FXF vs. GBTC
FXF (Invesco CurrencyShares® Swiss Franc Trust) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - FXF is a Currency fund tracking the Swiss Franc, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, FXF returned 1.22%/yr vs 49.21%/yr for GBTC. At a 0.06 correlation, their price movements are largely independent. FXF charges 0.40%/yr vs 1.50%/yr for GBTC.
Performance
FXF vs. GBTC - 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 GBTC's -27.82% return. Over the past 10 years, FXF has underperformed GBTC with an annualized return of 1.22%, while GBTC has yielded a comparatively higher 49.21% 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%
GBTC
- 1D
- -2.74%
- 1M
- -22.25%
- YTD
- -27.82%
- 6M
- -31.83%
- 1Y
- -40.35%
- 3Y*
- 53.36%
- 5Y*
- 9.81%
- 10Y*
- 49.21%
FXF vs. GBTC - 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% |
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
Correlation
The correlation between FXF and GBTC is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since May 5, 2015 | 0.06 |
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Return for Risk
FXF vs. GBTC — Risk / Return Rank
FXF
GBTC
FXF vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and Grayscale Bitcoin Trust ETF (GBTC). 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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.35 | ||
| Sortino ratioReturn per unit of downside risk | +2.00 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.85 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.65 | -0.81 | +1.46 |
| Martin ratioReturn relative to average drawdown | 1.45 | -1.40 | +2.85 |
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 | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.42 | -0.93 | +1.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.16 | +0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | 0.60 | -0.44 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.18 | 0.65 | -0.48 |
Drawdowns
FXF vs. GBTC - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for FXF and GBTC.
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Drawdown Indicators
| FXF | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -89.91% | +54.33% |
Max Drawdown (1Y)Largest decline over 1 year | -4.82% | -49.87% | +45.05% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -49.87% | +41.35% |
Max Drawdown (5Y)Largest decline over 5 years | -13.03% | -85.42% | +72.39% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -89.91% | +74.87% |
Current DrawdownCurrent decline from peak | -18.28% | -49.87% | +31.59% |
Average DrawdownAverage peak-to-trough decline | -20.84% | -43.43% | +22.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 28.81% | -26.65% |
Volatility
FXF vs. GBTC - Volatility Comparison
The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 1.73%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 9.07%. This indicates that FXF experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXF | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.73% | 9.07% | -7.34% |
Volatility (6M)Calculated over the trailing 6-month period | 5.56% | 33.86% | -28.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.45% | 43.69% | -36.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.32% | 62.44% | -54.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 82.20% | -74.63% |
FXF vs. GBTC - Expense Ratio Comparison
FXF has a 0.40% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
FXF vs. GBTC - Dividend Comparison
Neither FXF nor GBTC has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
Frequently Asked Questions
FXF and GBTC have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (9.07%) compared to FXF (1.73%). In terms of maximum drawdown, FXF dropped -35.58% vs GBTC's -89.91%.
On 10-year performance, GBTC leads with 49.21% vs 1.22% for FXF. On fees, FXF is cheaper at 0.40% per year. On volatility, FXF has been the lower-risk option at 1.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GBTC has performed better with a 49.21% return vs 1.22%. 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 1.50% for GBTC.
FXF and GBTC have nearly identical dividend yields, around 0.00%.
FXF is categorized as Currency, while GBTC is Cryptocurrency. FXF tracks Swiss Franc, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: Invesco and Grayscale. Their fees differ too: 0.40% for FXF and 1.50% for GBTC.
FXF currently has the higher Sharpe Ratio (0.42 vs -0.93), 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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