD
- 0.11%
- 6M
- 1.55%
- 1Y
- 3.13%
- 3Y*
- 4.38%
- 5Y*
- 2.07%
- 10Y*
- 1.22%
FXY
- 1D
- 0.03%
- 1M
- -1.44%
- YTD
- -2.25%
- 6M
- -3.29%
- 1Y
- -11.02%
- 3Y*
- -4.90%
- 5Y*
- -7.78%
- 10Y*
- -4.40%
FXF vs. FXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.11% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
FXY Invesco CurrencyShares® Japanese Yen Trust | -2.25% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
Correlation
The correlation between FXF and FXY is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2007 | 0.46 |
The correlation between FXF and FXY shifts across timeframes, from 0.46 (all time) to 0.60 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXF vs. FXY — Risk / Return Rank
FXF
FXY
FXF vs. FXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and Invesco CurrencyShares® Japanese Yen Trust (FXY). 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 | FXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.76 | ||
| Sortino ratioReturn per unit of downside risk | +2.67 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.79 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.65 | -1.03 | +1.68 |
| Martin ratioReturn relative to average drawdown | 1.45 | -1.54 | +3.00 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXF | FXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.42 | -1.33 | +1.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | -0.76 | +1.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | -0.47 | +0.63 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.18 | -0.18 | +0.36 |
Drawdowns
FXF vs. FXY - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, smaller than the maximum FXY drawdown of -56.03%. Use the drawdown chart below to compare losses from any high point for FXF and FXY.
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Drawdown Indicators
| FXF | FXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -56.03% | +20.45% |
Max Drawdown (1Y)Largest decline over 1 year | -4.82% | -10.74% | +5.92% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -15.12% | +6.60% |
Max Drawdown (5Y)Largest decline over 5 years | -13.03% | -33.72% | +20.69% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -40.84% | +25.80% |
Current DrawdownCurrent decline from peak | -18.28% | -55.92% | +37.64% |
Average DrawdownAverage peak-to-trough decline | -20.84% | -27.74% | +6.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 7.53% | -5.37% |
Volatility
FXF vs. FXY - Volatility Comparison
Invesco CurrencyShares® Swiss Franc Trust (FXF) has a higher volatility of 1.73% compared to Invesco CurrencyShares® Japanese Yen Trust (FXY) at 1.14%. This indicates that FXF's price experiences larger fluctuations and is considered to be riskier than FXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXF | FXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.73% | 1.14% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 5.56% | 5.75% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.45% | 8.34% | -0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.32% | 10.24% | -1.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 9.33% | -1.76% |
FXF vs. FXY - Expense Ratio Comparison
Both FXF and FXY have an expense ratio of 0.40%.
Dividends
FXF vs. FXY - Dividend Comparison
Neither FXF nor FXY has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.00% | 0.00% | 0.03% | 0.02% |
FXY Invesco CurrencyShares® Japanese Yen Trust | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXF and FXY have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXF has higher volatility (1.73%) compared to FXY (1.14%). In terms of maximum drawdown, FXF dropped -35.58% vs FXY's -56.03%.
On 10-year performance, FXF leads with 1.22% vs -4.40% for FXY. Both ETFs have the same 0.40% expense ratio. On volatility, FXY has been the lower-risk option at 1.14%. 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 1.22% return vs -4.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXF and FXY have the same expense ratio: 0.40% per year.
FXF and FXY have nearly identical dividend yields, around 0.00%.
FXF tracks Swiss Franc, while FXY tracks Japanese Yen.
FXF currently has the higher Sharpe Ratio (0.42 vs -1.33), 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.
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